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					 Student Name: ______________________
 Teacher:          ______________________          Date: ________
 Test:             9_12 Business and IT 6311 - Accounting 1 Test 2
 Description:      Chapter 8 Obj 2.03
 District:         Granville
 Form:             501


1. Adam is preparing the Post-Closing Trial Balance. He has recorded all the account balances in the correct
   column. What will he do NEXT?
          Rule a single line below the last amount in each column
   A.
          Write the account balance in either the debit or credit column
   B.
          Write the account titles of all general ledger accounts that have balances in the Account Title column
   C.
          Write the heading
   D.
                                 9_12 Business and IT 6311 - Accounting 1 Test 2

Please use the following passage for question 2:
Group Material 2.03 B
                                                   Coleman Industries
                                                       Work Sheet
                                       For the Month Ended September 30, 2XXX
                                                   Income Statement                        Balance Sheet
               Account Title
                                               Debit                Credit           Debit                 Credit


  Anthony Coleman, Capital                                                                                   1,875.00
  Anthony Coleman, Drawing                                                                325.00
  Income Summary
  Sales                                                               7,225.00
  Advertising Expense                               550.00
  Insurance Expense                                 375.00
  Miscellaneous Expense                             225.00
  Rent Expense                                     1,100.00
  Supplies Expense                               350.00
                                               2,600.00           7,225.00           7,225.00           2,600.00
  Net Income                                   4,625.00                                                 4,625.00
                                               7,225.00           7,225.00           7,225.00           7,225.00




2. Group Material 2.03 B contains a partial worksheet. The correct closing entry for the owner's drawing
   account is to debit:
        Anthony Coleman, Capital $325 and credit Anthony Coleman Drawing $325.
   A.
        Amos Maxwell, Drawing $325 and credit Income Summary $325.
   B.
        Amos Maxwell, Drawing $325 and credit Amos Maxwell, Capital $325.
   C.
        Income Summary $325 and credit Anthony Coleman, Drawing $325.
   D.

                               9_12 Business and IT 6311 - Accounting 1 Test 2


3. The beginning supplies balance is $2,300 and the ending supplies balance is $2,200. The correct adjusting
   entry will be to debit:
        Supplies and credit Supplies Expense $100.
   A.
        Supplies and credit Supplies Expense $2,300.
   B.
        Supplies Expense and credit Supplies $100.
   C.
        Supplies Expense and credit Supplies $2,300.
   D.
4. When closing the Advertising Expense account, debit:
        Owner's Equity and credit Advertising Expense
   A.
        Advertising Expense and credit Income Summary.
   B.
        Income Summary and credit Advertising Expense
   C.
        Advertising Expense and credit Owner's Equity.
   D.
5. On the last day of April, Jack prepared the adjusting entries for his company. He has written "Adjusting
   Entries" in the Account Title column and recorded April 30 in the date column. What will Jack do
   NEXT?
        Record the credit amount in the General Credit column
   A.
        Record the debit amount in the General Debit column
   B.
        Write the title of the account credited in the Account Title column
   C.
        Write the title of the account debited in the Account Title column
   D.
6. Steve is preparing the Post-Closing Trial Balance. After he has written "Post Closing Trial Balance" in the
   heading section, what will he do NEXT?
        Rule a single line below the last amount in each column
   A.
        Write the account balance in either the debit or credit column
   B.
        Write the account titles of all general ledger accounts that have balances in the Account Title column
   C.
        Write the account totals
   D.
7. When closing the Miscellaneous Expense account, debit:
        Owner's Equity and credit Miscellaneous Expense
   A.
        Miscellaneous Expense and credit Owner's Equity.
   B.
        Miscellaneous Expense and credit Income Summary.
   C.
        Income Summary and credit Miscellaneous Expense
   D.
                                9_12 Business and IT 6311 - Accounting 1 Test 2


8. Mary is preparing the closing entries for her company. After she has closed the Income Summary account,
   what will she do NEXT?
        Journalize an entry to transfer net income or net loss to the owner's capital account and close the
   A.   income summary account
        Journalize an entry to close the owner's drawing account
   B.
        Journalize an entry to close income statement accounts that have a debit balance
   C.
        Journalize an entry to close income statement accounts that have a credit balance
   D.
9. Mary is closing the income summary account. Her company had a net loss of $2,000. The correct journal
   entry is to debit:
          Drawing, and credit Income Summary, $2,000.
   A.
          Owner's equity, and credit Income Summary, $2,000.
   B.
          Sales, and credit Income Summary, $2,000.
   C.
          Income Summary, and credit Drawing, $2,000.
   D.
10. The beginning Prepaid Insurance balance is $3,700 and the ending Prepaid Insurance balance is $2,200.
    The correct adjusting entry will be to debit:
          Prepaid Insurance and credit Insurance Expense $1,500.
   A.
          Insurance Expense and credit Prepaid Insurance $1,500.
   B.
          Prepaid Insurance and credit Insurance Expense $3,700.
   C.
          Insurance Expense and credit Prepaid Insurance $3,700.
   D.
                                9_12 Business and IT 6311 - Accounting 1 Test 2

Please use the following passage for questions 11 through 12:
Group Material 2.03 B
                                                Coleman Industries
                                                      Work Sheet
                                     For the Month Ended September 30, 2XXX
                                                Income Statement                      Balance Sheet
              Account Title
                                             Debit                 Credit         Debit               Credit


  Anthony Coleman, Capital                                                                              1,875.00
  Anthony Coleman, Drawing                                                            325.00
  Income Summary
  Sales                                                              7,225.00
  Advertising Expense                             550.00
  Insurance Expense                               375.00
  Miscellaneous Expense                           225.00
  Rent Expense                                  1,100.00
  Supplies Expense                                350.00
                                                2,600.00             7,225.00       7,225.00            2,600.00
  Net Income                                   4,625.00                                                 4,625.00
                                               7,225.00            7,225.00          7,225.00           7,225.00




11. Group Material 2.03 B contains a partial worksheet. The correct closing entry for the revenue account is
    to debit:
        Anthony Coleman, Capital $7,225 and credit Sales $7,225.
   A.
        Income Summary $7,225 and credit Sales $7,225.
   B.
        Sales $7,225 and credit Income Summary $7,225.
   C.
        Sales $7,225 and credit Anthony Coleman, Capital $7,225.
   D.
                               9_12 Business and IT 6311 - Accounting 1 Test 2


12. Group Material 2.03 B contains a partial worksheet. The correct closing entry for the Advertising
    Expense account is to debit:
        Advertising Expense $550 and credit Anthony Coleman, Capital $550.
   A.
        Income Summary $550 and credit Advertising Expense $550.
   B.
        Anthony Coleman, Capital $550 and credit Advertising Expense $550.
   C.
        Advertising Expense $550 and credit Income Summary $550.
   D.


13. The owner's drawing account has a balance of $275. The correct entry to close the drawing account
    would be to debit:
        Drawing, credit owner's equity account for $275.
   A.
        Drawing, credit Income Summary for $275.
   B.
        Owner's equity account, credit drawing account for $275.
   C.
        Income summary, credit drawing account for $275.
   D.
14. James is closing the income summary account. His company had a net income of $900. The correct
    journal entry is to debit:
        Drawing, and credit Income Summary, $900.
   A.
          Income Summary, and credit Drawing, $900.
   B.
          Sales, and credit Income Summary, $900.
   C.
          Income Summary, and credit Owner's Equity, $900.
   D.
15. The Sales account has a balance of $3,875. To close the Sales account, debit:
          Sales $3,875 and credit Income Summary $3,875.
   A.
          Income Summary $3,875 and credit Sales $3,875.
   B.
          Sales $3,875 and credit Owner's Equity $3,875.
   C.
          Owner's Equity $3,875 and credit Sales $3,875.
   D.
                                  9_12 Business and IT 6311 - Accounting 1 Test 2


16. Michael is preparing the closing entries for his company. He has closed all the income statement accounts
    that have a credit balance. What is the NEXT step that he will perform?
          Journalize an entry to transfer net income or net loss to the owner's capital account and close the
   A.     Income Summary account
          Journalize an entry to close the owner's drawing account
   B.
          Journalize an entry to close income statement accounts that have a debit balance
   C.
        Journalize an entry to close income statement accounts that have a credit balance
   D.
Please use the following passage for question 17:
Group Material 2.03 B
                                                   Coleman Industries
                                                        Work Sheet
                                       For the Month Ended September 30, 2XXX
                                                   Income Statement                        Balance Sheet
               Account Title
                                                Debit                Credit           Debit                Credit


  Anthony Coleman, Capital                                                                                   1,875.00
  Anthony Coleman, Drawing                                                                 325.00
  Income Summary
  Sales                                                                7,225.00
  Advertising Expense                              550.00
  Insurance Expense                                375.00
  Miscellaneous Expense                            225.00
  Rent Expense                                   1,100.00
  Supplies Expense                                 350.00
                                                 2,600.00           7,225.00       7,225.00         2,600.00
  Net Income                                     4,625.00                                           4,625.00
                                                 7,225.00           7,225.00       7,225.00         7,225.00




                                 9_12 Business and IT 6311 - Accounting 1 Test 2


17. Group Material 2.03 B contains a partial worksheet. The correct closing entry for the income summary
    account is to debit:
         Anthony Coleman, Drawing $325 and credit Income Summary $325.
   A.
         Anthony Coleman, Capital $1,875 and Income Summary $1,875.
   B.
         Income Summary $4,625 and credit Anthony Coleman, Capital $4,625.
   C.
         Income Summary $1,875 and credit Anthony Coleman, Capital $1,875.
   D.


18. In preparing adjustment entries for his company, Steve has written "Insurance Expense" in the Account
    Title column. What will he do NEXT?
         Record the debit amount in the General Debit column
   A.
         Record the credit amount in the General Credit column
   B.
         Write the title of the account debited in the Account Title column
   C.
         Write the title of the account credited in the Account Title column
   D.

 Student Name: ______________________
 Teacher:         ______________________         Date: ________
 Test:            9_12 Business and IT 6311 - Accounting 1 Test 2
 Description:     Chapter 8 Obj 2.03
 District:        Granville
 Form:           502


1. Steve is preparing the Post-Closing Trial Balance. After he has written "Post Closing Trial Balance" in the
   heading section, what will he do NEXT?
        Rule a single line below the last amount in each column
   A.
        Write the account balance in either the debit or credit column
   B.
        Write the account titles of all general ledger accounts that have balances in the Account Title column
   C.
        Write the account totals
   D.
2. The owner's drawing account has a balance of $275. The correct entry to close the drawing account would
   be to debit:
        Drawing, credit owner's equity account for $275.
   A.
        Drawing, credit Income Summary for $275.
   B.
        Owner's equity account, credit drawing account for $275.
   C.
        Income summary, credit drawing account for $275.
   D.
3. Mary is preparing the closing entries for her company. After she has closed the Income Summary account,
   what will she do NEXT?
        Journalize an entry to transfer net income or net loss to the owner's capital account and close the
   A.   income summary account
        Journalize an entry to close the owner's drawing account
   B.
        Journalize an entry to close income statement accounts that have a debit balance
   C.
        Journalize an entry to close income statement accounts that have a credit balance
   D.
                                9_12 Business and IT 6311 - Accounting 1 Test 2


4. James is closing the income summary account. His company had a net income of $900. The correct journal
   entry is to debit:
        Drawing, and credit Income Summary, $900.
   A.
        Income Summary, and credit Drawing, $900.
   B.
        Sales, and credit Income Summary, $900.
   C.
        Income Summary, and credit Owner's Equity, $900.
   D.
Please use the following passage for question 5:
Group Material 2.03 B
                                                Coleman Industries
                                                     Work Sheet
                                     For the Month Ended September 30, 2XXX
                                                Income Statement                      Balance Sheet
              Account Title
                                             Debit                Credit          Debit               Credit


  Anthony Coleman, Capital                                                                              1,875.00
  Anthony Coleman, Drawing                                                            325.00
  Income Summary
  Sales                                                             7,225.00
  Advertising Expense                             550.00
  Insurance Expense                               375.00
  Miscellaneous Expense                           225.00
  Rent Expense                                  1,100.00
  Supplies Expense                                350.00
                                                2,600.00            7,225.00        7,225.00            2,600.00
  Net Income                                    4,625.00                                                4,625.00
                                                7,225.00            7,225.00        7,225.00            7,225.00




                                9_12 Business and IT 6311 - Accounting 1 Test 2


5. Group Material 2.03 B contains a partial worksheet. The correct closing entry for the Advertising Expense
   account is to debit:
          Advertising Expense $550 and credit Anthony Coleman, Capital $550.
   A.
          Income Summary $550 and credit Advertising Expense $550.
   B.
          Anthony Coleman, Capital $550 and credit Advertising Expense $550.
   C.
          Advertising Expense $550 and credit Income Summary $550.
   D.


6. When closing the Advertising Expense account, debit:
          Owner's Equity and credit Advertising Expense
   A.
          Advertising Expense and credit Income Summary.
   B.
          Income Summary and credit Advertising Expense
   C.
          Advertising Expense and credit Owner's Equity.
   D.
                                9_12 Business and IT 6311 - Accounting 1 Test 2

Please use the following passage for question 7:
Group Material 2.03 B
                                                   Coleman Industries
                                                      Work Sheet
                                     For the Month Ended September 30, 2XXX
                                                   Income Statement                   Balance Sheet
              Account Title
                                             Debit                 Credit         Debit               Credit


  Anthony Coleman, Capital                                                                              1,875.00
  Anthony Coleman, Drawing                                                            325.00
  Income Summary
  Sales                                                               7,225.00
  Advertising Expense                               550.00
  Insurance Expense                                 375.00
  Miscellaneous Expense                             225.00
  Rent Expense                                     1,100.00
  Supplies Expense                                  350.00
                                                   2,600.00           7,225.00      7,225.00            2,600.00
  Net Income                                       4,625.00                                             4,625.00
                                                   7,225.00           7,225.00      7,225.00            7,225.00




7. Group Material 2.03 B contains a partial worksheet. The correct closing entry for the owner's drawing
   account is to debit:
          Anthony Coleman, Capital $325 and credit Anthony Coleman Drawing $325.
   A.
          Amos Maxwell, Drawing $325 and credit Income Summary $325.
   B.
          Amos Maxwell, Drawing $325 and credit Amos Maxwell, Capital $325.
   C.
          Income Summary $325 and credit Anthony Coleman, Drawing $325.
   D.

                                 9_12 Business and IT 6311 - Accounting 1 Test 2


8. In preparing adjustment entries for his company, Steve has written "Insurance Expense" in the Account
   Title column. What will he do NEXT?
          Record the debit amount in the General Debit column
   A.
          Record the credit amount in the General Credit column
   B.
          Write the title of the account debited in the Account Title column
   C.
        Write the title of the account credited in the Account Title column
   D.
Please use the following passage for question 9:
Group Material 2.03 B
                                                  Coleman Industries
                                                       Work Sheet
                                       For the Month Ended September 30, 2XXX
                                                  Income Statement                     Balance Sheet
               Account Title
                                               Debit                Credit         Debit               Credit


  Anthony Coleman, Capital                                                                               1,875.00
  Anthony Coleman, Drawing                                                             325.00
  Income Summary
  Sales                                                               7,225.00
  Advertising Expense                               550.00
  Insurance Expense                                 375.00
  Miscellaneous Expense                             225.00
  Rent Expense                                    1,100.00
  Supplies Expense                                  350.00
                                                  2,600.00            7,225.00       7,225.00            2,600.00
  Net Income                                      4,625.00                                               4,625.00
                                                  7,225.00            7,225.00       7,225.00            7,225.00
                                9_12 Business and IT 6311 - Accounting 1 Test 2


9. Group Material 2.03 B contains a partial worksheet. The correct closing entry for the revenue account is
   to debit:
        Anthony Coleman, Capital $7,225 and credit Sales $7,225.
   A.
        Income Summary $7,225 and credit Sales $7,225.
   B.
        Sales $7,225 and credit Income Summary $7,225.
   C.
        Sales $7,225 and credit Anthony Coleman, Capital $7,225.
   D.


10. The beginning Prepaid Insurance balance is $3,700 and the ending Prepaid Insurance balance is $2,200.
    The correct adjusting entry will be to debit:
        Prepaid Insurance and credit Insurance Expense $1,500.
   A.
        Insurance Expense and credit Prepaid Insurance $1,500.
   B.
        Prepaid Insurance and credit Insurance Expense $3,700.
   C.
        Insurance Expense and credit Prepaid Insurance $3,700.
   D.
11. The Sales account has a balance of $3,875. To close the Sales account, debit:
        Sales $3,875 and credit Income Summary $3,875.
   A.
        Income Summary $3,875 and credit Sales $3,875.
   B.
        Sales $3,875 and credit Owner's Equity $3,875.
   C.
        Owner's Equity $3,875 and credit Sales $3,875.
   D.
12. Adam is preparing the Post-Closing Trial Balance. He has recorded all the account balances in the
    correct column. What will he do NEXT?
        Rule a single line below the last amount in each column
   A.
        Write the account balance in either the debit or credit column
   B.
        Write the account titles of all general ledger accounts that have balances in the Account Title column
   C.
          Write the heading
   D.
                                  9_12 Business and IT 6311 - Accounting 1 Test 2


13. Michael is preparing the closing entries for his company. He has closed all the income statement accounts
    that have a credit balance. What is the NEXT step that he will perform?
          Journalize an entry to transfer net income or net loss to the owner's capital account and close the
   A.     Income Summary account
          Journalize an entry to close the owner's drawing account
   B.
          Journalize an entry to close income statement accounts that have a debit balance
   C.
        Journalize an entry to close income statement accounts that have a credit balance
   D.
Please use the following passage for question 14:
Group Material 2.03 B
                                                   Coleman Industries
                                                        Work Sheet
                                       For the Month Ended September 30, 2XXX
                                                   Income Statement                        Balance Sheet
               Account Title
                                                Debit                Credit           Debit                Credit


  Anthony Coleman, Capital                                                                                   1,875.00
  Anthony Coleman, Drawing                                                                 325.00
  Income Summary
  Sales                                                                7,225.00
  Advertising Expense                               550.00
  Insurance Expense                                 375.00
  Miscellaneous Expense                             225.00
  Rent Expense                                    1,100.00
  Supplies Expense                                  350.00
                                                  2,600.00             7,225.00          7,225.00            2,600.00
  Net Income                                      4,625.00                                                   4,625.00
                                                  7,225.00             7,225.00          7,225.00            7,225.00




                                  9_12 Business and IT 6311 - Accounting 1 Test 2
14. Group Material 2.03 B contains a partial worksheet. The correct closing entry for the income summary
    account is to debit:
        Anthony Coleman, Drawing $325 and credit Income Summary $325.
   A.
        Anthony Coleman, Capital $1,875 and Income Summary $1,875.
   B.
        Income Summary $4,625 and credit Anthony Coleman, Capital $4,625.
   C.
        Income Summary $1,875 and credit Anthony Coleman, Capital $1,875.
   D.


15. When closing the Miscellaneous Expense account, debit:
        Owner's Equity and credit Miscellaneous Expense
   A.
        Miscellaneous Expense and credit Owner's Equity.
   B.
        Miscellaneous Expense and credit Income Summary.
   C.
        Income Summary and credit Miscellaneous Expense
   D.
16. The beginning supplies balance is $2,300 and the ending supplies balance is $2,200. The correct adjusting
    entry will be to debit:
        Supplies and credit Supplies Expense $100.
   A.
        Supplies and credit Supplies Expense $2,300.
   B.
        Supplies Expense and credit Supplies $100.
   C.
        Supplies Expense and credit Supplies $2,300.
   D.
17. Mary is closing the income summary account. Her company had a net loss of $2,000. The correct journal
    entry is to debit:
        Drawing, and credit Income Summary, $2,000.
   A.
        Owner's equity, and credit Income Summary, $2,000.
   B.
        Sales, and credit Income Summary, $2,000.
   C.
        Income Summary, and credit Drawing, $2,000.
   D.
                               9_12 Business and IT 6311 - Accounting 1 Test 2
18. On the last day of April, Jack prepared the adjusting entries for his company. He has written "Adjusting
    Entries" in the Account Title column and recorded April 30 in the date column. What will Jack do
    NEXT?
        Record the credit amount in the General Credit column
   A.
        Record the debit amount in the General Debit column
   B.
        Write the title of the account credited in the Account Title column
   C.
        Write the title of the account debited in the Account Title column
   D.

				
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