Question Details

ACCTG 1A Week 5 Quiz 
QUIZ A	SECTION  						

The accountant for Pinnacle Consulting prepared the following “Adjusted” Trial Balance at December 31, 2009, after one year of operations

	Debit	Credit
Cash		$  7,560	
Accounts Receivable		5,880	
Unexpired Insurance		2,520	
Office Equipment		25,200	
Accumulated Depreciation: Office Equipment			$   420
Unearned Consulting Fees			4,200
Capital Stock			21,000
Retained Earnings, January 1, 2005			3,360
Dividends		1,120	
Consulting Fees Earned			28,000
Salaries Expense		8,820	
Utilities Expense		2,100	
Rent Expense		3,360	
Depreciation Expense		      420	______
	$56,980	$56,980
		

Prepare closing entries for Pinnacle Consulting.


 
CHAPTER 5			NAME					______	 #	

10-MINUTE QUIZ B	SECTION	 						
SEW Inc.
Trial Balance
December 31
	Debit	Credit
Cash		$   12	
Accounts Receivable		22	
Equipment		187	
Accounts Payable			$  17
Capital Stock			102
Retained Earnings			52
Dividends		7	
Service Revenue			173
Salaries Expense		82	
Depreciation		22	
Supplies Expense		    12	____
	$344	$344
		1	What is the balance in Income Summary before it is closed to Retained 
Earnings?
			a	57.
			b	50.
			c	69.
			d	116.

		2	What is the balance in Retained Earnings after posting closing entries at December 31?
			a	109.
			b	102.
			c	57.
			d	50.

		3	What is the total debits on the after-closing trial balance?
			a	228.
	b	344.
			c	221.
	d	171.

		4	Which accounts are closed to Income Summary?
			a	All accounts.
			b	Revenue and expenses.
			c	Revenue, expenses, and dividends.
			d	All accounts that are not nominal.

		5	Which accounts will appear on the balance sheet?
			a	retained earnings of $52.
	b	dividends of $7.
			c	net income of $50.
	d	none of the above.
 
CHAPTER 5			NAME				_______	 #	_

10-MINUTE QUIZ C	SECTION  						

The accountant for Bottomline Consulting prepared the following “Adjusted” Trial Balance at December 31, 20__ after one year of operations

	Debit	Credit
Cash		$  5,400	
Accounts Receivable		4,200	
Unexpired Insurance		1,800	
Office Equipment		18,000	
Accumulated Depreciation: Office Equipment			$   300
Unearned Consulting Fees			3,000
Capital Stock			15,000
Retained Earnings, January 1, 20__			2,400
Dividends		800	
Consulting Fees Earned			20,000
Salaries Expense		6,300	
Utilities Expense		1,500	
Rent Expense		2,400	
Depreciation Expense		      300	______
	$40,700	$40,700
		

Prepare an after-closing Trial Balance.



 
CHAPTER 5			NAME			________		 #	

10-MINUTE QUIZ D	SECTION 						

Melrose-, Inc.
Trial Balance
December 31
	Debit	Credit
Cash		$   16	
Accounts Receivable		34	
Equipment		170	
Accounts Payable			$  22
Capital Stock			112
Retained Earnings			34
Dividends		8	
Service Revenue			187
Salaries Expense		94	
Depreciation		22	
Advertising Expense		    11	____
	$355	$355
		


Prepare the closing entries.