Question 1

Under the accrual basis of accounting, the expense for uncollectible accounts is estimated and recorded before specific accounts are actually written off.

Accepted Answer

A) True 
 B)False

Question 2

The net income for an accounting period can be determined using the worksheet by comparing the balances and determining the difference between the balances in the two

Accepted Answer

A)  Income Statement columns only.
B)  Balance Sheet and Income Statement Debit columns.
C)  Balance Sheet and Income Statement Credit columns.
D)  Income Statement or Balance Sheet columns.E) A) and B)
F) A) and C)

Question 3

Uncollectible Accounts Expense is a(n)________ account.

Accepted Answer

The answer of Uncollectible Accounts Expense is a(n)________ account....

Question 4

Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. On December 31, 2019, the firm owed wages for four days at $1,150 per day.

Accepted Answer

Debit Wages Expense,...

Question 5

When an adjusting entry is made for supplies used, the Supplies Expense account is increased and the ________ account is decreased.

Accepted Answer

The answer of When an adjusting entry is made for...

Question 6

Identify the statement below that is true regarding the Allowance for Doubtful Accounts account.

Accepted Answer

A)  The account has a normal credit balance and is reported on the income statement.
B)  The account has a normal debit balance and is reported on the income statement.
C)  The account has a normal credit balance and is reported on the balance sheet.
D)  The account has a normal debit balance and is reported on the balance sheet.E) A) and D)
F) A) and C)

Question 7

Property, plant, and equipment are long-term assets that require end-of-period adjustments for________.

Accepted Answer

The answer of Property, plant, and equipment are long-term assets...

Question 8

After the two adjusting entries for merchandise inventory for Marley Motorcycles have been entered on the worksheet, the Income Summary account in the Adjusted Trial Balance section has a debit of $65,000 and a credit of $73,000. The amount of merchandise inventory at the end of the year is:

Accepted Answer

A)  $8,000.
B)  $73,000.
C)  $65,000.
D)  $138,000.E) A) and D)
F) A) and B)

Question 9

If an account has a debit balance of $1,600 in the Trial Balance section of a worksheet and there is a debit of $300 in the Adjustments section, the account balance in the Adjusted Trial Balance section of the worksheet is a

Accepted Answer

A)  $1,900 debit.
B)  $1,300 credit.
C)  $1,900 credit.
D)  $1,300 debit.E) A) and B)
F) A) and C)

Question 10

Accumulated Depreciation has a credit balance in the Trial Balance section of the worksheet of
$15,600 and a credit of $3,900 in the adjustments section of the worksheet, the balance of Accumulated Depreciation in the Adjusted Trial Balance section of the worksheet is a

Accepted Answer

A)  $19,500 debit.
B)  $15,600 credit.
C)  $11,700 credit.
D)  $19,500 credit.E) A) and D)
F) A) and C)

Question 11

Robin Banks, Inc. owns an armored truck which was purchased for $80,000. The Accumulated Depreciation on the truck is $55,000. The book value of the armored truck is

Accepted Answer

A)  $135,000.
B)  $80,000.
C)  $55,000.
D)  $25,000.E) A) and D)
F) A) and C)

Question 12

Which of the following statements is correct?

Accepted Answer

A)  Income that has been earned but not yet received is called accrued income.
B)  Under the accrual basis of accounting, revenue is recognized and recorded in the period when it is earned regardless of when cash related to the transaction is received.
C)  Unearned Subscription Income is a liability account.
D)  All of these statements are correct.E) C) and D)
F) A) and C)

Question 13

The balance of the Merchandise Inventory account shown in the Adjusted Trial balance section of the worksheet is extended to the Balance Sheet Debit column of the worksheet.

Accepted Answer

A) True 
 B)False

Question 14

Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. During the year, the firm had net credit sales of $560,000. Past experience shows that 1.4 percent of the firm's net credit sales result in uncollectible accounts.

Accepted Answer

Debit Uncollectible ...

Exam 12: Accruals, Deferrals, and the Worksheet

The balance of the Merchandise Inventory account shown in the Adjusted Trial balance section of the worksheet is extended to the Balance Sheet Debit column of the worksheet.

Correct Answer
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When an adjusting entry is made for supplies used, the Supplies Expense account is increased and the ________ account is decreased.

Correct Answer
verified

Uncollectible Accounts Expense is a(n)________ account.

Correct Answer
verified

If an account has a debit balance of $1,600 in the Trial Balance section of a worksheet and there is a debit of $300 in the Adjustments section, the account balance in the Adjusted Trial Balance section of the worksheet is a

Correct Answer
verified

Which of the following statements is correct?

Correct Answer
verified

The net income for an accounting period can be determined using the worksheet by comparing the balances and determining the difference between the balances in the two

Correct Answer
verified

Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. During the year, the firm had net credit sales of $560,000. Past experience shows that 1.4 percent of the firm's net credit sales result in uncollectible accounts.

Correct Answer
verified
Debit Uncollectible ...
View Answer

Robin Banks, Inc. owns an armored truck which was purchased for $80,000. The Accumulated Depreciation on the truck is $55,000. The book value of the armored truck is

Correct Answer
verified

Under the accrual basis of accounting, the expense for uncollectible accounts is estimated and recorded before specific accounts are actually written off.

Correct Answer
verified

Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. On December 31, 2019, the firm owed wages for four days at $1,150 per day.

Correct Answer
verified
Debit Wages Expense,...
View Answer

Accumulated Depreciation has a credit balance in the Trial Balance section of the worksheet of $15,600 and a credit of $3,900 in the adjustments section of the worksheet, the balance of Accumulated Depreciation in the Adjusted Trial Balance section of the worksheet is a

Correct Answer
verified

Property, plant, and equipment are long-term assets that require end-of-period adjustments for________.

Correct Answer
verified

After the two adjusting entries for merchandise inventory for Marley Motorcycles have been entered on the worksheet, the Income Summary account in the Adjusted Trial Balance section has a debit of $65,000 and a credit of $73,000. The amount of merchandise inventory at the end of the year is:

Correct Answer
verified

Identify the statement below that is true regarding the Allowance for Doubtful Accounts account.

Correct Answer
verified

Exam 12: Accruals, Deferrals, and the Worksheet

The balance of the Merchandise Inventory account shown in the Adjusted Trial balance section of the worksheet is extended to the Balance Sheet Debit column of the worksheet.

Correct AnswerverifiedShow Answer

When an adjusting entry is made for supplies used, the Supplies Expense account is increased and the ________ account is decreased.

Correct AnswerverifiedShow Answer

Uncollectible Accounts Expense is a(n)________ account.

Correct AnswerverifiedShow Answer

If an account has a debit balance of $1,600 in the Trial Balance section of a worksheet and there is a debit of $300 in the Adjustments section, the account balance in the Adjusted Trial Balance section of the worksheet is a

Correct AnswerverifiedShow Answer

Which of the following statements is correct?

Correct AnswerverifiedShow Answer

The net income for an accounting period can be determined using the worksheet by comparing the balances and determining the difference between the balances in the two

Correct AnswerverifiedShow Answer

Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. During the year, the firm had net credit sales of $560,000. Past experience shows that 1.4 percent of the firm's net credit sales result in uncollectible accounts.

Correct AnswerverifiedDebit Uncollectible ...View AnswerShow Answer

Robin Banks, Inc. owns an armored truck which was purchased for $80,000. The Accumulated Depreciation on the truck is $55,000. The book value of the armored truck is

Correct AnswerverifiedShow Answer

Under the accrual basis of accounting, the expense for uncollectible accounts is estimated and recorded before specific accounts are actually written off.

Correct AnswerverifiedShow Answer

Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. On December 31, 2019, the firm owed wages for four days at $1,150 per day.

Correct AnswerverifiedDebit Wages Expense,...View AnswerShow Answer

Accumulated Depreciation has a credit balance in the Trial Balance section of the worksheet of $15,600 and a credit of $3,900 in the adjustments section of the worksheet, the balance of Accumulated Depreciation in the Adjusted Trial Balance section of the worksheet is a

Correct AnswerverifiedShow Answer

Property, plant, and equipment are long-term assets that require end-of-period adjustments for________.

Correct AnswerverifiedShow Answer

After the two adjusting entries for merchandise inventory for Marley Motorcycles have been entered on the worksheet, the Income Summary account in the Adjusted Trial Balance section has a debit of $65,000 and a credit of $73,000. The amount of merchandise inventory at the end of the year is:

Correct AnswerverifiedShow Answer

Identify the statement below that is true regarding the Allowance for Doubtful Accounts account.

Correct AnswerverifiedShow Answer

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Debit Uncollectible ...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Debit Wages Expense,...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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