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Accounting Cycle

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Problem 1
Which of the following accounts would be classified as a current asset on the balance sheet?
A. Office Equipment
B. Land
C. Accumulated Depreciation
D. Accounts Receivable

Problem 2
Which of the following entries closes the owner's drawing account at the end of the period?
A. Debit the drawing account, credit the income summary account
B. Debit the owner's capital account, credit the drawing account
C. Debit the income summary account, credit the drawing account
D. Debit the drawing account, credit the owner's capital account

Problem 3
Which of the following accounts would not be closed to the income summary account at the end of a period?
A. Fees Earned
B. Wages Expense
C. Rent Expense
D. Accumulated Depreciation

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Solution Summary

This solution looks at the accounting cycle

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Problem 1
D. Accounts Receivable
Cash or other assets that are expected to be converted to cash or sold or used up within one year or less, through the normal operations of the business, are classified ...

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