Question 1

What effect will this adjustment have on the accounting records?

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Question 2

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

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Question 3

The following adjusting journal entry does not include an explanation.Select the best explanation for the entry.

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Question 4

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

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Question 5

How will the following adjusting journal entry affect the accounting equation?

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Question 6

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

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Question 7

The adjusting entry for gym memberships earned that were previously recorded in the unearned gym memberships account is

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Question 8

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

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Question 9

The balance in the supplies account before adjustment at the end of the year is $6,250.The proper adjusting entry if the amount of supplies on hand at the end of the year is $1,500 would be

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Question 10

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 11

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?

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Question 12

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

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Question 13

Prepaid rent,representing rent for the next six months' occupancy,would be reported on the tenant's balance sheet as a (n)

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Question 14

The following adjusting journal entry does not include an explanation.Select the best explanation for the entry.

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Question 15

Which of the following pairs of accounts could not appear in the same adjusting entry?

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Question 16

The adjusting entry to adjust supplies was omitted at the end of the year.This would affect the income statement by having

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Question 17

The unearned rent account has a balance of $72,000.If $18,000 of the $72,000 is unearned at the end of the accounting period,the amount of the adjusting entry is

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Question 18

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

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Question 19

What effect will this adjusting journal entry have on the accounting records?

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Question 20

For the year ending December 31,Orion,Inc.mistakenly omitted adjusting entries for $1,500 of supplies that were used, (2)unearned revenue of $4,200 that was earned,and
(3)insurance of $5,000 that expired.For the year ending December 31,what is the effect of these errors on revenues,expenses,and net income?

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Quiz 3: The Adjusting Process

What effect will this adjustment have on the accounting records?

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

The following adjusting journal entry does not include an explanation.Select the best explanation for the entry.

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

How will the following adjusting journal entry affect the accounting equation?

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

The adjusting entry for gym memberships earned that were previously recorded in the unearned gym memberships account is

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

The balance in the supplies account before adjustment at the end of the year is $6,250.The proper adjusting entry if the amount of supplies on hand at the end of the year is $1,500 would be

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

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?

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

Prepaid rent,representing rent for the next six months' occupancy,would be reported on the tenant's balance sheet as a (n)

The following adjusting journal entry does not include an explanation.Select the best explanation for the entry.

Which of the following pairs of accounts could not appear in the same adjusting entry?

The adjusting entry to adjust supplies was omitted at the end of the year.This would affect the income statement by having

The unearned rent account has a balance of $72,000.If $18,000 of the $72,000 is unearned at the end of the accounting period,the amount of the adjusting entry is

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

What effect will this adjusting journal entry have on the accounting records?