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Exam 4: Adjustments,financial Statements,and Financial Results

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Question 121

Multiple Choice

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Hourly employees at Chandler Industries have worked 1,200 hours for the week at an average pay rate of $16.25 per hour.Which of the following is the required adjusting entry required?

A) Debit Salaries and Wages Expense and credit Cash for $19,500
B) Debit Salaries and Wages Expense and credit Salaries and Wages Payable for $19,500
C) Debit Salaries and Wages Payable and credit Salaries and Wages Expense for $19,500
D) Debit Salaries and Wages Payable and credit Cash for $19,500

E) B) and C)
F) A) and D)

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Question 122

Multiple Choice

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Unearned Revenue,which represents the company's obligation to honor gift cards previously issued to customers,totaled $5,500 at the beginning of the year and $7,500 at the end of the year.Customers purchased gift cards amounting to $42,000 during the year.What was the amount of gift cards redeemed by customers during the year?

A) $40,000
B) $44,000
C) $55,000
D) $29,000

E) A) and B)
F) B) and C)

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Question 123

Multiple Choice

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Which of the following is the usual last step in the accounting cycle?

Adjusting entries are typically prepared:

To recognize the use of and benefit received from long-lived assets,such as equipment,during the accounting period,______ Expense should be recorded.

A company declared and paid a dividend of $8,000 this year.The entry to close the Dividend at the end of the year will include a debit to:

If the Retained Earnings account is debited for $4,000 in the closing process,the company had a net income of $4,000.

The following information was summarized from the adjusted trial balance of Reliance Yacht Repair,Inc.as of September 30,2015,the end of the company's fiscal year. Required: Part a.Prepare the closing entry for the company for the year ended September 30,2015. Part b.Draw a T-account for the Retained Earnings account.Enter the beginning balance into the T-account,post the closing entry,and then determine the ending balance. Part c.Prepare a post-closing trial balance at September 30,2015.

Sonic Gateway purchased $1,000 of app software that is estimated to have four years of usefulness.The adjusting entry to record the amortization includes a debit to ______ and a credit to:

As a company uses supplies,an adjustment should be made to decrease an asset account and increase an expense account.

The unadjusted trial balance of Sketch Star Makers Inc.,prepared as of December 31,2015,includes the following account balances.All of the accounts listed have normal balances. The following information is also available: A) A count of supplies revealed $400 worth on hand at December 31, 2015. B) An insurance policy, purchased on January 1, 2014, covers four years. C) The equipment depreciates at a rate of $1,000 per year; no depreciation has been recorded for 2015. D) Three-fifths (or 60%) of the amount recorded as Unearned Revenue remains unearned as of December 31, 2015 E) The accrued amount of salaries and wages at December 31, 2015 are $2,000. Required: Prepare the required adjustments for the company as of December 31, 2015.

Permanent accounts:

The adjusted trial balance should be prepared ______ the financial statements are prepared in order to prove the ______ of the debits and credits.

The balance of which of the following accounts appear in the credit column of an adjusted trial balance?

Which of the following will happen if the accrual adjusting entry is not made for revenue earned but not yet recorded?

Assume that the accountant neglected to analyze the company's accounts and did not prepare any adjusting entries at the end of the year.The adjusting entries that should have been made are described in the table below. Required: For each overlooked adjusting entry,indicate how each error impacted the amounts of total assets,total liabilities,and total stockholders' equity that were reported on the balance sheet and the amount of net income reported on the income statement.

The temporary accounts will have zero balances in a post-closing trial balance.

The balance of which of the following accounts would appear in the debit column of an adjusted trial balance?

Which of the following statements about an adjusted trial balance is not correct?

Which of the following account balances will typically be increased as a result of adjusting entries?