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Financial accounting hw

Financial accounting hw

Question 11 pts
Adjusting entries affect cash flows in the current period.
 
 
 

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Question 21 pts
A contra account is an account whose balance is subtracted from an associated account in the financial statements.
 
 
 

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Question 31 pts
Net income is misleading when revenue is overstated or expenses are understated by significant amounts.
 
 
 

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Question 41 pts
The only accounts that are closed are income statement accounts.
 
 
 

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Question 51 pts
An adjusted trial balance provides all the data needed to record the closing entries.
 
 
 

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Question 61 pts
Which of the following transactions is most likely not to result in an adjusting entry at the end of the period?
 
 
 

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Question 71 pts
Which of the following transactions results in the recognition of an expense?
 
 
 

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Question 81 pts
Which of the following situations is not an example of a deferral?
 
 
 

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Question 91 pts
Equipment might be depreciated over 15 years because
 
 
 

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Question 101 pts
Which of the following is not an application of accrual accounting?
 
 
 

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Question 111 pts
An adjusting entry made to record salaries earned but not yet paid or recorded is made with which of the following entries?
 
 
 

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Question 121 pts
A work sheet is useful for all except which of the following?
 
 
 

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Question 131 pts
Closing entries will
 
 
 

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Question 141 pts
In preparing closing entries, which of the following columns of the work sheet are the most helpful?
 
 
 

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Question 151 pts
Closing entries ultimately will affect
 
 
 

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Question 161 pts
Prepaid Rent was $800 at the end of May and $1,300 at the end of June. Rent Expense for June was $720. How much cash was paid for rent during June?
 
 
 

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Question 171 pts
Accounts Receivable was $1,500 at the end of November and $1,050 at the end of December. Revenue totaled $8,400 for December. How much cash was received from revenues during December?
 
 
 

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Question 181 ptsSkip to question text.

Use this information to answer the following question.

The trial balance for Nowwick Company appears as follows:

 
Nowwick Company
Trial Balance
December 31, 20×5
Cash
$  240
 
Accounts Receivable
1,000
 
Prepaid Insurance
100
 
Supplies
300
 
Office Equipment
800
 
Accumulated Depreciation–Office Equipment  
$  400
Accounts Payable  
600
Common Stock  
1,200
Service Revenue  
1,000
Salaries Expense
200
 
Rent Expense
     400
______
 
$3,200
$3,200
     

If as of December 31, 20×5, the rent of $100 for December had not been recorded or paid, the adjusting entry would include a

 
 
 

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Question 191 ptsSkip to question text.

The Retained Earnings, Dividends, and Income Summary accounts for Harmon Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries:

 
                             
Retained Earnings
 
Dividends
12/31
 
300
  1/1
1,500
 
3/1
 
100
  12/31
400
12/31
 
400
         
6/1
 
100
       
               
9/1
 
100
       
                12/31
100
       
                             
Income Summary
               
12/31
 
900
  12/31
600
               
        12/31
300
               
                             
                             

The Retained Earnings balance on 1/1 was

 
 
 

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Question 201 ptsSkip to question text.

The Retained Earnings, Dividends, and Income Summary accounts for Laurel Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries: 

 
                                 
 
Retained Earnings
 
Dividends
 
  12/31 
200
  1/1
2,000
 
3/1
 
50
  12/31
200
 
          12/31
400
 
6/1
 
50
         
                 
9/1
 
50
         
                  12/31
50
         
                                 
 
Income Summary
                 
  12/31 
500
  12/31
900
                 
  12/31
400
                         
                                 
                                 
                                 

The total amount of expenses for the period is


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