Question

In: Accounting

1. In the completed work sheet, which of the following sets of columns would contain the...

1. In the completed work sheet, which of the following sets of columns would contain the two balances in the Income Summary account representing beginning and ending inventory when using the periodic inventory system?

a. Adjustments and Balance Sheet columns

b. Trial Balance and Adjustments columns

c. Trial Balance and Income Statement columns

d. Adjustments and Income Statement columns

e. Trial Balance and Balance Sheet columns

2. If the trial balance amount of Unearned Pest Spray Revenue is $50,000, and $40,000 has been earned by the end of the fiscal period, the adjustment would be

a. debit Pest Spray Revenue; credit Unearned Pest Spray Revenue.

b. debit Unearned Pest Spray Revenue; credit Cash.

c. debit Cash; credit Unearned Pest Spray Revenue.

d. debit Accounts Payable; credit Unearned Pest Spray Revenue.

e. debit Unearned Pest Spray Revenue; credit Pest Spray Revenue.

3. Adjusting entries are journalized and posted in a noncomputerized system

a. after the closing entries have been journalized.

b. after the trial balance is prepared but before the work sheet is completed.

c. after the adjustments are entered in the work sheet but before the work sheet is completed.

d. after the worksheet is completed but before the financial statements are prepared.

e. at none of these times.

4. Which of the following account type is NOT located on the worksheet's balance sheet?

a. Assets

b. Purchase Discounts

c. Drawing

d. Liabilities

5. Net income appears on the work sheet in the

a. Balance Sheet Debit column.

b. Income Statement Debit column.

c. Adjustments Debit column.

d. Income Statement Credit column.

e. Adjusted Trial Balance Debit column.

Solutions

Expert Solution

1. c. Trial Balance and Income Statement columns.

  • Trial Balance and Income Statement columns represents beginning and ending inventory when company used periodic inventory system.

2. e.  debit Unearned Pest Spray Revenue; credit Pest Spray Revenue.

  • Since service of $40,000 has been provided, to that extent revenue will be released from unearned revenue to Pest Spray revenue.

3. d.  after the worksheet is completed but before the financial statements are prepared.

  • Before Preparing the financial statements, Adjusting entries are posted to finalized financials.

4. b.  Purchase Discounts.

  • Since it is part of income statement.

5. b.  Income Statement Debit column.

  • Since Net income is surplus of Credit over Debit, so balance left will be on Debit side of income statement.

Related Solutions

1. The fourth pair of columns on a 10-column work sheet prepared at the end of the period would be the
1. The fourth pair of columns on a 10-column work sheet prepared at the end of the period would be theIncome Statement columns.Adjusted Trial Balance columns.Balance Sheet columns.Adjustments columns.2. The third pair of columns on a 10-column work sheet prepared at the end of the period would be theAdjustments columns.Adjusted Trial Balance columns.Income Statement columns.Balance Sheet columns.3. The owner's equity in a business amounted to $52,000 at the beginning of the year and $100,000 at the end of the year....
The Income Statement and Balance Sheet columns below are from the work sheet of the Mandle...
The Income Statement and Balance Sheet columns below are from the work sheet of the Mandle Company for the year ended December 31, 20--. Mandle Company Work Sheet (partial) For the year ended December 31, 20-- Income Statement Balance Sheet Account Title Debit Credit Debit Credit Cash 24,000 Accounts Receivable 12,500 Merchandise Inventory 8,000 Store Supplies 550 Office Supplies 1,200 Prepaid Insurance 750 Store Equipment 33,000 Accumulated Depreciation—Store Equipment 19,000 Office Equipment 9,000 Accumulated Depreciation—Office Equipment 5,000 Accounts Payable 9,900...
Use the following information from the Adjustments columns of a 10-column work sheet.    Adjustments No....
Use the following information from the Adjustments columns of a 10-column work sheet.    Adjustments No. Account Title Dr. Cr. 109 Interest receivable (d) $ 571 124 Office supplies (b) $ 1,628 128 Prepaid insurance (a) 878 164 Accumulated depreciation—Office equipment (c) 3,300 209 Salaries payable (e) 651 409 Interest revenue (d) 571 612 Depreciation expense—Office equipment (c) 3,300 620 Office salaries expense (e) 651 636 Insurance expense—Office equipment (a) 421 637 Insurance expense—Store equipment (a) 457 650 Office supplies...
Completion of a Work Sheet Showing a Net Loss 1. Complete the Adjustments columns. 2. Complete...
Completion of a Work Sheet Showing a Net Loss 1. Complete the Adjustments columns. 2. Complete the work sheet. 3. Enter the adjustments in a general journal. If an amount box does not require an entry, leave it blank. The trial balance for Cascade Bicycle Shop, a business owned by David Lamond, is shown below. Cascade Bicycle Shop Trial Balance December 31, 20 -- ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE Cash 23,385 Accounts Receivable 14,985 Merchandise Inventory 31,390 Supplies 7,375...
Work Sheet Extensions for Merchandise Inventory Adjustments: Periodic Inventory System 1. Complete the Adjustments columns for...
Work Sheet Extensions for Merchandise Inventory Adjustments: Periodic Inventory System 1. Complete the Adjustments columns for the merchandise inventory. 2. Extend the merchandise inventory to the Adjusted Trial Balance and Balance Sheet columns. 3. Extend the remaining accounts to the Adjusted Trial Balance and Income Statement columns. 4. Prepare a cost of goods sold section from the partial work sheet. The following partial work sheet is taken from Kevin's Gift Shop for the year ended December 31, 20--. The ending...
Which of the following accounts would appear in the Income Statement columns of the end-of-period spreadsheet?...
Which of the following accounts would appear in the Income Statement columns of the end-of-period spreadsheet? Select one: a. Unearned Revenue b. Cash c. Prepaid Insurance d. Net Loss
1. The completed financial statement columns of the worksheet for Blossom Company are shown as follows:...
1. The completed financial statement columns of the worksheet for Blossom Company are shown as follows: Blossom Company Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Account No. Account Titles Dr. Cr. Dr. Cr. 101 Cash 9,000 112 Accounts Receivable 10,600 130 Prepaid Insurance 2,800 157 Equipment 24,100 158 Accumulated Depreciation—Equip. 4,300 201 Accounts Payable 8,900 212 Salaries and Wages Payable 2,300 301 Owner’s Capital 20,000 306 Owner’s Drawings 10,300 400 Service Revenue 60,100 622 Maintenance...
Which of the following sets of quantum numbers are not allowed? For the sets that are...
Which of the following sets of quantum numbers are not allowed? For the sets that are incorrect state what is wrong. For the sets that are correct, give the orbital designation (eg 1s, 2px). n l ml ms a) 2 1 +1 +1/2 b) 2 2 -1 -1/2 c)75-4 0 d) 4 2 -2 +1/2
State which of the following sets of quantum numbers would be possible and which impossible for an electron in an atom.
State which of the following sets of quantum numbers would be possible and which impossible for an electron in an atom. 
Which of the following items would be found on the balance sheet of a manufacturer?
Which of the following items would be found on the balance sheet of a manufacturer? finished goods work in process raw materials All of these choices are correct
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT