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Exam 3: The Adjusting Process

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Question 61

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Indicate with a Yes or No whether or not each of the following accounts would, under normal circumstances, require an adjusting entry.1. Cash 2. Prepaid Expenses 3. Depreciation Expense 4. Accounts Payable 5. Accumulated Depreciation 6. Equipment

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1. No
2. Y...

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Question 62

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If there is a balance in the unearned subscriptions account after adjusting entries are made, it represents a(n)

A) deferral
B) accrual
C) dividend
D) revenue

E) B) and D)
F) A) and B)

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Question 63

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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, $200 Unbilled consulting revenue, $700 Rent expense for the month, $1,000 Depreciation 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.​

Accumulated depreciation is reported on the income statement.

Classify the following items as: (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or (4) accrued revenue.​ a) fees received but not yet earned b) fees earned but not yet received c) paid premium on a one-year insurance policy d) property tax owed to be paid beginning of next year

A company depreciates its equipment $500 a year. The adjusting entry on December 31 is a debit to Depreciation Expense, $500, and a credit to Equipment, $500.

Which of the accounting steps in the accounting process below would be completed last?

A business pays biweekly salaries of $20,000 every other Friday for a ten-day period ending on that day. The last payday of December is Friday, December 27. Assume the next pay period begins on Monday, December 30, and the proper adjusting entry is journalized at the end of the fiscal period (December 31) . The entry for the payment of the payroll on Friday, January 10, includes a

Match the type of account (a - e) with the business transactions that follow. -Annual depreciation on equipment, recorded on a monthly basis. A)Prepaid expense B)Accrued expense C)Unearned revenue D)Accrued revenue E)None of these

The unexpired insurance at the end of the fiscal period represents

The adjustment for accrued fees was debited to Accounts Payable instead of Accounts Receivable. This error will be detected when the adjusted trial balance is prepared.

Generally accepted accounting principles require accrual-basis accounting.

Accrued revenues would appear on the balance sheet as

Fees payable would appear on the balance sheet as a(n)

The type of account and normal balance of Unearned Fees is

Prepaid advertising, representing payment for the next quarter, would be reported on the balance sheet as a(n)

Prepare the December 31 adjusting entries for the following transactions. Omit explanations.1. Fees accrued but not billed, $6,300 2. The Supplies account balance on December 31, $4,750; Supplies on hand, $960 3. Wages accrued but not paid, $2,700 4. Depreciation of office equipment, $1,650 5. Rent expired during year, $10,800

What is the correct debit and credit to record the adjusting entry for $800 of fees earned but not yet billed or paid?

The balance in the accumulated depreciation account is the sum of the depreciation expense recorded in past periods.

The balance in the office supplies account on January 1 was $7,000, supplies purchased during January were $3,000, and the supplies on hand at January 31 were $2,000. The amount to be used for the appropriate adjusting entry is