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Exam 12: Accruals, Deferrals, and the Worksheet

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Question 41

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Determine the account and amount to be debited and the account and amount to be credited for the following adjustment.On December 31,2016,the Notes Payable account had a balance of $12,000.This represented a 3-month,9 percent note issued on December 1,2016.

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Question 42

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The ending merchandise inventory is recorded on the worksheet in the

A) Income Statement Credit and the Balance Sheet Debit columns.
B) Income Statement Credit column only.
C) Balance Sheet Debit column only.
D) Income Statement Debit column only.

E) B) and C)
F) A) and C)

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Question 43

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Determine the account and amount to be debited and the account and amount to be credited for the following adjustment.During December,the firm received $6,000 in fees in advance and properly recorded the amount as Unearned Fees.An analysis shows that $2,000 applies to services provided in December.

Determine the account and amount to be debited and the account and amount to be credited for the following adjustment.Equipment purchased for $52,000 on January 3,2016,has an estimated life of 5 years and an estimated salvage value of $4,500.The firm uses the straight-line method of depreciation.Determine the adjustment for the month ended January 31,2016.

On July 1,2016,a firm purchased a 1-year insurance policy for $1,800 and paid the full premium in advance.The insurance expense associated with this policy for the year ending December 31,2016,is

Determine the account and amount to be debited and the account and amount to be credited for the following adjustment.The Supplies account has a balance of $1,400.On December 31,2016,an inventory of supplies showed that items costing $500 were on hand.

Net income is recorded on the net income line in the ___________________ column of the Balance Sheet section of the worksheet.

Determine the account and amount to be debited and the account and amount to be credited for the following adjustment.The beginning inventory for a merchandising business was $32,000,and the ending inventory is $45,000.

The debit and credit amounts for the Income Summary account are combined into one number in the Income Statement section of the worksheet.

Prepaid Advertising has a debit balance in the Trial Balance section of the worksheet of $1,500 and a credit entry of $500 in the adjustments section of the worksheet,the balance of Prepaid Advertising in the Adjusted Trial Balance section of the worksheet is a

The objective of matching revenues and expenses to specific fiscal periods is most nearly attained when revenues and expenses are recognized in the period during which cash related to the transactions is received or paid.

An adjusting entry is usually not required for a revenue item when it is

Millie's Bakery employees earn $450 a week for a five-day work week and are paid every Friday.If December 31 falls on a Wednesday,calculate the amount that is owed and select the adjusting entry needed to record the owed but unpaid salaries as of December 31.

Uncollectible Accounts Expense is a(n)____________________ account.

Allowance for Doubtful Accounts is reported in the

The Supplies account has a trial balance of $3,136.A year-end inventory shows $1,734 worth of supplies left at the end of the year.The correct adjusting entry is:

A debit to Interest Receivable and a credit to Interest Income are needed to record interest that has been earned but not yet received.

Determine the account and amount to be debited and the account and amount to be credited for the following adjustment.During December,the firm received $12,000 in fees in advance and properly recorded the amount as Unearned Fees.An analysis shows that $4,000 applies to services provided in December.

Determine the account and amount to be debited and the account and amount to be credited for the following adjustment.The Supplies account has a balance of $1,300.On December 31,2016,an inventory of supplies showed that items costing $550 were on hand.

Determine the account and amount to be debited and the account and amount to be credited for the following adjustment.On December 31,2016,the Notes Payable account had a balance of $6,000.This represented a 3-month,9 percent note issued on December 1,2016.