WorksheetsAccounting Chapters 18-20 Part 1
Total questions: 27
Worksheet time: 14mins
In Figure 3.03 R, what is the extension of Merchandise Inventory Account after adjustments?
$13,500 in the Balance Sheet Credit column
$13,500 in the Income Statement Credit column
$13,500 in the Balance Sheet Debit column
$13,500 in the Income Statement Debit column
Simon’s CDs is closing their books at the end of the year. They have a net loss of $30,000. What is the correct entry to close the Income Summary account?
Debit Retained Earnings, $30,000; credit Income Summary, $30,000
Debit Income Summary, $30,000; credit Retained Earnings, $30,000
Debit to Dividends, $30,000; credit Income Summary, $30,000
Debit Retained Earnings, $30,000; credit Dividends, $30,000
What is the correct posting of the above Apr. 1 Cash Receipts Journal entry to the accounts receivable subsidiary ledger?
Debit Accounts Receivable/James Jones $235.00; credit Accounts Receivable, $235.00
Debit Accounts Receivable/James Jones, $235.00
Credit Accounts Receivable/James Jones, $235.00, which will increase the subsidiary ledger account Debit Balance, $235.00
Credit Accounts Receivable/James Jones, $235.00, which will decrease the subsidiary ledger account Debit Balance, $235.00
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 multi-column trial balance worksheet?
In the Adjustments columns, debit prepaid insurance, $721; credit insurance expense, $721
In the Income Statement columns, debit prepaid insurance, $721; credit insurance expense, $721
In the Adjustments columns, debit insurance expense, $721; credit prepaid insurance, $721
In the Trial Balance columns, debit prepaid insurance, $721; credit insurance expense, $721
The amount remaining after cost of merchandise sold has been deducted from revenue is:
Cost of merchandise sold.
Net sales.
Total sales.
Gross profit on sales.
The merchandise inventory account has a balance of $1000. At the end of the month, a physical count of the inventory items shows only $600 is on hand. What is the journal entry for recording the adjustment to Merchandise Inventory?
Debit Merchandise Inventory, $400.00; Credit Income Summary, $400.00
Debit Merchandise Inventory, $600.00; Credit Income Summary, $600.00
Debit Income Summary, $400.00; Credit Merchandise Inventory, $400.00
Debit Income Summary, $600.00; Credit Merchandise Inventory, $600.00
In Figure 3.03 R, what is the extension of Federal Income Tax Payable after adjustments?
$3,050 in the Income Statement Debit column
$3,050 in the Income Statement Credit column
$3,050 in the Balance Sheet Credit column
$3,050 in the Balance Sheet Debit column
Betsy's Wholesale received $544 payment on account from Sue Sews. What is the correct posting of the Mar 5 journalized transaction shown in Figure 3.03 H to the accounts receivable subsidiary ledger?
Credit Accounts Receivable/Sue Sews, $544, which will decrease the subsidiary ledger account Debit Balance, $544
Debit Accounts Receivable/Sue Sews, $544
Credit Accounts Receivable/Betsy's Wholesale, $544
The merchandise inventory account has a balance of $2,400. At the end of the month, a physical count of the inventory items shows $2,700 on hand. How is the adjusting entry to inventory recorded on a multi-column trial balance worksheet?
Debit Income Summary, $300; Credit Merchandise Inventory, $300
Debit Income Summary, $300; Credit Merchandise Inventory, $2,700
Debit Income Summary, $2,700; Credit Merchandise Inventory, $2,700
Debit Merchandise Inventory, $300; Credit Income Summary, $300
Debit Merchandise Inventory, $2,700; Credit Income Summary, $2,700
The Income Summary account is closed to:
Owner’s Capital.
Income Summary.
Owner’s Drawing.
Sales
Dharma is closing the books at the end of the accounting period. How should she close the debit amounts in the Income Statement?
Debit to Retained Earnings; credit the debit balance Income Statement accounts
Credit the debit balance Income Statement accounts; debit to Income Summary
Credit the debit balance Income Statement accounts; credit Retained Earnings
Debit the debit balance Income Statement accounts; credit to Income Summary
The Bakery sells merchandise for $32.00 on account to 1st Church. What is the correct posting of the Mar 3rd journalized transaction shown in Figure 3.03 to the accounts receivable subsidiary ledger?
Credit Accounts Receivable/The Bakery, $36
Credit Accounts Receivable/1st Church, $36, which will decrease the subsidiary ledger account Debit Balance by $36
Debit Accounts Receivable/1st Church, $36, which will increase the subsidiary ledger account Debit Balance by $36
Debit Accounts Receivable/The Bakery, $36
What is the correct posting of the journalized transaction shown in Figure 3.03 E to the accounts payable subsidiary ledger?
Debit Accounts Payable/ Hi Frequency, $455
Debit Purchases, $455
Credit Purchases, $455
Credit Accounts Payable/ Hi Frequency, $455
The account used to adjust Merchandise Inventory is:
Merchandise Expense
Merchandise Summary
Income Summary
Purchases
Supplies-Store has a balance of $2,200. At the end of the month, a physical count of the Supplies-Store items shows $1,400 is on hand. How is the adjusting entry to Supplies-Store recorded on a multi-column trial balance worksheet?
In the adjustments columns, debit Supplies-Store, $1,400; credit Supplies Expense-Store, $1,400
In the adjustments columns, debit Supplies-Store, $800; credit Supplies Expense-Store, $800
In the adjustments columns, debit Supplies Expense-Store, $1,400; credit Supplies-Store, $1,400
In the adjustments columns, debit Supplies Expense-Store, $800; credit Supplies-Store, $800
Smiling Sam’s Warehouse made the journal entry shown in Figure 3.03 P in its Cash Payments Journal. What is the correct posting of this entry to the general ledger?
Debit Cash, $978; credit Purchases, $978
Debit Purchases, $978; credit Cash, $978
Debit Cash, $978; credit Accounts Payable, $978
Debit Purchases, $978; credit Accounts Payable $978
Willie's Wheels sold $100 merchandise on account to Speed Demon. What is the correct posting of the Feb 4th journalized transaction shown in Figure 3.0.3 I to the accounts receivable subsidiary ledger?
Debit Accounts Receivable/Willie's Wheels, $108
Debit Accounts Receivable/Speed Demon, $108, which will increase the subsidiary ledger account Debit Balance by $108
Credit Accounts Receivable/Speed Demon, $108; which will decrease the subsidiary ledger account Debit Balance by $108
Credit Accounts Receivable/Willie's Wheels, $108
On a worksheet, FICA Tax Payable is extended from the trial balance to the:
Income statement credit column.
Balance sheet debit column.
Income statement debit column.
Balance sheet credit column.
Sales less cost of goods sold is called:
Net Income
Operating Expenses
Sales
Gross Profit
Using the year ended worksheet for Alaina's Accounting, what is the Retained Earnings balance on the Post-Closing Trial Balance?
The Retained Earnings balance is $2,500
The Retained Earnings balance is $6,500
The Retained Earnings balance is $4,000
The Retained Earnings balance is $9,000
After completing a worksheet, the first financial statement to prepare is the:
Statement of changes in financial position.
Income statement.
Statement of changes in owners' equity.
Balance sheet.
The merchandise inventory account has a balance of $900. At the end of the month, a physical count of the inventory items shows $600 on hand. How is the adjusting entry to inventory recorded on a multi-column trial balance worksheet?
In the adjustments columns, Debit Merchandise Inventory, $600; Credit Income Summary, $600
In the adjustments columns, Debit Merchandise Inventory, $300; Credit Income Summary, $300
In the adjustments columns, Debit Income Summary, $600; Credit Merchandise Inventory, $600
In the adjustments columns, Debit Income Summary, $300; Credit Merchandise Inventory, $300
Using the year ended worksheet for Frozen Tundra Outdoor Sales in Figure 3.03 R, what is the cost of merchandise sold?
The cost of merchandise sold is $44,400.
The cost of merchandise sold is $45,900.
The cost of merchandise sold is $19,550.
The cost of merchandise sold is $18,050.
$1,000 of the current year's sales will eventually be uncollectible. The Allowance for Uncollectible Accounts balance is $450. What is the journal entry for recording the adjustment for uncollectible accounts?
Debit Uncollectible Accounts Expense, $550; Credit Allowance for Uncollectible Accounts, $550
Debit Uncollectible Accounts Expense, $1,000; Credit Allowance for Uncollectible Accounts, $1,000
Debit Allowance for Uncollectible Accounts, $1,000; Credit Uncollectible Accounts Expense, $1,000
Debit Allowance for Uncollectible Accounts, $550; Credit Uncollectible Accounts Expense, $550
What is the correct posting of the journalized transaction shown in Figure 3.03 F to the accounts payable subsidiary ledger?
Credit Purchases, $675
Credit Accounts Payable/ Surf Tales, $675
Debit Purchases, $675
Debit Accounts Payable/ Surf Tales, $675
In Figure 3.03 R, what is the extension of Merchandise Inventory Account after adjustments?
$13,500 in the Income Statement Debit column
$13,500 in the Income Statement Credit column
$13,500 in the Balance Sheet Debit column
$13,500 in the Balance Sheet Credit column
Using the Year Ended Worksheet for Adams Accounting in Figure 2, compute the merchandise inventory balance on the Post-Closing Trial Balance.
The merchandise inventory balance is $1600.
The merchandise inventory balance is $200.
The merchandise inventory balance is $1200.
The merchandise inventory balance is $1400.
