10 which of the following accounts would not be used

This preview shows page 8 - 12 out of 13 pages.

10. Which of the following accounts would not be used in an adjusting entry?a. Accounts receivablec. Interest expenseb. Accumulated depreciationd. Salaries payable
11. In the accounting cycle, which step follows the preparation of financial statements?
12. An entry requiring a debit to expense account and a credit to a liability account is anexample of an adjusting entry classified as
13. A post-closing trial balance is prepared after
14. A debit column is greater than the credit column total in the income statement sectionof the work sheet. This means thata. Mistakes were made in the preparation of the adjusted trial balanceb. The company had a profitc. The company had a lossd. The Income Summary account will have a credit balance after the nominal accountsare closed
15. Closing entries are journalized and posted before
16. Before the adjusting entries are entered on the work sheet
17. The unearned rent income account is reported in the
18. Which of the following items is not found in the work sheet?a. Adjustmentsc. General journalb. Statement of financial positiond. Income statement
19. Which of the following items has no effect on owner's equity?
20. The following can be found in an income statement except
Answers:
Test Material No.4Rating: _____________Instructions: For each transaction listed below, indicate the appropriate journal or registerto be used when a company uses special journals and subsidiary ledgers.Choices:A. General journalD. Cash disbursementjournalB. Sales journalE. Purchases journalC. Cash receipts journal_____1. Collection of accounts receivable._____2. Receipt of money borrowed from the bank._____3. Purchase of merchandise on account._____4. Purchase of merchandise for cash._____5. Sale of merchandise on credit._____6. Recording of adjusting entries._____7. Recording of closing entries._____8. Sale of equipment for cash.

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 13 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Spring
Professor
steve uydess
Tags
Generally Accepted Accounting Principles, Prepaid Insurance, c Debit Supplies, A Debit Supplies, Professor

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture