Lesson 3 Quiz
Adjusting entries always involve a(n)________.
A business pays weekly salaries on Friday of 25000 for a five-day week ending on
Friday. Assuming the fiscal period ends on a Thursday, the adjusting entry for accrued
salaries would involve a __________
The adjusting entry recording depreciation is omitted at year end. This omission affects
the balance sheet by __________
If a required unearned revenue adjustment had not been made, the financial statements
would have been affected as follows ________
An accountant recognizes the impact of a business expense when it is incurred under
which basis of accounting?
The balance in supplies inventory on January 1
is 5000. Supplies of 2000 were
purchased during the year and charged to the inventory account. A physical count shows
that there is 4000 of supplies inventory on hand for December 31
. the entry to adjust
supplies would include a _______.
When a prepaid expense is initially recorded as an expense, the adjusting entry has the
following effect on net income ________.
The balance in unearned revenue after adjustment represents _________.
When an unearned revenue is initially recorded as a revenue, the adjusting entry has the
following effect on the financial statements ___________