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File C:/Users/Luis%20A%20Valdivia%20r/Downloads/ACC201%20midterm%20reviewUPDATED(1)(1)(1)%20(1).pdf ogle Drive YouTube Grammarly Central Arizona Coll... https://blackboard.... S REVEL 3 CIS - Occupations ... ACC201 MIDTERM REVIEW Which of the following will increase stockholders' equity (via retained earnings)? revenues > expenses this means net income I Which of the following entries records the collection of cash from cash customers? Cash, debit; Fees Earned, credit --- fees earned is a revenue account All of the owing are eneral purpose financial statements retained earnings statement balance sheet income statement Following is true about closing entries... After the second closing entry, the income summary account is equal to the net income or loss for the period. ere to search PI Luis%20A.%20Valdivia%20r/Downloads/ACC201%20midterm%20reviewUPDATED(1)(1)(1)%20(1).pdf ouTube Grammarly Central Arizona Coll... https://blackboard.... S REVEL CIS - Occupations -.. Following is true about closing entries... After the second closing entry, the income summary account is equal to the net income or loss for the period. 1. Close revenue to income summary 2. Close expenses to income summary 3. Close income summary to RE 4. Close dividends to RE There are four closing entries that update the stockholders' equity account. By closing nominal/temporary (e.g. expenses, revenue) accounts at the end of the period to zero, it is possible to isolate next period's information correctly. The classified balance sheet will show liability subsections --- current liabilities and long-term liabilities F/Users/Luis%20A.%20Valdivia%20Jr/Downloads/ACC201%20midterm%20reviewUPDATED(1)(1)(1)%20(1).pdf You Tube Grammarly Central Arizona Coll... https://blackboard.... S REVEL CIS - Occupations-... Indicate with a Yes or No whether or not each of the following accounts would, under normal circumstances, require an adjusting entry. Ch. 3 1. Cash never 2. Prepaid Expenses - Y 3. Depreciation Expense - Y 4. Accounts Payable - N 5. Accumulated Depreciation - Y 6. Equipment - N The following entry records the receipt of cash for two months' rent? The cash was received in advance of providing the service. Cash, debit; Unearned Rent, credit Assets are financed by the stockholders and/or creditors A=L+E Which of the following accounts should be closed to Income Summary at the end of the fiscal year? Cost of Merchandise Sold - an expense Grammarly Central Arizona Coll... https://blackboard.... REVEL SCIS - Occupations ... A=L+E Which of the following accounts should be closed to Income Summary at the end of the fiscal year? Cost of Merchandise Sold - an expense The following groups of accounts have a normal debit balance -- assets and expenses Transactions affecting stockholders' equity include capital contributions, earning of revenues, and incurrence of expenses File C:/Users/Luis%20A%20Valdivia%20r/Downloads/ACC201%20midterm%20reviewUPDATED(1)(1)(1)%20(1).pdf ogle Drive YouTube Grammarly Central Arizona Coll... https://blackboard.... S REVEL 3 CIS - Occupations ... ACC201 MIDTERM REVIEW Which of the following will increase stockholders' equity (via retained earnings)? revenues > expenses this means net income I Which of the following entries records the collection of cash from cash customers? Cash, debit; Fees Earned, credit --- fees earned is a revenue account All of the owing are eneral purpose financial statements retained earnings statement balance sheet income statement Following is true about closing entries... After the second closing entry, the income summary account is equal to the net income or loss for the period. ere to search PI Luis%20A.%20Valdivia%20r/Downloads/ACC201%20midterm%20reviewUPDATED(1)(1)(1)%20(1).pdf ouTube Grammarly Central Arizona Coll... https://blackboard.... S REVEL CIS - Occupations -.. Following is true about closing entries... After the second closing entry, the income summary account is equal to the net income or loss for the period. 1. Close revenue to income summary 2. Close expenses to income summary 3. Close income summary to RE 4. Close dividends to RE There are four closing entries that update the stockholders' equity account. By closing nominal/temporary (e.g. expenses, revenue) accounts at the end of the period to zero, it is possible to isolate next period's information correctly. The classified balance sheet will show liability subsections --- current liabilities and long-term liabilities F/Users/Luis%20A.%20Valdivia%20Jr/Downloads/ACC201%20midterm%20reviewUPDATED(1)(1)(1)%20(1).pdf You Tube Grammarly Central Arizona Coll... https://blackboard.... S REVEL CIS - Occupations-... Indicate with a Yes or No whether or not each of the following accounts would, under normal circumstances, require an adjusting entry. Ch. 3 1. Cash never 2. Prepaid Expenses - Y 3. Depreciation Expense - Y 4. Accounts Payable - N 5. Accumulated Depreciation - Y 6. Equipment - N The following entry records the receipt of cash for two months' rent? The cash was received in advance of providing the service. Cash, debit; Unearned Rent, credit Assets are financed by the stockholders and/or creditors A=L+E Which of the following accounts should be closed to Income Summary at the end of the fiscal year? Cost of Merchandise Sold - an expense Grammarly Central Arizona Coll... https://blackboard.... REVEL SCIS - Occupations ... A=L+E Which of the following accounts should be closed to Income Summary at the end of the fiscal year? Cost of Merchandise Sold - an expense The following groups of accounts have a normal debit balance -- assets and expenses Transactions affecting stockholders' equity include capital contributions, earning of revenues, and incurrence of expenses

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