Exam 3: Adjusting and Closing Entries

The income statement that is prepared from the adjusted trial balance begins with the __________.

Record the following entries for March 31. Explanations are not required. a. Interest incurred but not yet paid of $76. b. Wages incurred but not yet paid of $498. c. A count of supplies shows a balance of $589 on hand of the original $734.

The adjusted trial balance for prepaid insurance is a $724 debit. Insurance expense for the period was $1,136. What was the unadjusted trial balance for prepaid insurance?

Which of the following accounts would never be adjusted in a journal entry?

Respectively, dividends, revenues, and expenses are:

Prepaid rent would be an example of a(n) __________.

The dollar figures in the adjusted columns are added to or subtracted from the unadjusted trial balance amounts to determine the adjusted trial balance figures.

Journalize the following entries for December 31. Explanations are not required. a. Depreciation expense on office equipment was $639. b. Used supplies for the year was $1,057. c. Earned subscription revenue for the year was $875.

If a piece of equipment was purchased on September 1, it would have ________ months depreciation included in the adjusting entry for the year ended December 31.

Item costs that have been incurred, but not yet paid, are called __________.

Given the following information, compute the retained earnings balance for Farah's Tax Service for the month of October, 2012.

Wages payable would be an example of a(n) __________.

Journalize the following entries for December 31. Explanations are not required. a. Beginning supplies were $2,096. Ending supplies were $923. b. Beginning interest expense was $0. Accrued interest expense is $777. c. Wages incurred but not yet paid are $1,135.

The unadjusted trial balance shows Accumulated Depreciation-Computer with a credit balance of $190. After determining depreciation expense is $45, the adjusted trial balance in the accumulated depreciation account for the computer will be a __________.

Closing the revenue, expense, and dividend accounts:

Items for which we have received payment, but have not yet delivered the service, are called __________.

Respectively, cash, rent expense, and accounts payable are:

Taxes payable would be an example of a(n) __________.

The value of an asset after all allowable depreciation has been taken is called __________.

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