Question 11 pts Which of the following are in accordance with generally accepted

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Question 11 pts

  Which of the following are in accordance with generally accepted accounting principles?

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Question 21 pts

The balance in the office supplies account on June 1 was $4,300, supplies purchased during June were $1,500, and the supplies on hand at June 30 were $2,000. The amount to be used for the appropriate adjusting entry is

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Question 31 pts

Melman Company purchased equipment for $5,000 on Novmber 1. It is estimated that annual depreciation on the computer will be $960. If financial statements are to be prepared on December 31, the company should make the following adjusting entry:

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Question 41 pts

Adjusting entries do not include what account?

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Question 51 pts

Action Real Estate received a check for $12,000 on July 1 which represents a 6 month advance payment of rent on a building it rents to a client. Unearned Rent was credited for the full $12,000. Financial statements will be prepared on July 31. Action Real Estate should make the following adjusting entry on July 31:

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Question 61 pts

The balance in the Prepaid Rent account before adjustment at the end of the year is $8,000, which represents two months’ rent paid on December1. The adjusting entry required on December 31 is to

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Question 71 pts

If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be

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Question 81 pts

Adjusting entries are

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Question 91 pts

Artie's City College sold season tickets for the 2012 football season for $80,000. A total of 8 games will be played during September, October and November. In September, three games were played. The adjusting journal entry at September 30

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Question 101 pts

Cindy’s Chocolates paid employee wages on and through Friday, January 26, and the next payroll will be paid in February. There are three more working days in January (29–31). Employees work 5 days a week and the company pays $2500 per week in wages. What will be the adjusting entry to accrue wages expense at the end of January?

Explanation / Answer

11 Accrual basis accounting are in accordance with generally accepted accounting principles 21 Amount to be used for the appropriate adjusting entry = 4300+1500-2000= $3800 31 Debit Depreciation Expense, $960; Credit Accumulated Depreciation, $960. 41 Adjusting entries do not include cash 51 Debit Unearned Rent, $2,000; Credit Rental Revenue, $2,000. 61 debit Rent Expense, $4,000; credit Prepaid Rent, $4,000. 71 Debit Unearned Revenue and credit Service Revenue. 81 Adjusting entries are usually required before financial statements are prepared. 91 The adjusting journal entry at September 30 will include a debit to Unearned Ticket Revenue and a credit to Ticket Revenue for $30,000. 101 Debit Wages Expense and credit Wages Payable for $1500

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