Question

Which of the following is/are an example of an adjusting entry?

Recognizing the expired portion of 'prepaid rent'.

Collecting cash from customers on goods previously sold on account.

Selling goods to a customer on account.

All of the other choices are an example of an adjusting entry.

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Question 21 pts

Which accounting record is a listing of all account names and their balances?

A T-account

A trial balance

A journal entry

A general ledger

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Question 31 pts

A company sells goods to a customer on account. Which of the following is the journal entry to record this transaction?

DR Accounts receivable, CR Revenue

DR Cash, CR Accounts receivable

DR Accounts receivable, CR Cash

DR Revenue, CR Accounts receivable

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Question 41 pts

Which of the following statements about the account 'Dividends declared' is correct?

It is closed to retained earnings at the end of the year.

It affects net income and will appear on the statement of cash flows.

It is included on the statement of financial position.

It affects net income and is closed to retained earnings at the end of the year.

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Question 51 pts

You have $2,500 deposited in a savings account with a local bank. From your perspective, the $2,500 is _______ ; from the bank's perspective, the $2,500 is ___________.

a liability ; an asset

an asset ; a liability

an asset ; equity

equity ; an asset

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Question 61 pts

Employees earn wages of $3,500 during January 2016, but the company has not yet paid the employees. Under accrual accounting, what journal entry would be required at January 31, 2016?

DR Wages expense $3,500, CR Wages payable $3,500

No journal entry would be required as there has not yet been an economic exchange

DR Wages payable $3,500, CR Wages expense $3,500

DR Wages expense $3,500, CR Cash $3,500

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Question 71 pts

What is used to enter information about economic events in to the accounting system?

A trial balance

A general ledger

A journal entry

A closing entry

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Question 81 pts

Which of the following accounts has a balance that decreases with a debit?

Cost of goods sold expense

Accounts payable

Cash

Intangible assets

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Question 91 pts

Which of the following accounts does not usually have a debit balance?

Accounts receivable

Dividends declared

Depreciation expense.

Accumulated depreciation

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Question 101 pts

Which of the following accounts does not usually have a credit balance?

Accumulated depreciation

Dividends payable

Prepaid insurance

Retained earnings

Answer 1

1. Recognizing the expired portion of 'prepaid rent' is an adjusting entry.

2. A trial balance is a listing of all account names and their balances

3.A company sells goods to a customer on account. The journal entry for the transaction is

DR Accounts receivable, CR Revenue

4. Dividend is declared means It is included on the statement of financial position.

5. You have $2,500 deposited in a savings account with a local bank. From your perspective, the $2,500 is asset; from the bank's perspective, the $2,500 is liability.

6.Employees earn wages of $3,500 during January 2016, but the company has not yet paid the employees. The journal entry will be DR Wages expense $3,500, CR Wages payable $3,500

7.A journal entry is used to enter information about economic events in to the accounting system

8. Accounts Payable has a balance that decreases with a debit

9. Accumulated depreciation wil generally not have a debit balance

10. Prepaid Insurance will usually not have a credit balances