In preparing its year-end adjusting entries, XYZ Company neglected to adjust prepaid insurance for the amount of insurance expired during Year 1. Which of the following reflects the result of this error?

Which of the following accounts is NOT a temporary account that should be closed during the closing process?

Goods on hand that have been purchased for resale are called ______________.

The amount of proceeds from the sales of Preferred Stock in excess of par value is called _______________.

Which of the following accounts represents distributions of earnings to shareholders of the firm?

Insurance premiums paid for future coverage are called ______________.

Payments made in advance for goods or services a firm will receive at a later date are called ______________.

Temporary revenue and expense accounts may be closed _________________.

XYZ Company failed to record the purchase of inventory on account at the end of 2008. In which of the following ways is the Balance Sheet misstated?

The following entry was made on March 12 for XYZ Company: Dr: Machinery Cr: ACCounts Payable For which of the following transactions was this entry made?

From the following list of selected account balances, determine the total for the shareholders' equity section of the Balance Sheet for XYZ Company. $2,500 - Investment in Stock of ABC Company $5,000 - Retained Earnings $3,000 - Cash $2,000 - Note Payable to Suppliers $10,000 - Common Stock $7,500 - 8% Preferred Stock