Dr=debit , Cr= credit

QUESTION 1

Julian Co. paid $ 20,000 in advance for advertising services for the next 5 months. Entry is:

	a.	Dr. Advertising Expense 20000 Cr. Cash 20000
	b.	Dr. Prepaid Advertising 20000 Cr. Cash 20000
	c.	Dr. Advertising Expense 4000 Cr. Cash 4000
	d.	Dr. Prepaid Advertising 4000 Cr. Cash 4000

9 points

QUESTION 2

Mark Co. provided $ 60000 in services on account. The entry is:

	a.	Dr. Cash 60000 Cr. Revenue 60000
	b.	Dr. Accounts Payable 60000 Cr. Revenue 60000
	c.	Dr. Accounts Receivable 60000 Cr. Revenue 60000
	d.	Dr. Unearned Revenue 60000 Cr. Revenue 60000

9 points

QUESTION 3

Clay Co. collected $ 50000 in advance for future revenue. The entry is:

	a.	Dr. Cash 50000 Cr. Revenue 50000
	b.	Dr. Accounts Receivable 50000 Cr. Revenue 50000
	c.	Dr. Cash 50000 Cr. Unearned Revenue 50000
	d.	Dr. Unearned Revenue 50000 Cr. Revenue 50000

9 points

QUESTION 4

Shaw Co. used utilities on account for $ 7000.

	a.	Dr. Accounts Receivable 7000 Cr. Utilities Expense 7000
	b.	Dr. Utilities Expense 7000 Cr. Cash 7000
	c.	Dr. Utilities Expense 7000 Cr. Accounts Payable 7000
	d.	Dr. Accounts Payable 7000 Cr. Utilities Expense 7000

9 points

QUESTION 5

If Tate Co. paid $ 15000 in advance for insurance services for a five month period, record the expired insurance used at end of a quarter (3 months).

	a.	Dr.Insurance Expense 15000 Cr. Cash 15000
	b.	Dr. Insurance Expense 15000 Cr. Prepaid Insurance 15000
	c.	Dr. Insurance Expense 9000 Cr. Cash 9000
	d.	Dr. Insurance Expense 9000 Cr. Prepaid Insurance 9000

9 points

QUESTION 6

Betty Co. had supplies on hand of $ 22000 at the beginning of the period and supplies on hand of $ 16000 at the end of the period. What was the entry to record expired supplies used for the period?

	a.	Dr. Supplies 16000 Cr. Supplies 16000
	b.	Dr. Supplies 16000 Cr. Supplies Expense 16000
	c.	Dr. Supplies Expense 6000 Cr. Cash 6000
	d.	Dr. Supplies Expense 6000 Cr. Supplies 6000

9 points

QUESTION 7

Carol Co. pays workers $ 20000 for a five (5) day week on each Friday. The end of the period is on Wednesday. Record entry for end of period.

	a.	Dr. Salary Expense 20000 Cr. Cash 20000
	b.	Dr. Salary Expense 12000 Cr. Salary Payable 12000
	c.	Dr. Salary Expense 8000 Cr. Salary Payable 8000
	d.	Dr. Salary Expense 12000 Cr. Cash 12000

9 points

QUESTION 8

Glory Co. collected in advance $ 8000 for future services. At the end of the period $ 5000 in services were still owed. What is the entry for services earned and given?

	a.	Dr. Earned Revenue 3000 Cr. Unearned Revenue 3000
	b.	Dr. Unearned Revenue 3000 Cr. Earned Revenue 3000
	c.	Dr. Unearned Revenue 5000 Cr. Earned Revenue 5000
	d.	Dr. Unearned Revenue 8000 Cr. Earned Revenue 8000

9 points

QUESTION 9

On Wednesday the end of the period Francis Co. owed their workers $ 3000 for three (3) days work. Workers are paid each Friday for a five (5) day week. What is the entry on the first Friday after the end of the period?

	a.	Dr. Wage Expense 5000 Cr. Cash 5000
	b.	Dr. Wage Expense 3000 Cr. Cash 3000
	c.	Dr. Wage Expense 3000 Dr. Wage Payable 2000 Cr. Cash 5000
	d.	Dr. Wage Expense 2000 Dr. Wage Payable 3000 Cr. Cash 5000

9 points

QUESTION 10

Computer cost $ 5500 with no salvage value and useful life of five (5) years. Entry for depreciation for a full year:

	a.	Dr. Depreciation Expense 5500 Cr. Cash 5500
	b.	Dr. Depreciation Expense 5500 Cr. Accumulated Depreciation 5500
	c.	Dr. Depreciation Expense 1100 Cr. Cash 1100
	d.	Dr. Depreciation Expense 1100 Cr. Accumulated Depreciation 1100

9 points

QUESTION 11

Valarie Co. borrowed $ 30000 issuing a 8 % Note due and payable in 90 days. The adjusting entry for Interest at the end of the first month or 30 days is:

	a.	Dr. Interest Expense 600 Cr. Cash 600
	b.	Dr. Interest Expense 600 Cr. Interest Payable 600
	c.	Dr. Interest Expense 200 Cr. Cash 200
	d.	Dr. Interest Expense 200 Cr. Interest Payable 200

9 points

QUESTION 12

Carol Co. is the lender of $ 20000 receiving a 9 % Note due and payable in 60 days. The adjusting entry for interest at the end of the first month or 30 days is:

	a.	Dr. Cash 1500 Cr. Interest Revenue 1500
	b.	Dr. Interest Receivable 1500 Cr. Interest Revenue 1500
	c.	Dr. Cash 3000 Cr. Interest Revenue 3000
	d.	Dr. Interest Receivable 3000 Cr. Interest Revenue 3000 QUESTION 1 Unearned Fees appears on the: a. balance sheet b. statement of owner's equity c. income statement d. statement of cash flows 6 points QUESTION 2 Accumulated Depreciation appears on the: a. balance sheet b. statement of owner's equity c. income statement d. statement of cash flows 6 points QUESTION 3 Salaries Payable appears on the: a. Balance sheet b. statemnt of owner's equity c. income statement d. statement of cash flows 6 points QUESTION 4 Depreciation Expense appears on the: a. balance sheet b. statement of owner's equity c. income statement d. statement of cahs flows 6 points QUESTION 5 Long-term Liabilities appears on the: a. balance sheet b. statemnt owner's equity c. income statement d. statement of cash flows 6 points QUESTION 6 Accounts Receivable appears on the: a. balance sheet b. statement owner's equity c. income statement d. statement of cash flows 6 points QUESTION 7 Accumulated Depreciation appears on the: a. balance sheet in the current assets section b. balance sheet in the fixed assets section c. balance sheet in the long-term liabilities section d. income statemnt as an aoperating expense 6 points QUESTION 8 Notes Receivable due in 350 dyas appears on the: a. balance sheet in the current assets section b. balance sheet in the fixed assets section c. balance sheet in the current liabiliites section d. income statement as an expense 6 points QUESTION 9 Unearned Fees appears on the: a. balance sheet in the current assets section b. balance sheet as a current liability c. balance sheet in the owner's equity section d. income statement as revenue 6 points QUESTION 10 Which one of the fixed asset accounts listed below will not have a related contra asset account? a. office equipment b. land c. Delivery Equipment d. Building 6 points QUESTION 11 the cost of office supplies to be used in future periods is ordinarily shown on the balance sheet as a : a. fixed asset b. current asset c. contra asset d. current liability 6 points QUESTION 12 Prepaid insurance is reported on the balance sheet as a: a. current asset b. fixed asset c. current liability d. long-term liability 6 points QUESTION 13 At the end of an accounting year, in what statemnt would a balance in the prepaid insurance account appear? a. balance sheet b. income statement c. statement of cash flows d. statemnt of owner's equity 6 points QUESTION 14 Which of the following account should be closed to Income Summary at the end of the fiscal year? a. Supplies Expense b. Accumulated Depreciation c. Prepaid Expenses d. Unearned Revenues 6 points QUESTION 15 Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? a. Salaries Expense b. Fees Earned c. Unearned Rent d. Depreciation Expense 6 points QUESTION 16 Which of the following accounts will be closed to Retain Earnings the end of the fiscal year? a. Rent Expense b. Fees earned c. Income Summary d. Depreciation Expense 6 points QUESTION 17 The entry to close the appropriate insurance account at the end of the accounting period is debit: a. Income Summary; credit Prepaid Insurance b. Prepaid Insurance; credit Income Summary c. Insurance Expense; credit Income Summary d. Income Summary; credit Insurance Expense