ACCT C-100 QUIZ 4 - PREVIEW: Accounting 100 Quiz 4 PAGE 1...

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PREVIEW: Accounting 100 Quiz 4 — P A G E 1 — 1. All changes in account balances are caused by transactions between the business and another business or individual. True X False – P. 125 some changes are not caused by transactions with businesses or individuals 2. Prepaid expenses, such as prepaid rent and prepaid insurance, represent assets for a business until they are used. X True - P. 126 False 3. The cost of a long-term asset, such as equipment, is transferred to expense as it is used during its life. X True - P. 128 False 4. If an adjustment is not recorded for supplies used, the firm's assets will be overstated. X True - P. 126 False 5. If an adjustment for expired rent is not recorded, the firm's expenses will be overstated. True X False - P.126 (EXPENSES WILL BE UNDERSTATED) 6. The normal balance of a contra asset account is a debit. True X False – P. 128 shows the contra asset account with normal credit, is shown opposite the normal balance 7. If adjustments are entered on a worksheet, it is not necessary to record them in the journal or the ledger.
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ACCT C-100 QUIZ 4 - PREVIEW: Accounting 100 Quiz 4 PAGE 1...

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