WorksheetsADJUSTMENTS AT THE END OF ACCOUNTING PERIOD
Total questions: 10
Worksheet time: 5mins
What type of accounts are Interest Receivable and Fees Receivable?
Asset
Liability
Revenue
Expense
What type of Unearned Revenues Account?
Asset
Liability
Owner's Equity
Revenues
What type of accounts are Prepaid Insurance, Prepaid Advertising, and Prepaid Expenses?
Asset
Liability
Owner's Equity
Expense
What type of entry will decrease the normal balances of the accounts Prepaid Insurance and Prepaid Expenses, and Insurance Expense?
Debit
Credit
What type of accounts are Accumulated Depreciation and Allowance for Doubtful Accounts?
Liability
Owner's Equity
Contra Asset
Asset
Which of the following will be included in the adjusting entry to accrue interest expense?
Debit to Cash
Credit to Interest Payable
Debit to Interest Payable
Debit to Prepaid Interest
The adjusting entry that reduces the balance in Prepaid Insurance will also include which of the following?
Credit to Cash
Credit to Insurance Expense
Debit to Insurance Expense
Debit to Insurance Payable
The adjusting entry that reduces the balance in Unearned Revenues will also include which of the following?
Debit to Cash
Credit to Fees Earned
Debit to Fees Earned
Credit to Fees Receivable
Typically an adjusting entry will include which of the following?
One Statement of Comprehensive Income & One Statement of Financial Position
Two Statement of Financial Position
Two Statement of Comprehensive Income
The ending balance in the account Prepaid Insurance is expected to report which of the following?
The Accrued Amount of Insurance Expense
The Original Amount of The Insurance Premiums Paid
The Expired Portion of The Insurance Premiums Paid
The Unexpired Portion of The Insurance Premiums Paid
