Sophia accounting milestone 2
1
If Megan has completed the drawing closing entry, which of the
following will she complete next in the closing process?
•
Prepare the balance of the income summary account
•
Prepare an earnings summary
•
Prepare a post closing trial balance of the account
•
Prepare a revenue closing entry
CONCEPT
Closing Entries
2
The statement of changes in owner's equity is a financial statement
that provides information about changes to the
equity of a business for .
•
prepared third, a given time period
•
prepared second, a given time period
•
prepared first, a specific date
•
prepared third, a specific date
CONCEPT
Statement of Changes in Owner's Equity
3
What is Bill’s ending owner’s equity on a statement of changes in
owner's equity if his records show $8,000 in investment by owner,
$25,000 in net income, $9,000 in expenses and $4,000 in owner
drawings?
This study source was downloaded by 100000827929844 from CourseHero.com on 03-29-2023 08:28:07 GMT -05:00
https://www.coursehero.com/file/62738061/Sophia-accounting-milestone-2docx/
, •
$24,000
•
$38,000
•
$46,000
•
$29,000
CONCEPT
Preparing Statements of Changes in Owner's Equity
4
Which of the steps in preparing a trial balance worksheet (below)
will Joe complete next if he has already prepared an adjusted
trial balance and an income statement?
•
Close out temporary accounts
•
Prepare a balance sheet
•
Determine net income for the period
•
Make adjusting entries
CONCEPT
End of Period Activities
5
As she performs the closing process, which step did Lily complete
directly before determining the balance of the income summary
account?
•
Preparing an earnings summary
This study source was downloaded by 100000827929844 from CourseHero.com on 03-29-2023 08:28:07 GMT -05:00
https://www.coursehero.com/file/62738061/Sophia-accounting-milestone-2docx/
1
If Megan has completed the drawing closing entry, which of the
following will she complete next in the closing process?
•
Prepare the balance of the income summary account
•
Prepare an earnings summary
•
Prepare a post closing trial balance of the account
•
Prepare a revenue closing entry
CONCEPT
Closing Entries
2
The statement of changes in owner's equity is a financial statement
that provides information about changes to the
equity of a business for .
•
prepared third, a given time period
•
prepared second, a given time period
•
prepared first, a specific date
•
prepared third, a specific date
CONCEPT
Statement of Changes in Owner's Equity
3
What is Bill’s ending owner’s equity on a statement of changes in
owner's equity if his records show $8,000 in investment by owner,
$25,000 in net income, $9,000 in expenses and $4,000 in owner
drawings?
This study source was downloaded by 100000827929844 from CourseHero.com on 03-29-2023 08:28:07 GMT -05:00
https://www.coursehero.com/file/62738061/Sophia-accounting-milestone-2docx/
, •
$24,000
•
$38,000
•
$46,000
•
$29,000
CONCEPT
Preparing Statements of Changes in Owner's Equity
4
Which of the steps in preparing a trial balance worksheet (below)
will Joe complete next if he has already prepared an adjusted
trial balance and an income statement?
•
Close out temporary accounts
•
Prepare a balance sheet
•
Determine net income for the period
•
Make adjusting entries
CONCEPT
End of Period Activities
5
As she performs the closing process, which step did Lily complete
directly before determining the balance of the income summary
account?
•
Preparing an earnings summary
This study source was downloaded by 100000827929844 from CourseHero.com on 03-29-2023 08:28:07 GMT -05:00
https://www.coursehero.com/file/62738061/Sophia-accounting-milestone-2docx/
