4.03 - 4.05 Test Review

Front

At the end of the accounting period, the Prepaid Insurance account needs to be adjusted by $721 to reflect insurance that has been used during the period. How is the adjustment recorded on the multicolumn trial balance worksheet?

Back

In the Adjustments columns, debit Insurance Expense, $721; credit Prepaid Insurance, $721.

Front

What is the extension of Federal Income Tax Payable after adjustments?

Back

$3,450 in the Balance Sheet Credit column

Front

Does the bank statement reconcile? Bank statement balance: $3,500.00 Outstanding checks: No. 234 - $100.00 No. 235 - $90.00 Bank service charge: $3.50 Outstanding deposits: February 27, $500.00 February 28, $200.00 Checkbook balance on Check Stub No. 237: $3,873.00

Back

No, the adjusted checkbook balance is $140.50 too low.

Front

If the beginning Supplies balance is $2,200, and the ending Supplies balance is $700, the correct adjustment on the worksheet is to:

Back

debit Supplies Expense and credit Supplies, $1,500.

Front

How is the adjusting entry to Supplies-Store recorded on a multicolumn trial balance worksheet? Options: In the Adjustments columns, debit Supplies-Store, $1,000; credit Supplies Expense-Store, $1,000. In the Adjustments columns, debit Supplies Expense-Store, $1,000; credit Supplies-Store, $1,000. In the Adjustments columns, debit Supplies-Store, $1,200; credit Supplies Expense-Store, $1,200. In the Adjustments columns, debit Supplies Expense-Store, $1,200; credit Supplies-Store, $1,200.

Back

In the Adjustments columns, debit Supplies Expense-Store, $1,000; credit Supplies-Store, $1,000.

Front

How is the adjusting entry for Federal Income Tax Expense recorded on a multicolumn trial balance worksheet? Options: In the Adjustments columns, debit Federal Income Tax Expense, $4,000; credit Federal Income Tax Payable, $4,000. In the Adjustments columns, debit Federal Income Tax Expense, $6,000; credit Federal Income Tax Payable, $6,000. In the Adjustments columns, debit Federal Income Tax Expense, $10,000; credit Federal Income Tax Payable, $10,000. In the Adjustments columns, debit Federal Income Tax Expense, $14,000; credit Federal Income Tax Payable, $14,000.

Back

In the Adjustments columns, debit Federal Income Tax Expense, $6,000; credit Federal Income Tax Payable, $6,000.

Front

The ABC Manufacturing Company's Income Statement worksheet shows total debits of $600 and total credits of $750. ABC Manufacturing Company has a:

Back

net income of $150.

Front

At the end of the accounting period, the Prepaid Insurance account needs to be adjusted by $235 to reflect insurance that has been used during the period. How is the adjustment recorded on the multicolumn trial balance worksheet?

Back

In the Adjustments columns, debit Insurance Expense, $235; credit Prepaid Insurance, $235.

Front

Westin Supply sold store supplies on account to Kayla’s Gift Shop for $256. The correct posting of this General Journal Entry to the general ledger is:

Back

debit Supplies-Store, $256; credit Accounts Payable-Control, $256, Accounts Payable/Westin Supply, $256.

Front

On a worksheet, the Income Statement credit total is $2,150 and the Income Statement debit total is $2,400. The company has a:

Back

net loss of $250.