Question Details

The Statement of Financial Position credit column



Use the following data, taken from the adjusted trial balance, for 1 and 2.

	Debit	Credit
Cash	€ 3,712	
Accounts Receivable	3,904
Supplies	480
Accounts Payable		   € 1,792
Unearned Revenue 		   160
Share Capital-ordinary		5,000
Retained Earning		   760
Dividends	   300
Service Revenue		4,064
Salaries Expense	1,344
Miscellaneous Expense	256
Supplies Expense	  2,228
Salaries Payable		448
         Total	€12,224	€12,224

	1.	What amount will be reflected for Retained Earning in the Statement of Financial Position columns of the worksheet?
a.	996
b.	760
c.	696
d.	1,060



	2.	What will be the total of the Statement of Financial Position credit column?
a.	12,224
b.	8,160
c.	11,988
d.	8,396



	3.	Which of the following accounts is least likely to have its balance change on the worksheet?
a.	Salaries Payable.
b.	Supplies.
c.	Accumulated Depreciation.
d.	Sharer Capital-ordinary.



	4.	Which of the following permanent account is changed during the closing process?
a.	Share Capital-ordinary.
b.	Retained Earnings.
c.	Unearned Revenue.
d.	None of the above.


	5.	The temporary account balances ultimately wind up in what account?
a.	Income Summary.
b.	Retained Earnings.
c.	Share Capital-ordinary.
d.	Comprehensive Income.





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