Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

All of the following statements regarding vertical analysis are true except

Accepted Answer

A)  vertical analysis may be prepared for several periods to analyze changes in relationships over time
B)  in a vertical analysis of a balance sheet, each asset item is stated as a percent of total assets
C)  in a vertical analysis of an income statement, each item is stated as a percent of total expenses
D)  major differences between a company's vertical analysis and industry averages should be investigated

Question 3

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

Accepted Answer

A)  revenue, credit
B)  expense, debit
C)  liability, credit
D)  liability, debit

Question 4

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.​

Accepted Answer

The answer of The supplies account balance on December 31,$4,750;...

Question 5

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

Accepted Answer

A)  debit Supplies, $1,500; credit Supplies Expense, $1,500
B)  debit Supplies Expense, $4,750; credit Supplies, $4,750
C)  debit Supplies Expense, $1,500; credit Supplies, $1,500
D)  debit Supplies, $4,750; credit Supplies Expense, $4,750

Question 6

The account type and normal balance of Prepaid Expense would be

Accepted Answer

A)  revenue, credit
B)  expense, debit
C)  liability, credit
D)  asset, debit

Question 7

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.

Accepted Answer

​$6,600 + ...

Question 8

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.

Accepted Answer

$1,750 + $...

Exam 3: The Adjusting Process

The account type and normal balance of Prepaid Expense would be

Correct Answer
verified

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.

Correct Answer
verified
$6,600 + ...
View Answer

All of the following statements regarding vertical analysis are true except

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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.

Correct Answer
verified

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.

Correct Answer
verified
$1,750 + $...
View Answer

Exam 3: The Adjusting Process

The account type and normal balance of Prepaid Expense would be

Correct AnswerverifiedShow Answer

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.

Correct Answerverified​$6,600 + ...View AnswerShow Answer

All of the following statements regarding vertical analysis are true except

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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.​

Correct AnswerverifiedShow Answer

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.

Correct Answerverified$1,750 + $...View AnswerShow Answer

Correct Answer
verified

Correct Answer
verified
$6,600 + ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

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.

Correct Answer
verified

Correct Answer
verified
$1,750 + $...
View Answer