10809681.pdf - Accounting I Quiz Attempt 3 by Victoria Embs...

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1 1 point If a required prepaid adjustment had not been made, the financial statements would have been affected as follows _______. On September 1, 20X4, Four Brothers Company pays $48,000 cash for six months rent. The balance in prepaid rent on December 31, 20X4, after adjustment, would be _______.
1 point The supplies account shows a beginning balance of $3,000. Assume the supplies account shows a debit for $5,500 representing supplies purchased during the period and the supplies inventory at year-end is $1,700. The adjusting entry involves a _______.
1 point 4 1 point The accounting firm of Smith & Rhodes bills clients at the close of each month for services rendered during the month. The journal entry to record these billings would ________. A business pays weekly salaries on Friday of $25,000 for a five-day week ending on Friday. Assuming the fiscal period ends on a Thursday, the adjusting entry for accrued salaries would involve a _______.
1 point An accountant records a transaction when cash is paid or received under which basis of accounting?
1 point At year end, no adjusting entry was made to the supplies inventory account. The general ledger balance for supplies inventory was $5000. The actual balance in inventory was $3000. The omission of this adjusting entry caused ________.
1 point The adjusting entry recording depreciation is omitted at year end. This omission affects the balance sheet by ________.
1 point 9 A customer hires Woodworth Construction for renovations on September 19th. Woodworth Construction begins work on September 25th, and the job is completed on October 20th. The customer pays the invoice from Woodworth Construction on October 30th.

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