Question

Question 11 pts

Which of the following terms describe the types of adjusting entries?

expenses and revenues

prepaid expenses and prepaid revenues

deferrals and accruals

deferrals and depreciation

Flag this Question

Question 21 pts

Unearned Revenue is always

an expense

stockholder’s equity

an asset

a liability

Flag this Question

Question 31 pts

The adjusted trial balance shows

assets, liabilities, and common stock only

revenues and expenses only

amounts that may be out of balance

amounts that are ready for the financial statements

Flag this Question

Question 41 pts

Which of the following accounts is not closed?

Salaries Expense

Dividends

Accumulated Depreciation, Equipment

Service Revenue

Flag this Question

Question 51 pts

Given the following adjusted trial balance:

	Debit	Credit
Cash	$1,562
Accounts receivable	2,098
Inventory	3,124
Prepaid rent	86
Equipment	300
Accumulated depreciation-equipment		52
Accounts payable		82
Unearned service revenue		122
Common stock		206
Retained earnings		6,610
Service revenue		268
Interest revenue		56
Salaries and wages expense	160
Travel expense	66
Total	$7,396	$7,396

Net income for the year is

$98.00

$270.00

$325.00

$496.00

Flag this Question

Question 61 pts

Wolf Pack Services receives $10,000 cash in advance of services performed and credits a liability account. Which of the following adjusting entries will need to be made after the services are performed?

Accounts		Debit	Credit
Unearned Service Revenue		10,000
	Cash		10,000

Accounts		Debit	Credit
Unearned Service Revenue		10,000
	Service Revenue		10,000

Accounts		Debit	Credit
Unearned Service Revenue		10,000
	Prepaid Expense		10,000

Accounts		Debit	Credit
Unearned Service Revenue		10,000
	Accounts Receivable		10,000

Flag this Question

Question 71 pts

Accumulated Depreciation is a(n)

liability account

stockholder’s equity account

contra asset account

asset account

Flag this Question

Question 81 pts

Kimmel Company’s accountant makes the following entry to record $2,000 of depreciation expense on the company’s equipment on December 31, 2013:

	Dr.	Cr.
Depreciation Expense	2,000
Cash		2,000

The effect of this entry is to

adjust the accounts to their proper amounts on December 31, 2013

understate total assets on the balance sheet as of December 31, 2013

overstate the book value of the depreciable assets at December 31, 2013

understate the book value of the depreciable assets as of December 31, 2013

Flag this Question

Question 91 pts

The weekly payrool of Wolverine Corporation is $3,000. Employees work five days per week, Monday through Friday. December 31, 2013, the end of the fiscal year, is a Tuesday. Wolverine Corporation will not pay its employees for the full week until Friday, its normal payday. Wolverine Corporation will make which of the following adjusting entries on Tuesday, December 31?

Accounts	Debit	Credit
Salaries Payable	1,200

Accounts	Debit	Credit
Salaries Expenses	1,200
Accumulated Salaries		1,200

Accounts	Debit	Credit
Salaries Expense	1,200
Cash		1,200

Accounts	Debit	Credit
Salaries Expense	1,200
Salaries Payable		1,200

Flag this Question

Question 101 pts

Which of the following statements regarding closing entries is true?

Closing entries bring the Retained Earnings account to its correct ending balance.

Closing entries transfer unearned revenues, expenses, and dividends to retained earnings.

Closing entries zero out the assets, expenses, and dividends accounts to prepare them for the next accounting period.

All of these statements are true.