If the adjusting entry to record revenue earned

This preview shows page 3 - 5 out of 6 pages.

Week 3 Quiz

If the adjusting entry to record revenue earned during the current period when from ACC ACC100 at Strayer University

9 .   Question : If the adjusting entry to record revenue earned during the current period when the cash was received in the last accounting period is not recorded_______.
 Your Answer :
 assets will be overstated liabilities will be overstated CORRECT ANSWER
 liabilities will be understated assets will be understated INCORRECT
9.Question: If the adjusting entry to record revenue earned during the current period when the cash was received in the last accounting period is not recorded_______.Your Answer:assets will be overstatedliabilities will be overstatedCORRECT ANSWERliabilities will be understated assets will be understatedINCORRECT
Points Received:0 of 110.Question: The balance in prepaid rent after adjustment represents_______.Your Answer:a liability on the balance sheetan expense on the income statement revenue on the income statementan asset on the balance sheetCORRECTPoints Received:1 of 111.Question: When a prepaid expense is initially recorded as an expense, the adjusting entry_______.
Points Received:1 of 112.Question: When a prepaid expense is initially recorded as an expense, the adjusting entry has the following effect on net income_______.
Points 1 of 1
Received:13.Question: When an unearned revenue is initially recorded as a revenue, the adjusting entry_______.
Points Received:0 of 114.Question: On October 1, 20X4, Five Brothers Company pays $72,000 cash for eight months rent. The amount of the adjusting entry on December 31, 20X4, would be_______.Your Answer:$12,000 $24,000 $27,000CORRECT ANSWER$0INCORRECTPoints Received:0 of 115

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture