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16) The Interest Expense in the worksheet's unadjusted trial balance column is $3,000. Interest Expense in the income statement column is $7,000. Which of the following entries would have caused this difference?

A) A $7,000 credit to Interest Expense in the worksheet's adjustments column

B) A $7,000 credit to Interest Payable in the worksheet's adjustments column

C) A $4,000 debit to Interest Expense in the worksheet's adjustments column

D) A $4,000 credit to Interest Expense in the worksheet's adjustments column

17) In which of the columns of the worksheet would Net Income be found?

A) Under the trial balance credit column, the adjusted trial balance credit column and the balance sheet credit column

B) Under the trial balance debit column, the adjusted trial balance debit column and the balance sheet debit column

C) Under the balance sheet debit column and the income statement credit column

D) Under the balance sheet credit column and the income statement debit column

18) Which of the following accounts would appear in the balance sheet credit column?

A) Prepaid Insurance

B) Buildings

C) Unearned Service Revenue

D) Service Revenue

19) Which of the following accounts would appear in the income statement credit column?

A) Service Revenue

B) Prepaid Insurance

C) Unearned Service Revenue

D) Depreciation Expense

20) Which of the following accounts would appear in the balance sheet debit column?

A) Unearned Service Revenue

B) Accumulated Depreciation

C) Service Revenue

D) Prepaid Insurance

21) Which of the following accounts would appear in the income statement debit column?

A) Unearned Service Revenue

B) Service Revenue

C) Depreciation Expense

D) Prepaid Insurance

22) The following is the adjusted trial balance from the worksheet for Tuttle Photography.

Tuttle Photography

Worksheet

For the Year Ended December 31, 2015

AccountsDebitCredit

Cash$15,000

Accounts Receivable30,000

Prepaid Insurance7,500

Office Supplies3,200

Building160,000

Accumulated Depreciation—Building$12,000

Equipment75,000

Accumulated Depreciation—Equipment8,500

Land40,000

Accounts Payable12,000

Salaries Payable2,000

Unearned service revenue25,000

Mortgage Payable100,000

R. Tuttle, Capital21,290

R. Tuttle, Withdrawals23,000

Service Revenue289,000

Salaries Expense61,000

Depreciation Expense—Building and Equipment6,150

Office Supplies Expense14,040

Insurance Expense14,000

Utilities Expense20,900________

Total$469,790$469,790

Using the information provided in the worksheet above, prepare an income statement for Tuttle Photography.

Learning Objective 4-3

1) The adjusting process zeroes out all revenues and all expenses.

2) The closing process helps in measuring each period's net income separately from all other periods.

Solution
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