Question 1

Match the terms below with the correct definitions.
  
-Debit Merchandise Inventory; credit Income Summary

Accepted Answer

The answer of Match the terms below with the correct...

Question 2

The Unearned Revenue account normally has a debit balance.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following does NOT require an adjusting entry?

Accepted Answer

A) Inventory discrepancies 
B) Expired Insurance 
C) Collection of money on account 
D) Depreciation of Equipment 
A) Inventory discrepancies 
B) Expired Insurance 
C) Collection of money on account 
D) Depreciation of Equipment

Question 4

For the year ended December 31, Bailey Tool Company uses the periodic inventory system and has the following adjusting entry information:
   Instructions:
Journalize in quality format the necessary adjusting entries for Bailey Tool Company on page 46.

Accepted Answer

The answer of For the year ended December 31, Bailey...

Question 5

Using this inventory method the Merchandise Inventory account is adjusted only at the end of the fiscal period and the adjustment is based on a physical inventory.

Accepted Answer

A) Periodic Inventory 
B) Perpetual Inventory 
C) Inventory Shrinkage 
D) Inventory Adjustment 
A) Periodic Inventory 
B) Perpetual Inventory 
C) Inventory Shrinkage 
D) Inventory Adjustment

Question 6

Match the terms below with the correct definitions.
  
-Merchandise Inventory that appears in the Balance Sheet Debit column of the work sheet

Accepted Answer

The answer of Match the terms below with the correct...

Question 7

Prepaid Insurance appears in which column of the worksheet and has the following normal balance:

Accepted Answer

A) Balance Sheet, CR 
B) Balance Sheet, DR 
C) Income Statement, DR 
D) Income Statement, CR 
A) Balance Sheet, CR 
B) Balance Sheet, DR 
C) Income Statement, DR 
D) Income Statement, CR

Question 8

The adjusting entry for unearned revenue involves a debit to Accounts Payable.

Accepted Answer

A) True 
 B)False

Question 9

The account adjusted with a credit to set up accrued payroll is

Accepted Answer

A) Wages Expense 
B) Wages Payable 
C) Wages Receivable 
D) Either A or B 
A) Wages Expense 
B) Wages Payable 
C) Wages Receivable 
D) Either A or B

Question 10

On the work sheet, the adjusted balance of Unearned Revenue appears in the

Accepted Answer

A) Income Statement Debit column. 
B) Income Statement Credit column. 
C) Balance Sheet Debit column. 
D) Balance Sheet Credit column. 
E) Trial Balance Debit column. 
A) Income Statement Debit column. 
B) Income Statement Credit column. 
C) Balance Sheet Debit column. 
D) Balance Sheet Credit column. 
E) Trial Balance Debit column.

Question 11

Accumulated Depreciation, Equipment appears in which column of the worksheet?

Accepted Answer

A) Income Statement, DR 
B) Income Statement, CR 
C) Balance Sheet, DR 
D) Balance Sheet, CR 
A) Income Statement, DR 
B) Income Statement, CR 
C) Balance Sheet, DR 
D) Balance Sheet, CR

Question 12

In the Adjustments columns of the work sheet, the credit to the Merchandise Inventory account (using the periodic system) represents

Accepted Answer

A) beginning inventory. 
B) ending inventory. 
C) the difference between the beginning and the ending inventory. 
D) the balance owed to creditors for inventory. 
E) net income. 
A) beginning inventory. 
B) ending inventory. 
C) the difference between the beginning and the ending inventory. 
D) the balance owed to creditors for inventory. 
E) net income.

Question 13

When goods are bought under the periodic inventory system, Merchandise Inventory is debited.

Accepted Answer

A) True 
 B)False

Question 14

The balances of the ledger accounts of Wilson Appliances as of December 31, the end of its fiscal year, are found in the work sheet on the following page.
Data for the adjustments are as follows:
   Instructions:
Complete the work sheet.

Accepted Answer

The answer of The balances of the ledger accounts of...

Question 15

When a company performs an actual count of goods on hand, this is called a

Accepted Answer

A) Physical Inventory 
B) Inventory Shrinkage 
C) Inventory Count 
D) Inventory Take 
A) Physical Inventory 
B) Inventory Shrinkage 
C) Inventory Count 
D) Inventory Take

Question 16

Indicate the work sheet columns in which the balances of the accounts listed should appear.

Accepted Answer

The answer of Indicate the work sheet columns in which...

Question 17

The Salaries Payable account is an example of an unearned revenue account.

Accepted Answer

A) True 
 B)False

Question 18

A company used a perpetual inventory system. By physical count, ending Merchandise Inventory is $90,200. The balance in the Merchandise Inventory account is $93,700. The adjusting entry is

Accepted Answer

A) debit to Income Summary, $3,500; credit Merchandise Inventory, $3,500. 
B) debit to Merchandise Inventory, $3,500; credit Income Summary, $3,500. 
C) debit to Cost of Goods Sold, $3,500; credit Merchandise Inventory, $3,500. 
D) debit to Income Summary, $3,500; credit Cost of Goods Sold, $3,500. 
E) debit to Merchandise Inventory, $3,500; credit Cost of Goods Sold, $3,500. 
A) debit to Income Summary, $3,500; credit Merchandise Inventory, $3,500. 
B) debit to Merchandise Inventory, $3,500; credit Income Summary, $3,500. 
C) debit to Cost of Goods Sold, $3,500; credit Merchandise Inventory, $3,500. 
D) debit to Income Summary, $3,500; credit Cost of Goods Sold, $3,500. 
E) debit to Merchandise Inventory, $3,500; credit Cost of Goods Sold, $3,500.

Question 19

If Income Summary has a debit of $80,000 and a credit of $85,000 in the Adjustments columns of the work sheet, these will be combined into a debit of $5,000 in the Income Statement Debit or Credit column.

Accepted Answer

A) True 
 B)False

Question 20

Wages Payable is an example of

Accepted Answer

A) Unearned Revenues 
B) Expense 
C) Liability 
D) Prepaid Revenue 
A) Unearned Revenues 
B) Expense 
C) Liability 
D) Prepaid Revenue

Match the terms below with the correct definitions. -Debit Merchandise Inventory; credit Income Summary

The Unearned Revenue account normally has a debit balance.

Which of the following does NOT require an adjusting entry?

For the year ended December 31, Bailey Tool Company uses the periodic inventory system and has the following adjusting entry information: Instructions: Journalize in quality format the necessary adjusting entries for Bailey Tool Company on page 46.

Using this inventory method the Merchandise Inventory account is adjusted only at the end of the fiscal period and the adjustment is based on a physical inventory.

Match the terms below with the correct definitions. -Merchandise Inventory that appears in the Balance Sheet Debit column of the work sheet

Prepaid Insurance appears in which column of the worksheet and has the following normal balance:

The adjusting entry for unearned revenue involves a debit to Accounts Payable.

The account adjusted with a credit to set up accrued payroll is

On the work sheet, the adjusted balance of Unearned Revenue appears in the

Accumulated Depreciation, Equipment appears in which column of the worksheet?

In the Adjustments columns of the work sheet, the credit to the Merchandise Inventory account (using the periodic system) represents

When goods are bought under the periodic inventory system, Merchandise Inventory is debited.

The balances of the ledger accounts of Wilson Appliances as of December 31, the end of its fiscal year, are found in the work sheet on the following page. Data for the adjustments are as follows: Instructions: Complete the work sheet.

When a company performs an actual count of goods on hand, this is called a

Indicate the work sheet columns in which the balances of the accounts listed should appear.

The Salaries Payable account is an example of an unearned revenue account.

A company used a perpetual inventory system. By physical count, ending Merchandise Inventory is $90,200. The balance in the Merchandise Inventory account is $93,700. The adjusting entry is

If Income Summary has a debit of $80,000 and a credit of $85,000 in the Adjustments columns of the work sheet, these will be combined into a debit of $5,000 in the Income Statement Debit or Credit column.

Wages Payable is an example of

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

The General Journal and the General Ledger

Adjusting Entries and the Work Sheet

Closing Entries and the Post-Closing Trial Balance Including Appendix

Bank Accounts and Cash Funds

Employee Earnings and Deductions

Employer Taxes, Payments, and Reports

Sales and Purchases

Cash Receipts and Cash Payments

Financial Statements, Closing Entries, and Reversing Entries

Filters

Exam 11: Work Sheet and Adjusting Entries

Match the terms below with the correct definitions. -Debit Merchandise Inventory; credit Income Summary

The Unearned Revenue account normally has a debit balance.

Which of the following does NOT require an adjusting entry?

For the year ended December 31, Bailey Tool Company uses the periodic inventory system and has the following adjusting entry information: Instructions: Journalize in quality format the necessary adjusting entries for Bailey Tool Company on page 46.

Using this inventory method the Merchandise Inventory account is adjusted only at the end of the fiscal period and the adjustment is based on a physical inventory.

Match the terms below with the correct definitions. -Merchandise Inventory that appears in the Balance Sheet Debit column of the work sheet

Prepaid Insurance appears in which column of the worksheet and has the following normal balance:

The adjusting entry for unearned revenue involves a debit to Accounts Payable.

The account adjusted with a credit to set up accrued payroll is

On the work sheet, the adjusted balance of Unearned Revenue appears in the

Accumulated Depreciation, Equipment appears in which column of the worksheet?

In the Adjustments columns of the work sheet, the credit to the Merchandise Inventory account (using the periodic system) represents

When goods are bought under the periodic inventory system, Merchandise Inventory is debited.

The balances of the ledger accounts of Wilson Appliances as of December 31, the end of its fiscal year, are found in the work sheet on the following page. Data for the adjustments are as follows: Instructions: Complete the work sheet.

When a company performs an actual count of goods on hand, this is called a

Indicate the work sheet columns in which the balances of the accounts listed should appear.

The Salaries Payable account is an example of an unearned revenue account.

A company used a perpetual inventory system. By physical count, ending Merchandise Inventory is $90,200. The balance in the Merchandise Inventory account is $93,700. The adjusting entry is

If Income Summary has a debit of $80,000 and a credit of $85,000 in the Adjustments columns of the work sheet, these will be combined into a debit of $5,000 in the Income Statement Debit or Credit column.

Wages Payable is an example of

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

The General Journal and the General Ledger

Adjusting Entries and the Work Sheet

Closing Entries and the Post-Closing Trial Balance Including Appendix

Bank Accounts and Cash Funds

Employee Earnings and Deductions

Employer Taxes, Payments, and Reports

Sales and Purchases

Cash Receipts and Cash Payments

Financial Statements, Closing Entries, and Reversing Entries

Filters