Question 1

When is the adjusted trial balance prepared?

Accepted Answer

A) before adjusting journal entries are posted 
B) after adjusting journal entries are posted 
C) after the adjusting journal entries are journalized 
D) before the adjusting journal entries are journalized 
A) before adjusting journal entries are posted 
B) after adjusting journal entries are posted 
C) after the adjusting journal entries are journalized 
D) before the adjusting journal entries are journalized

Question 2

The following adjusting journal entry does not include an explanation.Select the best explanation for the entry.

Accepted Answer

A) Adjust supplies inventory to actual. 
B) Record purchase of supplies. 
C) Reduce supplies expense. 
D) Record sale of supplies. 
A) Adjust supplies inventory to actual. 
B) Record purchase of supplies. 
C) Reduce supplies expense. 
D) Record sale of supplies.

Question 3

Fees receivable would appear on the balance sheet as a(n)

Accepted Answer

A) asset 
B) liability 
C) fixed asset 
D) unearned revenue 
A) asset 
B) liability 
C) fixed asset 
D) unearned revenue

Question 4

Protonix Corp has a payroll of $8,000 for a five-day workweek.Its employees are paid each Friday for the five-day workweek.The adjusting entry on December 31,2015 assuming the year ends on Thursday would be:

Accepted Answer

$8,000/5 =

Question 5

Accrued revenues would appear on the balance sheet as

Accepted Answer

A) assets 
B) liabilities 
C) equity 
D) prepaid expenses 
A) assets 
B) liabilities 
C) equity 
D) prepaid expenses

Question 6

The system of accounting where revenues are recorded when they are earned and expenses are recorded when they are incurred is called the cash basis of accounting.

Accepted Answer

A) True 
 B)False

Question 7

A company pays an employee $3,000 for a five day work week,Monday - Friday.The adjusting entry on December 31,which is a Wednesday,is debit Wages Expense,$1,800 and credit Wages Payable,$1,800.

Accepted Answer

A) True 
 B)False

Question 8

The difference between the balance of a fixed asset account and the balance of its related accumulated depreciation account is termed the book value of the asset.

Accepted Answer

A) True 
 B)False

Question 9

A company pays $36,000 for twelve month's rent on October 1.The adjusting entry on December 31 is debit Rent Expense,$9,000 and credit Prepaid Rent,$9,000.

Accepted Answer

A) True 
 B)False

When is the adjusted trial balance prepared?

The following adjusting journal entry does not include an explanation.Select the best explanation for the entry.

Fees receivable would appear on the balance sheet as a(n)

Protonix Corp has a payroll of $8,000 for a five-day workweek.Its employees are paid each Friday for the five-day workweek.The adjusting entry on December 31,2015 assuming the year ends on Thursday would be:

Accrued revenues would appear on the balance sheet as

The system of accounting where revenues are recorded when they are earned and expenses are recorded when they are incurred is called the cash basis of accounting.

A company pays an employee $3,000 for a five day work week,Monday - Friday.The adjusting entry on December 31,which is a Wednesday,is debit Wages Expense,$1,800 and credit Wages Payable,$1,800.

The difference between the balance of a fixed asset account and the balance of its related accumulated depreciation account is termed the book value of the asset.

A company pays $36,000 for twelve month's rent on October 1.The adjusting entry on December 31 is debit Rent Expense,$9,000 and credit Prepaid Rent,$9,000.

Introduction to Accounting and Business

Analyzing Transactions

Completing the Accounting Cycle

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley, internal Control, and Cash

Receivables

Fixed Assets and Intangible Assets

Current Liabilities and Payroll

Corporations: Organization, stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

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Exam 3: The Adjusting Process

When is the adjusted trial balance prepared?

The following adjusting journal entry does not include an explanation.Select the best explanation for the entry.

Fees receivable would appear on the balance sheet as a(n)

Protonix Corp has a payroll of $8,000 for a five-day workweek.Its employees are paid each Friday for the five-day workweek.The adjusting entry on December 31,2015 assuming the year ends on Thursday would be:

Accrued revenues would appear on the balance sheet as

The system of accounting where revenues are recorded when they are earned and expenses are recorded when they are incurred is called the cash basis of accounting.

A company pays an employee $3,000 for a five day work week,Monday - Friday.The adjusting entry on December 31,which is a Wednesday,is debit Wages Expense,$1,800 and credit Wages Payable,$1,800.

The difference between the balance of a fixed asset account and the balance of its related accumulated depreciation account is termed the book value of the asset.

A company pays $36,000 for twelve month's rent on October 1.The adjusting entry on December 31 is debit Rent Expense,$9,000 and credit Prepaid Rent,$9,000.

Introduction to Accounting and Business

Analyzing Transactions

Completing the Accounting Cycle

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley, internal Control, and Cash

Receivables

Fixed Assets and Intangible Assets

Current Liabilities and Payroll

Corporations: Organization, stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters