Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 14. which one of the following is incorrect (false

14. Which one of the following is incorrect (false) with respect to the sequence (order)...

90.2K

Verified Solution

Question

Accounting

image

image

14. Which one of the following is incorrect (false) with respect to the sequence (order) of events in the "accounting cycle" that would occur at the end of period? A. B. unadjusted trial balance, adjusted trial balance, closing entries adjusting entries, post-closing trial balance, closing entries unadjusted trial balance, adjusting entries, financial statements D. adjusted trial balance, financial statements, closing entries 15. Which one of the following accounts normally does not require an adjusting entry at the end of the accounting period? B. D. deferred revenue wages payable A. accounts receivable C. prepaid insurance The following is a t-account illustration related to the recording of office supplies for Gamma Corp for the month of December 20X1, which always pays cash for such purchases Supplies Expense beg. bal. 12/15 100 350 A physical count of supplies at December 31, 20X1 shows that $200 remain on hand Use the above information to answer questions 16- 18. 16. Which one of the following is the entry needed, in journal entry format, to record the 12/15 transaction illustrated above? A. Cash 350 C. Supplies 350 B. Supplies Cash 450 450 Supplies 350 Cash 350 D. none of the above

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students