Which of the following accounts would you expect to find in the postclosing trial balance?

1. Which of the following accounts would you expect to find in the postclosing trial balance?

a. Insurance Expense e. Dividends

b. Accounts Receivable f. Supplies

c. Commission Revenue g. Supplies Expense

d. Prepaid Insurance h. Retained Earnings

2. Why are working papers important to accountants?

3. Why are work sheets never published and rarely seen by management?

4. Can the work sheet be used as a substitute for the financial statements? Explain your answer.

5. Why should the Adjusted Trial Balance columns of the work sheet be totaled before the adjusted amounts are carried to the Income Statement and Balance Sheet columns?

6. What sequence should be followed in extending the amounts in the

Adjusted Trial Balance columns to the Income Statement and Balance

Sheet columns? Discuss your answer.

7. Do the Income Statement columns and the Balance Sheet columns of the work sheet balance after the amounts from the Adjusted Trial Balance columns are extended? Why or why not?

8. Do the totals of the Balance Sheet columns of the work sheet agree with the totals on the balance sheet? Explain your answer.

9. Should adjusting entries be posted to the ledger accounts before or after the closing entries? Explain your answer.

10. At the end of the accounting period, does the posting of adjusting entries to the ledger precede or follow preparation of the work sheet?

 

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