Question 1
Bailey's received its electric bill for December on December 31 but did not pay nor record it in the general journal. This resulted in:
Question 2
A form used to organize and check data before preparing financial reports is known as a(n):
Question 3
Which of the following accounts would appear on the balance sheet?
Question 4
Great Lakes Modeling Agency purchased $900 of office furniture at the beginning of the month. Depreciation Expense at the end of the month is $200. What is the balance of the Office Furniture account at the end of the month?
Question 5
Bringing account balances up to date before preparing financial reports is called:
Question 6
Which of the following is most likely to result in an adjusting entry at the end of the period?
Question 7
The adjusted trial balance on the worksheet shows Accumulated Depreciation, $1,200, and Depreciation Expense, $900. What was the balance in the Accumulated Depreciation account before the adjustment?
Question 8
A contra-asset is:
Question 9
Total wages per week are $4,800. You need to accrue $4,000 of wages. The adjusting entry would include which of the following?
Question 10
After the adjustment for depreciation has been made, the original cost of the equipment:
Question 11
Alcatraz Boat Tours showed store supplies available during the year, $550. If at the end of the month supplies used were $200, the adjusting entry would include a:
Question 12
When historical cost is used to record equipment, it would appear as the:
Question 13
Which of the following accounts would most likely not need to be adjusted at the end of the year?
Question 14
Robert purchased a truck for $35,000 with a residual value of $10,000 and a life expectancy of 5 years; using straight-line depreciation, the amount of the depreciation adjustment for the first year would be:
Question 15
On November 1, Duane paid $24,000 in advance for a year's rent. The November 30 adjusting entry for rent expense should include a:
Question 16
Closing entries are prepared:
Question 17
The Rent Expense account had a normal balance of $1,100. The entry to close the account would include a:
C. debit to Income Summary, $1,100.
Question 18
An account in which the balance is not carried over from one accounting period to the next is called a:
Question 19
The adjusting entry for accrued salaries is to:
Question 20
The adjusting entry to record the expired rent would be to:
Question 21
When the balance of the Income Summary account is a credit, the entry to close this account is:
Question 22
Which of the following accounts would appear on the post-closing trial balance?
Question 23
Which of the following sequence of actions describes the proper order in the accounting cycle?
Question 24
Closing entries will affect:
Question 25
Which of the following accounts would not be considered a permanent account?
Question 26
Which of the following accounts will be directly closed to Capital at the end of the fiscal year?
Question 27
The adjusting entry to record depreciation for the company automobile would be:
Question 28
Of the following accounts, which might appear in the adjusted trial balance, but not in the post-closing trial balance?
Question 29
When the balance of the Income Summary account is a debit, the entry to close this account is:
Question 30
Which of the following columns of the worksheet are referred to when preparing closing entries to the Income Summary?
