Question : 81. The entry to adjust for the cost of supplies used : 1234001

 

81. The entry to adjust for the cost of supplies used during the accounting period is 
A. Supplies Expense, debit; Supplies, credit
B. Capital Stock, debit; Supplies, credit
C. Accounts Payable, debit; Supplies, credit
D. Supplies, debit; credit Capital Stock

82. A business pays weekly salaries of $20,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Thursday is 
A. debit Salaries Payable, $16,000; credit Cash, $16,000
B. debit Salary Expense, $16,000; credit Dividends, $16,000
C. debit Salary Expense, $16,000; credit Salaries Payable, $16,000
D. debit Drawing, $16,000; credit Cash, $16,000

83. The balance in the prepaid insurance account before adjustment at the end of the year is $10,000. If the additional data for the adjusting entry is (1) “the amount of insurance expired during the year is $8,500,” as compared to additional data stating (2) “the amount of unexpired insurance applicable to a future period is $1,500,” for the adjusting entry: 
A. the debit and credit amount for (1) would be the same as (2) but the accounts would be different
B. the accounts for (1) would be the same as the accounts for (2) but the amounts would be different
C. the accounts and amounts would be the same for both (1) and (2)
D. there is not enough information given to determine the correct accounts and amounts

84. The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed 
A. historical cost
B. contra asset
C. book value
D. market value

85. The adjusting entry to record the depreciation of equipment for the fiscal period is 
A. debit Depreciation Expense; credit Equipment
B. debit Depreciation Expense; credit Accumulated Depreciation
C. debit Accumulated Depreciation; credit Depreciation Expense
D. debit Equipment; credit Depreciation Expense

86. As time passes, fixed assets other than land lose their capacity to provide useful services. To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called 
A. equipment allocation
B. depreciation
C. accumulation
D. matching

87. The entry to adjust the accounts for wages accrued at the end of the accounting period is 
A. Wages Payable, debit; Wages Income, credit
B. Wages Income, debit; Wages Payable, credit
C. Wages Payable, debit; Wages Expense, credit
D. Wages Expense, debit; Wages Payable, credit

88. The supplies account has a balance of $1,000 at the beginning of the year and was debited during the year for $2,800, representing the total of supplies purchased during the year. If $750 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is 
A. $750
B. $3,550
C. $3,800
D. $3,050

89. A company purchases a one-year insurance policy on June 1 for $840. The adjusting entry on December 31 is 
A. debit Insurance Expense, $350 and credit Prepaid Insurance, $350
B. debit Insurance Expense, $280 and credit Prepaid Insurance, $280
C. debit Insurance Expense, $490, and credit Prepaid Insurance, $490.
D. debit Prepaid Insurance, $720, and credit Cash, $720

90. If the prepaid rent account before adjustment at the end of the month has a debit balance of $1,600, representing a payment made on the first day of the month, and if the monthly rent was $800, the amount of prepaid rent that would appear on the balance sheet at the end of the month, after adjustment, is 
A. $800
B. $400
C. $2,400
D. $1,600

 

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