BAF 3M 🚨 Ch. 8 Assignment A

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A one-year insurance policy was purchased for $960 on July 1, 20–1. On December 31, 20–1, it had an unexpired value of

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The accountant did not prepare an entry to adjust the Supplies account at the end of the accounting period. Which is the result?

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On the basis of the following data, what is the proper adjusting entry for June 30, the end of the fiscal year?
• Supplies account balance before adjustment, $1900
• Supplies physical inventory on June 30, $750

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The source of data for preparing closing entries is

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Before the Income Summary account is closed, a credit balance represents the

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When all closing entries have been posted, a net income will be shown on the

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The net income or net loss figure shown in the Income Summary account will also appear on

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Which of the following accounts is not closed out at the end of the accounting period?

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The last step in the basic accounting cycle is the

The following accounts are in random order. Select the columns in which these accounts would appear on the worksheet.

If they are not included in that section, choose not included.

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A. Office Furniture
Trial Balance: __________
Income Statement: __________
Balance Sheet: __________

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B. Harry James, Capital
Trial Balance: __________
Income Statement: __________
Balance Sheet: __________

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C. Advertising Expense
Trial Balance: __________
Income Statement: __________
Balance Sheet: __________

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D. Bank Loan
Trial Balance: __________
Income Statement: __________
Balance Sheet: __________

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E. Mortgage Payable 
Trial Balance: __________
Income Statement: __________
Balance Sheet: __________

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F. Accounts Receivable
Trial Balance: __________
Income Statement: __________
Balance Sheet: __________

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G. Fees Earned
Trial Balance: __________
Income Statement: __________
Balance Sheet: __________

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H. PST Payable
Trial Balance: __________
Income Statement: __________
Balance Sheet: __________

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I. GST Recoverable
Trial Balance: __________
Income Statement: __________
Balance Sheet: __________

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J. J.P. Morgan, Drawings
Trial Balance: __________
Income Statement: __________
Balance Sheet: __________

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The steps in the accounting cycle that you have learned to date are:
Step 1: ________________________   
Step 2: ____________________________________ in the journal.
Step 3: ______________________________________   
Step 4: ___________________________________  
Step 5: _______________________________  
Step 6: ___________________________________________ are prepared.

HINT: order matters!
 

Other Answer Choices:

Accounting entries are recorded

Transactions occur.

The worksheet is prepared.

Entries are posted to the ledger.

The trial balance is prepared.

The balance sheet and income statement

Adjustments
Below, select the accounts that are debited and credited when the given adjustments are made. For items B, C, and D, assume that accounting clerks debited asset accounts when they received the appropriate invoices.

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A. Adjust for late-arriving telephone bill. Debit: __________ Credit__________

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B. Adjust for insurance used. Debit: __________ Credit__________

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C. Adjust for prepaid license.  Debit: __________ Credit__________

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D. Adjust for supplies used.  Debit: __________ Credit__________