Question :
61.Use this information to answer the following question.
The trial balance : 1244520
61.Use this information to answer the following question.
The trial balance for Tsung Corporation appears as follows:
If the estimated depreciation for office equipment were $200, the adjusting entry would contain a
a.
credit to Office Equipment for $200.
b.
credit to Accumulated Depreciation, Office Equipment for $200.
c.
credit to Depreciation Expense, Office Equipment for $200.
d.
debit to Accumulated Depreciation, Office Equipment for $200.
62.Use this information to answer the following question.
The trial balance for Tsung Corporation appears as follows:
If as of December 31, 20×7, the rent of $100 for December had not been recorded or paid, the adjusting entry would include a
a.
credit to Cash for $100.
b.
debit to Rent Expense for $100.
c.
debit to Rent Payable for $100.
d.
credit to Accumulated Rent for $100.
63.Use this information to answer the following question.
The trial balance for Tsung Corporation appears as follows:
If services totaling $125 had been performed but not billed, the adjusting entry to record this would include a
a.
credit to Unearned Service Revenue for $125.
b.
debit to Service Revenue Earned for $125.
c.
credit to Service Revenue Earned for $625.
d.
credit to Service Revenue Earned for $125.
64.The Store Supplies account had a $360 debit balance at the end of the accounting period before the adjustment for supplies used, and an inventory of $80 worth of unused supplies was on hand. Which of the following is the required adjusting entry?
a.
Debit Store Supplies $80 and credit Store Supplies Expense $80
b.
Debit Store Supplies Expense $80 and credit Store Supplies $80
c.
Debit Store Supplies $280 and credit Store Supplies Expense $280
d.
Debit Store Supplies Expense $280 and credit Store Supplies $280
65.Use this information pertaining to Alvino Corporation to answer the following question.
1. The corporation’s Store Supplies account showed a beginning debit balance of $200 and supplies purchased of $800. There were $300 of supplies on hand at year end.
2. Depreciation on a building is estimated to be $5,000.
3. A one-year insurance policy was purchased for $2,000. Three months have passed since the purchase.
4. Accrued interest on a note receivable amounted to $100.
5. The company received a $3,600 advance payment during the year on services to be performed. By the end of the year, one-fourth of the services had been performed.
The adjusting entry for Store Supplies would include a
a.
debit to Store Supplies Expense for $700.
b.
debit to Store Supplies Expense for $800.
c.
credit to Store Supplies for $300.
d.
credit to Store Supplies Expense for $800.
66.Use this information pertaining to Alvino Corporation to answer the following question.
1. The corporation’s Store Supplies account showed a beginning debit balance of $200 and supplies purchased of $800. There were $300 of supplies on hand at year end.
2. Depreciation on a building is estimated to be $5,000.
3. A one-year insurance policy was purchased for $2,000. Three months have passed since the purchase.
4. Accrued interest on a note receivable amounted to $100.
5. The company received a $3,600 advance payment during the year on services to be performed. By the end of the year, one-fourth of the services had been performed.
The adjusting entry for depreciation on the building would include a
a.
debit to Accumulated Depreciation –Building for $5,000.
b.
credit to Depreciation Expense–Building for $5,000.
c.
credit to Buildings for $5,000.
d.
credit to Accumulated Depreciation–Building for $5,000.
67.Use this information pertaining to Alvino Corporation to answer the following question.
1. The corporation’s Store Supplies account showed a beginning debit balance of $200 and supplies purchased of $800. There were $300 of supplies on hand at year end.
2. Depreciation on a building is estimated to be $5,000.
3. A one-year insurance policy was purchased for $2,000. Three months have passed since the purchase.
4. Accrued interest on a note receivable amounted to $100.
5. The company received a $3,600 advance payment during the year on services to be performed. By the end of the year, one-fourth of the services had been performed.
The adjusting entry for the insurance policy would include a
a.
debit to Insurance Expense for $1,500.
b.
debit to Prepaid Insurance for $500.
c.
credit to Prepaid Insurance for $500.
d.
credit to Insurance Expense for $1,500.
68.Use this information pertaining to Alvino Corporation to answer the following question.
1. The corporation’s Store Supplies account showed a beginning debit balance of $200 and supplies purchased of $800. There were $300 of supplies on hand at year end.
2. Depreciation on a building is estimated to be $5,000.
3. A one-year insurance policy was purchased for $2,000. Three months have passed since the purchase.
4. Accrued interest on a note receivable amounted to $100.
5. The company received a $3,600 advance payment during the year on services to be performed. By the end of the year, one-fourth of the services had been performed.
The adjusting entry to record the accrued interest on the note would include a
a.
credit to Interest Income for $100.
b.
debit to Interest Payable for $100.
c.
credit to Interest Receivable for $100.
d.
debit to Interest Expense for $100.
69.Use this information pertaining to Alvino Corporation to answer the following question.
1. The corporation’s Store Supplies account showed a beginning debit balance of $200 and supplies purchased of $800. There were $300 of supplies on hand at year end.
2. Depreciation on a building is estimated to be $5,000.
3. A one-year insurance policy was purchased for $2,000. Three months have passed since the purchase.
4. Accrued interest on a note receivable amounted to $100.
5. The company received a $3,600 advance payment during the year on services to be performed. By the end of the year, one-fourth of the services had been performed.
The adjusting entry to record the amount of service revenue earned during the accounting period would include a
a.
debit to Unearned Revenue for $2,700.
b.
debit to Unearned Revenue for $900.
c.
debit to Earned Revenue for $2,700.
d.
credit to Unearned Revenue for $900.
70.If an adjusting entry were not made at the end of an accounting period to remove the earned revenue from the Unearned Revenue account,
a.
assets would be understated.
b.
liabilities would be understated.
c.
stockholders’ equity would be overstated.
d.
liabilities would be overstated.
