Quiz 3 chapter 2 Key

Quiz 3 chapter 2 Key - balance 1 Retained Earnings 2...

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Quiz 3 (Chapter 2) KEY 1. If an expense has been incurred but not yet recorded, then the end-of-period adjusting entry would involve 1. a liability account and an asset account. 2. a liability account and a revenue account. 3. a liability and an expense account. 4. a receivable account and a revenue account. 2. Failure to record depreciation expense at the end of an accounting period results in 1. understated income. 2. understated assets. 3. overstated expenses. 4. overstated assets. 3. The balance in a unearned revenue account represents an amount that is Earned Collected 1. Yes Yes 2. Yes No 3. No Yes 4. No No 4. Which of the following accounts most likely would not appear in a post-closing trial
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Unformatted text preview: balance? 1. Retained Earnings 2. Inventory 3. Sales Revenue 4. Prepaid rent 5. Assuming that the cash payment for future rent was originally recorded in a rent expense account, an example of an adjusting entry involving a prepaid rent is 1. Prepaid Rent . .............................. xxx Cash . ........................................ xxx 2. Rent Expense . .................... xxx Cash . ............................ xxx 3. Prepaid Rent . ......................... xxx Rent Expense . .................. xxx 4. Rent Expense . ............... xxx Prepaid Rent. ..................... xxx...
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