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Chapter 16 Review

General ledger account balances are changed only byposting journal entries
Information needed for journalizing closing entries is taken from theAdjustment columns of a work sheet
At the end of a fiscal period, which accounts are closed to prepare the general ledger for the next fiscal period?Temporary Accounts
What is an example of a temporary account?Income Summary
What is an example of a permanent account?Retained Earnings
What is the closing entry for dividends?Debit Retained Earnings, Credit Dividends
Which temporary account is closed to Retained Earnings?Dividends
Which general ledger accounts are listed on the post-closing trial balance?All accounts that have a balance
Which kind of entries bring general ledger accounts up to date?Adjusting Entries
What's the adjusting entry for Revenue (Sales) and temporary accounts with normal credit balances?Debit Sales and other temporary accounts with credit balances, Credit Income Summary
What's the closing entry for Expenses and Purchases and accounts with normal debit balances?Debit Income Summary, Credit Purchases, Expenses and other temporary accounts with debit balances
What's the closing entry to close income summary and record the net income?Debit Income Summary, Credit Retained Earnings
What's the closing entry to close Income Summary and record a net los?Debit Retained Earnings and Credit Income Summary
After all adjusting and closing entries are posted, the temporary accounts will have azero balance
The two types of journal entries needed to change general ledger account balances at the end of the fiscal period areadjusting and closing entries
Recording closing entries to prepare temporary accounts for the next fiscal period is an application of the accounting conceptMatching Expenses with Revenue
The amounts needed for closing entries are obtained from the work sheet'sIncome Statement and Balance Sheet columns

Business instructor
Century High School
Rochester, MN

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