Financial accounting hw

Adjusting entries affect cash flows in the current period.

 

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

 

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

 

The only accounts that are closed are income statement accounts.

 

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

 

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

 

Which of the following transactions results in the recognition of an expense?

 

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

 

Equipment might be depreciated over 15 years because

 

Which of the following is 
not an application of accrual accounting?

 

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

 

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

 

Closing entries will

 

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

 

Closing entries ultimately will affect

 

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?

 

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?

 

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

 

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
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