Exam 4: The Accounting Cycle Continued

Depreciation Expense is debited when recording the depreciation for the period.

Withdrawals would most likely be found in which column of the worksheet?

Provide the adjusting entries to account for the differences between the trial balance amounts and the adjusted trial balance amounts for the accounts shown.Only a partial trial balance is provided.Use T accounts to show the adjustments. $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\underline{\text {Trial Balance}}$ $\quad$ $\quad$$\underline{\text {Adjusted Trial Balance}}$ Supplies Prepaid Rent Equipment Accum. Depr. - Equip Service Fees Depreciation Expense Telephone Expense Salaries Expense Rent Expense Supplies Expense 500 1,100 10,000 150 500 3,000 1,200 500 300 10,000 400 150 600 800 250 3,000 1,200

Depreciation of equipment was recorded twice this period.This would:

The adjustment for accrued wages included the entire pay period,some of which occurs next month.This would:

The accounts added below the trial balance,on the worksheet,are always decreasing.

The amount of supplies used during the period would be shown in the adjustment columns of the worksheet.

The accumulated depreciation will appear in which of the following worksheet statement columns?

Equipment was purchased for $20,000,residual value is $2,000 and it is expected that the useful life is 10 years.What is the amount in the Accumulated Depreciation account after 3 years assuming straight-line depreciation? $ ________

Equipment was purchased for $20,000,residual value is $2,000 and it is expected that the useful life is 10 years.What is the depreciation adjustment amount after the first year assuming straight-line depreciation? $ ________

Bailey's received its electric bill for December on December 31 but did not pay nor record it in the general journal.This resulted in:

Which of the following is most likely to result in an adjusting entry at the end of the period?

Great Lakes Modeling Agency purchased $900 of office furniture at the beginning of the month.Depreciation Expense at the end of the month is $200.What is the balance of the Office Furniture account at the end of the month?

Given the income statement columns and the balance sheet columns of the worksheet,prepare a balance sheet dated December 31,200x,for Baur Company.

An important function of the worksheet is for the accountant to find and correct errors before the financial statements are prepared.

On a worksheet,the balance sheet debit column total is $1,000 and the credit column total is $2,000.Which of the following statements is correct?

For each account listed identify the category it belongs to,the normal balance (debit or credit),and the financial statement the account appears. Account Category Normal Balance Financial Statement 0. Cash Asset Debit Balance Sheet 1. Depreciation Expense 2. Accumulated Depreciation 3 Wages Expense 4. Office Supplies 5. Office Supplies Expense 6. Wages Payable 7. Prepaid Rent

Residual value is the:

The adjusted trial balance columns:

Unlimited Doors showed supplies available during the year of $1,900.A count of the supplies on hand as of October 31 is $800.The adjusting entry for Store Supplies would include: