Group Work Chapter 6.1 Closing Entries

At the end of a fiscal period, which type of accounts will be closed?

• Real

• Permanent

• Assets

• Temporary

Drawing is closed into which account?

• Income Summary

• Cash

• Capital

• None of the above

Which accounts are closed into the owners' capital accounts?

• Revenue

• Expenses

• Purchases

• Income Summary

Amounts needed for closing entries are found on which sets of columns on the worksheet?

• Trial Balance

• Adjustment

• Income Statement and Balance Sheet

• Balance Sheet and Trial Balance

When closing revenue, the balance of revenue is transferred into which account?

• the owner's capital

• income summary

• the owner's drawing

• none of these

After closing entries have been posted, which set of accounts remain open?

• Assets, Liabilities, & Expenses

• Assets, Capital & Expenses

• Liabilities & Capital

• Assets, Liabilities & Capital

Real or Temporary?  "Supplies"

• Real

• Temporary

Real or Temporary?  SUPPLIES EXPENSE - OFFICE

• Real

• Temporary