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ACCT 201 Name: Alexandre Morais
Evaluation of Critical Thinking Process
in Problem Solving (Metacognition) Fall 2016
You recently took a quiz on adjusting entries.
Select one adjusting entry from the quiz. If you had any errors select an adjusting entry that you did incorrectly.
In the box below show the adjusting entry that you Prepare the correct adjusting entry in the box below:
made on your quiz (as originally recorded): INCLUDE ANY SUPPORTING COMPUTATIONS:
Was the entry on the quiz incorrect _______X__ or correct__________
Show the entry from the quiz.
Question 1- On November 1, 2016, profit paid
$3,600 for 12 months of rent in advance
Debit Credit
Rent Expense 300
Rent 300
Prepare the correct entry here.
Debit Credit
Rent Expense 600
Prepaid Rent 600
How does the required adjusting entry affect the following financial statements (Be specific)?
If you solved the problem incorrectly, specifically identify which element was affected by the error and whether it is
over or understated and by how much.
If you solved the problem correctly, specifically identify how the financial statement element was affected because the
adjusting entry was made?
Income Statement
In my first entry, I understated my expense account in $300 and therefore I overstated the net
income in $300. Moreover, I did not correctly identify the right account. For example, I had to
credit $600 in prepaid rent but I did credit $300 in rent.
Reflect on your
own problem
solving / analysis
process.
Firstly, I figure out what type of account I will be working on. And then, I need to find the total
money used in a specific transaction. Moreover, the final money will be changed according to
the time used. Also I have to figure out which account will be crediting or debiting to organize
my adjusted entry.
