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Week 2 Homework
Fill in the blanks (5 pts each)
1. The assets which do not have a physical form are called ______________.
2. Unearned Revenue is a ________ account and carries a ________ normal balance.
3. A depreciable asset's cost minus accumulated depreciation is called ______________.
4. As per the _________________________, the entity will remain in operation for the foreseeable future.
Multiple choice (5 pts each) (highlight or clearly mark your answer)
1. If a company is using the accrual basis accounting method, when should it record its earned revenue?
A) When cash is received, even though services may be rendered at a later date
B) When services are rendered, even though cash may be received at a later date
C) When services are completely rendered and cash is received
D) When cash is received, 30 days after the completion of the services
2. An adjusting entry is completed:
A) at the beginning of the accounting period.
B) at the end of the accounting period.
C) when the balance sheet is prepared.
D) when accounts need to be balanced in the ledger.
3. Qwerty Inc. prepaid $3,600 on November 1, 2014 for a one-year insurance premium. On January 1, 2015 of the next year (after December 31 adjustments), the Prepaid Insurance account will have a debit balance of:
A) $3,300.
B) $3,900.
C) $3,600.
D) $3,000.
4. Which of the following is a contra account?
A) Depreciation Expense
B) Accumulated Depreciation
C) Unearned Revenue
D) Earned Revenue
Problems (10 pts each) (please show your work for partial credit)
1. Deborah Consultants had the following balances before passing adjusting entries in the books on December 31, 2015.
Cash $6,000 Deborah, Withdrawals $3,000
Accounts Receivable 2,000 Service Revenue 10,600
Office Supplies 1,800 Salaries Expense 4,000
Equipment 15,000 Rent Expense 800
Accumulated Depreciation— Depreciation Expense—
Equipment 9,000 Equipment 1,500
Deborah, Capital 15,000 Supplies Expense 500
Prepare the adjusted trial balance after considering these adjustments:
a. Office Supplies used, $800. Assume the office supplies were initially recorded as an asset.
b. Accrued salaries on December 31, $600.
c. Revenue accrued but not recorded, $200.
Week 2 Homework
Fill in the blanks (5 pts each)
1. The assets which do not have a physical form are called ______________.
2. Unearned Revenue is a ________ account and carries a ________ normal balance.
3. A depreciable asset's cost minus accumulated depreciation is called ______________.
4. As per the _________________________, the entity will remain in operation for the foreseeable future.
Multiple choice (5 pts each) (highlight or clearly mark your answer)
1. If a company is using the accrual basis accounting method, when should it record its earned revenue?
A) When cash is received, even though services may be rendered at a later date
B) When services are rendered, even though cash may be received at a later date
C) When services are completely rendered and cash is received
D) When cash is received, 30 days after the completion of the services
2. An adjusting entry is completed:
A) at the beginning of the accounting period.
B) at the end of the accounting period.
C) when the balance sheet is prepared.
D) when accounts need to be balanced in the ledger.
3. Qwerty Inc. prepaid $3,600 on November 1, 2014 for a one-year insurance premium. On January 1, 2015 of the next year (after December 31 adjustments), the Prepaid Insurance account will have a debit balance of:
A) $3,300.
B) $3,900.
C) $3,600.
D) $3,000.
4. Which of the following is a contra account?
A) Depreciation Expense
B) Accumulated Depreciation
C) Unearned Revenue
D) Earned Revenue
Problems (10 pts each) (please show your work for partial credit)
1. Deborah Consultants had the following balances before passing adjusting entries in the books on December 31, 2015.
Cash $6,000 Deborah, Withdrawals $3,000
Accounts Receivable 2,000 Service Revenue 10,600
Office Supplies 1,800 Salaries Expense 4,000
Equipment 15,000 Rent Expense 800
Accumulated Depreciation— Depreciation Expense—
Equipment 9,000 Equipment 1,500
Deborah, Capital 15,000 Supplies Expense 500
Prepare the adjusted trial balance after considering these adjustments:
a. Office Supplies used, $800. Assume the office supplies were initially recorded as an asset.
b. Accrued salaries on December 31, $600.
c. Revenue accrued but not recorded, $200.
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