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WorksheetsACC Chapter 6 - Worksheet & Adjusting Entries
Total questions: 14
Worksheet time: 7mins
Name
Class
Date
1.
At the end of the accounting period, the Prepaid Insurance account needs to be adjusted by $235 to reflect insurance that has been used during the period. How is the adjustment recorded on the multi-column trial balance worksheet?
a)
In the Adjustments columns, debit Insurance Expense, $235; credit Prepaid Insurance, $235.
b)
In the Adjustments columns, debit Prepaid Insurance, $235; credit Insurance Expense, $235.
c)
In the Income Statement columns, debit Insurance Expense, $235; credit Prepaid Insurance, $235.
d)
In the Trial Balance columns, debit Prepaid Insurance, $235; credit Insurance Expense, $235.
2.
If the beginning Supplies balance is $2,200, and the ending Supplies balance is $700, the correct adjustment on the worksheet is to:
a)
debit Supplies and credit Supplies Expense, $700.
b)
debit Supplies Expense and credit Supplies, $700.
c)
debit Supplies and credit Supplies Expense, $1,500.
d)
debit Supplies Expense and credit Supplies, $1,500.
3.
The beginning Prepaid Insurance balance is $3,700 and the ending Prepaid Insurance balance is $2,200. The correct adjusting entry is:
a)
debit Prepaid Insurance and credit Insurance Expense $1,500.
b)
debit Insurance Expense and credit Prepaid Insurance $1,500.
c)
debit Prepaid Insurance and credit Insurance Expense $3,700.
d)
debit Insurance Expense and credit Prepaid Insurance $3,700.
4.
If the beginning Prepaid Insurance balance is $3,400 and the ending value of the Prepaid Insurance is $1,200, the correct adjustment on the worksheet is to:
a)
debit Insurance Expense and credit Prepaid Insurance, $1,200.
b)
debit Insurance Expense and credit Prepaid Insurance, $2,200.
c)
debit Prepaid Insurance and credit Insurance Expense, $1,200.
d)
debit Prepaid Insurance and credit Insurance Expense, $2,200.
5.
On a worksheet, the Income Statement credit total is $1,200 and the Income Statement debit total is $800. The company has a:
a)
net loss of $400.
b)
net loss of $2,000.
c)
net income of $400.
d)
net income of $2,000.
6.
If the beginning Supplies balance is $1,800, and the ending Supplies balance is $300, the correct adjustment on the worksheet is to:
a)
debit Supplies and credit Supplies Expense, $300.
b)
debit Supplies Expense and credit Supplies, $300.
c)
debit Supplies and credit Supplies Expense, $1,500.
d)
debit Supplies Expense and credit Supplies, $1,500.
7.
On a worksheet, the Income Statement credit total is $2,150 and the Income Statement debit total is $2,400. The company has a:
a)
net income of $4,550.
b)
net income of $250.
c)
net loss of $4,550.
d)
net loss of $250.
8.
If the beginning Prepaid Insurance balance is $2,000 and the ending value of the Prepaid Insurance is $800, the correct adjustment on the worksheet is to:
a)
debit Insurance Expense and credit Prepaid Insurance, $1,200.
b)
debit Prepaid Insurance and credit Insurance Expense, $1,200.
c)
debit Insurance Expense and credit Prepaid Insurance, $800.
d)
debit Prepaid Insurance and credit Insurance Expense, $800.
9.
The ABC Manufacturing Company's Income Statement worksheet shows total debits of $600 and total credits of $750. ABC Manufacturing Company has a:
a)
net loss of $150.
b)
net loss of $1,350.
c)
net income of $150.
d)
net income of $1,350.
10.
The beginning Supplies balance is $2,300 and the ending Supplies balance is $2,200. The correct adjusting entry is:
a)
debit Supplies and credit Supplies Expense $100.
b)
debit Supplies and credit Supplies Expense $2,300.
c)
debit Supplies Expense and credit Supplies $100.
d)
debit Supplies Expense and credit Supplies $2,300.
11.
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?
a)
In the Adjustments columns, debit Insurance Expense, $721; credit Prepaid Insurance, $721.
b)
In the Adjustments columns, debit Prepaid Insurance, $721; credit Insurance Expense, $721.
c)
In the Income Statement columns, debit Insurance Expense, $721; credit Prepaid Insurance, $721.
d)
In the Trial Balance columns, debit Prepaid Insurance, $721; credit Insurance Expense, $721.
12.
Supplies-Office has a balance of $3,500. At the end of the month, a physical count of the Supplies-Office items shows $1,500 is on hand. How is the adjusting entry to Supplies-Office recorded on a multicolumn trial balance worksheet?
a)
In the Adjustments columns, debit Supplies-Office, $2,000; credit Supplies Expense-Office, $2,000.
b)
In the Adjustments columns, debit Supplies Expense-Office, $2,000; credit Supplies-Office, $2,000.
c)
In the Adjustments columns, debit Supplies-Office, $1,500; credit Supplies Expense-Office, $1,500.
d)
In the Adjustments columns, debit Supplies Expense-Office, $1,500; credit Supplies-Office, $1,500.
13.
Sam is preparing a balance sheet from the worksheet below. Based on the worksheet, what are the total assets for the balance sheet? {Maxwell Company Figure}
a)
1700
b)
2000
c)
2900
d)
3000
14.
The XYZ Company worksheet shows the Income Statement debit total is $700 and the Income Statement credit total is $950. The company has a:
a)
net income of $250.
b)
net income of $1,650.
c)
net loss of $250.
d)
net loss of $1,650.
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