____. Which of the following accounts normally has a credit balance? a. Purchase

ID: 2339295 • Letter: #

Question

____. Which of the following accounts normally has a credit balance?

a. Purchases Discounts.

b. Transportation In.

c. Sales Return and Allowances.

d. Inventory.

e. None of these.

____. In preparing a worksheet, the net income amount for the period first appears as

a. A debit in the income statement columns.

b. A credit in the income statement columns.

c. A debit in the balance sheet columns.

d. A credit in the adjusted trial balance columns.

e. A debit in the adjustments columns.

____. Temporary accounts consist of

a. Revenue, owner's drawing, and liability accounts.

b. Expense, owner's drawing, and revenue accounts.

c. Asset, liability, and owner's equity accounts.

d. Asset, income summary, and owner's drawing accounts.

e. None of these.

____ Which of the following accounts is closed to Income Summary at the end of the accounting period?

a. Accumulated Depreciation.

b. Advertising Expense.

c. The owner's drawing account.

d. Retained Earnings.

e. None of these.

1) Option A Purchase Discounts

2) Option A a debit in the income statement coloumns.

3)Option B Expense,owners drawing and revenue accounts are temporary accounts.

4)Option B Advertising expenses are closed to income summary.

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