unit - Points Received: 2 of 2 7. Question: What effect...

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Grade Details 1. Question: The cost of office supplies to be used in future periods is ordinarily shown on the balance sheet as a(n) Your Answer: capital asset CORRECT contra asset liability Points Received: 2 of 2 2. Question: The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed Your Answer: Points Received: 2 of 2 3. Question: Which account would normally not require an adjusting entry? Your Answer:
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Points Received: 0 of 2 4. Question: Accrued expenses are ordinarily reported on the balance sheet as Your Answer: Points Received: 2 of 2 5. Question: The account type and normal balance of Accumulated Depreciation is Your Answer: Points Received: 0 of 2 6. Question: The net income reported on the income statement is $85,000. However, adjusting entries have not been made at the end of the period for supplies expense of $2,200 and accrued salaries of $800. Net income, as corrected, is Your Answer:
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Unformatted text preview: Points Received: 2 of 2 7. Question: What effect will the following adjusting journal entry have on the accounting records? A debit to Depreciation Expense of 1,070 and a credit to Accumulated Depreciation of 1,070 Your Answer: Points Received: 2 of 2 8. Question: The unearned rent account has a balance of $36,000. If $4,000 of the $36,000 is unearned at the end of the accounting period, the amount of the adjusting entry is Your Answer: Points Received: 2 of 2 9. Question: The adjusting entry for rent earned that is currently recorded in the unearned rent account is Your Answer: Points Received: 2 of 2 10. Question: The balance in the office supplies account on June 1 was $6,300, supplies purchased during June were $3,100, and the supplies on hand at June 30 were $2,500. The amount to be used for the appropriate adjusting entry is Your Answer: Points Received: 0 of 2...
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unit - Points Received: 2 of 2 7. Question: What effect...

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