Accounting Chapter 5 Objective 2 Question Title * 1. Which of the following accounts would not be involved in closing entries? Advertising Expense J. Ryan, Drawing Salaries Payable Income from Services Rent Expense OK Question Title * 2. Which of the following are all temporary accounts? Liabilities, revenue, and expenses Revenue, liabilities, and the owner's Drawing Assets, liabilities, and owner's Drawing Revenue, expenses, and the Owner's Drawing OK Question Title * 3. In preparing the first two closing entries, to which of the following columns of the work sheet does one refer? Balance Sheet columns Adjusted Trial Balance columns Income Statement columns Trial Balance columns Adjustments columns OK Question Title * 4. The owner's Drawing account for the current period is closed to the Cash account. Income Summary account. Income from Services account. Wages Expense account. owner's Capital account OK Question Title * 5. If L. Green's total revenue for the year was $38,000 and total expenses were $30,000, the third closing entry would be debit Income Summary; credit L. Green, Capital. debit L. Green, Capital; credit Income Summary. debit Income Summary; credit Income from Services. debit Income from Services; credit Income Summary. debit L. Green, Capital; credit L. Green, Drawing. OK Question Title * 6. The Income Summary account has an $8,000 credit balance prior to being closed to the owner's Capital account. The owner's Capital account had a $32,000 beginning balance and a $36,500 ending balance. Determine the amount of the owner's drawing during the current period. $8,500 $3,500 $2,500 $4,500 $8,000 OK Question Title * 7. Which of the following accounts should be closed to J. Bean, Capital, in the fourth closing entry? Professional Fees J. Bean, Drawing Wages Expense Income Summary Accumulated Depreciation OK Question Title * 8. Which of the following accounts should be closed to Income Summary at the end of the fiscal year? Rent Expense Equipment Wages Payable Accumulated Depreciation The owner's Drawing account OK Question Title * 9. Closing entries are prepared to close the temporary accounts. accumulated depreciation accounts. owner's Capital account. Wages Payable account. payables and receivables. OK Question Title * 10. The last step in the closing procedure closes the Income Summary account. the Capital account. the Drawing account. the expense accounts. all liability accounts. OK DONE