Question 155 out of 5 pointsAdjusting entries are needed to correctly measure the ________.Answers:beginning balance in the Cash accountnet income (loss) on the income statementnet income (loss) on the balance sheetending balance in the Cash account
Question 165 out of 5 pointsHarvard Financial Services purchased computers that are to be used in its consultancy services. Based on the matching principle, what account, other than Computers, should appear on the balance sheet as ofDecember 31, 2016?
View full document
Question 175 out of 5 pointsAn internal document that helps summarize data for the preparation of financial statements is called a ________.
View full document
Question 185 out of 5 pointsHank's Tax Planning Service started business in January 2016. The company rented an office for $1,800 per month starting from January 1, 2016. On that day, Hank prepaid the rent through June 30. Thecompany makes adjusting entries at the end of each month. What is the balance in the Prepaid Rent account as of April 30, 2016?
View full document
Response Feedback:Question 195 out of 5 pointsMason Painting Services has a weekly payroll of $30,000. December 31 falls on Wednesday and Mason will pay its employees the following Monday (January 5) for the previous full week. Assume that Mason hasa five-day workweek and has an unadjusted balance in Salaries Expense of $800,000. What amount should be debited to Salaries Expense on December 31?Answers:$800,000$12,000$30,000$18,000Response Feedback:$30,000 / 5 = $6,000 per day × 3 days = $18,000
Question 205 out of 5 pointsOn the first day of January, Harris Company borrowed $3,000 on a one-year note payable bearing interest at 5% per year. The note specifies that principal and interest must be paid in full at the end of the one-year period. On June 30, the adjusted trial balance will show Interest Payable of ________.
View full document
$75 debit$150 debitResponse Feedback:Interest Payable = $3,000 × 5% × 6/12 = $75
End of preview
Want to read all 4 pages? Upload your study docs or become a member.
