True and False

False

A double line ruled across both trial balance columns shows that the two columns are to be totaled

Anyone who has the check

A lost check with a blank endorsement on it can be cashed by..

Income statement Credit and Balance sheet debit

A net loss is entered in the work sheet's..

Value of insurance premiums used during the fiscal period

After the adjusting entry for prepaid insurance has been posted, P.I. expense has an up-to-date balance that is the..

Value of supplies used during the fiscal period

After the adjusting entry for supplies has been posted, Supplies expense has an up-to-date balance that is the..

The account to which an amount is posted

An account number in the journal's post red colum shows

Restrictive Endorsement

And endorsement on the back of a check indicating that the check is to be accepted for deposit only is a..

Net Income/Total Sales=

Formula for calculating the net income component percentage

True

Making adjustments to general ledger accounts is an application of the Matching Expenses with Revenue accounting concept

False

Net income on a work sheet is calculated by subtracting the Income Statement Credit Colimn total from the income statement debit column total.

Income statement credit column

On a worksheet the balance of the sales account is extended to the..

At the end of the month

Petty cash fund is always replenished..

Accounting Period Cycle

Preparing financial statements at the end of each monthly fiscal period is an application of the accounting concept..

True

Temporary accounts must start each fiscal period with a zero balance

True

The account number is placed in the post ref column of the journal as the last step in the posting procedure

False

The balance of the supplies account plus the calue of the supplies on hand equals the up-to-date balance of the supplies account

False

The current capital to be reported on a balance sheet is calculated as the capital account balance plus net income equals current capital

True

The formula for calculating the total expenses component percentage is total expenses divided by total sales equals total expenses component percentage.

Debit supplies expense and credit supplies

The journal entry to adjust supplies..

Debit Sales and Credit Income Summary

The journal entry to close sales is.

Debit income Summary for the total expenses and credit each expense account

The journal entry to close the expense accounts is..

False

The only reason for the post ref columns of the journal and general ledger is to indicate which entries in the journal still need to be posted if posting is interupted

False

When the petty cash fund is replenished the balance of the petty cash account increases