I. Choose the answer that best describes the proper adjusting entry:
1. Depreciation on Building is estimated to be $5,000
a. debit to accumulated depreciation for $5,000
b. credit to accumulated depreciation for $5,000
c. credit to depreciation expense $5,000
d. credit to buildings for $ 5,000
2. A one year insurance policy was purchased for $2,000.
Three months has expired.
a. debit to prepaid insurance for $500
b. credit to prepaid insurance for $500
c. credit to insurance expense for $1,500
d. debit to insurance expense for $1,500
3. Accrued interest on note payable amounts to $100
a. credit to interest receivable for $100
b. credit to interest expense for $100
c. debit to interest expense for $100
d. debit to interest payable for $100
4. Company received an advance payment for $3,600. ¼ of this
amount was earned to date.
a. debit to unearned revenue for $2,700
b. debit to earned revenue for $900
c. credit to earned revenue for $900
d. credit unearned revenue for $2,700
5. The supplies amount showed a beginning balance of
$200. During the year $ $800 of new supplies were
purchased and $300 is left on hand at the end of the period.
a. debit to supplies expense for $300
b. credit to supplies expense for $800
c. debit to supplies expense for $700
d. credit to supplies for $300
II. The following represent items that pertain to the classified balance sheet. Choose the letter that best describes in which classification the account item would best be listed in.
6. Wages payable would be recorded in which balance sheet section.
a. current assets
b. current liabilties
c. noncurrent assets
d. noncurrent liabilities
7. Trademarks would classified as.
a. noncurrent asset
b. current liability
c. current asset
d. noncurrent asset
8. The purpose of the classified balance sheet is help evaluate:
b. going concern
d.return on investment
9. In calculating the current ratio which item would not be
b. accounts payable
c. accounts receivable
d. short term investments
10. Bonds payable in two years would be classified as.
a. noncurrent assets
c. current liability
d. noncurrent liability
III. Using the following information to answer items 11 thru 15.
Sales 500,000, Sales Returns 10,000,
Sales Discounts 10,000, Purchases 130,000
Purchase returns 10,000, Purchase discounts 20,000
Freight In 20,000, Selling expenses 50,000
General expenses 170,000, inventory-beg 27,000
11. Net sales for the period are
12. Net purchases for the period are
13. Cost of goods sold for the period is
d. none of the above
14. Gross Margin for the period is
d. none of the above
15. Net income for the period is
d. none of the above
IV. The following balances are stated below:
Prepaid Insurance 600
Accumulated depreciation 5,400
Accounts Payable 500
Unearned Revenue 700
Revenue-Fees Earned 21,700
Salary Expense 6,900
Depreciation Expense 2,000
Supplies Expense 800
Insurance Expense 400
Using this information for questions 16-20 answer the
following questions as they relate to closing entries
16. Which answer would best represent the closing entry for a
revenue type account?
a. debit to income summary for $22,400
b. credit to income summary for $21,700
c. credit to revenue for $21,700
d. debit to income summary for $21,700
17. Which answer would represent the closing entry for
expense type account?
a. debit income summary for $10,100
b. debit income summary for $15,500
c. debit accumulated depreciation $5,400
d. credit depreciation expense $2,000
18. Which answer would represent the proper closing out of
profit or loss for the period?
a. debit income summary for $11,600
b. debit capital for $11,600
c. credit income summary for $12,300
d. credit capital $12,300
19. Which answer would represent the proper entry for
closing out the withdrawals?
a. debit withdrawals for $4,800
b. debit capital for $4,800
c. credit income summary for $4,800
d. none of the above are correct
20. After recording the proper closing entries what is the
Capital account balance at the end of the period?
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