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?

The Supplies account was overstated.

The total expenses were understated.

The net income was overstated.

The owner’s equity was overstated.

All of the above are true.

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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

Debit Supplies Expense $750; credit Supplies $750.

Debit Supplies Expense $1150; credit Supplies $1150.

Debit Supplies Expense $1900; credit Supplies $1900.

Debit Supplies $750; credit Supplies Expense $750.

Debit Supplies $1900; credit Supplies Expense $1900.

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The source of data for preparing closing entries is

the trial balance.

the worksheet.

the general ledger.

All of the above.

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

net loss for the accounting period.

total assets for the accounting period.

net income for the accounting period.

total expenses for the accounting period.

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

debit side of the Capital account.

credit side of the Capital account.

debit side of the Drawings account.

credit side of the Drawings account.

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

the income statement.

the worksheet.

the balance sheet.

All of the above.

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

Wages Expense

Accounts Receivable

Drawings

Bank Charges

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The last step in the basic accounting cycle is the

post-closing trial balance.

closing journal entries.

adjusting journal entries.

financial statements.

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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:

Balance Sheet:

Income Statement:

3

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C. Advertising Expense

Trial Balance:

Balance Sheet:

Income Statement:

3

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E. Mortgage Payable

Trial Balance:

Balance Sheet:

Income Statement:

3

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G. Fees Earned

Trial Balance:

Balance Sheet:

Income Statement:

3

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I. GST Recoverable

Trial Balance:

Balance Sheet:

Income Statement:

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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!

Drugi mogući odgovor:

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:

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B. Adjust for insurance used. Debit:

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C. Adjust for prepaid license. Debit:

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D. Adjust for supplies used. Debit:

BAF 3M 🚨 Ch. 8 Assignment A

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

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

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

The source of data for preparing closing entries is

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

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

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

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

The last step in the basic accounting cycle is the

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

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

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

The source of data for preparing closing entries is

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

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

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

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

The last step in the basic accounting cycle is the

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

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