Accounting Connect Chapter 6

After the closing entries are posted to the ledger, each expense account will have what?

A zero balance

What account had a normal debit balance?

Accounts Receivable

What is another name for the post-closing trial balance?

After-closing trial balance.

The post closing trial balance contains what?

Balance sheet accounts Only

What account is not closed?

Cash

A post closing trial balance could include all except what account?

Fees Income account

Withdrawals by the owner for personal use does not affect what part of the business?

Net income or net loss

The last step in the end of period routine is to what?

Prepare the post closing trial balance.

After transactions have been posted, the next step in the accounting cycle is to do what?

Prepare the worksheet

The asset, liability, and owner's capital accounts appear on all sheets except?

The income statement

Entries required to zero the balances of the temporary accounts at the end of the year are called what?

closing entries.

The entry to close the Depreciation Expense account would include a debit to what?

the Income Summary account and a credit to the Depreciation Expense account.

What is the first step in the closing process?

to close revenue accounts

One purpose of closing entries is to what?

transfer the results of operations to owner's equity.