Adjusted Trial Balance

Expenses incurred in one fiscal period but not paid until a later fiscal period.

• accrual
• accrued interest expense 
• accrued expenses
• deferral

Payments for goods or services which have not yet been received.

• accrued interest expense

• accrued expenses

• adjusted trial balance

• deferred expenses

Interest incurred but not yet paid.

• accrual
• accrued interest expense
• accrued expenses
• deferral

To record revenue that has been received but not yet earned, an entry is made that increases a liability account.

• True
• False

Refers to the allocation of the cost of the asset over its estimated useful life.

• Consumption
• Deterioration
• Contra Asset
• Depreciation

We purchased Indian Insurance (Prepaid Insurance) on June 1st, 2020 for $252. What is the Insurance Expense as of December 31, 2020?

• $105

• $50.40

• $147

• none of the above

Maria inventoried the office supply cabinet and determined $267 in supplies have been used in the last month. She will now

• A. credit Supply Expense, debit Supplies

• B. debit Supply Expense, credit Supplies

• C. make a $267 adjusting entries on the Trial Balance Work Sheet

• A and C

• B and C

Tags

CCSS.7.SP.A.2

Which of the following entries records the utility bill incurred but not paid from the water company?

• Debit Utilities Expense; credit Accounts Payable

• Debit Accounts Payable; credit Utilities Payable

• Debit Accounts Payable; credit Cash

• Debit Utilities Payable; credit Accounts Receivable

Adjustments for prepaid expenses:

• (a)decrease assets and increase revenues.

• (b)decrease expenses and increase assets.

• (c)decrease assets and increase expenses.

• (d)decrease revenues and increase assets.

Adjustments for unearned revenues:

• a)decrease liabilities and increase revenues.

• (b)increase liabilities and increase revenues.

• (c)increase assets and increase revenues.

• d)decrease revenues and decrease assets.