Accounting: 6-3 Journalizing & Posting Adjusting Entries

What is the 6th step in the accounting cycle?

• Adjusting Entries

• Record Transactions

• Closing Entries

• Financial Statements

How much of the Prepaid Insurance coverage was used in March?

• 1/12 of the coverage

• $41.67

• $500

• $58.33

What is the adjusting entry for Prepaid Insurance?

• Dr. Insurance Expense $500, Cr. Prepaid Insurance $500

• Dr. Insurance Expense $41.67, Cr. Prepaid Insurance $41.67

• Dr. Prepaid Insurance $41.67, Cr. Insurance Expense $41.67

• Dr. Prepaid Insurance $500, Cr. Insurance Expense $500

How much of the Supplies was recognized as used in March 2022?

• $400

• $75

• $325

• $250

What is the correct posting reference for the Prepaid Insurance entry in the journal?

• 590 Post. Ref.

• G3

• 540 Post. Ref.

• 170 Post. Ref.

Which of the following is NOT a step in the accounting cycle mentioned?

• Posting to the General Ledger

• Unadjusted Trial Balance

• Worksheet Preparation

• Journalize Adjusting Entries