Self-Paced Accounting Worksheet

______STUDENT NAME

Chapter 5 Review Self-Paced Accounting Worksheet

Learning Unit 5-1 Journalizing and Posting Adjusting Entries

1. When the worksheet is completed, the ledger only shows balances from the ______columns.

Trial Balance

2. All the amounts in the ______column of the worksheet must be journalized and ______so the ledger will be up to date.

Adjustments Posted

3. When formal financial reports were prepared from the worksheet, the ledger was not ______, thus the need to journalize and post adjusting entries.

Up to date

4. All information to journalize adjusting entries comes from the adjustments column of the ______.

Worksheet

Learning Unit 5-2 Journalizing and Posting Closing Entries

5. ______is the process of clearing all revenues, expenses, and withdrawals in the ledger to zero and getting a new figure for capital in the ledger.

Closing

6. Assets, contra assets, liabilities and capital are examples of ______accounts. Permanent

7. Withdrawals, revenue, and expenses are examples of ______, or ______, accounts.

Nominal Temporary

8. ______are found on the balance sheet.

Permanent Accounts

9. Income summary is a ______account in the ledger. It does not have a normal balance of a debit or credit.

Temporary

10. All the information for closing can be obtained from the ______and ______columns of the worksheet.

Income Statement Balance Sheet

11. The first step of closing is to clear the ______balance and transfer it to ______.

Revenue Income Summary

12. The second step of closing is to clear each ______balance and transfer the total of the expenses to ______.

Individual Expense Income Summary

13. The third step is to clear the balance in ______(net income or net loss) and transfer it to ______.

Income Summary Capital

14. The fourth step is to clear the balance in ______and transfer it to ______.

Withdrawals Capital 15. All closing entries must be ______and posted to be sure all temporary accounts are ______.

Journalized Closed

Learning Unit 5-3 Post-Closing Trial Balance

16. The last step in the Accounting Cycle is preparing a ______-______.

Post-closing Trial Balance

17. After closing entries are journalized and posted, the ______will only have ______with balances.

Ledger Permanent Accounts

18. The post-closing trial balance will be made up of only ______accounts.

Permanent

19. Capital on the post-closing trial balance is the ______figure.

Ending

20. In reality, most companies journalize and post adjusting and closing entries only at the ______of their ______year.

End Fiscal

21. The journalizing of adjusting and closing entries comes after the formal ______have been prepared.

Financial Reports