The steps in the preparation of a worksheet 1. If a company utilizes reversing entries, they will a. be made at the beginning of the next accounting period. b. not actually be posted to the general ledger accounts. c. be made before the post-closing trial balance. d. be part of the adjusting entry process. 2. The steps in the preparation of a worksheet do not include a. analyzing documentary evidence. b. preparing a trial balance on the worksheet. c. entering the adjustments in the adjustment columns. d. entering adjusted balances in the adjusted trial balance columns. 3. Statement of financial position accounts are considered to be a. temporary owner’s equity accounts. b. permanent accounts. c. capital accounts. d. nominal accounts. 4. Income Summary has a credit balance of $12,000 in J. Wenger Co. after closing revenues and expenses. The entry to close Income Summary is a. credit Income Summary $12,000, debit Retained Earnings $12,000. b. credit Income Summary $12,000, debit Dividends $12,000. c. debit Income Summary $12,000, credit Dividends $12,000. d. debit Income Summary $12,000, credit Retained Earnings $12,000. 5. The post-closing trial balance contains only a. income statement accounts. b. statement of financial position accounts. c. statement of financial position and income statement accounts. d. income statement, statement of financial position, and equity statement accounts. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help
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