Problem 1: Which of the following accounts would be classified as a current asset on the balance sheet?
A. Office Equipment
B. Land
C. Accumulated Depreciation
D. Accounts Receivable
Problem 2: Which of the following entries closes the owner's drawing account at the end of the period?
A. Debit the drawing account, credit the income summary account
B. Debit the owner's capital account, credit the drawing account
C. Debit the income summary account, credit the drawing account
D. Debit the drawing account, credit the owner's capital account
Problem 3: Which of the following accounts would not be closed to the income summary account at the end of a period?
A. Fees Earned
B. Wages Expense
C. Rent Expense
D. Accumulated Depreciation