Exam 3: Adjusting and Closing Entries

Salary expense is $2,600 per day, Monday through Friday, and the business pays employees each Friday. If December 31 falls on a Tuesday, the adjusting entry to record accrued salaries would be to:

All fixed assets are subject to depreciation.

The adjusted trial balance is the basis for the preparation of:

It is possible to determine the net income or loss for the period by:

Unearned Ticket Revenue is $5,534 on the unadjusted trial balance. During the period, $3,509 of that money has now been earned. The adjusted balance for Unearned Ticket Revenue is a:

Part of accrual accounting depends upon recording ________ entries at the end of the accounting period.

S&C Corp had closing entries which included debits to revenues for a total of $4,500, credits to expenses for a total of $2,000, and credits to dividends for $500. S&C's net income was $2,000.

Dividend accounts are closed by crediting them and debiting Retained Earnings.

The balance in Unearned Revenues prior to adjustment was $3,150. If the amount still unearned as of the end of the period is $1,700, the adjusting entry needed would be to:

Revenues are:

The post-closing accounting equation is:

The type of accounting required by GAAP is:

Recording Wages Payable would be an example of a(n):

Which of the following accounts is NOT affected by an accrued revenue?

The unadjusted trial balance shows a $1,080 balance for Depreciation Expense. Depreciation of $235 was recorded for the period. The adjusted trial balance figure for Depreciation Expense is now a:

Safety First Supply Company purchased a 5-year insurance policy for $2,900. What would the adjusting entry be at the end of the first year?

Recording season ticket monies received in advance as unearned revenue would be an example of a(n):

A machine costing $49,000 has a life of 10 years. The salvage value is $10,000. It was purchased on February 1. The depreciation expense for the calendar year is: (Do not round any intermediary calculations. Round your final answer to the nearest dollar.)

The difference between the cost of office equipment and accumulated depreciation-office equipment is called:

The unadjusted trial balance for Prepaid Rent shows a normal balance of $8,000. If $4,000 of rent were used during the period, the adjusted trial balance would show a credit balance of $4,000.