Chapter 4 Take Home Review

Chapter 4 Take Home Review - CHAPTER 4 REVIEW MATCHING:...

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HAPTER 4 R EVIEW M ATCHING : I DENTIFY THE FOLLOWING TRANSACTIONS AS EITHER : A . J OURNAL ENTRIES B . A DJUSTING JOURNAL ENTRIES C . C LOSING JOURNAL ENTRIES A NSWERS 1. C ASH 450 F EES E ARNED 450 A . 2. I NCOME S UMMARY 650 ABC, C APITAL 650 C . 3. U TILITIES E XPENSE 430 C ASH 430 A . 4. W AGES E XPENSE 870 W AGES P AYABLE 870 B . 5. U NEARNED REVENUE 985 F EES E ARNED 985 B . 6. I NCOME S UMMARY 597 R ENT E XPENSE 200 S UPPLIES E XPENSE 180 U TILITIES E XPENSE 110 M ISCELLANEOUS E XP 107 C . 7. RS D RAWING 215 C ASH 215 A . 8. A CCOUNTS R ECEIVABLE 325 F EES EARNED 325 A . (C USTOMER BILLED FOR SERVICES PERFORMED ) M ULTIPLE C HOICE : 1. O NCE THE ADJUSTING ENTRIES ARE POSTED , THE A DJUSTED T RIAL B ALANCE IS PREPARED TO A . VERIFY THAT THE DEBITS AND CREDITS ARE IN BALANCE . B . VERIFY THAT ALL OF THE ADJUSTMENTS WERE POSTED IN THE CORRECT ACCOUNTS . C . VERIFY THAT THE NET INCOME ( LOSS ) IS CORRECT FOR THE PERIOD . D
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This note was uploaded on 05/08/2011 for the course ACCOUNTING 094-ACC-C0 taught by Professor Rosa during the Winter '10 term at UCSB.

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Chapter 4 Take Home Review - CHAPTER 4 REVIEW MATCHING:...

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