ACCT 212 WEEK 8 FINAL EXAM QUESTIONS AND ANSWERS LATEST UPDATE

Question 1.1. (TCO 3) Closing temporary accounts is necessary at the end of the accounting period. (1) Explain the
closing process, include each set of entries required (15 points) and (2) provide an example of closing the Dividend
account in the form of a journal entry. (10 points). (Points : 25)
Closing entries are journal entries used to empty temporary accounts at the end of a reporting period
and transfer their balances into permanent accounts. The use of closing entries resets the temporary
accounts to begin accumulating new transactions in the next period. Otherwise, the balances in these
accounts would be incorrectly included in the totals for the following reporting period.
The basic sequence is as follows:
1. Debit all revenues account and credit the income summary account, thereby clearing out the
balances in revenue account.
2. Credit all expenses account, and debit the income summary account, thereby clearing out all the
balances in expense account.
3. Close the income summary account to the retained earnings account. If there was a profit in the
period, then this entry is a debit to that income summary account and a credit to the retained
earnings account. If there was a loss in the period, then this entry is a credit to the income
summary account and debit to the retained earnings account.
The net result of these activities is to move the net profit or loss for the period into the retained earning
account, which appears in the stockholder's equity section of the balance sheet.
Since the income summary account is only a transitional account, it is also acceptable to close directly to
the retained earnings account and bypass the income summary account entirely.
Journal entry for closing dividend:
Retained Earnings Account Debit
To Dividends Account Credit
2. (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete
the accounting cycle. (1) Explain how information from the journal entries get into the ledger accounts (15 points)
and (2) provide an example of information that would be transferred. (10 points) (Points : 25)

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