Principles of Financial Accounting.
22nd Edition
ISBN: 9780077632892
Author: John J. Wild
Publisher: McGraw Hill
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 4, Problem 4MCQ
The temporary account used only in the closing process to hold the amounts of revenues and expenses before the net difference is added or subtracted from the owner’s capital account is called the
- a. Closing account.
- b. Nominal account.
- c. Income Summary account.
- d. Balance Column account.
- e. Contra account.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference
is added to (or subtracted from) the owner's capital account is the:
Multiple Choice
Income Summary account.
Closing account.
Balance column account.
Contra account.
Nominal account.
The temporary account used only in the closing process to hold the amounts of revenues and expenses before the net difference is added or subtracted from the owner’s capital account is called the a. Closing account. d. Balance Column account. b. Nominal account. e. Contra account. c. Income Summary account.
The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the owner's capital account is the:
Group of answer choices
Contra account.
Closing account.
Balance column account.
Income Summary account.
Chapter 4 Solutions
Principles of Financial Accounting.
Ch. 4 - G. Venda, owner of Venda Services, withdrew 25,000...Ch. 4 - The following information is available for the R....Ch. 4 - Which of the following errors would cause the...Ch. 4 - The temporary account used only in the closing...Ch. 4 - Prob. 5MCQCh. 4 - Prob. 1DQCh. 4 - What accounts are affected by closing entries?...Ch. 4 - What two purposes are accomplished by recording...Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQ
Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - What are the characteristics of plant assets?Ch. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - Prob. 4QSCh. 4 - Prob. 5QSCh. 4 - The ledger of Mai Company includes the following...Ch. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QSCh. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - These 16 accounts are from the Adjusted Trial...Ch. 4 - The Adjusted Trial Balance columns of a 10-column...Ch. 4 - Use the following information from the Adjustments...Ch. 4 - Prob. 4ECh. 4 - Capri Company began the current period with a...Ch. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Use the May 31 fiscal year-end information from...Ch. 4 - Prob. 9ECh. 4 - The adjusted trial balance for Salon Marketing Co....Ch. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Use the following adjusted year-end trial balance...Ch. 4 - Prob. 14ECh. 4 - Prob. 15ECh. 4 - Hawk Company records prepaid assets and unearned...Ch. 4 - Prob. 17ECh. 4 - Prob. 1APCh. 4 - Prob. 2APCh. 4 - Prob. 3APCh. 4 - Prob. 4APCh. 4 - Problem 4-5A The adjusted trial balance of Karise...Ch. 4 - Prob. 6APCh. 4 - Prob. 1BPCh. 4 - Problem 4-2B The following unadjusted trial...Ch. 4 - Prob. 3BPCh. 4 - Prob. 4BPCh. 4 - Problem 4-5B Santo Company’s adjusted trial...Ch. 4 - Prob. 6BPCh. 4 - Prob. 4SPCh. 4 - BTN 4-1 Refer to Apple's financial statements in...Ch. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - One of your classmates states that a companys...Ch. 4 - Prob. 7BTNCh. 4 - Prob. 9BTN
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 9. Aside from accruals, which of the following can be reversed? A. Deferrals initially recorded in the income statement (income or expense) B. All deferrals C. Accounts that have been closed D. All temporary accountsarrow_forwardThe temporary account used only in the closing process to hold the amounts of revenues and expenses before the net difference is added or subtracted from the owner’s capital account is called the:arrow_forwardIdentify which of the following accounts would be listed on the company’s Post-Closing TrialBalance.A. Accounts ReceivableB. Accumulated DepreciationC. CashD. Office ExpenseE. Note PayableF. Rent RevenueG. Retained EarningsH. Unearned Rent Revenuearrow_forward
- Which of the following entries properly closes a temporary account? Select one: a. Income Summary XX Cash b. C. Debit Credit Expense Accumulated Depreciation XX Income Summary Income Summary d. e. XX Retained Earnings XX Dividends Debit Credit Debit Credit XX Debit Credit Income Summary XX Revenue XX XX Debit Credit XX XXarrow_forwardWhich of the following accounts is a temporary account: a. Salaries expense. b. Accounts receivable. c. J. Jones, capital. d. Accounts payable.arrow_forwardExplain the closing process in accounting. Why is it important to classify permanent and temporary accounts? How is the account income summary used during the closing process?arrow_forward
- Explain the closing process in accounting. Questions to consider when answering this are: Why is it important to classify permanent and temporary accounts? How is the account Income Summary used during the closing process?arrow_forwardMultiple choice: 1. Which of the following are the all temporary accounts? A. Liabilities, revenues and expenses B. Revenues, expenses and withdrawals C. Revenues, expenses and capital D. Assets, revenues and withdrawals 2. The income summary account is closed to the: A. Cash account B. Withdrawals account C. Service revenue account D. Capital accountarrow_forwardWhich of the following accounts would not be included in the closing entries?a. Service Revenueb. Depreciation Expensec. Retained Earningsd. Accumulated Depreciationarrow_forward
- Which of the following accounts will be closed to Income Summary? Prepaid Expenses. Unearned Revenue. Dividends. Depreciation Expense.arrow_forwardWhich of the following accounts would not appear in aclosing journal entry?a. Interest Revenueb. Accumulated Depreciationc. Retained Earningsd. Salaries and Wages Expensearrow_forwardWhich of these accounts would be present in the closing entries? A. Dividends B. Accounts Receivable C. Unearned Service Revenue D. Sales Tax Payablearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeCentury 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
- Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License