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Question : 173. The adjusted trial balance contains information pertaining to: A. Asset accounts only.B. Balance : 1257834

Accounting

 

173. The adjusted trial balance contains information pertaining to: 
A. Asset accounts only.
B. Balance sheet accounts only.
C. Income statement accounts only.
D. All general ledger accounts.
E. Revenue accounts only.

174. Financial statements are typically prepared in the following order: 
A. Balance sheet, statement of  retained earnings, income statement.
B. Statement of  retained earnings, balance sheet, income statement.
C. Income statement, balance sheet, statement of  retained earnings.
D. Income statement, statement of  retained earnings, balance sheet.
E. Balance sheet, income statement, statement of  retained earnings.

175. Under the alternative method for recording prepaid expenses, which is the correct set of journal entries?
 

Initial Entry                             Adjusting Entry

A)   

Insurance Expense
    Cash

 

Prepaid Insurance
Insurance Expense

B)

Cash
Insurance Expense

 

Prepaid Insurance
Insurance Expense

C)

Prepaid Insurance
Cash

 

Prepaid Insurance
Insurance Expense

D)

Prepaid Insurance

 

Insurance Expense

 

    Cash

 

Prepaid Insurance

E)

Prepaid Insurance
Insurance Expense

 

Cash
    Prepaid Insurance

176. Which of the following statements related to U.S. GAAP and IFRS is incorrect: 
A. Both U.S. GAAP and IFRS include guidance for adjusting entries.
B. Both U.S. GAAP and IFRS prepare the same four financial statements.
C. U.S. GAAP does not require items to be separated by current and noncurrent classifications on the balance sheet.
D. U.S. GAAP balance sheets report current items first.
E. IFRS balance sheets normally present noncurrent items first.

177. On December 1, Milton Company borrowed $300,000, at 8% annual interest, from the Tennessee National Bank. Interest is paid when the loan matures one year from the issue date. What is the adjusting entry for accruing interest that Milton would need to make on December 31, the calendar year-end?
A. debit Interest Payable, $2,000; credit Interest Expense, $2,000
B. debit Interest Expense, $2,000; credit Interest Payable, $2,000
C. debit Interest Expense, $2,000; credit Cash, $2,000
D. debit Interest Expense, $4,000; credit Interest Payable, $4,000.
E. debit Interest Expense, $24,000; credit Interest Payable, $24,000.

178. An annual reporting period consisting of any twelve consecutive months is known as: 
A. Fiscal year.
B. Calendar year.
C. Interim financial period.
D. Natural business year.
E. Seasonal year.

179. Assuming unearned revenues are originally recorded in balance sheet accounts, the adjusting entry to record earning of unearned revenue is: 
A. Increase an expense; increase a liability.
B. Increase an asset; increase revenue.
C. Decrease a liability; increase revenue.
D. Increase an expense; decrease an asset.
E. Increase an expense; decrease a liability.

180. The adjusting entry to record an accrued expense is: 
A. Increase an expense; increase a liability.
B. Increase an asset; increase revenue.
C. Decrease a liability; increase revenue.
D. Increase an expense; decrease an asset.
E. Increase an expense; decrease a liability.

181. The adjusting entry to record an accruedrevenue is: 
A. Increase an expense; increase a liability.
B. Increase an asset; increase revenue.
C. Decrease a liability; increase revenue.
D. Increase an expense; decrease an asset.
E. Increase an expense; decrease a liability.

182. On October 1, Goodwell Company rented warehouse space to a tenant for $2,500 per month and received $12,500 for five months’ rent in advance on that date. The collection was credited to the Unearned Rent account. The company’s annual accounting period ends on December 31. The Unearned Rent account balance at the end of December, after adjustment, should be: 
A. $5,000.
B. $7,500.
C. $12,500.
D. $2,500.
E. $10,000.

183. Sanborn Company has 10 employees, who earn a total of $1,800 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that year ended December 31, is a Wednesday and all employees will be paid salaries for five full days on the following Monday. The adjusting entry needed on December 31 is: 
A. Debit Salaries Expense, $5,400; credit Salaries Payable, $5,400.
B. Debit Salaries Expense, $3,600; credit Salaries Payable, $3,600.
C. Debit Salaries Expense, $9,000; credit Salaries Payable, $9,000.
D. Debit Salaries Payable, $5,400; credit Salaries Expense, $5,400.
E. Debit Salaries Expense, $5,400; credit Cash, $5,400.

184. On January 1, Imlay Company purchases manufacturing equipment costing $95,000 that is expected to have a five-year life and an estimated salvage value of $5,000. Imlay uses the straight-line depreciation method to allocate costs. The adjusting entry needed on December 31 of the first year is: 
A. Debit Depreciation Expense, $9,000; credit Accumulated Depreciation, $9,000.
B. Debit Depreciation Expense, $18,000; credit Accumulated Depreciation, $18,000.
C. Debit Depreciation Expense, $90,000; credit Accumulated Depreciation, $90,000.
D. Debit Depreciation Expense, $18,000; credit Equipment, $18,000.
E. Debit Depreciation Expense, $9,000; credit Equipment, $9,000.

185.  Holman Company owns equipment with an original cost of $95,000 and an estimated salvage value of $5,000 that is being depreciated at $15,000 per year using the straight-line depreciation method. The adjusting entry needed to record annual depreciation is: 
A. Debit Depreciation Expense, $15,000; credit Equipment, $15,000.
B. Debit Equipment, $15,000; credit Accumulated Depreciation, $15,000.
C. Debit Depreciation Expense, $10,000; credit Accumulated Depreciation, $10,000.
D. Debit Depreciation Expense, $10,000; credit Equipment, $10,000.
E. Debit Depreciation Expense, $15,000; credit Accumulated Depreciation, $15,000.

186. On December 31, 2015 Carmack Company received a $215 utility bill for December that it will not pay until January 15. The adjusting entry needed on December 31 to accrue this expense is: 
A. Debit Utilities Expense $215; credit Accounts Payable $215.
B. Debit Accounts Payable $215; credit Utilities Expense $215.
C. Debit Prepaid Utilities $215; credit Cash $215.
D. Debit Utilities Expense $215; credit Prepaid Utilities $215.
E. Debit Prepaid Utilities $215; credit Accounts Payable $215.

 

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July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

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July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

default image
July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

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