151.
On August 1, a company paid the $2,400 premium on a one-year insurance policy with
benefits beginning on that date. What will the balance be in the Prepaid Insurance account
on the Balance Sheet for the current year ended December 31?
152.
On August 1, a company paid the $2,400 premium on a one-year insurance policy with
benefits beginning on that date. Assuming no previous adjustments have been made for
the expired insurance, the correct adjusting entry on December 31 would be:
153.
Prior to recording adjusting entries, the Office Supplies account had a $1,750 debit
balance. A physical count of the supplies at the end of the period showed $925 of unused
supplies on hand. The required adjusting entry is:
154.
Victor Company received $3,200 from a customer in March of the current year as an
advance payment on services. At the end of the year, $1,400 worth of services have been
provided. The year-end adjusting entry that Victor should make to account for the revenue
earned is:
155.
Cleaver Corporation has determined that the annual depreciation amount on its equipment
is $7,100. The correct adjusting entry to record the depreciation for the period is:
156.
If the January 1 balance in the Supplies account for a company was $520, the company
purchased an additional $380 of supplies during the month, and a physical count of the
supplies indicates that $235 of supplies is on hand at the end of January, the adjusting
entry on January 31 for supplies should be:
157.
On January 1 a company purchased a five-year insurance policy for $1,800 with coverage
starting immediately. If the purchase was recorded in the Prepaid Insurance account, and
the company records adjustments only at year-end, the adjusting entry at the end of the
first year is:
158.
Unearned revenue is reported in the financial statements as:
159.
Which of the following assets is not depreciated?
160.
Which of the following does not require an adjusting entry at year-end?
161.
On May 1, a two-year insurance policy was purchased for $18,000 with coverage to begin
immediately. What is the amount of insurance expense that would appear on the
company’s income statement for the first year ended December 31?
162.
On May 1, Sellers Marketing Company received $1,500 from Franco Marcelli for a
marketing campaign effective from May 1 this year to April 30 of the following year. The
Cash receipt was recorded as unearned fees and at year-end on December 31, $1,000 of
the fees had been earned. The adjusting entry on December 31 would be:
163.
Incurred but unpaid expenses that are recorded during the adjusting process with a debit
to an expense and a credit to a liability are:
164.
A company pays each of its two office employees each Friday at the rate of $100 per day
for a five-day week that begins on Monday. If the monthly accounting period ends on
Tuesday and the employees worked on both Monday and Tuesday, the month-end
adjusting entry to record the salaries earned but unpaid is:
165.
A company pays its employees $4,000 each Friday, which amounts to $800 per day for the
five-day workweek that begins on Monday. If the monthly accounting period ends on
Thursday and the employees worked through Thursday, the amount of salaries earned but
unpaid at the end of the accounting period is:
166.
McDever Corporation bills a customer $5,100 at the end of the year for services provided.
The adjusting entry McDever should make to accrue the amount collectible is:
167.
The adjusting entry to record the salaries earned due to employees for services provided
but unpaid at the end of the accounting period affects the accounts in which of the
following ways?
168.
On January 1, Eastern College received $1,200,000 from its students for the spring
semester that it recorded in Unearned Tuition and Fees. The term spans four months
beginning on January 2 and the college spreads the revenue evenly over the months of the
term. What amount of tuition revenue should the college recognize on January 31?
169.
An adjusting entry was made on year-end December 31 to accrue salary expense of
$1,200. Which of the following entries would be prepared to record the $3,000 payment of
salaries in January of the following year assuming reversing entries were not made?
170.
The difference between the cost of an asset and the accumulated depreciation for that
asset is called
171.
What is the proper adjusting entry at December 31, the end of the accounting period, if the
balance in the prepaid insurance account is $7,750 before adjustment, and the
unexpired
amount per analysis of policies is, $3,250?
172.
A company recorded 2 days of accrued salaries of $1,400 for its employees on January 31.
On February 9, it paid its employees $7,000 for these accrued salaries and for other
salaries earned through February 9. Assuming reversing entries were not made, the
January 31 and February 9 journal entries are:
173.
On April 1, Griffith Publishing Company received $1,548 from Santa Fe, Inc. for 36-month
subscriptions to several different magazines. The company credited Unearned Fees for the
amount received and the subscriptions started immediately. What is the adjusting entry
that should be recorded by Griffith Publishing Company on December 31 of the first
year?
174.
On April 1, Griffith Publishing Company received $1,548 from Santa Fe, Inc. for 36-month
subscriptions to several different magazines. The company credited Unearned Fees for the
amount received and the subscriptions started immediately. What is the adjusting entry
that should be recorded by Griffith Publishing Company on December 31 of the second
year?