Question 1

Jordon James started JJJ Consulting on January 1.The following are the account balances at the end of the first month of business,before adjusting entries were recorded:​  Adjustment data:Supplies on hand at the end of the month,$200Unbilled consulting revenue,$700Rent expense for the month,$1,000Depreciation on equipment,$90
(a) Prepare the required adjusting entries,adding accounts as needed.
(b) Prepare an adjusted trial balance for JJJ Consulting as of January 31.​​

Accepted Answer

The answer of Jordon James started JJJ Consulting on January...

Question 2

List the four basic types of accounts that require adjusting entries and give an example of each.

Accepted Answer

1.Prepaid expenses; example: prepaid ins...

Question 3

Identify the effect (a through h)  that omitting each of the following items would have on the balance sheet.
-Wages are paid every Friday for the five-day workweek.The month ended on Monday and no adjustment was recorded.

Accepted Answer

A)  Assets and owner's equity overstated
B)  Assets and owner's equity understated
C)  Assets overstated and owner's equity understated
D)  Assets understated and owner's equity overstated
E)  Liabilities and owner's equity overstatedF) Liabilities and owner's equity understatedG) Liabilities overstated and owner's equity understatedH) Liabilities understated and owner's equity overstated

Question 4

Depreciation on an office building is $2,800.The adjusting entry on December 31 would be:

Accepted Answer

The answer of Depreciation on an office building is $2,800.The...

Question 5

At the end of the fiscal year,the usual adjusting entry for depreciation on equipment was omitted.Which of the following is true?

Accepted Answer

A)  Total assets will be understated at the end of the current year.
B)  The balance sheet and income statement will be misstated, but the statement of owner's equity will be correct for the current year.
C)  Net income will be overstated for the current year.
D)  Total liabilities and total assets will be understated.

Question 6

Match the type of account (a through e)  with the business transactions that follow.
-Annual property taxes that are paid at the end of the year.

Accepted Answer

A)  Prepaid expense
B)  Accrued expense
C)  Unearned revenue
D)  Accrued revenue
E)  None of these choices

Question 7

At January 31,the end of the first month of the year,the usual adjusting entry transferring expired insurance to an expense account is omitted.Which items will be incorrectly stated,because of the error,on 
(a)the income statement for January and 
(b)the balance sheet as of January 31? Also indicate whether the items in error will be overstated or understated.

Accepted Answer

The answer of At January 31,the end of the first...

Question 8

If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account,which of the following describes the effect of the debit portion of the entry?

Accepted Answer

A)  increases the balance of a contra asset account
B)  increases the balance of an asset account
C)  decreases the balance of an owner's equity account
D)  increases the balance of an expense account

Question 9

Which of the following is considered to be unearned revenue?

Accepted Answer

A)  theater tickets sold last month for yesterday's performance
B)  theater tickets sold yesterday on credit for yesterday's performance
C)  theater tickets that were not sold for the current performance
D)  theater tickets sold for next month's performance

Question 10

Prepaid expenses have

Accepted Answer

A)  not yet been recorded as expenses but have been paid
B)  been recorded as expenses and paid
C)  been incurred and paid
D)  not yet been recorded as expenses

Question 11

Indicate whether the following error would cause the adjusted trial balance totals to be unequal.If the error would cause the adjusted trial balance totals to be unequal,indicate whether the debit or credit total is higher and by how much.​The adjustment for accrued fees of $1,170 was journalized as a debit to Accounts Receivable for $1,170 and a credit to Fees Earned for $1,107.

Accepted Answer

The total will be un...

Question 12

If the effect of the debit portion of an adjusting entry is to increase the balance of an expense account,which of the following describes the effect of the credit portion of the entry?

Accepted Answer

A)  decreases the balance of an owner's equity account
B)  increases the balance of a liability account
C)  increases the balance of an asset account
D)  decreases the balance of an expense account

Question 13

At the end of the fiscal year,the usual adjusting entry to prepaid insurance to record expired insurance was omitted.Which of the following statements is true?

Accepted Answer

A)  Total assets at the end of the year will be understated.
B)  Owner's equity at the end of the year will be understated.
C)  Net income for the year will be overstated.
D)  Insurance expense will be overstated.

Question 14

What effect will this adjustment have on the accounting records?

Accepted Answer

A)  increase net income
B)  increase revenues reported for the period
C)  decrease liabilities
D)  All of these choices

Question 15

Prepare the required entries for the following transactions:

Accepted Answer

The answer of Prepare the required entries for the following...

Question 16

Zoey Bella Company has a payroll of $10,000 for a five-day workweek.Its employees are paid each Friday for the five-day workweek.Prepare the adjusting entry on December 31 assuming the year ends on Thursday.​

Accepted Answer

$10,000/5 ...

Question 17

The adjusting entry to record the depreciation of a building for the fiscal period is

Accepted Answer

A)  debit Depreciation Expense; credit Building
B)  debit Depreciation Expense; credit Accumulated Depreciation
C)  debit Accumulated Depreciation; credit Depreciation Expense
D)  debit Building; credit Depreciation Expense

Question 18

The net income reported on the income statement is $58,000.However,adjusting entries have not been made at the end of the period for supplies expense of $2,200 and accrued salaries of $1,300.Net income,as corrected,is

Accepted Answer

A)  $56,700
B)  $58,000
C)  $55,800
D)  $54,500

Question 19

Which of the following is the proper adjusting entry,based on a prepaid insurance account balance before adjustment of $14,000 and unexpired insurance of $3,000,for the fiscal year ending on April 30?

Accepted Answer

A)  debit Insurance Expense, $3,000; credit Prepaid Insurance, $3,000
B)  debit Insurance Expense, $14,000; credit Prepaid Insurance, $14,000
C)  debit Prepaid Insurance, $11,000; credit Insurance Expense, $11,000
D)  debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000

Question 20

A one-year insurance policy was purchased on June 1 for $2,400.The adjusting entry on December 31 would be:

Accepted Answer

$2,400/12 ...

Exam 3: The Adjusting Process

Correct Answer
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Prepare the required entries for the following transactions:

Correct Answer
verified

Depreciation on an office building is $2,800.The adjusting entry on December 31 would be:

Correct Answer
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Which of the following is considered to be unearned revenue?

Correct Answer
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Which of the following is the proper adjusting entry,based on a prepaid insurance account balance before adjustment of $14,000 and unexpired insurance of $3,000,for the fiscal year ending on April 30?

Correct Answer
verified

If the effect of the debit portion of an adjusting entry is to increase the balance of an expense account,which of the following describes the effect of the credit portion of the entry?

Correct Answer
verified

The adjusting entry to record the depreciation of a building for the fiscal period is

Correct Answer
verified

Prepaid expenses have

Correct Answer
verified

Correct Answer
verified

Zoey Bella Company has a payroll of $10,000 for a five-day workweek.Its employees are paid each Friday for the five-day workweek.Prepare the adjusting entry on December 31 assuming the year ends on Thursday.

Correct Answer
verified
$10,000/5 ...
View Answer

If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account,which of the following describes the effect of the debit portion of the entry?

Correct Answer
verified

The net income reported on the income statement is $58,000.However,adjusting entries have not been made at the end of the period for supplies expense of $2,200 and accrued salaries of $1,300.Net income,as corrected,is

Correct Answer
verified

At the end of the fiscal year,the usual adjusting entry to prepaid insurance to record expired insurance was omitted.Which of the following statements is true?

Correct Answer
verified

What effect will this adjustment have on the accounting records?

Correct Answer
verified

List the four basic types of accounts that require adjusting entries and give an example of each.

Correct Answer
verified
1.Prepaid expenses; example: prepaid ins...
View Answer

At the end of the fiscal year,the usual adjusting entry for depreciation on equipment was omitted.Which of the following is true?

Correct Answer
verified

A one-year insurance policy was purchased on June 1 for $2,400.The adjusting entry on December 31 would be:

Correct Answer
verified
$2,400/12 ...
View Answer

Correct Answer
verified
The total will be un...
View Answer

Identify the effect (a through h) that omitting each of the following items would have on the balance sheet. -Wages are paid every Friday for the five-day workweek.The month ended on Monday and no adjustment was recorded.

Correct Answer
verified

Match the type of account (a through e) with the business transactions that follow. -Annual property taxes that are paid at the end of the year.

Correct Answer
verified

Exam 3: The Adjusting Process

Correct AnswerverifiedShow Answer

Prepare the required entries for the following transactions:

Correct AnswerverifiedShow Answer

Depreciation on an office building is $2,800.The adjusting entry on December 31 would be:

Correct AnswerverifiedShow Answer

Which of the following is considered to be unearned revenue?

Correct AnswerverifiedShow Answer

Which of the following is the proper adjusting entry,based on a prepaid insurance account balance before adjustment of $14,000 and unexpired insurance of $3,000,for the fiscal year ending on April 30?

Correct AnswerverifiedShow Answer

If the effect of the debit portion of an adjusting entry is to increase the balance of an expense account,which of the following describes the effect of the credit portion of the entry?

Correct AnswerverifiedShow Answer

The adjusting entry to record the depreciation of a building for the fiscal period is

Correct AnswerverifiedShow Answer

Prepaid expenses have

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Zoey Bella Company has a payroll of $10,000 for a five-day workweek.Its employees are paid each Friday for the five-day workweek.Prepare the adjusting entry on December 31 assuming the year ends on Thursday.​

Correct Answerverified$10,000/5 ...View AnswerShow Answer

If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account,which of the following describes the effect of the debit portion of the entry?

Correct AnswerverifiedShow Answer

The net income reported on the income statement is $58,000.However,adjusting entries have not been made at the end of the period for supplies expense of $2,200 and accrued salaries of $1,300.Net income,as corrected,is

Correct AnswerverifiedShow Answer

At the end of the fiscal year,the usual adjusting entry to prepaid insurance to record expired insurance was omitted.Which of the following statements is true?

Correct AnswerverifiedShow Answer

What effect will this adjustment have on the accounting records?

Correct AnswerverifiedShow Answer

List the four basic types of accounts that require adjusting entries and give an example of each.

Correct Answerverified1.Prepaid expenses; example: prepaid ins...View AnswerShow Answer

At the end of the fiscal year,the usual adjusting entry for depreciation on equipment was omitted.Which of the following is true?

Correct AnswerverifiedShow Answer

A one-year insurance policy was purchased on June 1 for $2,400.The adjusting entry on December 31 would be:

Correct Answerverified$2,400/12 ...View AnswerShow Answer

Correct AnswerverifiedThe total will be un...View AnswerShow Answer

Identify the effect (a through h) that omitting each of the following items would have on the balance sheet. -Wages are paid every Friday for the five-day workweek.The month ended on Monday and no adjustment was recorded.

Correct AnswerverifiedShow Answer

Match the type of account (a through e) with the business transactions that follow. -Annual property taxes that are paid at the end of the year.

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

Zoey Bella Company has a payroll of $10,000 for a five-day workweek.Its employees are paid each Friday for the five-day workweek.Prepare the adjusting entry on December 31 assuming the year ends on Thursday.

Correct Answer
verified
$10,000/5 ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
1.Prepaid expenses; example: prepaid ins...
View Answer

Correct Answer
verified

Correct Answer
verified
$2,400/12 ...
View Answer

Correct Answer
verified
The total will be un...
View Answer

Correct Answer
verified

Correct Answer
verified