Exam 3: The Adjusting Process

The supplies account balance on December 31,$4,750; supplies on hand,$960.3.Wages accrued but not paid,$2,700.4.Depreciation of office equipment,$1,650.5.Rent expired during year,$10,800.​

By ignoring and not posting the adjusting journal entries to the appropriate accounts,net income will always be overstated.

The prepaid insurance account had a beginning balance of $6,600 and was debited for $2,300 for premiums paid during the year.Journalize the adjusting entry required at the end of the year,assuming the amount of unexpired insurance related to future periods is $4,100.

All of the following statements regarding vertical analysis are true except

The account type and normal balance of Prepaid Expense would be

The supplies account had a beginning balance of $1,750.Supplies purchased during the period totaled $3,500.At the end of the period before adjustment,$350 of supplies was on hand.Prepare the adjusting entry for supplies.

The type of account and normal balance of Unearned Consulting Fees would be

The balance in the supplies account before adjustment at the end of the year is $6,250.The proper adjusting entry if the amount of supplies on hand at the end of the year is $1,500 would be