If the beginning Supplies balance is $2,200, and the ending Supplies balance is $700, the correct adjustment on the worksheet is t o:

debit Supplies Expense and credit Supplies, $700.

Jami discovered that a sale on account to Madison Company on April 8 for $700 was incorrectly charged to Macon Company. The journal entry to correct this error is:

debit Madison Company $700; credit Macon Company $700.

debit Cash, $700; credit Sales, $700.

At the end of the accounting period, the Prepaid Insurance account needs to be adjusted by $721 to reflect insurance that has been used during the period. How is the adjustment recorded on the multicolumn trial balance worksheet?

In the Adjustments columns, debit Prepaid Insurance, $721; credit Insurance Expense, $721.

In the Income Statement columns, debit Insurance Expense, $721; credit Prepaid Insurance, $721.

At the end of the year, Super Shipping has calculated its federal income tax amount for the year to be $10,000. Super Shipping has already made federal income tax payments in the amount of $4,000. How is the adjusting entry for Federal Income Tax Expense recorded on a multicolumn trial balance w orksheet?

In the Adjustments columns, debit Federal Income Tax Expense, $14,000; credit Federal Income Tax Payable, $14,000.

In the Adjustments columns, debit Federal Income Tax Expense, $6,000; credit Federal Income Tax Payable, $6,000.

At the end of the year, Uncle Joe’s Transport has calculated its federal income tax amount for the year to be $7,000. Uncle Joe’s Transport has already made federal income tax payments in the amount of $4,000. How is the adjusting entry for Federal Income Tax Expense recorded on a multicolumn trial balance worksheet?

In the adjustments columns, debit Federal Income Tax Expense, $3,000; credit Federal Income Tax Payable, $3,000.

In the adjustments columns, debit Federal Income Tax Expense, $7,000; credit Federal Income Tax Payable, $7,000.

At the end of the accounting period, the Prepaid Insurance account needs to be adjusted by $235 to reflect insurance that has been used during the period. How is the adjustment recorded on the multicolumn trial balance worksheet?

In the Income Statement columns, debit Insurance Expense, $235; credit Prepaid Insurance, $235.

In the Trial Balance columns, debit Prepaid Insurance, $235; credit Insurance Expense, $235.

Supplies-Office has a balance of $3,500. At the end of the month, a physical count of the Supplies-Office items shows $1,500 is on hand. How is the adjusting entry to Supplies-Office recorded on a multicolumn trial balance worksheet?

In the Adjustments columns, debit Supplies-Office, $2,000; credit Supplies Expense-Office, $2,000.

In the Adjustments columns, debit Supplies-Office, $1,500; credit Supplies Expense-Office, $1,500.

Office Equipment has a balance of $9,000. The equipment has a useful life of 3 years and a salvage value of $3,000. At the end of the year, how is the adjusting entry for depreciation recorded on a multicolumn trial balance worksheet ?

In the Adjustments columns, debit Depreciation Expense/Office Equipment, $2,000; credit Accumulated Depreciation/Office Equipment, $2,000.

In the Adjustments columns, debit Accumulated Depreciation/Office Equipment, $2,000; credit Depreciation Expense/Office Equipment, $2,000.

The Merchandise Inventory account has a balance of $1,100. At the end of the month, a physical count of the inventory items shows $900 is on hand. The adjusting entry to inventory recorded on a multicolumn trial balance worksheet is:

debit Income Summary, $200; credit Merchandise Inventory, $200.

debit Merchandise Inventory, $900; credit Income Summary, $900.

The Merchandise Inventory account has a balance of $2,400. At the end of the month, a physical count of the inventory items shows $2,700 is on hand. The adjusting entry to inventory recorded on a multicolumn trial balance worksheet is:

debit Merchandise Inventory, $300; credit Income Summary, $300.

debit Income Summary, $300; credit Merchandise Inventory, $300.

The Merchandise Inventory account has a balance of $1,500. At the end of the month, a physical count of the inventory items shows $700 is on hand. The adjusting entry to Merchandise Inventory recorded on a multicolumn trial balance worksheet is:

debit Income Summary, $800; credit Merchandise Inventory, $800.

Supplies-Store has a balance of $2,200. At the end of the month, a physical count of the Supplies-Store items shows $1,200 is on hand. How is the adjusting entry to Supplies-Store recorded on a multicolumn trial balance worksheet?

In the Adjustments columns, debit Supplies Expense-Store, $1,000; credit Supplies-Store, $1,000.

In the Adjustments columns, debit Supplies Expense-Store, $1,200; credit Supplies-Store, $1,200.

Accounting 1 Honors - Obj. 4.03 Review

Authored by Lateesha Mungin

Business

11th Grade

Used 15+ times

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25 questions

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MULTIPLE CHOICE QUESTION

2 mins • 1 pt

If the beginning Prepaid Insurance balance is $3,400 and the ending value of the Prepaid Insurance is $1,200, the correct adjustment on the worksheet is to:

debit Insurance Expense and credit Prepaid Insurance, $1,200.

debit Prepaid Insurance and credit Insurance Expense, $1,200.

debit Insurance Expense and credit Prepaid Insurance, $2,200

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

LevelUP Company's Income Statement worksheet shows total debits of $600 and total credits of $750. The LevelUP Company has a:

net loss of $1,350.

net income of $150.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

On February 28 of the current year, Yvonne’s Company received a bank statement dated February 27. The following information is obtained from the bank statement and from the records of the business.
Bank statement balance: $3,500.00
Outstanding checks:
No. 234 - $100.00
No. 235 - $90.00
Bank service charge: $3.50
Outstanding deposits:
February 27, $500.00
February 28, $200.00
Checkbook balance on Check Stub No. 237: $3,873.00
Does the bank statement reconcile?

Yes, the adjusted checkbook balance and the adjusted bank balance agree.

No, the adjusted checkbook balance is $913.50 too high.

No, the adjusted checkbook balance is $140.50 too low

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

The beginning Prepaid Insurance balance is $3,700 and the ending Prepaid Insurance balance is $2,200. The correct adjusting entry is:

debit Insurance Expense and credit Prepaid Insurance $1,500.

debit Insurance Expense and credit Prepaid Insurance $3,700.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

If the beginning Supplies balance is $1,800, and the ending Supplies balance is $300, the correct adjustment on the worksheet is to:

debit Supplies Expense and credit Supplies, $1,500.

debit Supplies and credit Supplies Expense, $1,500.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

If the beginning Prepaid Insurance balance is $2,000 and the ending value of the Prepaid Insurance is $800, the correct adjustment on the worksheet is to:

debit Prepaid Insurance and credit Insurance Expense, $1,200.

debit Prepaid Insurance and credit Insurance Expense, $800.

debit Insurance Expense and credit Prepaid Insurance, $1,200.00

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The beginning Supplies balance is $2,300 and the ending Supplies balance is $2,200. The correct adjusting entry is:

debit Supplies and credit Supplies Expense $100.

debit Supplies Expense and credit Supplies $100.

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Accounting 1 Honors - Obj. 4.03 Review

If the beginning Prepaid Insurance balance is $3,400 and the ending value of the Prepaid Insurance is $1,200, the correct adjustment on the worksheet is to:

LevelUP Company's Income Statement worksheet shows total debits of $600 and total credits of $750. The LevelUP Company has a:

The beginning Prepaid Insurance balance is $3,700 and the ending Prepaid Insurance balance is $2,200. The correct adjusting entry is:

If the beginning Supplies balance is $1,800, and the ending Supplies balance is $300, the correct adjustment on the worksheet is to:

If the beginning Prepaid Insurance balance is $2,000 and the ending value of the Prepaid Insurance is $800, the correct adjustment on the worksheet is to:

The beginning Supplies balance is $2,300 and the ending Supplies balance is $2,200. The correct adjusting entry is:

If the beginning Supplies balance is $2,200, and the ending Supplies balance is $700, the correct adjustment on the worksheet is to:

Jami discovered that a sale on account to Madison Company on April 8 for $700 was incorrectly charged to Macon Company. The journal entry to correct this error is:

At the end of the accounting period, the Prepaid Insurance account needs to be adjusted by $721 to reflect insurance that has been used during the period. How is the adjustment recorded on the multicolumn trial balance worksheet?

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