Select Page
  

Question 11 pts Which of the following are NOT in accordance with generally accepted accounting principles?cash basis accountingaccrual basis accountingboth cash and accrual basis accountingneither the cash or accrual basis accountingFlag this QuestionQuestion 21 ptsThe balance in the office supplies account on June 1 was $2,000, supplies purchased during June were $4,300, and the supplies on hand at June 30 were $1,500. The amount to be used for the appropriate adjusting entry is800630035004800Flag this QuestionQuestion 31 ptsMelman Company purchased equipment for $5,000 on October 1. It is estimated that annual depreciation on the computer will be $960. If financial statements are to be prepared on December 31, the company should make the following adjusting entry:Debit Depreciation Expense, $240; Credit Accumulated Depreciation, $240.Debit Depreciation Expense, $80; Credit Accumulated Depreciation, $80.Debit Depreciation Expense, $160; Credit Accumulated Depreciation, $160.Debit Accumulated Depreciation, $960; credit Depreciation Expense $960.Flag this QuestionQuestion 41 ptsAdjusting entries do not include what account?accounts receivablesuppliesservice revenuecashFlag this QuestionQuestion 51 ptsAction Real Estate received a check for $18,000 on July 1 which represents a 6 month advance payment of rent on a building it rents to a client. Unearned Rent was credited for the full $18,000. Financial statements will be prepared on July 31. Action Real Estate should make the following adjusting entry on July 31:Debit Unearned Rent, $3,000; Credit Rental Revenue, $3,000.Debit Unearned Rent, $18,000; Credit Rental Revenue, $18,000.Debit Cash, $18,000; Credit Rental Revenue, $18,000.Debit Rent Revenue, $3,000; Credit Unearned Rent, $3,000.Flag this QuestionQuestion 61 ptsThe balance in the Prepaid Rent account before adjustment at the end of the year is $8,000, which represents two months’ rent paid on December1. The adjusting entry required on December 31 is todebit Rent Expense, $8,000; credit Prepaid Rent $8,000.debit Prepaid Rent, $4,000; credit Rent Expense, $4,000.debit Rent Expense, $4,000; credit Prepaid Rent, $4,000.debit Prepaid Rent, $8,000; credit Rent Expense, $8,000.Flag this QuestionQuestion 71 ptsIf a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will bedebit Unearned Revenue and credit Cash.debit Unearned Revenue and credit Service Revenue.debit Unearned Revenue and credit Prepaid Expense.debit Unearned Revenue and credit Accounts Receivable.Flag this QuestionQuestion 81 ptsAdjusting entries arenot necessary if the accounting system is operating properly.usually required before financial statements are prepared.made whenever management desires to change an account balance.made to balance sheet accounts only.Flag this QuestionQuestion 91 ptsArtie’s City College sold season tickets for the 2017 football season for $64,000. A total of 8 games will be played during September, October and November. In September, two games were played. The adjusting journal entry at September 30, 2017is not required. No adjusting entries will be made until the end of the season in November.will include a debit to Ticket Revenue and a credit to Unearned Ticket Revenue for $10,000.will include a debit to Unearned Ticket Revenue and a credit to Ticket Revenue for $64,000.will include a debit to Unearned Ticket Revenue and a credit to Ticket Revenue for $16,000.Flag this QuestionQuestion 101 ptsCindy’s Chocolates paid employee wages on and through Friday, January 26, and the next payroll will be paid in February. There are two more working days in January (30-31). Employees work 5 days a week and the company pays $2500 per week in wages. What will be the adjusting entry to accrue wages expense at the end of January?debit Wages Expense and credit Wages Payable for $500debit Wages Payable and credit Wages Expense for $500debit Wages Expense and credit Wages Payable for $1500debit Wages Expense and credit Wages Payable for $1000