Question :
101. Which of the following does not require an adjusting entry : 1256793
101. Which of the following does not require an adjusting entry at year-end?
A. Accrued interest on notes payable.
B. Supplies used during the period.
C. Cash investments by stockholders.
D. Accrued wages.
E. Expired portion of prepaid insurance.
102. On April 30, 2014, a three-year insurance policy was purchased for $18,000 with coverage to begin immediately. What is the amount of insurance expense that would appear on the company’s income statement for the year ended December 31, 2014?
A. $500
B. $4,000
C. $6,000
D. $14,000
E. $18,000
103. ABC Co. leased a portion of its store to another company for eight months beginning on October 1, 2014,at a monthly rate of $800. This other company paid the entire $6,400 cash on October 1, which ABC Co. recorded as unearned revenue. The journal entry made by ABC Co. at year-end on December 31, 2014,would include:
A. A debit to Rent Earned for $2,400.
B. A credit to Unearned Rent for $2,400.
C. A debit to Cash for $6,400.
D. A credit to Rent Earned for $2,400.
E. A debit to Unearned Rent for $4,000.
104. On May 1, 2014, Giltus Advertising Company received $1,500 from Julie Bee for advertising services to be completed April 30, 2015. The cash receipt was recorded as unearned fees. At December 31, 2014, $500 of the fees had been earned. The adjusting entry on December 31, 2014,should include:
A. A debit to Unearned Fees for $500.
B. A credit to Unearned Fees for $500.
C. A credit to Earned Fees for $1,000.
D. A debit to Earned Fees for $1,000.
E. A debit to Earned Fees for $500.
105. Expenses incurred but unpaid that are recorded during the adjusting process with a debit to an expense and a credit to a liability are:
A. Intangible expenses
B. Prepaid expenses
C. Unearned expenses
D. Net expenses
E. Accrued expenses
106. The adjusting entry to record the earned but unpaid salaries of employees at the end of an accounting period is:
A. Debit Unpaid Salaries and credit Salaries Payable
B. Debit Salaries Payable and credit Salaries Expense
C. Debit Salaries Expense and credit Cash
D. Debit Salaries Expense and credit Salaries Payable
E. Debit Cash and credit Salaries Expense
107. A company pays each of its two office employees each Friday at the rate of $100 per day each for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is:
A. Debit Unpaid Salaries $600 and credit Salaries Payable $600
B. Debit Salaries Expense $400 and credit Salaries Payable $400
C. Debit Salaries Expense $600 and credit Salaries Payable $600
D. Debit Salaries Payable $400 and credit Salaries Expense $400
E. Debit Salaries Expense $400 and credit Cash $400
108. On January 1, Acme College received $1,200,000 in Unearned Tuition Revenue from its students for the spring semester, which spans four months beginning on January 2. What amount of tuition revenue should the college recognize on January 31?
A. $300,000
B. $600,000
C. $800,000
D. $900,000
E. $1,200,000
109. An adjusting entry was made on December 31, 2014to accrue a salary expense of $1,200. Which of the following entries would be prepared to record the next payment of salaries on January, 2015in the amount of $3,000?
A.
Salaries Expense
3,000
Salaries Payable
1,200
Cash
4,200
B.
Salaries Payable
3,000
Cash
3,000
C.
Salaries Payable
1,200
Cash
1,200
D.
Salaries Expense
1,200
Salaries Payable
1,200
E.
Salaries Payable
1,200
Salaries Expense
1,800
Cash
3,000
110. The difference between the cost of an asset and the accumulated depreciation for that asset is called
A. Depreciation Expense
B. Unearned Depreciation
C. Prepaid Depreciation
D. Depreciation Value
E. Book Value
