Exam 3: Adjusting and Closing Entries

The unadjusted trial balance reflects a normal balance for Wages Expense of $750.Accrued wages for the period are $1,045.The adjusted balance for Wages Expense is now a:

Supplies on hand were $900 at the start of the year.At the end of the year,it was determined that $350 of supplies had been used.What is the adjusting entry for supplies?

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

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

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

A period of time,such as a month or quarter,could be considered a(n):

The adjusted trial balance total:

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

The total revenues of $6,500,total expenses of $3,500 and dividends of $500 were recorded in the closing entries.The net change in Retained Earnings for the month was:

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

The unadjusted trial balance shows a $780 balance for Depreciation Expense.Depreciation of $235 was recorded for the period.The adjusted trial balance figure for Depreciation Expense is now a:

The unadjusted trial balance lists Supplies with a $678 balance.After taking an inventory of supplies,it was found that $390 were on hand.The adjustment to Supplies Expense is a:

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.The adjusting entry would be:

Salary expense is $2,200 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:

The balance in Unearned Revenues prior to adjustment was $2,750.If the amount still unearned as of the end of the period is $1,100,the adjusting entry needed would be to:

The balance for the Land account on the adjusted trial balance:

The Statement of Retained Earnings that is prepared from the adjusted trial balance begins with the:

GAAP requires the use of accrual accounting.

Accounts Receivable and Accounts Payable are examples of accruals.

Which of the following accounts does NOT go onto the Income Statement from the adjusted trial balance?