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Worksheetspsu-acc202nd làm á
Total questions: 46
Worksheet time: 23mins
The supplies account had a beginning balance of $3,375 and was debited for $6,450 for supplies purchased during the year.
Journalize the adjusting entry required at the end of the year, assuming the amount of supplies on hand is $2,980. Dr. Supplies 6,845 Cr. Supplies Expense 6,845 Supplies used ($3,375 + $6,450 - $2,980).
True
False
If supplies used in the period is $500, supplies expense incurred in the period is $500
TRUE
FALSE
Dividends decrease stockholders’ equity
True
False
Dividend is an expense
True
False
Purchased used automobile for $28,500, paying $6,000 cash and giving a note payable for the remainder. Dr. Automobile 28,500 Cr. Cash 6,000 Cr. Accounts Payable 22,500
False
True
When businesses received payment from clients on account, accounts receivable increases
True
False
Revenue accounts and Expense accounts are closed to Income Summary
True
False
Common Stock increases stockholders’ equity
True
False
paid annual insurance premium $500
Increase in an asset, decrease in another asset.
Increase in an asset, increase in a liability.
Increase in an asset, increase in owner’s equity.
Decrease in an asset, decrease in owner’s equity
If total assets increased $20,000 during a period and total liabilities increased $12,000 during the same period, the amount and direction (increase or decrease) of the change in owner’s equity for that period is a(n):
$32,000 increase.
$32,000 decrease
$8,000 increase
$8,000 decrease.
Purchased supplies on account $1,000 D. Asset (Supplies) increased by $1,000; Liability (Accounts Payable) decreased by $1,000
Asset (Supplies) increased by $1,000; Asset (Cash) increased by $1,000
Asset (Supplies) increased by $1,000; Liability (Accounts Payable) increased by $1,000
Asset (Supplies) increased by $1,000; Asset (Cash) increased by $1,000
Asset (Supplies) increased by $1,000; Liability (Accounts Payable) decreased by $1,000
Paid creditors on account, $9,280.
Increase in an asset, decrease in another asset.
Increase in an asset, increase in a liability.
Increase in an asset, increase in owner’s equity.
Decrease in an asset, decrease in a liability.
Paid 3 months’ rent $500
Increase in an asset, decrease in another asset.
Increase in an asset, increase in a liability.
Increase in an asset, increase in owner’s equity.
Decrease in an asset, decrease in owner’s equity.
Determined that the cost of supplies on hand was $900; therefore, $1,600 of supplies had been used during the month.
Increase in an asset, decrease in another asset.
increase in an asset, increase in owner’s equity
Decrease in an asset, decrease in a liability.
Decrease in an asset, decrease in owner’s equity.
The resources owned by a business are called:
assets
liabilities
the accounting equation
owner’s equity
Billed customers for fees earned $19,000
Assets (Accounts Receivable) increased $19,000; Revenues (Fees Earned) decreased by $19,000
Assets (Accounts Receivable) decreased $19,000; Revenues (Fees Earned) increased by $19,000
Assets (Accounts Receivable) increased $19,000; Revenues (Fees Earned) increased by $19,000
Assets (Accounts Receivable) decreased $19,000; Revenues (Fees Earned) decreased by $19,000
When a corporation received cash from customers on account, $11,300, which accounting elements are affected?
Asset (Cash) increased by $11,300; Asset (Accounts Receivable) increased by $11,300
Asset (Cash) decreased by $11,300; Asset (Accounts Receivable) increased by $11,300
Asset (Cash) decreased by $11,300; Asset (Accounts Receivable) decreased by $11,300
Asset (Cash) increased by $11,300; Asset (Accounts Receivable) decreased by $11,300
When a corporation paid creditors on account, $3,750, which accounting elements are affected?
Asset (Cash) increased by $3,750; Liability (Accounts Payable) increased by $3,750
Asset (Cash) decreased by $3,750; Liability (Accounts Payable) increased by $3,750
Asset (Cash) decreased by $3,750; Liability (Accounts Payable) decreased by $3,750
Asset (Cash) increased by $3,750; Liability (Accounts Payable) decreased by $3,750
Rent Revenue is likely to have
debit entries only
credit entries only
both debit and credit entries
None of the above
Common Stock is likely to have
debit entries only
credit entries only
both debit and credit entries
None of the above
Accounts Receivable is likely to have
debit entries only
credit entries only
both debit and credit entries
None of the above
Commissions Earned is likely to have
debit entries only
credit entries only
both debit and credit entries.
None of the above
The receipt of cash from customers in payment of their accounts would be recorded by:
a debit to Cash and a credit to Accounts Receivable.
a debit to Accounts Receivable and a credit to Cash.
a debit to Cash and a credit to Accounts Payable.
a debit to Accounts Payable and a credit to Cash.
A debit may signify a(n):
increase in an asset account
decrease in an asset account.
. increase in a liability account
increase in the stockholders’ equity (common stock) account
The form listing the titles and balances of the accounts in the ledger on a given date is the:
income statement.
balance sheet.
retained earnings statement.
trial balance
The type of account with a normal credit balance is:
an asset.
stockholders’ equity (dividend).
a revenue.
an expense.
A debit balance in which of the following accounts would indicate a likely error?
Accounts Receivable
Cash
Fees Earned
Miscellaneous Expense
Insurance paid for the next 12 months.
prepaid expense
unearned revenue
accrued revenue,
accrued expense:
Salaries owed but not yet paid
prepaid expense
unearned revenue
accrued revenue
accrued expense:
If the adjusting entry for accrued wages of $7,500 was omitted, the adjusted trial balance totals would be:
. Unequal, the debit total would exceed the credit total by $7,500.
Unequal, the debit total would exceed the credit total by $15,000.
Unequal, the credit total would exceed the credit total by $7,500.
Equal, assuming no other errors or omissions.
cash received for services not yet rendered is classified as:
prepaid expense
unearned revenue
accrued revenue
accrued expense
If the estimated amount of depreciation on equipment for a period is $2,000, the adjusting entry to record depreciation would be:
debit Depreciation Expense, $2,000; credit Equipment, $2,000
debit Equipment, $2,000; credit Depreciation Expense, $2,000
debit Depreciation Expense, $2,000; credit Accumulated Depreciation, $2,000
debit Accumulated Depreciation, $2,000; credit Depreciation Expense, $2,000.
Which of the following items represents a deferral?
Prepaid insurance
Wages payable
Fees earned
Accumulated depreciation
If the equipment account has a balance of $22,500 and its accumulated depreciation account has a balance of $14,000, the book value of the equipment is:
$36,500.
$22,500.
$14,000.
$8,500.
The balance in the unearned rent account for Jones Co. as of December 31 is $1,200. If Jones Co. failed to record the adjusting entry for $600 of rent earned during December, the effect on the balance sheet and income statement for December would be:
assets understated $600; net income overstated $600
liabilities understated $600; net income understated $600
liabilities overstated $600; net income understated $600
liabilities overstated $600; net income overstated $600.
If the supplies account, before adjustment on May 31, indicated a balance of $2,250, and supplies on hand at May 31 totaled $950, the adjusting entry would be:
debit Supplies, $950; credit Supplies Expense, $950.
debit Supplies, $1,300; credit Supplies Expense, $1,300
debit Supplies Expense, $950; credit Supplies, $950.
debit Supplies Expense, $1,300; credit Supplies, $1,300.
On the Balance Sheet: Accounts Payable, Wages Payable, Unearned Fees and Unearned Rent are classified in:
Current assets
Property,Plant and Equipment
Current liabilities
Retained Earnings
The accounts appearing on Post-Closing Trial Balance are:
Assets and Revenues
Asset and Liabilities
Asset, Liabilities and Stockholders’ Equity
Asset and Stockholders’ Equity
On the Balance Sheet: Retained Earnings and Common Stock are classified in:
Property, Plant and Equipment
Current liabilities
Stockholders’ equity
On the Balance Sheet: Land, Building, Accumulate Depreciation – Building, Office Equipment, Accumulated Depreciation – Office Equipment are classified in:
Current assets
Property, Plant and Equipment
Current liabilities
Retained Earnings
On the Balance Sheet: Cash, Accounts Receivable, Supplies, Prepaid Rent and Prepaid Insurance are classified in:
Current assets
Property, Plant and Equipment
Current liabilities
Retained Earnings
Which of the following accounts would not be closed to the income summary account at the end of a period?
Fees Earned
Wages Expense
Rent Expense
Accumulated Depreciation
Which of the following accounts in the Adjusted Trial Balance columns of the end-of-period spreadsheet (work sheet) would be reported on the retained earnings statement?
Utilities Expense
Rent Revenue
Dividends
Miscellaneous Expense
Which of the following accounts would not be included in a post-closing trial balance?
Cash
Fees Earned
Accumulated Depreciation
Retained Earnings
Which of the following accounts would be classified as a current asset on the balance sheet?
Office Equipment
Land
Accumulated Depreciation
Accounts Receivable
Which of the following entries closes the dividends account at the end of the period?
Debit the dividends account, credit the income summary account.
Debit the retained earnings account, credit the dividends account.
Debit the income summary account, credit the dividends account.
Debit the dividends account, credit the retained earnings account.
