Question

1.Brian is putting together a balance worksheet and just finished entering the balances of the general ledger accounts into the trial balance section of the worksheet.

After making sure that the trial balance is accurate, Brian will prepare the __________ section, followed by the __________ section of the worksheet.

a.)income statement; balance sheet

b.)balance sheet; closing entries

c.)adjusting entries; adjusted trial balance

d.)adjusted trial balance; income statement

2 Which of the following statements is NOT a characteristic of a trial balance?

a.)All account totals are summarized.

b.)The report is made public.

c.)Posting errors are identified.

d.)Debit totals and credit totals are compared.

3 Which scenario below correctly describes an unearned revenue adjustment entry?

a.)Brian accounted for the printer ink cartridges that he used during the month for his various orders.

b.)Brian made the next adjustment and recorded $2,975 to be paid to graphic artist contractors at the end of the month, when paychecks were sent out.

c.)Brian was halfway through a project that involved creating and printing advertisement posters for a local hardware store. He would not be paid until the project was complete.

d.)Brian was recently hired to create and print brochures and business cards for the customer's new landscaping company. Brian was given a down payment for his work, but had not yet begun work

4 Sharon would make an adjustment entry to __________ to record the $500 her company received from a customer to perform future services.

Suppose that before the adjusting entry, the balance in this account was $2,725. After the adjusting entry, the ending balance will be __________.

a.)accounts receivable; $2,225

b.)prepaid expenses; $2,225

c.)unearned revenue; $3,225

d.)accrued revenue; $3,225

5 In the general journal, Amy saw a record in the owner's drawing account indicating that a partner withdrew $675 from her firm last month.

Which of the following is a closing general journal entry that Amy will make related to this withdrawal?

a.)Amy will not make a closing general journal entry related to this withdrawal.

b.)Amy will record a credit of $675 to the cash account.

c.)Amy will record a debit of $675 to the owner's capital account.

d.)Amy will record a credit of $675 to accounts payable.

Answer 1

Ans 1

c.)adjusting entries; adjusted trial balance

Ans 2

b.)The report is made public.

Ans 3

d.)Brian was recently hired to create and print brochures and business cards for the customer's new landscaping company. Brian was given a down payment for his work but had not yet begun work

Ans 4

c.)unearned revenue; $3,225

Ans 5

c.)Amy will record a debit of $675 to the owner's capital account.

Note:- Since, there are so many questions therefore, I only provided answers. If you need any help with the explanation, please comment.

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