Worksheet Math

You need to make an adjusting entry recognizing the insurance expense for the month. Your annual prepaid premium is $1,440. What should your entry be?

• $12

• $100

• $120

• $1,440

In the Adjustments columns of a worksheet, you have debits of $45, $56, $23 and credits of $112, $23. Can this worksheet be correct?

• Yes

• NO

In completing a worksheet, which formula best represents closing net income to owner's equity?

• Balance Sheet Credits + Net Income = Balance Sheet Debits

• Net Income = Expenses - Revenues

• Balance Sheet Debits + Balance Sheet Credits = Net Income

Your school paid $1,000 for a five year subscription to an online video service. How much should be expensed via worksheet adjustments each month?

• $12

• $16.67

• $60

• $1,000

In preparing a trial balance, you have the following account balances: Cash $700, Sales $400, Expenses $300, Owners Capital $100. Does your trial balance balance?

• YES

• NO

Your are in the heating oil business. You began the month with 78,600 gallons of oil. You end the month with 56,455 gallons and made no purchases. Your oil was all bought through a contract at $2.02 per gallon. What amount should be entered as your oil expense for the month?

• $44,732.90

• $45,899.60

• $56,455.00

• $78,600.00

In the adjustments columns of a worksheet, which formula best represents the amount to credit supplies expense?

• Units Used x Unit Cost

• Units Bought x Unit Cost

• Ending Units x Unit Cost

• Unit Cost

Your are recognizing expenses for supplies used during a month. You started with $100 of supplies, purchased $50, and now have $60 worth left. How much did you use?

• $40

• $50

• $60

• $90

True or False: The value on a worksheet of owner's capital in the trial balance column should equal the previous month's owner's capital plus net income minus any dividends?

• True

• False

In the trial balance column, a worksheet shows revenue of $478 and expenses of $123, $44, $88. What is the trial balance for net income?

• $-223

• $223

• $255

• $478