FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 5: Adjustments and the Worksheet

Show Answer

Share

---

All types

Filters

Study Flashcards

Question 31

Multiple Choice

Review LaterAdd Note

Review Later

On a worksheet,the adjusted balance of the revenue account Fees Income would be extended to:

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

E) A) and B)
F) None of the above

Correct Answer

verified

Show Answer

Question 32

Multiple Choice

Review LaterAdd Note

Review Later

A total of $3,200 in supplies was purchased during the year.At the end of the year $700 of the supplies were left.The adjusting entry needed at the end of the year is:

A) debit Supplies $2,500;credit Supplies Expense $2,500
B) debit Supplies Expense $3,200;credit Supplies $3,200
C) debit Supplies Expense $700;credit Supplies $700
D) debit Supplies Expense $2,500;credit Supplies $2,500

E) All of the above
F) B) and D)

Correct Answer

verified

Show Answer

Question 33

Multiple Choice

Review LaterAdd Note

On a worksheet,the adjusted balance of a contra asset account would be extended to

On October 1,2016,Jay Walker Company purchased a one-year insurance policy for $660.The correct adjusting entry on December 31,2016,is

The balance of the owner's drawing account is extended to the Income Statement Debit column of the worksheet.

When the ____________________ method of depreciation is used,an equal amount of depreciation is charged to each accounting period during the asset's useful life.

The partial worksheet for the Lorado Insurance Agency for the month ended October 31,2016,is shown below.Using this data,prepare an income statement,a statement of owner's equity,and a balance sheet.The owner made no additional investments during the month.

The difference between the debit balance of the Equipment account and the credit balance of the Accumulated Depreciation-Equipment account is called the ____________________ of an asset.

A(n)____________________ is prepared at the end of each accounting period to organize and summarize the data needed for the preparation of the financial statements.

An accumulated depreciation account has a normal ____________________ balance.

On a worksheet,the adjusting entry to account for depreciation of equipment consists of

If long-term assets are not adjusted,expenses on the income statement

The Supplies account had a balance of $1,200 when a physical count indicated that supplies on hand totaled $400.This means that supplies in the amount of ____________________ were used during the accounting period.

Which of the following need not be completed separately if a worksheet is prepared?

If an adjustment for expired rent is not recorded,the firm's expenses will be overstated.

On January 1,ABC Catering purchased an oven for $2,000.The oven was expected to last five years and have no salvage value.Select the adjusting entry made on December 31,to record the depreciation of the oven for one year.

On a worksheet,the adjusted balance of the Prepaid Rent account is extended to the:

Preparation of a worksheet eliminates the necessity of preparing an income statement and a balance sheet.

If a worksheet is prepared at the end of the accounting year,

Letters are used to label the debit and credit parts of an adjustment on the worksheet.