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80.
Which of the following would not be considered an adjusting entry?
81.
In which of the following situations would an adjusting entry be made at the end of
January to record an accrued expense?
82.
As of January 31, Princess Company owes $500 to Butler Co. for equipment rented during
January. If no adjustment is made for this item at January 31, how will Princess's financial
statements be affected?
83.
Which of the following is
not
considered an end-of-period adjusting entry?
84.
The accrual of interest on a note payable will:
Topic: Adjusting Entries
Omega Company adjusts its accounts at the end of each month. The following information
has been assembled in order to prepare the required adjusting entries at December 31:
85.
Refer to the information above. What amount of interest expense has accrued on the bank
loan?
86.
Refer to the information above. The accrued interest should be:
87.
Refer to the information above. By what amount will the book value of the office
equipment decline after the appropriate December adjustment is recorded?
88.
Refer to the information above. After the appropriate adjusting entry is recorded, the
balance in the liability account Unearned Fees will:
89.
Refer to the information above. The entry to record rent expense will include:
90.
Refer to the information above. Failure to make the appropriate adjustment to the Salary
Expense account will:
91.
On December 31, Louis Jeweler's made an adjusting entry to record $4,200 accrued
interest payable on its mortgage. On January 10, the mortgage payment was made. This
payment included interest charges of $6,300, $2,100 of which were applicable to the
period from January 1 through January 10. When recording this mortgage payment, the
accountant should:
92.
Under accrual accounting, salaries earned by employees but not yet paid should be
expensed:
93.
Gordy's Corp. has seven employees. Each earns $800 per week for a five day work week
ending on Friday. This month, the last day of the month falls on a Thursday. The company
should make an adjusting entry:
4-49
94.
Refer to the information above. What amount of interest expense has accrued on the bank
loan?
95.
Refer to the information above. How much is owed the employees for their wages?
96.
Refer to the information above. What should be the balance of the Prepaid Rent?
97.
Refer to the information above. How much depreciation expense should be recorded for
December?
98.
During the last month of its fiscal year, Echo Lake Resort provided catering services for
local business. Echo Lake Resort has not yet received payment from the local business.
The entry to record this event is an example of an adjusting entry:
99.
The accountant for the Grassroots Company failed to make an adjusting entry to record
revenue earned but not yet billed to customers. The effect of this error is:
100.
An adjusting entry involving recognition of accrued revenue is necessary at the end of
March in which of the following situations?
101.
Regal Real Estate which maintains its accounts on the basis of a fiscal year ending June
30, began the management of an office building on June 15 for an agreed annual fee of
$4,800. The first payment is due on July 15. The adjusting entry required at June 30 is:
102.
Great Kids Co. began providing day care for the children of employees of a large
corporation on January 15 for an agreed monthly fee of $9,000. The first payment is to be
received on February 15. The adjusting entry required by Great Kids Co. on
January
31
includes:
103.
Adjusting entries help achieve the goals of accrual accounting by applying the following
two accounting principles:
104.
Which of the following is the accounting principle that governs the timing of revenue
recognition?
105.
Which of the following accounting principles is concerned with offsetting revenue with the
expenses incurred in producing that revenue?
106.
Dolphin Co. received $1,500 in fees during 2014, 1/3 of which will be earned in 2015, the
rest was earned when the amount was received. The company should report which of the
following amounts as income in 2014?
107.
Swordfish Co. earned $75,000 in 2013 and expects to receive 2/3 of the amount in 2014
and the remainder in 2015. How much revenue should Swordfish Co. report in 2013?
108.
The concept of materiality:
109.
Which of the following statements concerning materiality is true?
110.
The concept of materiality:
111.
Which of the following would
not
be a proper application of the concept of materiality by
Millridge Corporation?
112.
Which statement is true about an adjusted trial balance?
