Multiple Choice
Prior to recording adjusting entries, revenues exceed expenses by $60,000. Adjusting entries for accrued wages of $5,000 and depreciation expense of $5,000 were made. Profit for the year would be:
A) $60,000.
B) $55,000.
C) $50,000.
D) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
Q6: Under ASPE, the term "depreciation" must be
Q7: If an adjusting entry to record accrued
Q8: Some retail companies use a 52-week period,
Q9: Accrued revenues are also called accrued liabilities
Q10: Revenue is not recorded in the accounting
Q12: Payments of expenses that will benefit more
Q13: Accumulated depreciation is an example of a
Q14: Cost less accumulated depreciation is a measurement
Q15: What type of accounts (i.e. asset, liability
Q16: The recording of wages earned but not