Question 1

Adjusting entries are completed before the unadjusted trial balance is prepared.

Accepted Answer

A) True 
 B)False

Question 2

A piece of equipment cost $1,000 and has a salvage value of $200. If it has an 8-year life. Calculate the annual depreciation expense under straight-line depreciation.

Accepted Answer

$100
Calcu

Question 3

Fixed assets that are depreciated are sometimes called:

Accepted Answer

A)  accounts payable. 
B)  current assets. 
C)  long-term assets. 
D)  long-term liabilities. 
A)  accounts payable. 
B)  current assets. 
C)  long-term assets. 
D)  long-term liabilities.

Question 4

Revenue accounts are closed by crediting them and debiting retained earnings.

Accepted Answer

A) True 
 B)False

Question 5

Journalize the following entries for September 30. Explanations are not required.
a. Expired prepaid rent for the year was $3,400.
b. Supplies used during the year were $1,022.

Accepted Answer

The answer of Journalize the following entries for September 30....

Question 6

A worksheet has five sets of double columns for debits and credits.

Accepted Answer

A) True 
 B)False

Question 7

Prepaying supplies in advance would be an example of a(n) __________.

Accepted Answer

The answer of Prepaying supplies in advance would be an...

Question 8

The unadjusted trial balance for prepaid insurance shows a $1,350 balance. $500 of the balance was unexpired at year end. The adjusted trial balance for prepaid insurance is a __________.

Accepted Answer

$850 debit

Question 9

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

Accepted Answer

The Firework Company
Statement of Financ

Question 10

Compute the missing information from this post-closing trial balance.

Accepted Answer

@#IMG-DLM& 
Calculation
Prepai

Question 11

Using the adjusted trial balance provided prepare the three closing entries for December 31. Explanations are not required.

Accepted Answer

The answer of Using the adjusted trial balance provided prepare...

Question 12

Depreciation would be an example of a(n) __________.

Accepted Answer

The answer of Depreciation would be an example of a(n)...

Question 13

The unadjusted trial balance for Gates & Fences Inc. for June 30 is provided below.
Required: Prepare a worksheet for June 30, 2013.
Additional information for adjusting entries is provided below:

Accepted Answer

The answer of The unadjusted trial balance for Gates &...

Question 14

Harry started Harry's Tutoring on January 1, 2013. The account balances on January 15, 2013 are below. All accounts have normal balances. To start the business Harry issued one hundred (100) common shares.
   
Requirements
1. Record each transaction in the general journal. Explanations are not required.
2. Prepare the unadjusted trial balance as of January 31, 2013.
3. Journalize and post the adjusting entries based on the following information.
Accrue Salary, $50.
Record the expiration of one month's insurance.
Supplies on hand, $75.
The income tax rate is 40%.
4. Prepare an adjusted trial balance as of January 31, 2013.

Accepted Answer

Part 1 - General Journal
 @#IMG-DLM& 
Pa

Question 15

Unearned ticket revenue is $5,034 on the unadjusted trial balance. During the period, $3,309 of that money has now been earned. The adjusted trial balance for unearned ticket revenue is a __________.

Accepted Answer

$1,725 cre

Question 16

The adjusted trial balance will directly show:

Accepted Answer

A)  the total in the cash account. 
B)  the final total in the retained earnings account. 
C)  the total of the adjustments. 
D)  the accounts that were adjusted. 
E)  the income. 
A)  the total in the cash account. 
B)  the final total in the retained earnings account. 
C)  the total of the adjustments. 
D)  the accounts that were adjusted. 
E)  the income.

Question 17

Dividends paid and net losses are:

Accepted Answer

A)  additions to retained earnings. 
B)  subtractions from retained earnings. 
C)  additions to net income. 
D)  subtractions from net income. 
E)  additions to assets. 
A)  additions to retained earnings. 
B)  subtractions from retained earnings. 
C)  additions to net income. 
D)  subtractions from net income. 
E)  additions to assets.

Question 18

Interest expense had an adjusted trial balance of $1178. The adjusting entry was to interest payable for $382. The unadjusted trial balance for interest expense was a __________.

Accepted Answer

$796 debit

Question 19

The adjusted trial balance total:

Accepted Answer

A)  is equal to the unadjusted trial balance total. 
B)  is greater than the unadjusted trial balance total. 
C)  is less than the unadjusted trial balance total. 
D)  has no direct relationship to the unadjusted trial balance total. 
E)  is equal to the unadjusted trial balance. 
A)  is equal to the unadjusted trial balance total. 
B)  is greater than the unadjusted trial balance total. 
C)  is less than the unadjusted trial balance total. 
D)  has no direct relationship to the unadjusted trial balance total. 
E)  is equal to the unadjusted trial balance.

Question 20

Required: Calculate the missing numbers.

Accepted Answer

The answer of Required: Calculate the missing numbers.
  ...

Adjusting entries are completed before the unadjusted trial balance is prepared.

A piece of equipment cost $1,000 and has a salvage value of $200. If it has an 8-year life. Calculate the annual depreciation expense under straight-line depreciation.

Fixed assets that are depreciated are sometimes called:

Revenue accounts are closed by crediting them and debiting retained earnings.

Journalize the following entries for September 30. Explanations are not required. a. Expired prepaid rent for the year was $3,400. b. Supplies used during the year were $1,022.

A worksheet has five sets of double columns for debits and credits.

Prepaying supplies in advance would be an example of a(n) __________.

The unadjusted trial balance for prepaid insurance shows a $1,350 balance. $500 of the balance was unexpired at year end. The adjusted trial balance for prepaid insurance is a __________.

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

Compute the missing information from this post-closing trial balance.

Using the adjusted trial balance provided prepare the three closing entries for December 31. Explanations are not required.

Depreciation would be an example of a(n) __________.

The unadjusted trial balance for Gates & Fences Inc. for June 30 is provided below. Required: Prepare a worksheet for June 30, 2013. Additional information for adjusting entries is provided below:

Unearned ticket revenue is $5,034 on the unadjusted trial balance. During the period, $3,309 of that money has now been earned. The adjusted trial balance for unearned ticket revenue is a __________.

The adjusted trial balance will directly show:

Dividends paid and net losses are:

Interest expense had an adjusted trial balance of $1178. The adjusting entry was to interest payable for $382. The unadjusted trial balance for interest expense was a __________.

The adjusted trial balance total:

Required: Calculate the missing numbers.

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

Adjusting entries are completed before the unadjusted trial balance is prepared.

A piece of equipment cost $1,000 and has a salvage value of $200. If it has an 8-year life. Calculate the annual depreciation expense under straight-line depreciation.

Fixed assets that are depreciated are sometimes called:

Revenue accounts are closed by crediting them and debiting retained earnings.

Journalize the following entries for September 30. Explanations are not required. a. Expired prepaid rent for the year was $3,400. b. Supplies used during the year were $1,022.

A worksheet has five sets of double columns for debits and credits.

Prepaying supplies in advance would be an example of a(n) __________.

The unadjusted trial balance for prepaid insurance shows a $1,350 balance. $500 of the balance was unexpired at year end. The adjusted trial balance for prepaid insurance is a __________.

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

Compute the missing information from this post-closing trial balance.

Using the adjusted trial balance provided prepare the three closing entries for December 31. Explanations are not required.

Depreciation would be an example of a(n) __________.

The unadjusted trial balance for Gates & Fences Inc. for June 30 is provided below. Required: Prepare a worksheet for June 30, 2013. Additional information for adjusting entries is provided below:

Unearned ticket revenue is $5,034 on the unadjusted trial balance. During the period, $3,309 of that money has now been earned. The adjusted trial balance for unearned ticket revenue is a __________.

The adjusted trial balance will directly show:

Dividends paid and net losses are:

Interest expense had an adjusted trial balance of $1178. The adjusting entry was to interest payable for $382. The unadjusted trial balance for interest expense was a __________.

The adjusted trial balance total:

Required: Calculate the missing numbers.

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