4 - University of Massachusetts Dartmouth Accounting 211...

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University of Massachusetts Dartmouth Accounting 211 – Principles of Accounting Chapter 4 Quiz Name: ______________________ True/False - Write “T” or “F” on the line provided. ____ 1. The primary purpose of a trial balance is to disclose that total assets are equal to total liabilities plus stockholders' equity at the end of the accounting period. ____ 2. At the end of the accounting period, wages earned by employees but not yet recorded nor paid amounted to $1,000; therefore, the adjusting entry should be: Debit--Wages expense; Credit--Wages payable. ____ 3. Supplies on hand at the beginning of the period equaled $1,000. During the period $2,500 of supplies were purchased. Since $1,500 was used during the period, the company would adjust the account balance by crediting the asset account, supplies, and debiting supplies expense for $2,000. ____ 4. Deferred expenses are expenses that were paid for before the usage of the goods or services. ____ 5. The accounting period and the calendar year always end on December 31. ____ 6. Payment in advance for goods or services not yet consumed by our company would require a debit to a prepaid expense (asset) account and a credit to cash. ____ 7. Usually, adjusting entries are entered in the accounts at the beginning of the accounting period. ____ 8. Service revenue earned but not yet collected by the end of the period was $5,000; therefore, the adjusting entry should be: Debit--Service revenue receivable, $5,000; Credit--Service revenue, $5,000. ____ 9.
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4 - University of Massachusetts Dartmouth Accounting 211...

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