Please Help Me With HomeWork QUESTION 1 If a count of office supplies on hand reveal...
Please Help Me With HomeWork
QUESTION 1
If a count of office supplies on hand reveal $1,000 of supplies unused at year-end and the Office Supplies on Hand account has a balance of $2500, the adjusting entry to bring the Office Supplies on Hand up to date at year-end should include:
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Debit Office Supplies on Hand $1,000, Credit Office Supplies Expense $1,000 |
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Debit Office Supplies on Hand $1,500, Credit Office Supplies Expense $1,500 |
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Debit Office Supplies Expense $1,000, Credit Office Supplies on Hand $1,000 |
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Debit Office Supplies Expense $1,500, Credit Office Supplies on Hand $1,500 |
QUESTION 2
Types of adjusting entries include all of the following except:
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Prepaid Items |
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Accrued Revenues |
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Accrued Expenses |
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Accrued Cash |
QUESTION 3
Prepaid items for which adjusting entries may be necessary include all of the following except:
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Prepaid insurance |
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Prepaid Rent |
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Unearned Revenue |
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Office Supplies |
QUESTION 4
To record adjusting entries, use:
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Reports Menu > General Journal Entries |
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Accountant Menu > Make General Journal Entries |
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Banking Menu > Make General Journal Entries |
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Home > Journal Entries |
QUESTION 5
An accounting period may be:
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One quarter |
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One month |
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One year |
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All of the choices are correct |
QUESTION 6
Adjusting entries for accrued revenues typically include which of the following related types of accounts:
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Revenue and Liability accounts |
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Revenue and Asset accounts |
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Expense and Liability accounts |
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Expense and Asset accounts |
QUESTION 7
Adjusting entries should be made ______________ preparing financial statements:
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Before |
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During |
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After |
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Never |
QUESTION 8
What is an asset?
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What remains after the liabilities are satisfied |
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What a company owes |
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What a company owns |
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What a company has after expenses are removed |
QUESTION 9
Adjusting entries are used to:
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Close temporary accounts at year end |
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Close permanent accounts at year-end |
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Bring account balances up to date at year end |
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All of the choices are correct |
QUESTION 10
Adjusting entries for accrued expenses typically include which of the following related types of accounts:
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Revenue and Liability accounts |
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Revenue and Asset accounts |
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Expense and Liability accounts |
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Expense and Asset accounts |
Homework Answers
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Please Help Me With HomeWork
QUESTION 1
If a count of office supplies on hand reveal...
correct answer 1) Types of adjusting entries include all of the following except: A) Accrued Expenses...
correct answer
1) Types of adjusting entries include all of the following except: A) Accrued Expenses B) Accrued Cash C) Accrued Revenues D) Prepaid Items 2) The order of the steps in the accounting cycle includes: A) Adjusted Trial Balance, financial reports, adjusting entries, Trial Balance B) Adjusted Trial Balance, adjusting entries, financial reports, Trial Balance C) Trial Balance, adjusting entries, Adjusted Trial Balance, financial reports D) Trial Balance, financial reports, adjusting entries, Adjusted Trial Balance 3) If a count...
correct answer 6) To prepare the Trial Balance, select A) Company Center Company & Financials B)...
correct answer
6) To prepare the Trial Balance, select A) Company Center Company & Financials B) Reports Center Company & Financials C) Reports Center > Accountant & Taxes D) Company Center > Accountant & Taxes 7) Adjusting entries are used to: A) Close temporary accounts at year end B) Close permanent accounts at year-end C) Bring account balances up to date at year end D) All of the choices are correct 8) An accounting period may be: A) One quarter...
At the beginning of the year, office supplies of $900 were on hand. During the year,...
At the beginning of the year, office supplies of $900 were on hand. During the year, Rocket Air Conditioning Service paid $2,000 for more office supplies. At the end of the year, Rocket has $800 of office supplies on hand. Read the requirements. Requirement 1. Record the adjusting entry assuming that Rocket records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include...
• The supplies account balance on March 31 is $6,620, the supplies on hand on March...
• The supplies account balance on March 31 is $6,620, the supplies on hand on March 31 are $1,290. • The unearned rent account balance on March 31 is $5,000 representing the receipt of an advance payment on March 1 of four months' rent from tenants. Wages accrued but not paid at March 31 are $2,290. • Fees accrued but unbilled at March 31 are $16,825 • Depreciation of office equipment is $4,600. Required: 1. Journalize the adjusting entries required...
At the beginning of the year, office supplies of $1,200 were on hand. During the year,...
At the beginning of the year, office supplies of $1,200 were on hand. During the year, Amble Air Conditioning Service paid $3,500 for more office supplies. At the end of the year, Amble has $900 of office supplies on hand. Read the requirements Requirement 1. Record the adjusting entry assuming that Amble records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include...
A physical count of supplies on hand at the end of May for Masters, Inc. indicated...
A physical count of supplies on hand at the end of May for Masters, Inc. indicated $1.256 of supplies on hand. The general ledger balance before any adjustment is $2,160. What is the adjusting entry for office supplies that should be recorded on May 31? Multiple Choice O O O Debit Supplies Expense $1.256 and credit Supplies $1.256. c) Debit Supplies Expense $904 and credit Supplies $904 O Debit Supplies Expense $2,160 and credit Supplies $2,160. O Debit Prepaid Supplies...
1. Record the adjusting entry assuming that Derby records the purchase of office supplies by initially...
1. Record the adjusting entry assuming that Derby records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include the beginning balance and purchase of office supplies in the Office Supplies T-account. 2. Record the adjusting entry assuming that Derby records the purchase of office supplies by initially debiting an expense account. Post the adjusting entry to the Office Supplies and Supplies Expense...
Please explain your answer. Thank you. Note: Please explain to question C why they have 400....
Please explain your answer. Thank you.
Note: Please explain to question C why they have 400. I give you
the picture.
Learning Objective 3 3. Unearned Revenue bal. $800 CR E3-24 Journalizing adjusting entries and posting to T-accounts The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,500; Office Supplies, $700; Prepaid Rent, $2,240; Equipment, $8,000; Accumulated Depreciation Equipment, $0; Salaries Payable, $0; Unearned Revenue, $900; Service Revenue, $4,100; Salaries Expense, $800;...
Question 7 0.5 pts A corporation began the period with $3,500 of supplies on hand and...
Question 7 0.5 pts A corporation began the period with $3,500 of supplies on hand and recorded as assets. On the last day of the accounting period, there are $1,100 of unused office supplies on hand. What should the accountant do? O Debit Supplies and credit Supplies Expense for $1,100. Debit Supplies Expense for $1,100 and credit Supplies for $1,100. O Debit Supplies Expense for $2,400 and credit Supplies for $2,400. o Debit Supplies and credit Supplies Expense for $3,500....
adjust the worksheet Adjustments: 1. After doing the year-end count of office supplies, Myers found that...
adjust the worksheet
Adjustments: 1. After doing the year-end count of office supplies, Myers found that $430 of office supplies remained. 2. After doing the year-end count of inventory, Myers determined that there was $53,200 in ending inventory. 3. $800 of the prepaid insurance is unexpired at year end. 4. Depreciation of the office equipment for the year was $10,000. 5. Depreciation of the store equipment for the year was $15,500. 6. The $24,000 in unearned revenue was for orders...
correct answer
1) Types of adjusting entries include all of the following except: A) Accrued Expenses B) Accrued Cash C) Accrued Revenues D) Prepaid Items 2) The order of the steps in the accounting cycle includes: A) Adjusted Trial Balance, financial reports, adjusting entries, Trial Balance B) Adjusted Trial Balance, adjusting entries, financial reports, Trial Balance C) Trial Balance, adjusting entries, Adjusted Trial Balance, financial reports D) Trial Balance, financial reports, adjusting entries, Adjusted Trial Balance 3) If a count...
correct answer
6) To prepare the Trial Balance, select A) Company Center Company & Financials B) Reports Center Company & Financials C) Reports Center > Accountant & Taxes D) Company Center > Accountant & Taxes 7) Adjusting entries are used to: A) Close temporary accounts at year end B) Close permanent accounts at year-end C) Bring account balances up to date at year end D) All of the choices are correct 8) An accounting period may be: A) One quarter...
At the beginning of the year, office supplies of $900 were on hand. During the year, Rocket Air Conditioning Service paid $2,000 for more office supplies. At the end of the year, Rocket has $800 of office supplies on hand. Read the requirements. Requirement 1. Record the adjusting entry assuming that Rocket records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include...
• The supplies account balance on March 31 is $6,620, the supplies on hand on March 31 are $1,290. • The unearned rent account balance on March 31 is $5,000 representing the receipt of an advance payment on March 1 of four months' rent from tenants. Wages accrued but not paid at March 31 are $2,290. • Fees accrued but unbilled at March 31 are $16,825 • Depreciation of office equipment is $4,600. Required: 1. Journalize the adjusting entries required...
At the beginning of the year, office supplies of $1,200 were on hand. During the year, Amble Air Conditioning Service paid $3,500 for more office supplies. At the end of the year, Amble has $900 of office supplies on hand. Read the requirements Requirement 1. Record the adjusting entry assuming that Amble records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include...
A physical count of supplies on hand at the end of May for Masters, Inc. indicated $1.256 of supplies on hand. The general ledger balance before any adjustment is $2,160. What is the adjusting entry for office supplies that should be recorded on May 31? Multiple Choice O O O Debit Supplies Expense $1.256 and credit Supplies $1.256. c) Debit Supplies Expense $904 and credit Supplies $904 O Debit Supplies Expense $2,160 and credit Supplies $2,160. O Debit Prepaid Supplies...
1. Record the adjusting entry assuming that Derby records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include the beginning balance and purchase of office supplies in the Office Supplies T-account. 2. Record the adjusting entry assuming that Derby records the purchase of office supplies by initially debiting an expense account. Post the adjusting entry to the Office Supplies and Supplies Expense...
Please explain your answer. Thank you.
Note: Please explain to question C why they have 400. I give you
the picture.
Learning Objective 3 3. Unearned Revenue bal. $800 CR E3-24 Journalizing adjusting entries and posting to T-accounts The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,500; Office Supplies, $700; Prepaid Rent, $2,240; Equipment, $8,000; Accumulated Depreciation Equipment, $0; Salaries Payable, $0; Unearned Revenue, $900; Service Revenue, $4,100; Salaries Expense, $800;...
Question 7 0.5 pts A corporation began the period with $3,500 of supplies on hand and recorded as assets. On the last day of the accounting period, there are $1,100 of unused office supplies on hand. What should the accountant do? O Debit Supplies and credit Supplies Expense for $1,100. Debit Supplies Expense for $1,100 and credit Supplies for $1,100. O Debit Supplies Expense for $2,400 and credit Supplies for $2,400. o Debit Supplies and credit Supplies Expense for $3,500....
adjust the worksheet
Adjustments: 1. After doing the year-end count of office supplies, Myers found that $430 of office supplies remained. 2. After doing the year-end count of inventory, Myers determined that there was $53,200 in ending inventory. 3. $800 of the prepaid insurance is unexpired at year end. 4. Depreciation of the office equipment for the year was $10,000. 5. Depreciation of the store equipment for the year was $15,500. 6. The $24,000 in unearned revenue was for orders...
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