Quiz – China Tea Company
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given an adjusted trial balance prepare the closing entries for the company for the year end.
Given an adjusted trial balance prepare the closing entries for the company for the year end.
Given an adjusted trial balance they ask you to prepare a classified balance sheet.
Given an adjusted trial balance, prepare an income statement for the year-end.
Given the amount collected in fees and expenses paid and ask you to determine the accrual-basis net income for the year.
The purpose of closing entries is to:
An example of a contra account would be
Find the insurance expense for the year.
Given selected financial information, prepare a statement of shareholders’ equity for the year-end.
Prepare journal entries to record each of the transactions listed above.
Find how the company should record the sale of merchandise.