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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The total amount of depreciation recorded against an asset over the entire time the asset has been owned: A) Is shown on the income statement of the final period. B) Is only recorded when the asset is disposed of. C) Is referred to as an accrued asset. D) Is referred to as accumulated depreciation. E) Is referred to as depreciation expense. 2) Prior to recording adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed S105 of unused supplies available. The required adjusting entry is:Z) A) Debit Office Supplies $254 and credit Office Supplies Expense $254. B) Debit Office Supplies $105 and credit Office Supplies Expense $105. C) Debit Office Supplies Expense $254 and credit Office Supplies $254. D) Debit Office Supplies $105 and credit Supplies Expense $254. E) Debit Office Supplies Expense $105 and credit Office Supplies $105. PAR 3) On April 1, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What amount of the insurance expense will be reported on the annual income statement for the first year ended December 3173) A) $1,012.50 B) $450.00 C) $1,350.00 D) $37.50. E) $337.50. READ AS MARKS. POOR ERASURES COULD BE RESPONSE IS IMPORTANT. 4) Which of the following does not require an adjusting entry at year-end? 4) A) Supplies used during the period. B) Cash invested by stockholders. C) Expired portion of prepaid insurance. D) Accrued wages. E) Accrued interest on notes payable. SCORE: STUDENT EXAMPLE OF

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