FINANCIAL ACCOUNTING HW

Question 11 pts
Adjusting entries affect cash flows in the current period.

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Question 21 pts
A contra account is an account whose balance is subtracted from an associated account in the financial statements.

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Question 31 pts
Net income is misleading when revenue is overstated or expenses are understated by significant amounts.

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Question 41 pts
The only accounts that are closed are income statement accounts.

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Question 51 pts
An adjusted trial balance provides all the data needed to record the closing entries.

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Question 61 pts
Which of the following transactions is most likely not to result in an adjusting entry at the end of the period?

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Question 71 pts
Which of the following transactions results in the recognition of an expense?

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Question 81 pts
Which of the following situations is not an example of a deferral?

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Question 91 pts
Equipment might be depreciated over 15 years because

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Question 101 pts
Which of the following is not an application of accrual accounting?

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Question 111 pts
An adjusting entry made to record salaries earned but not yet paid or recorded is made with which of the following entries?

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Question 121 pts
A work sheet is useful for all except which of the following?

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Question 131 pts
Closing entries will

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Question 141 pts
In preparing closing entries, which of the following columns of the work sheet are the most helpful?

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Question 151 pts
Closing entries ultimately will affect

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Question 161 pts
Prepaid Rent was $800 at the end of May and $1,300 at the end of June. Rent Expense for June was $720. How much cash was paid for rent during June?

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Question 171 pts
Accounts Receivable was $1,500 at the end of November and $1,050 at the end of December. Revenue totaled $8,400 for December. How much cash was received from revenues during December?

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Question 181 ptsSkip to question text.
Use this information to answer the following question.

The trial balance for Nowwick Company appears as follows:

Nowwick Company
Trial Balance
December 31, 20×5
Cash
$ 240

Accounts Receivable
1,000

Prepaid Insurance
100

Supplies
300

Office Equipment
800

Accumulated Depreciation–Office Equipment
$ 400
Accounts Payable
600
Common Stock
1,200
Service Revenue
1,000
Salaries Expense
200

Rent Expense
400
______

$3,200
$3,200

If as of December 31, 20×5, the rent of $100 for December had not been recorded or paid, the adjusting entry would include a

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Question 191 ptsSkip to question text.
The Retained Earnings, Dividends, and Income Summary accounts for Harmon Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries:

Retained Earnings

Dividends
12/31

300
1/1
1,500

3/1

100
12/31
400
12/31

400

6/1

100

9/1

100

12/31
100

Income Summary

12/31

900
12/31
600

12/31
300

The Retained Earnings balance on 1/1 was

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Question 201 ptsSkip to question text.
The Retained Earnings, Dividends, and Income Summary accounts for Laurel Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries:

Retained Earnings

Dividends

12/31
200
1/1
2,000

3/1

50
12/31
200

12/31
400

6/1

50

9/1

50

12/31
50

Income Summary

12/31
500
12/31
900

12/31
400

The total amount of expenses for the period is