Question 1

An adjusted trial balance does not list the revenues and expenses of a business.

Accepted Answer

A) True 
 B)False

Question 2

An adjusting entry is completed ________.

Accepted Answer

A)  at the beginning of the accounting period 
B)  at the end of the accounting period 
C)  after all performance obligations are satisfied 
D)  when accounts need to be balanced in the ledger 
A)  at the beginning of the accounting period 
B)  at the end of the accounting period 
C)  after all performance obligations are satisfied 
D)  when accounts need to be balanced in the ledger

Question 3

Anthony Delivery Service has a weekly payroll of $35,000. December 31 falls on Tuesday and Anthony will pay its employees the following Monday (January 6) for the previous full week. Assume that Anthony has a five-day workweek and has an unadjusted balance in Salaries Expense of $885,000 at December 31. What is the December 31 balance of Salaries Expense after adjusting entries are recorded and posted?

Accepted Answer

A)  $885,000 
B)  $920,000 
C)  $906,000 
D)  $899,000 
A)  $885,000 
B)  $920,000 
C)  $906,000 
D)  $899,000

Question 4

A contra account's normal balance is the opposite of the normal balance of the related account.

Accepted Answer

A) True 
 B)False

Question 5

The following extract was taken from the worksheet of Miller and Miller, Inc. for the year 2019.
 Miller and Miller, Inc
Worksheet
December 31, 2019   From the above information, determine the amount of the Rent Expense adjustment.

Accepted Answer

Rent Expen

An adjusted trial balance does not list the revenues and expenses of a business.

An adjusting entry is completed ________.

A contra account's normal balance is the opposite of the normal balance of the related account.

The following extract was taken from the worksheet of Miller and Miller, Inc. for the year 2019. Miller and Miller, Inc Worksheet December 31, 2019 From the above information, determine the amount of the Rent Expense adjustment.

Accounting and the Business Environment

Recording Business Transactions

Completing the Accounting Cycle

Merchandising Operations

Merchandise Inventory

Internal Control and Cash

Receivables

Plant Assets, Natural Resources, and Intangibles

Investments

Current Liabilities and Payroll

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Costing

Cost Management Systems: Activity-Based Just-In-Time

Cost Volume Profit Analysis

Variable Costing

Master Budgets

Flexible Budgets and Standard Cost Systems

Responsibility Accounting and Performance Evaluation

Short-Term Business Decisions

Capital Investment Decisions

Understanding Accounting Information Systems and their Components

Filters

Exam 3: The Adjusting Process

An adjusted trial balance does not list the revenues and expenses of a business.

An adjusting entry is completed ________.

A contra account's normal balance is the opposite of the normal balance of the related account.

The following extract was taken from the worksheet of Miller and Miller, Inc. for the year 2019. Miller and Miller, Inc Worksheet December 31, 2019 From the above information, determine the amount of the Rent Expense adjustment.

Accounting and the Business Environment

Recording Business Transactions

Completing the Accounting Cycle

Merchandising Operations

Merchandise Inventory

Internal Control and Cash

Receivables

Plant Assets, Natural Resources, and Intangibles

Investments

Current Liabilities and Payroll

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Costing

Cost Management Systems: Activity-Based Just-In-Time

Cost Volume Profit Analysis

Variable Costing

Master Budgets

Flexible Budgets and Standard Cost Systems

Responsibility Accounting and Performance Evaluation

Short-Term Business Decisions

Capital Investment Decisions

Understanding Accounting Information Systems and their Components

Filters