Question : 71.A company recorded office supplies in an asset account when : 1244521

71.A company recorded office supplies in an asset account when the supplies were purchased. Failure to take inventory and make an adjusting entry will result in an

 

a.

overstatement of stockholders’ equity.

b.

understatement of liabilities.

c.

understatement of stockholders’ equity.

d.

understatement of assets.

 

 

 

72.A company’s five-day weekly payroll of $680 is paid on Fridays. Assume that the last day of the month falls on Wednesday. Which of the following is the required adjusting entry?

 

a.

Debit Salaries Expense $272 and credit Salaries Payable $272

b.

Debit Unpaid Salaries $408 and credit Salaries Payable $408

c.

Debit Salaries Expense $408 and credit Salaries Payable $408

d.

Debit Salaries Payable $408 and credit Salaries Expense $408

 

 

 

73.The adjustment for estimated income taxes would include a

 

a.

credit to Income Taxes Expense.

b.

credit to Income Taxes Payable.

c.

debit to Unearned Income Taxes.

d.

credit to Cash.

 

 

 

74.Accumulated depreciation is classified as a(n)

 

a.

contra-expense account.

b.

expense account.

c.

contra-asset account.

d.

liability account.

 

 

 

75.The adjustment for the expiration of prepaid advertising, originally recorded as an asset, consists of a debit to

 

a.

Advertising Expense and a credit to Prepaid Advertising.

b.

Prepaid Advertising and a credit to Cash.

c.

Prepaid Advertising and a credit to Advertising Expense.

d.

Advertising Expense and a credit to Cash.

 

 

 

76.Which of the following accounts could not be credited in an adjusting entry?

 

a.

Prepaid Rent

b.

Earned Revenue

c.

Interest Receivable

d.

Office Supplies

 

 

 

77.Which of the following pairs of accounts could not be included in the same adjusting entry?

 

a.

Wages Expense and Wages Payable

b.

Interest Expense and Interest Receivable

c.

Rent Expense and Rent Payable

d.

Unearned Revenue and Revenue from Services

 

 

 

78.In November, cash is received in advance of rendering services. Assuming that the services have been performed by December 31, the adjusting entry would be a debit to

 

a.

Cash and a credit to Service Revenue.

b.

Service Revenue and a credit to Prepaid Services.

c.

Unearned Service Revenue and a credit to Service Revenue.

d.

Unearned Service Revenue and a credit to Cash.

 

 

 

79.On December 9, A issues a 60-day promissory note to B. The December 31 adjusting entry for A is a debit to

 

a.

Interest Expense and a credit to Cash.

b.

Interest Receivable and a credit to Interest Income.

c.

Interest Expense and a credit to Interest Payable.

d.

Interest Payable and a credit to Cash.

 

 

 

80.The entry to record depreciation on a building is a debit to

 

a.

Depreciation Expense–Building and a credit to Cash.

b.

Depreciation Expense–Building and a credit to Building.

c.

Accumulated Depreciation–Building and a credit to Building.

d.

Depreciation Expense–Building and a credit to Accumulated Depreciation–Building.

 

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more