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Unformatted text preview: Page 1 of 14 http://ezto.mhhm.mcgraw-hill.com/hm_accounting.tpx?todo=printview Score: 13.85 out of 14 points (98.93%) 1. award: 1 out of 1 point From the dropdown box beside each adjusting entry, select the letter of the explanation A through F that most closely describes the entry: A. To record accrued interest revenue. B. To record accrued interest expense. C. To record the earning of previously unearned income. D. To record this period’s depreciation expense. E. To record accrued salaries expense. F. To record this period’s use of a prepaid expense. Explanation Adjusting Entries Debit Credit B Interest Expense 2,208 Interest Payable 2,208 F Insurance Expense 3,180 Prepaid Insurance 3,180 C Unearned Professional Fees 19,250 Professional Fees Earned 19,250 A Interest Receivable 3,300 Interest Revenue 3,300 D Depreciation Expense 38,217 Accumulated Depreciation 38,217 E Salaries Expense 13,280 Salaries Payable 13,280 Worksheet Learning Objective: 03-C3 From the dropdown box beside each adjusting entry, select the letter of the explanation A through F that most closely describes the entry: A. To record accrued interest revenue. B. To record accrued interest expense. C. To record the earning of previously unearned income. D. To record this period’s depreciation expense. E. To record accrued salaries expense. F. To record this period’s use of a prepaid expense. Explanation Adjusting Entries Debit Credit B Interest Expense 2,208 Interest Payable 2,208 F Insurance Expense 3,180 Page 2 of 14 http://ezto.mhhm.mcgraw-hill.com/hm_accounting.tpx?todo=printview 2. award: 1 out of 1 point 3. award: 1 out of 1 point Prepaid Insurance 3,180 C Unearned Professional Fees 19,250 Professional Fees Earned 19,250 A Interest Receivable 3,300 Interest Revenue 3,300 D Depreciation Expense 38,217 Accumulated Depreciation 38,217 E Salaries Expense 13,280 Salaries Payable 13,280 [The following information applies to the questions displayed below.] Prepare adjusting journal entries for the year ended (date of) December 31, 2009, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as liabilities. (Round your answers to the nearest dollar amount.Omit the "$" sign in your response.) a. Depreciation on the company’s equipment for 2009 is computed to be $16,000. General Journal Debit Credit Depreciation Expense-Equipment 16,000 Accumulated Depreciation-Equipment 16,000 Worksheet Learning Objective: 03-P1 a. Depreciation on the company’s equipment for 2009 is computed to be $16,000. General Journal Debit Credit Depreciation Expense-Equipment 16,000 Accumulated Depreciation-Equipment 16,000 b. The Prepaid Insurance account had a $6,000 debit balance at December 31, 2009, before adjusting for the costs of any expired coverage. An analysis of the company’s insurance policies showed that $640 of unexpired insurance coverage remains....
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This note was uploaded on 08/09/2010 for the course ACCT 1 taught by Professor Ludwig during the Spring '10 term at Los Angeles City College.

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