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3551 Chapter 3 Quiz

Terms in this set (10)

with closing entries, you would expect to find all of the following except
debit Unearned Rent; credit Income Summary
a prepaid expense
an item of goods or services purchased by the company for use in its operations but not fully consumed by the end of the accounting period
which of the following is not a major step necessary to complete the accounting cycle ?
prepare the adjusted trial balance
the purpose of closing entries is to
reduce all temporary accounts to zero
the financial statements are the responsibility of the
management
which of the following is a permanent account ?
allowance for doubtful accounts
adjusting journal entries are made
at the end of the accounting period
which T-account is incorrect
Unearned Rent (debit + , credit -)
the accounting equation can be expressed as
assets + liabilities = shareholders' equity
when cash is debited for rents that are collected but are not yet earned, the amount credited should be
presented as a liability until earned
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