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Presentation/PPT
27/08/2022
Question 11 pts
Which of the following are NOT in accordance with generally accepted accounting principles?
cash basis accounting
accrual basis accounting
both cash and accrual basis accounting
neither the cash or accrual basis accounting
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Question 21 pts
The balance in the office supplies account on June 1 was $2,000, supplies purchased during June were $4,300, and the supplies on hand at June 30 were $1,500. The amount to be used for the appropriate adjusting entry is
800
6300
3500
4800
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Question 31 pts
Melman Company purchased equipment for $5,000 on October 1. It is estimated that annual depreciation on the computer will be $960. If financial statements are to be prepared on December 31, the company should make the following adjusting entry:
Debit Depreciation Expense, $240; Credit Accumulated Depreciation, $240.
Debit Depreciation Expense, $80; Credit Accumulated Depreciation, $80.
Debit Depreciation Expense, $160; Credit Accumulated Depreciation, $160.
Debit Accumulated Depreciation, $960; credit Depreciation Expense $960.
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Question 41 pts
Adjusting entries do not include what account?
accounts receivable
supplies
service revenue
cash
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Question 51 pts
Action Real Estate received a check for $18,000 on July 1 which represents a 6 month advance payment of rent on a building it rents to a client. Unearned Rent was credited for the full $18,000. Financial statements will be prepared on July 31. Action Real Estate should make the following adjusting entry on July 31:
Debit Unearned Rent, $3,000; Credit Rental Revenue, $3,000.
Debit Unearned Rent, $18,000; Credit Rental Revenue, $18,000.
Debit Cash, $18,000; Credit Rental Revenue, $18,000.
Debit Rent Revenue, $3,000; Credit Unearned Rent, $3,000.
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Question 61 pts
The balance in the Prepaid Rent account before adjustment at the end of the year is $8,000, which represents two months’ rent paid on December1. The adjusting entry required on December 31 is to
debit Rent Expense, $8,000; credit Prepaid Rent $8,000.
debit Prepaid Rent, $4,000; credit Rent Expense, $4,000.
debit Rent Expense, $4,000; credit Prepaid Rent, $4,000.
debit Prepaid Rent, $8,000; credit Rent Expense, $8,000.
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Question 71 pts
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be
debit Unearned Revenue and credit Cash.
debit Unearned Revenue and credit Service Revenue.
debit Unearned Revenue and credit Prepaid Expense.
debit Unearned Revenue and credit Accounts Receivable.
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Question 81 pts
Adjusting entries are
not necessary if the accounting system is operating properly.
usually required before financial statements are prepared.
made whenever management desires to change an account balance.
made to balance sheet accounts only.
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Question 91 pts
Artie’s City College sold season tickets for the 2017 football season for $64,000. A total of 8 games will be played during September, October and November. In September, two games were played. The adjusting journal entry at September 30, 2017
is not required. No adjusting entries will be made until the end of the season in November.
will include a debit to Ticket Revenue and a credit to Unearned Ticket Revenue for $10,000.
will include a debit to Unearned Ticket Revenue and a credit to Ticket Revenue for $64,000.
will include a debit to Unearned Ticket Revenue and a credit to Ticket Revenue for $16,000.
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Question 101 pts
Cindy’s Chocolates paid employee wages on and through Friday, January 26, and the next payroll will be paid in February. There are two more working days in January (30-31). Employees work 5 days a week and the company pays $2500 per week in wages. What will be the adjusting entry to accrue wages expense at the end of January?
debit Wages Expense and credit Wages Payable for $500
debit Wages Payable and credit Wages Expense for $500
debit Wages Expense and credit Wages Payable for $1500
debit Wages Expense and credit Wages Payable for $1000
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