Question 1

Supplies are recorded as assets when purchased.Therefore,the credit to Supplies in the adjusting entry is for the amount of supplies

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Question 2

As time passes,fixed assets other than land lose their capacity to provide useful services.To account for this decrease in usefulness,the cost of fixed assets is systematically allocated to expense through a process called

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Question 3

The type of account and normal balance of Unearned Consulting Fees is

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Question 4

Data for an adjusting entry described as "accrued wages,$2,020" requires a

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Question 5

The cost of office supplies to be used in future periods is ordinarily shown on the balance sheet as an

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Question 6

Accrued revenues would appear on the balance sheet as

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Question 7

Smokey Company purchases a one-year insurance policy on July 1 for $3,600.The adjusting entry on December 31 is

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Question 8

The entry to adjust for the cost of supplies used during the accounting period is

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Question 9

The balance in the prepaid rent account before adjustment at the end of the year is $32,000,which represents four months' rent paid on December 1.The adjusting entry required on December 31 is

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Question 10

The type of account and normal balance of Prepaid Insurance is

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Question 11

Which of the following is an example of a prepaid expense?

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Question 12

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 30 were $2,000.The amount to be used for the appropriate adjusting entry is

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Question 13

Buster Industries pays weekly salaries of $30,000 on Friday for a five-day week ending on that day.The adjusting entry necessary at the end of the fiscal period ending on Tuesday is

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Question 14

The entry to adjust the accounts for salaries accrued at the end of the accounting period is

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Question 15

Gracie,Inc.made a prepaid rent payment of $2,800 on January 1.The company's monthly rent is $700.The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is

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Question 16

The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed

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Question 17

Accumulated Depreciation and Depreciation Expense are classified,respectively,as

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...

Question 18

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?

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Question 19

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

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Question 20

The supplies account has a balance of $4,400 at the beginning of the year and was debited during the year for $2,400,representing the total of supplies purchased during the year.If $400 of supplies are on hand at the end of the year,the supplies expense to be reported on the income statement for the year is

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Quiz 3: The Adjusting Process