Which of the following accounts is(are) listed in a post-closing trial balance?

A) Prepaid Rent.

B) Accounts Payable.

C) Salaries Expense.

D) Two of these three accounts would be included in a post-closing trial balance.

Answer: D

Which one of the following accounts would NOT have a balance after closing entries?

A) Deferred Revenue.

B) Supplies.

C) Prepaid Rent.

D) Dividends.

Answer: D

A post-closing trial balance:

A) Is a list of all accounts and their balances after adjusting entries.

B) Is a list of all accounts and their balances before adjusting entries.

C) Is a list of all accounts and their balances after closing entries.

D) Is a trial balance adjusted for cash-basis accounting.

Answer: C

A list of all accounts and their balances after posting closing entries is referred to as:

A) A trial balance.

B) An adjusted trial balance.

C) A post-closing trial balance.

D) An accounting trial balance.

Answer: C

Frosty Inc. has the following balances on December 31 prior to closing entries:

Revenues $ 35,000

Retained Earnings, Jan. 1 10,000

Cash 7,000

Expenses 23,000

Accounts Payable 4,000

Dividends 1,000

Supplies 18,000

Based upon the balances above, what net adjustment would be made to Retained Earnings due to closing entries?

A) Increase of $11,000.

B) Increase of $13,000.

C) Increase of $12,000.

D) Increase of $14,000.

Answer: A

Which of the following is a possible closing entry?

A) Debit Cash, credit Service Revenue.

B) Debit Cash, credit Retained Earnings.

C) Debit Service Revenue, credit Retained Earnings.

D) Debit Dividends, credit Retained Earnings.

Answer: C

The closing entry for expenses includes:

A) A debit to Dividends and a credit to all expense accounts.

B) A debit to Retained Earnings and a credit to all expense accounts.

C) A debit to Revenues and a credit to Retained Earnings.

D) A debit to Revenues and a credit to all expense accounts.

Answer: B