Mini Worksheets Accounting

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

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 to Supplies-Office recorded on a multicolumn trial balance worksheet? Options: In the Adjustments columns, debit Supplies-Office, $2,000; credit Supplies Expense-Office, $2,000. In the Adjustments columns, debit Supplies Expense-Office, $2,000; credit Supplies-Office, $2,000. In the Adjustments columns, debit Supplies-Office, $1,500; credit Supplies Expense-Office, $1,500. In the Adjustments columns, debit Supplies Expense-Office, $1,500; credit Supplies-Office, $1,500.

Back

In the Adjustments columns, debit Supplies Expense-Office, $2,000; credit Supplies-Office, $2,000.

Front

If an account called Supplies carries a balance of $1,500 to begin a month. At the end of the month, a $500 is adjusted. What would the new balance (extension) of the Supplies account be?

Back

$1,000 Debit

Front

What is the extension of the Supplies Account?

Back

$400

Front

What are the total sales for this month if the debit total in a worksheet is $2,500 and the credit column totals $1,000?

Back

$1,000

Front

The debit total in a worksheet is $2,500 and the credit column totals $1,000. What are the total expenses for this month?

Back

$2,500

Front

The debit total in a worksheet is $2,500 and the credit column totals $1,000. What will be reflected as an outcome on the last line of the Income Statement?

Back

$1,500 Net Loss

Front

The journal entry to adjust Supplies is:

Back

debit Supplies Expense, credit Supplies.

Front

Which of the following is true about adjusting entries? They are optional in the accounting process, They are made at the beginning of an accounting period, They ensure that revenues and expenses are recognized in the period they occur, They are only used in cash basis accounting

Back

They ensure that revenues and expenses are recognized in the period they occur

Tags

DOK Level 2: Skill/Concept