Question 1

Assets, liabilities, and retained earnings are permanent accounts that are closed at the end of the accounting period.

Accepted Answer

A) True 
 B)False

Question 2

At the beginning of the period, the supplies account has a balance of $500. At the end of the period, the balance in the account was $275. Prepare the adjusting entry.

Accepted Answer

@#IMG-DLM& 
Calculat

Question 3

Respectively, inventory, accounts receivable, and accounts payable are:

Accepted Answer

A)  temporary, permanent, and temporary accounts. 
B)  temporary, temporary, and permanent accounts. 
C)  all temporary accounts. 
D)  all permanent accounts. 
E)  permanent, temporary, and permanent accounts. 
A)  temporary, permanent, and temporary accounts. 
B)  temporary, temporary, and permanent accounts. 
C)  all temporary accounts. 
D)  all permanent accounts. 
E)  permanent, temporary, and permanent accounts.

Question 4

Data from the adjusted trial balance of Isaiah's Lawn Service is provided below.
Required: Prepare the pre-tax operating income for Isaiah's Lawn Service for the month of March ,2013.

Accepted Answer

Isaiah's Lawn Servic

Question 5

Data from the adjusted trial balance of The Fireworks Company is provided below.
Required: Prepare the statement of retained earnings for The Fireworks Company for the month of December 2012. The tax rate is 30%.

Accepted Answer

The Firework Company
Statement

Question 6

The post-closing trial balance should match the balances in the:

Accepted Answer

A)  general journal. 
B)  income statement. 
C)  general ledger. 
D)  statement of retained earnings. 
E)  unadjusted trial balance. 
A)  general journal. 
B)  income statement. 
C)  general ledger. 
D)  statement of retained earnings. 
E)  unadjusted trial balance.

Question 7

At the end of the period, which is prepared first?

Accepted Answer

A)  Income statement 
B)  Balance sheet 
C)  Adjusting entries 
D)  Unadjusted trial balance 
E)  Retained earnings statement 
A)  Income statement 
B)  Balance sheet 
C)  Adjusting entries 
D)  Unadjusted trial balance 
E)  Retained earnings statement

Question 8

Adjusting entries for supplies and prepaid rent would be adjustments for __________.

Accepted Answer

The answer of Adjusting entries for supplies and prepaid rent...

Question 9

A 20-month insurance policy was purchased for $1,500 on May 1. How much insurance will be expensed on December 31?

Accepted Answer

$600
Calculation:
(1

Question 10

The unadjusted trial balance for depreciation expense shows a $780 balance. The expense was adjusted by $235. The adjusted trial balance figure for depreciation expense is now a __________.

Accepted Answer

$1,015 deb

Question 11

Collecting rent from a client three months in advance would be an example of a(n) __________.

Accepted Answer

The answer of Collecting rent from a client three months...

Question 12

Using the adjusted trial balance, the first financial statement to prepare is the income statement.

Accepted Answer

A) True 
 B)False

Question 13

Vegan Vegetable's Company account balances on December 31 after adjusting entries are below. All accounts have normal balances.
   
Requirements
1. Determine the type of account and its normal balance.
2. Prepare the unadjusted trial balance as of December 31, 2013.
3. Prepare the two adjusting entries. below.
Supplies Expense, $75, Insurance Expense, $200

Accepted Answer

Part 1
 @#IMG-DLM& 
Part 2
Veg

Question 14

To prove the equality of the debit and credit balances in the general ledger accounts after the closing entries have been journalized and posted, prepare the adjustments.

Accepted Answer

A) True 
 B)False

Question 15

A worksheet is a useful tool in closing an accounting period.

Accepted Answer

A) True 
 B)False

Question 16

IFRS requires the use of accrual accounting.

Accepted Answer

A) True 
 B)False

Question 17

Supplies on hand were $777 of the original $1,034. Calculate the adjusting amount for supplies for the year 2.

Accepted Answer

$257.
Calc

Question 18

During a recent week, incurred wages were $700. However, $280 of the wages had not been paid. Prepare the adjusting entry for wages.

Accepted Answer

The answer of During a recent week, incurred wages were...

Question 19

There are two types of accounting methods, cash and accrual. Review the two examples, and identify the accounting method.
1. If revenues are recognized and recorded when earned, the company is using the __________ basis of accounting.
2. If a business records expenses when paid, the company is using the __________ basis of accounting

Accepted Answer

The answer of There are two types of accounting methods,...

Question 20

Accountants must prepare a worksheet at the end of each accounting period.

Accepted Answer

A) True 
 B)False

Assets, liabilities, and retained earnings are permanent accounts that are closed at the end of the accounting period.

At the beginning of the period, the supplies account has a balance of $500. At the end of the period, the balance in the account was $275. Prepare the adjusting entry.

Respectively, inventory, accounts receivable, and accounts payable are:

Data from the adjusted trial balance of Isaiah's Lawn Service is provided below. Required: Prepare the pre-tax operating income for Isaiah's Lawn Service for the month of March ,2013.

Data from the adjusted trial balance of The Fireworks Company is provided below. Required: Prepare the statement of retained earnings for The Fireworks Company for the month of December 2012. The tax rate is 30%.

The post-closing trial balance should match the balances in the:

At the end of the period, which is prepared first?

Adjusting entries for supplies and prepaid rent would be adjustments for __________.

A 20-month insurance policy was purchased for $1,500 on May 1. How much insurance will be expensed on December 31?

The unadjusted trial balance for depreciation expense shows a $780 balance. The expense was adjusted by $235. The adjusted trial balance figure for depreciation expense is now a __________.

Collecting rent from a client three months in advance would be an example of a(n) __________.

Using the adjusted trial balance, the first financial statement to prepare is the income statement.

To prove the equality of the debit and credit balances in the general ledger accounts after the closing entries have been journalized and posted, prepare the adjustments.

A worksheet is a useful tool in closing an accounting period.

IFRS requires the use of accrual accounting.

Supplies on hand were $777 of the original $1,034. Calculate the adjusting amount for supplies for the year 2.

During a recent week, incurred wages were $700. However, $280 of the wages had not been paid. Prepare the adjusting entry for wages.

Accountants must prepare a worksheet at the end of each accounting period.

Business, Accounting, and You

Analyzing and Recording Business Transactions

Ethics, Internal Control, and Cash

Accounting for a Merchandising Business

Inventory

Sales and Receivables

Long-Term Assets

Current Liabilities and Long-Term Debt

Corporations: Share Capital and Retained Earnings

The Cash Flow Statement

Financial Statement Analysis

Filters

Exam 3: Adjusting and Closing Entries

Assets, liabilities, and retained earnings are permanent accounts that are closed at the end of the accounting period.

At the beginning of the period, the supplies account has a balance of $500. At the end of the period, the balance in the account was $275. Prepare the adjusting entry.

Respectively, inventory, accounts receivable, and accounts payable are:

Data from the adjusted trial balance of Isaiah's Lawn Service is provided below. Required: Prepare the pre-tax operating income for Isaiah's Lawn Service for the month of March ,2013.

Data from the adjusted trial balance of The Fireworks Company is provided below. Required: Prepare the statement of retained earnings for The Fireworks Company for the month of December 2012. The tax rate is 30%.

The post-closing trial balance should match the balances in the:

At the end of the period, which is prepared first?

Adjusting entries for supplies and prepaid rent would be adjustments for __________.

A 20-month insurance policy was purchased for $1,500 on May 1. How much insurance will be expensed on December 31?

The unadjusted trial balance for depreciation expense shows a $780 balance. The expense was adjusted by $235. The adjusted trial balance figure for depreciation expense is now a __________.

Collecting rent from a client three months in advance would be an example of a(n) __________.

Using the adjusted trial balance, the first financial statement to prepare is the income statement.

To prove the equality of the debit and credit balances in the general ledger accounts after the closing entries have been journalized and posted, prepare the adjustments.

A worksheet is a useful tool in closing an accounting period.

IFRS requires the use of accrual accounting.

Supplies on hand were $777 of the original $1,034. Calculate the adjusting amount for supplies for the year 2.

During a recent week, incurred wages were $700. However, $280 of the wages had not been paid. Prepare the adjusting entry for wages.

Accountants must prepare a worksheet at the end of each accounting period.

Business, Accounting, and You

Analyzing and Recording Business Transactions

Ethics, Internal Control, and Cash

Accounting for a Merchandising Business

Inventory

Sales and Receivables

Long-Term Assets

Current Liabilities and Long-Term Debt

Corporations: Share Capital and Retained Earnings

The Cash Flow Statement

Financial Statement Analysis

Filters