Whichofthefollowingaccountsisnotclosedout?
A. Retainedearnings
B. Depreciationexpense
C. Dividends
D. Interestrevenue
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TheentrytocloseManagementFeesEarnedwouldbe:
A. ManageentFeesEarnedRetainedearnings
B. RetainedEarningsManagementFeesEarned
C. ManageentFeesEarnedEarnedRevenue
D. ManagementFeesEarneddoesnotneedtobecloseout.
onatrialbalance,whichofthefollowingwouldindicatethatanerrorhasbeenmade?
A. accumulateddepreciationhasacreditbalance
B. salaryexpensehasadebitbalance
C. servicerevenuehasadebitbalance
D. alloftheaboveindicateerrors
OnJanuary1ofthecurrentyear,Aladdincompanypaid$600renttocoversixmonths(January-June). Aladdinrecordedthistransactiontodebitprepaidrent.Aladdinadjuststheaccountsattheendofeachmonth.Basedonthesefacts,theadjustmententryattheendofJanuaryshouldinclude
A. acredittoprepaidrentfor$500
B. adebittoprepaidrentfor$500
C. acredittoprepaidrentfor$100
D. adebittoprepaidrentfor$100
Solarcompanyhasaone-monthaccountingperiod.OnMarch31,anadjustingentryrecordedMarchsalaryexpensethatwillbepaidinApril.WhichstatementsbestdescribestheeffectofthisadjustingentryonSolar’saccountingequation?
A. assetsarenotaffected,liabilitiesareincreased,andstockholders’equityisincreased
B. assetsaredecreased,liabilitiesareincreased,andstockholders’equityisdecreased
C. assetsarenotaffected,liabilitiesareincreased,andstockholders’equityisdecreased.
D. assetsaredecreased,liabilitiesarenotaffected,andstockholders’equityisdecreased.
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