4.2   Learning Objective 4-2

1) The capital balance amount shown in the balance sheet column of the worksheet represents:

A) the beginning capital plus net income interest.

B) the beginning capital plus net income less withdrawal.

C) the beginning capital less withdrawals.

D) the beginning capital plus any investments to capital that occurred during the period.

2) When Balance Sheet credits exceed the debits on the worksheet:

A) a net loss has occurred.

B) a net income has occurred.

C) an error has been made.

D) Not enough information has been provided.

3) On a worksheet, the income statement debit column totals $10,500 and the credit column totals $10,300. Which of the following statements is correct?

A) The company had a net loss of $200.

B) The company had a net income of $200.

C) The company's revenues were greater than expenses.

D) None of the above is correct.

4) On a worksheet, the balance sheet debit column total is $1,000 and the credit column total is $2,000. Which of the following statements is correct?

A) The company had a net income of $1,000.

B) The company had a loss of $1,000.

C) The company's expenses were greater than revenues.

D) None of the above is correct.

5) Withdrawals would most likely be found in which column of the worksheet?

A) Income statement

B) Balance sheet

C) Trial Balance

D) Withdrawals would not appear on the worksheet.

6) The order of the steps to prepare the worksheet are:

A) prepare the trial balance, complete adjustments, prepare the adjusted trial balance, extend the respective totals to the Income Statement and Balance Sheet columns.

B) complete the adjustments, prepare the adjusted trial balance, prepare the trial balance, extend the respective totals to the Income Statement and Balance Sheet columns.

C) extend the totals to the Income Statement and Balance Sheet columns, prepare the trial balance, complete the adjustments, prepare the adjusted trial balance.

D) prepare the adjusted trial balance, complete the adjustments, prepare the trial balance, extend the respective totals to the Income Statement and Balance Sheet columns.

7) The adjusted trial balance columns:

A) help to ensure the ledger is still in balance.

B) help to identify any errors that may have been made during adjustment.

C) show updated account balances to aid in preparation of the financial statements.

D) All of the above are correct.

8) On the worksheet, the difference between the debits and credits in the income statement columns would be the net income or net loss for the period.

9) The debits do not equal credits on the adjusted trial balance columns of the worksheet.

10) Provide the adjusting entries to account for the differences between the trial balance amounts and the adjusted trial balance amounts for the accounts shown. Only a partial trial balance is provided. Use T accounts to show the adjustments.

Trial Balance              Adjusted Trial Balance

                         Debit       Credit       Debit       Credit

Supplies500250

Prepaid Rent1,100300

Equipment10,00010,000

Accum. Depr. - Equip3,0003,400

Service Fees1,2001,200

Depreciation Expense400

Telephone Expense150150

Salaries Expense500600

Rent Expense800

Supplies Expense250

4.2   Learning Objective 4-2

1) The capital balance amount shown in the balance sheet column of the worksheet represents:

A) the beginning capital plus net income interest.

B) the beginning capital plus net income less withdrawal.

C) the beginning capital less withdrawals.

D) the beginning capital plus any investments to capital that occurred during the period.

2) When Balance Sheet credits exceed the debits on the worksheet:

A) a net loss has occurred.

B) a net income has occurred.

C) an error has been made.

D) Not enough information has been provided.

3) On a worksheet, the income statement debit column totals $10,500 and the credit column totals $10,300. Which of the following statements is correct?

A) The company had a net loss of $200.

B) The company had a net income of $200.

C) The company's revenues were greater than expenses.

D) None of the above is correct.

4) On a worksheet, the balance sheet debit column total is $1,000 and the credit column total is $2,000. Which of the following statements is correct?

A) The company had a net income of $1,000.

B) The company had a loss of $1,000.

C) The company's expenses were greater than revenues.

D) None of the above is correct.

5) Withdrawals would most likely be found in which column of the worksheet?

A) Income statement

B) Balance sheet

C) Trial Balance

D) Withdrawals would not appear on the worksheet.

6) The order of the steps to prepare the worksheet are:

A) prepare the trial balance, complete adjustments, prepare the adjusted trial balance, extend the respective totals to the Income Statement and Balance Sheet columns.

B) complete the adjustments, prepare the adjusted trial balance, prepare the trial balance, extend the respective totals to the Income Statement and Balance Sheet columns.

C) extend the totals to the Income Statement and Balance Sheet columns, prepare the trial balance, complete the adjustments, prepare the adjusted trial balance.

D) prepare the adjusted trial balance, complete the adjustments, prepare the trial balance, extend the respective totals to the Income Statement and Balance Sheet columns.

7) The adjusted trial balance columns:

A) help to ensure the ledger is still in balance.

B) help to identify any errors that may have been made during adjustment.

C) show updated account balances to aid in preparation of the financial statements.

D) All of the above are correct.

8) On the worksheet, the difference between the debits and credits in the income statement columns would be the net income or net loss for the period.

9) The debits do not equal credits on the adjusted trial balance columns of the worksheet.

10) Provide the adjusting entries to account for the differences between the trial balance amounts and the adjusted trial balance amounts for the accounts shown. Only a partial trial balance is provided. Use T accounts to show the adjustments.

Trial Balance              Adjusted Trial Balance

                         Debit       Credit       Debit       Credit

Supplies500250

Prepaid Rent1,100300

Equipment10,00010,000

Accum. Depr. - Equip3,0003,400

Service Fees1,2001,200

Depreciation Expense400

Telephone Expense150150

Salaries Expense500600

Rent Expense800

Supplies Expense250

4.2   Learning Objective 4-2

1) The capital balance amount shown in the balance sheet column of the worksheet represents:

A) the beginning capital plus net income interest.

B) the beginning capital plus net income less withdrawal.

C) the beginning capital less withdrawals.

D) the beginning capital plus any investments to capital that occurred during the period.

2) When Balance Sheet credits exceed the debits on the worksheet:

A) a net loss has occurred.

B) a net income has occurred.

C) an error has been made.

D) Not enough information has been provided.

3) On a worksheet, the income statement debit column totals $10,500 and the credit column totals $10,300. Which of the following statements is correct?

A) The company had a net loss of $200.

B) The company had a net income of $200.

C) The company's revenues were greater than expenses.

D) None of the above is correct.

4) On a worksheet, the balance sheet debit column total is $1,000 and the credit column total is $2,000. Which of the following statements is correct?

A) The company had a net income of $1,000.

B) The company had a loss of $1,000.

C) The company's expenses were greater than revenues.

D) None of the above is correct.

5) Withdrawals would most likely be found in which column of the worksheet?

A) Income statement

B) Balance sheet

C) Trial Balance

D) Withdrawals would not appear on the worksheet.

6) The order of the steps to prepare the worksheet are:

A) prepare the trial balance, complete adjustments, prepare the adjusted trial balance, extend the respective totals to the Income Statement and Balance Sheet columns.

B) complete the adjustments, prepare the adjusted trial balance, prepare the trial balance, extend the respective totals to the Income Statement and Balance Sheet columns.

C) extend the totals to the Income Statement and Balance Sheet columns, prepare the trial balance, complete the adjustments, prepare the adjusted trial balance.

D) prepare the adjusted trial balance, complete the adjustments, prepare the trial balance, extend the respective totals to the Income Statement and Balance Sheet columns.

7) The adjusted trial balance columns:

A) help to ensure the ledger is still in balance.

B) help to identify any errors that may have been made during adjustment.

C) show updated account balances to aid in preparation of the financial statements.

D) All of the above are correct.

8) On the worksheet, the difference between the debits and credits in the income statement columns would be the net income or net loss for the period.

9) The debits do not equal credits on the adjusted trial balance columns of the worksheet.

10) Provide the adjusting entries to account for the differences between the trial balance amounts and the adjusted trial balance amounts for the accounts shown. Only a partial trial balance is provided. Use T accounts to show the adjustments.

Trial Balance              Adjusted Trial Balance

                         Debit       Credit       Debit       Credit

Supplies500250

Prepaid Rent1,100300

Equipment10,00010,000

Accum. Depr. - Equip3,0003,400

Service Fees1,2001,200

Depreciation Expense400

Telephone Expense150150

Salaries Expense500600

Rent Expense800

Supplies Expense250

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