Accounting

The employees of Lucid Laboratories are paid every two weeks on Friday for a Monday though Friday ...

The employees of Lucid Laboratories are paid every two weeks on Friday for a Monday though Friday ...

The employees of Lucid Laboratories are paid every two weeks on Friday for a Monday though Friday work week. Total payroll is $1200 and covers 10 workdays. The end of the current month falls on the second Tuesday of the pay period. What is the adjust

enrique_sanchez   67   2 Replies

enrique_sanchez

The White Boar Pub purchased a two year insurance policy for $6600 on February 1 and recorded it as ...

The White Boar Pub purchased a two year insurance policy for $6600 on February 1 and recorded it as ...

The White Boar Pub purchased a two year insurance policy for $6600 on February 1 and recorded it as an asset.  On June 30, the adjusting entry that should be made is ________.

A)
Prepaid Insurance 5225
      Insurance Expense5225

B)
Insura

NikNik   89   2 Replies

NikNik

When an unearned revenue is initially recorded as a liability, the adjusting entry includes ________.

When an unearned revenue is initially recorded as a liability, the adjusting entry includes ________.

When an unearned revenue is initially recorded as a liability, the adjusting entry includes ________.
A) a credit to a liability
B) a credit to a revenue
C) a debit to a revenue
D) a debit to an expense

kAw   49   2 Replies

kAw

When a prepaid expense initially recorded as an asset is incurred, the adjusting entry includes ________.

When a prepaid expense initially recorded as an asset is incurred, the adjusting entry includes ________.

When a prepaid expense initially recorded as an asset is incurred, the adjusting entry includes ________.
A) a debit to an asset
B) a credit to a liability
C) a credit to an expense
D) a debit to an expense

pri   45   1 Reply

Vslice52

Which of the following is not an adjusting entry?

Which of the following is not an adjusting entry?

Which of the following is not an adjusting entry?
A) Depreciation Expense
Accumulated Depreciation
B) Unearned Service Revenue
Service Revenue
C) Cash
Unearned Rent Revenue
D) Insurance Expense
Prepaid Insurance

kaylie.yardley   38   3 Replies

fifah96

Which of the following is an adjusting entry?

Which of the following is an adjusting entry?

Which of the following is an adjusting entry?
A) Allowance for Uncollectible Accounts
Accounts Receivable
B) Depletion Expense
Intangible Asset
C) Cash
Unearned Revenue
D) Interest Expense
Cash

KaptainZ   44   2 Replies

KaptainZ

Accrued expenses are paid before they are incurred.

Accrued expenses are paid before they are incurred.

Accrued expenses are paid before they are incurred.
[True or False]

vfairch   36   1 Reply

sharycec

Accrued revenues are earned before they are received.

Accrued revenues are earned before they are received.

Accrued revenues are earned before they are received.
[True or False]

Fernan1999   30   3 Replies

alejomm21

If a company earns interest in June but does not receive it until December, this is referred to as ...

If a company earns interest in June but does not receive it until December, this is referred to as ...

If a company earns interest in June but does not receive it until December, this is referred to as an accrued revenue.
[True or False]

tt870116tw   47   2 Replies

tt870116tw

If a company fails to adjust a deferred revenue recorded as a liability, liabilities will be ...

If a company fails to adjust a deferred revenue recorded as a liability, liabilities will be ...

If a company fails to adjust a deferred revenue recorded as a liability, liabilities will be overstated on the income statement.
[True or False]

felipebelt   50   2 Replies

felipebelt

If a company fails to to adjust a deferred revenue recorded as a liability, revenues will be ...

If a company fails to to adjust a deferred revenue recorded as a liability, revenues will be ...

If a company fails to to adjust a deferred revenue recorded as a liability, revenues will be overstated on the income statement.
[True or False]

hkk   30   3 Replies

mitheorem

If a company initially records a deferred revenue as a liability, an adjusting entry must be made at ...

If a company initially records a deferred revenue as a liability, an adjusting entry must be made at ...

If a company initially records a deferred revenue as a liability, an adjusting entry must be made at the end of the period to increase the revenue account.
[True or False]

Meesh1234   47   2 Replies

Meesh1234

If a company initially records a deferred revenue as a liability, an adjusting entry must be made at ...

If a company initially records a deferred revenue as a liability, an adjusting entry must be made at ...

If a company initially records a deferred revenue as a liability, an adjusting entry must be made at the end of the period to increase the liability account.
[True or False]

asdf300   67   2 Replies

asdf300

Deferred expenses may be initially recorded as assets or revenues.

Deferred expenses may be initially recorded as assets or revenues.

Deferred expenses may be initially recorded as assets or revenues.
[True or False]

rogers   50   3 Replies

Pmay23

Deferred expenses may be initially recorded as assets or expenses.

Deferred expenses may be initially recorded as assets or expenses.

Deferred expenses may be initially recorded as assets or expenses.
[True or False]

applesauce234   64   1 Reply

girlinthebox

If a company does not adjust a prepaid expense initially recorded as an asset, expenses will be overstated.

If a company does not adjust a prepaid expense initially recorded as an asset, expenses will be overstated.

If a company does not adjust a prepaid expense initially recorded as an asset, expenses will be overstated.
[True or False]

TArisorev   54   1 Reply

jenkinsleslie19

If a company does not adjust a prepaid expense initially recorded as an asset, assets will be understated.

If a company does not adjust a prepaid expense initially recorded as an asset, assets will be understated.

If a company does not adjust a prepaid expense initially recorded as an asset, assets will be understated.
[True or False]

moonflowerz   57   2 Replies

moonflowerz

Recording depreciation expense is necessary to allocate the cost of an asset over its expected useful life.

Recording depreciation expense is necessary to allocate the cost of an asset over its expected useful life.

Recording depreciation expense is necessary to allocate the cost of an asset over its expected useful life.
[True or False]

2yankees2   59   2 Replies

2yankees2

If a company initially records a prepaid expense as an asset, an adjusting entry must be made at the ...

If a company initially records a prepaid expense as an asset, an adjusting entry must be made at the ...

If a company initially records a prepaid expense as an asset, an adjusting entry must be made at the end of the period to increase the expense account.
[True or False]

shy567   36   2 Replies

shy567

Deferrals occur when a company receives or pays cash before recognizing the revenue or expense in ...

Deferrals occur when a company receives or pays cash before recognizing the revenue or expense in ...

Deferrals occur when a company receives or pays cash before recognizing the revenue or expense in the financial statements.
[True or False]

NegativePanda   31   2 Replies

NegativePanda

Accruals occur when a company receives or pays cash before recognizing the revenue or expense in the ...

Accruals occur when a company receives or pays cash before recognizing the revenue or expense in the ...

Accruals occur when a company receives or pays cash before recognizing the revenue or expense in the financial statements.
[True or False]

maximus5   31   2 Replies

maximus5

Adjusting journal entries are made to ensure that all revenues and/or expenses are recognized in the ...

Adjusting journal entries are made to ensure that all revenues and/or expenses are recognized in the ...

Adjusting journal entries are made to ensure that all revenues and/or expenses are recognized in the period in which they are incurred.
[True or False]

yupyup0214   43   2 Replies

yupyup0214

Adjusting journal entries are normally not necessary when cash based accounting is used.

Adjusting journal entries are normally not necessary when cash based accounting is used.

Adjusting journal entries are normally not necessary when cash based accounting is used.
[True or False]

laurenamarissa   70   3 Replies

Melkys23

Every adjusting journal entry will affect one balance sheet account and one income statement account.

Every adjusting journal entry will affect one balance sheet account and one income statement account.

Every adjusting journal entry will affect one balance sheet account and one income statement account.
[True or False]

alockridge95   57   3 Replies

aiyanaangeni1

What are the common errors that a trial balance will not reveal?

What are the common errors that a trial balance will not reveal?

What are the common errors that a trial balance will not reveal?

swaggy456   28   3 Replies

stillfa

Which of the following errors will not be revealed by the unadjusted trial balance?

Which of the following errors will not be revealed by the unadjusted trial balance?

Which of the following errors will not be revealed by the unadjusted trial balance?
A) incorrectly posting a debit for Salaries Expense to Supplies Expense
B) failing to post one side of a journal entry
C) posting a $50,000 debit to Accounts Recei

anlore   23   3 Replies

dima3719

Which of the following recording errors will be revealed by the unadjusted trial balance?

Which of the following recording errors will be revealed by the unadjusted trial balance?

Which of the following recording errors will be revealed by the unadjusted trial balance?
A) incorrectly posting a debit for Supplies Expense to Salaries Expense
B) inadvertently omitting an entry recording the purchase of small tools from posting

mkendrick08   51   3 Replies

beck98

An entry to record deprecation in the current period will be recorded after the unadjusted trial ...

An entry to record deprecation in the current period will be recorded after the unadjusted trial ...

An entry to record deprecation in the current period will be recorded after the unadjusted trial balance is prepared.
[True or False]

yomama1997   35   1 Reply

jenngeraghty

If a debit to Repairs Expense is inadvertently posted to Rent Expense, the unadjusted trial balance ...

If a debit to Repairs Expense is inadvertently posted to Rent Expense, the unadjusted trial balance ...

If a debit to Repairs Expense is inadvertently posted to Rent Expense, the unadjusted trial balance will still balance.
[True or False]

k9ikiki   69   1 Reply

eisman32

If a journal entry has not been posted to the general ledger, the unadjusted trial balance will still balance.

If a journal entry has not been posted to the general ledger, the unadjusted trial balance will still balance.

If a journal entry has not been posted to the general ledger, the unadjusted trial balance will still balance.
[True or False]

Milestonee   58   1 Reply

jenkinsleslie19

If the total of all debit entries equals the total of all credit entries on the unadjusted trial ...

If the total of all debit entries equals the total of all credit entries on the unadjusted trial ...

If the total of all debit entries equals the total of all credit entries on the unadjusted trial balance, all transactions have been correctly recorded.
[True or False]

zurainzlpt   42   2 Replies

zurainzlpt

Financial statements are prepared using data from the unadjusted trial balance.

Financial statements are prepared using data from the unadjusted trial balance.

Financial statements are prepared using data from the unadjusted trial balance.
[True or False]

liz_08   47   1 Reply

DDALE0911

Balance sheet accounts are the first accounts to be listed on the unadjusted trial balance.

Balance sheet accounts are the first accounts to be listed on the unadjusted trial balance.

Balance sheet accounts are the first accounts to be listed on the unadjusted trial balance.
[True or False]

mewdie   76   3 Replies

shriner

The reference number in the general ledger refers to ________.

The reference number in the general ledger refers to ________.

The reference number in the general ledger refers to ________.
A) Chart of Account numerical listing
B) chronological order of the entry
C) general journal page number
D) general ledger page number

HaydenH01   27   1 Reply

connorfitz

Amazing Grapes wine store paid utilities and recorded the economic event in the general ledger. ...

Amazing Grapes wine store paid utilities and recorded the economic event in the general ledger. ...

Amazing Grapes wine store paid utilities and recorded the economic event in the general ledger.  When posting to the journal, an impacted account includes ________.
A) Retained Earnings
B) Accounts Payable
C) Utilities Expense
D) Both C and B

Stones McGee   21   3 Replies

emmamarie143

In transferring information to the general ledger, the reference column contains the ________.

In transferring information to the general ledger, the reference column contains the ________.

In transferring information to the general ledger, the reference column contains the ________.
A) chronological order of the entry
B) general journal page number
C) account abbreviation
D) general ledger page number

emily8694   17   1 Reply

isaiah43

The process of transferring information into individual ledger accounts is called ________.

The process of transferring information into individual ledger accounts is called ________.

The process of transferring information into individual ledger accounts is called ________.
A) ledgering
B) transferring
C) journalizing
D) posting

Bubbles1999   20   1 Reply

jenkinsleslie19

The posting reference in the general ledger is the general journal page number.

The posting reference in the general ledger is the general journal page number.

The posting reference in the general ledger is the general journal page number.
[True or False]

mkama   85   3 Replies

iris

Accounts are presented in the general ledger in the same order as they are presented in the ...

Accounts are presented in the general ledger in the same order as they are presented in the ...

Accounts are presented in the general ledger in the same order as they are presented in the financial statements.
[True or False]

Stones McGee   24   3 Replies

BXIUte4281

The general journal presents transactions ________.

The general journal presents transactions ________.

The general journal presents transactions ________.
A) by account
B) chronologically
C) by normal balance
D) None of the above

christyjames   24   2 Replies

christyjames