
Accounting II 4.03 & 4.04
Business
9th - 12th Grade
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11 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
On December 3, Franklin Company received $6,000, covering December and January rent from their renters. Franklin Company initially records all rent payments received as unearned rent. The unearned or deferred rent needs an adjusting entry on December 31st. Which is the appropriate adjusting entry?
Debit Rent Expense and credit Unearned Rent
Debit Rental Income and credit Unearned Rent
Debit Unearned Rent and credit Rent Expense
Debit Unearned Rent and credit Rental Income
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Brown Company has a 90-day, 15% note payable for $8,000 dated December 12 in which interest has accrued. As of December 31 of the current year, what is the appropriate adjusting entry to record the accrued interest?
Debit Interest Expense $300.00 and credit Interest Payable $300.00
Debit Interest Expense $63.33 and credit Interest Payable $63.33
Debit Interest Payable $63.33 and credit Interest Expense $63.33
Debit Interest Payable $300.00 and credit Interest Expense $300.00
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Jones Company has a 90-day, 12% note payable for $6,500 dated December 17 in which interest has accrued. On December 31, adjusting entries were recorded for the accrued interest and on January 1, reversing entries were recorded to prepare the accounts for the new fiscal period. On the maturity date, what is the correct journal entry to record payment of the note payable?
Debit Notes Payable and Interest Income and credit Cash
Debit Cash and Interest Income and credit Notes Payable
Debit Notes Payable and Interest Expense and credit Cash
Debit Cash and Interest Expense and credit Cash
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On December 5, Johnson Company borrowed $3,000 from Bulldog Bank and Trust by issuing a 30-day, noninterest-bearing note payable. The bank discounted the note at 15% deducting $37.50 in advance. The amount of interest expense for the current period is $32.50. On December 31, Johnson Company needs to record the adjusting entry for prepaid interest expense. Determine the correct adjusting entry.
Debit Interest Income $37.50 and credit Notes Payable $37.50
Debit Interest Expense $32.50 and credit Discount on Notes Payable $32.50
Debit Notes Payable $37.50 and credit Interest Income $37.50
Debit Discount on Notes Payable $32.50 and credit Interest Expense $32.50
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Shaw Company initially records their supplies as an expense. What is the adjusting entry if ending inventory is $2,050?
Debit Supplies - Office $2,050 and credit Supplies Expense - Office $2,050
Debit Supplies - Office $6,950 and credit Supplies Expense - Office $6,950
Debit Supplies Expense - Office $2,050 and credit Supplies - Office $2,050
Debit Supplies Expense - Office $6,950 and credit Supplies - Office $6.950
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Shaw Company initially records their supplies as an expense. On January 1, after adjusting and closing entries have been posted, a reversing entry is needed. What is the reversing entry if ending inventory is $2,050?
Debit Supplies - Office $2,050 and credit Supplies Expense - Office $2,050
Debit Supplies - Office $6,950 and credit Supplies Expense - Office $6,950
Debit Supplies Expense - Office $2,050 and credit Supplies - Office $2,050
Debit Supplies Expense - Office $6,950 and credit Supplies - Office $6,950
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fast Wheels Company has two notes receivable outstanding. The accrued interest for Note #1 is $7.50. The accrued interest for Note #2 is $3.50. No money has been received. On January 1, after adjusting and closing entries have been posted, a reversing entry is needed. Determine the appropriate reversing entry needed.
Debit Interest Income $3.50 and credit Interest Receivable $3.50
Debit Interest Income $11.00 and credit Interest Receivable $11.00
Debit Interest Receivable $11.00 and credit Interest Income $11.00
Debit Interest Receivable $7.50 and credit Interest Income $7.50
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