22. Which of the following accounts will be closed to the retained earnings account at the
End of the fiscal year?
a. Rent Expense
b. Fees Earned
c. Income Summary
d. Depreciation Expense

I think it is D

30. Which of the following accounts ordinarily appears in the post-closing trial balance?
a. Dividends
b. Supplies Expense
c. Fees Earned
d. Unearned Rent

I think it is C

31. The type of account and normal balance of Unearned Rent is:
a. revenue, credit
b. expense, debit
c. liability, credit
d. liability, debit

I think it is C

35. Balance sheet accounts:
a. represent amounts accumulated during a specific period
b. are called real accounts
c. have zero balances after the closing entries have been posted
d. are equal to assets and liabilities

I think it is A

Quote:

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Originally Posted by kekebrown

22. Which of the following accounts will be closed to the retained earnings account at the
end of the fiscal year?
a. Rent Expense
b. Fees Earned
c. Income Summary
d. Depreciation Expense

I think it is D

30. Which of the following accounts ordinarily appears in the post-closing trial balance?
a. Dividends
b. Supplies Expense
c. Fees Earned
d. Unearned Rent

I think it is C

31. The type of account and normal balance of Unearned Rent is:
a. revenue, credit
b. expense, debit
c. liability, credit
d. liability, debit

I think it is C

35. Balance sheet accounts:
a. represent amounts accumulated during a specific period of time
b. are called real accounts
c. have zero balances after the closing entries have been posted
d. are equal to assets and liabilities

I think it is A

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22. If income summary means "net income" then the answer is C. I believe it must be this because all of the other options are expenses or revenues that in total are closed to retained earnings at the end of the period. The answer choices are poorly worded.


30. Answers D. The post-closing trial balance reveals the balance of accounts after the closing process, and consists of balance sheet accounts only. The post-closing trial balance is a tool to demonstrate that accounts are in balance; it is not a formal financial statement. All of the revenue, expense, and dividend accounts were zeroed away via closing, and do not appear in the post-closing trial balance.

31. Answer C.

35. Answer B. Unlike income statement accounts that are nominal accounts, balance sheet accounts are real accounts. A real account is not closed out at the end of the year but continues to exist into the next year.