Option A is the answer | |
The intention behind posting adjusting entry is to record the expenses already incurred but not paid. Example : DEBIT : Salaries and Wages Expense CREDIT : Salaries and Wages payable |
MC Qu. 4-135 The purpose of recording an adjusting entry... The purpose of recording an adjusting...
Saved TB MC Qu. 01-135 The assets of a company... The assets of a company total $716,000; the liabilities, $208,000. What is the amount of equity? Multiple Choice $924.000. $716,000 $508,000 < Prey 8 of 19 Next >
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income of $55,000, assets at the beginning of the year are $262,000 and assets at the end of the year are $312,000. Compute its return on assets. Multiple Choice Ο Ο Ο Ο MC Qu. 310 Use the information in the adjusted... Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company: Account Title Cash R Accounts...
MC Qu. 4-37 Which of the following best describes when... Which of the following best describes when an accrual adjustment is required? Multiple Choice An expense has been incurred and paid in cash. An expense has been incurred but not yet paid in cash. An expense has not been incurred, but cash has been paid. О O An expense has not been incurred nor has it been paid in cash. < Pray 4 of 10 !!! Neng >
TB MC Qu. 3-59 During June, Buttrey Corporation incurred ... During June, Buttrey Corporation incurred $79,000 of direct labor costs and $19,000 of indirect labor costs. The journal entry to record the accrual of these wages would include a: Multiple Choice debit to Work in Process of $79,000. credit to Work in Process of $98,000. debit to Work in Process of $98,000. o credit to Work in Process of $79,000. o
An example of an adjusting entry would not include: Multiple Choice O Recordi Recording interest earned on bank account balances. Recording the purchase of office supplies. Recording the expiration of prepaid rent. Recording unpaid salaries.
Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form a. Unrecorded depreciation on equipment is $1850 b. The Supplies account has a balance of $5,000. Supplies on hand at the end of the period totaled $2,500, c On the date for preparing financial statements, an estimated utilities expense of $550 has been incurred, but no utility bill has been received. d. On the first day of the current month, rent for...
Help Save&Exit Failure to record the required adjusting entry for the portion of the Supplies asset that was used up during the current accounting period will result in an: Multiple Choice Overstatement of liabilities Overstatement of net income Understatement of stockholders' equity 0 understatement of assets <Prev 23 of 34111 Next>
The Malaise Company is recording adjusting journal entries. Which of the following adjusting entries will result in a decrease in assets and equity? The entry to record the earned portion of rent received in advance The entry to record accrued wages payable The entry to record a revenue earned but not yet received The entry to record the used portion of prepaid insurance The entry to record the payment of a dividend which was previously declared Lincoln Comnany
View previous 2. TB MC Qu. 1-184 Vignana Corporation manufactures... 4 points Vignana Corporation manufactures and sells hand-painted clay figurines of popular sports heroes. Shown below are some of the costs incurred by Vignana for last year. 01221 Cost of clay used in production $66,000 Wages paid to the workers who paint the $94,000 figurines Wages paid to the sales manager's secretary $26,000 Cost of junk mail advertising $43,000 What is the total of the conversion costs above? Multiple Choice...
1. Which of the following are examples of adjusting entries? i) An entry to record interest owing on a bank loan at the end of the period. The interest is not yet paid, and is previously unrecorded. ii) A depreciation entry to reflect the use of long-lived equipment during the period. iii) An entry to correct an error that was discovered in the trial balance, when a $100 debit was incorrectly posted to inventory rather than accounts receivable. a. i...