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pg_0035 - Matching principle(p 3 Natural business year(p E...

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Unformatted text preview: Matching principle (p. 3 Natural business year (p. E) Qwfing £2618 (13- M) Permanent accounts (p. 106) Plantassets(p. g) Post—closing trial balance (p. 109) WG-fi Profit magg'g (p. m) Pro forma financial statements (p. m) Straight-line dgpreciation method (p. E) Temmfl accounts (p. 106) Time E'od assumption (p. Q) Unadjusted trial balance (p. 103) Unclassified balance sheet (p. 110) Unear'ned revenues (p. @ Working m (p. @ Work sheet (1). m) Multiple Choice Quiz: Answers on p. m: mhhe.com/wildFAF2e Additional Quiz Qutstions are available at the book's Website. l. A company forgot to record accrued and unpaid employee wages of $350,” at period—end. This oversight would a. Understate net income by $350,“. b. Overstate net income by $350,000. e. Have no effect on net income. d. Overstate assets by $350,043). e. Understate assets by $350,”. 2. Prior to recording adjusting entries, the Supplies account has a $4.50 debit balance. A physical count of supplies shows $125 of unused supplies still available. The required adjusting entry is 21. Debit Supplies $125; Credit Supplies Expense $125. b. Debit Supplies $325; Credit Supplies Expense $325. e. Debit Supplies Expense $325; Credit Supplies $325. d. Debit Supplies Expense $325; Credit Supplies $125. e. Debit Supplies Expense $125; Credit Supplies $125. 3. On May 1, 2009, a two—year insurance policy was purchased for $24,000 with coverage to begin immediately. What is the amount ofinsurance expense that appears on the company's income statement for the year ended December 31, 2009? a. $41”) ...
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