Question 1

The income statement that is prepared from the adjusted trial balance begins with the __________.

Accepted Answer

The answer of The income statement that is prepared from...

Question 2

Record the following entries for March 31. Explanations are not required.
a. Interest incurred but not yet paid of $76.
b. Wages incurred but not yet paid of $498.
c. A count of supplies shows a balance of $589 on hand of the original $734.

Accepted Answer

The answer of Record the following entries for March 31....

Question 3

The adjusted trial balance for prepaid insurance is a $724 debit. Insurance expense for the period was $1,136. What was the unadjusted trial balance for prepaid insurance?

Accepted Answer

The answer of The adjusted trial balance for prepaid insurance...

Question 4

Which of the following accounts would never be adjusted in a journal entry?

Accepted Answer

A)  Prepaid rent 
B)  Supplies 
C)  Inventory 
D)  Cash 
E)  Depreciation

Question 5

Respectively, dividends, revenues, and expenses are:

Accepted Answer

A)  temporary, permanent, and temporary accounts. 
B)  temporary, temporary, and permanent accounts. 
C)  all temporary accounts. 
D)  all permanent accounts. 
E)  permanent, temporary, and permanent accounts.

Question 6

Prepaid rent would be an example of a(n) __________.

Accepted Answer

The answer of Prepaid rent would be an example of...

Question 7

The dollar figures in the adjusted columns are added to or subtracted from the unadjusted trial balance amounts to determine the adjusted trial balance figures.

Accepted Answer

A) True 
 B)False

Question 8

Journalize the following entries for December 31. Explanations are not required.
a. Depreciation expense on office equipment was $639.
b. Used supplies for the year was $1,057.
c. Earned subscription revenue for the year was $875.

Accepted Answer

The answer of Journalize the following entries for December 31....

Question 9

If a piece of equipment was purchased on September 1, it would have ________ months depreciation included in the adjusting entry for the year ended December 31.

Accepted Answer

The answer of If a piece of equipment was purchased...

Question 10

Item costs that have been incurred, but not yet paid, are called __________.

Accepted Answer

The answer of Item costs that have been incurred, but...

Question 11

Given the following information, compute the retained earnings balance for Farah's Tax Service for the month of October, 2012.

Accepted Answer

The answer of Given the following information, compute the retained...

Question 12

Wages payable would be an example of a(n) __________.

Accepted Answer

The answer of Wages payable would be an example of...

Question 13

Journalize the following entries for December 31. Explanations are not required.
a. Beginning supplies were $2,096. Ending supplies were $923.
b. Beginning interest expense was $0. Accrued interest expense is $777.
c. Wages incurred but not yet paid are $1,135.

Accepted Answer

The answer of Journalize the following entries for December 31....

Question 14

The unadjusted trial balance shows Accumulated Depreciation-Computer with a credit balance of $190. After determining depreciation expense is $45, the adjusted trial balance in the accumulated depreciation account for the computer will be a __________.

Accepted Answer

The answer of The unadjusted trial balance shows Accumulated Depreciation-Computer...

Question 15

Closing the revenue, expense, and dividend accounts:

Accepted Answer

A)  yields the amount of net income or net loss for the period. 
B)  yields the change in retained earnings for the period. 
C)  yields the change in the permanent accounts for the period. 
D)  yields the final balance in shareholder's equity for the period. 
E)  yields the change in balance sheet accounts.

Question 16

Items for which we have received payment, but have not yet delivered the service, are called __________.

Accepted Answer

The answer of Items for which we have received payment,...

Question 17

Respectively, cash, rent expense, and accounts payable are:

Accepted Answer

A)  all permanent accounts. 
B)  permanent, temporary, and temporary accounts. 
C)  temporary, permanent, and temporary accounts. 
D)  permanent, temporary, and permanent accounts. 
E)  all temporary accounts.

Question 18

Taxes payable would be an example of a(n) __________.

Accepted Answer

The answer of Taxes payable would be an example of...

Question 19

The value of an asset after all allowable depreciation has been taken is called __________.

Accepted Answer

The answer of The value of an asset after all...

Question 20

Dividend accounts are closed by crediting them and debiting retained earnings.

Accepted Answer