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14. Which one of the following is not a justification for adjusting entries15. Cash received which is recorded as a debit to a Cash account and a credit to a liability account before revenue is earned is called:
16. Book value is equal to cost minus accumulated depreciation17. Which of the following is not a typical example of a prepaid expense?18. The difference between an asset's cost and its accumulated depreciation is called19. Payments received in advance of services provided are recorded as20. Adjustments for unearned revenues:21. Ignatenko Company purchased office supplies costing $5,000 and debited Office Supplies for the full amount. Supplies on hand at the end of the accounting period were $1,300. The appropriate adjusting journal entry to be made would be22. On September 1 the Petite-Sizes Store paid $12,000 to the Mega-Mall Co. for 3 months rent beginning September 1. Prepaid Rent was debited for the payment. If Petite-Sizes Store prepares financial statements on September 30, the appropriate adjusting journal entry to make on September 30 would be23. On July 1, Mesa Verde, Inc. purchased a 3-year insurance policy for $12,600. Prepaid Insurance was debited for the entire amount. On December 31, when the annual financial statements are prepared, the appropriate adjusting journal entry would be24. At December 31, 2011, before any year-end adjustments, Macarty Company's Prepaid Insurance account had a balance of $2,700. It was determined that $1,500 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for the year would be25. On August 1 the Darius Co. purchased a photocopy machine for $8,000. The estimated annual depreciation on the machine is $1,680. If the company prepares annual financial statements on December 31, the appropriate adjusting journal entry to make on December 31 would be