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156.The balances for the accounts listed below appear in the Adjusted Trial balance columns of the end-of-period spreadsheet (work sheet). Indicate whether each balance should be extended to an Income Statement column or (b) a Balance Sheet column. 1. Dobson, Capital 2. Dobson, Drawing 3. Depreciation Expense 4. Accumulated Depreciation 5. Fees earned 6. Unearned Fees 7..

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  • 156.The balances for the accounts listed below appear in the
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131.Explain the difference between accrual basis accounting and cash basis accounting. 132.Indicate with a Yes or No whether or not each of the following accounts would, under normal circumstances, require an adjusting entry. 1. Cash 2. Prepaid Expenses 3. Depreciation Expense 4. Accounts Payable 5. Accumulated Depreciation 6. Equipment 133.Classify the following items as: (1) prepaid expense, (2).

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  • 131.Explain the difference between accrual basis accounting and cash basis
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185.Two income statements for Debra’s Design Services are shown below: Debra’s Design Services Income Statements For the Years Ended December 31, 2012 and 2011 2012 2011 Fees earned $765,340 $696,520 Operating expenses: Wages expense 254,000 214,600 Rent expense 120,000 108,000 Supplies expense 76,500 98,715 Miscellaneous expense __11,680 16,420 Total operating expenses $462,180 $437,735 Net income $303,160 $258,785 (a) Prepare a vertical analysis of Debra’s Design Services income.

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  • 185.Two income statements for Debra’s Design Services shown below: Debra’s Design
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21.Deferrals are recorded transactions that delay the recognition of an expense or revenue. 22.Adjustments for accruals are needed to record a revenue that has been earned or an expense that has been incurred but not recorded. 23.Unearned revenue is a liability. 24.The systematic allocation of land's cost to expense is called depreciation. 25.The difference.

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  • 21.Deferrals recorded transactions that delay the recognition of an expense
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135.A one-year insurance policy was purchased on June 1, 2011 for $1,500. The adjusting entry on December 31, 2011 would be: Date Description Post Ref Debit Credit 136.Depreciation on Office Equipment is $3,300. The adjusting entry on December 31, 2011 would be: Date Description Post Ref Debit Credit 137.A one-year insurance policy was purchased on October 1, 2011 for.

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  • 135.A one-year insurance policy was purchased June 1, 2011 for
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163.Given the following account balances for Garry’s Tree Service, prepare a trial balance. Cash $30,000 Supplies 1,000 Accounts Payable 8,000 Garry Ryan, Capital 36,800 Wage Expense 2,000 Machinery 24,000 Wages Payable 3,600 Service Revenue 22,500 Rent Expense 10,000 Unearned Revenue 4,000 Accumulated Depreciation - Machinery 7,600 Prepaid Rent 12,200 Garry Ryan, Drawing 3,300 164.List the four basic types of accounts that require adjusting entries and give an example of each. 165.For the year ending.

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  • 163.Given the following account balances for Garry’s Tree Service, prepare
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31.The income summary account is closed to the owner's capital account. 32.The accumulated depreciation account is closed to the income summary account. 33.The drawing account is closed to the income summary account. 34.The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance. 35.Entries required to close.

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  • 31.The income summary account closed to the owner's capital account. 32.The
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51.The revenue recognition concept A.is in not in conflict with the cash method of accounting B.determines when revenue is credited to a revenue account C.states that revenue is not recorded until the cash is received D.controls all revenue reporting for the cash basis of accounting 52.The matching concept A.addresses the relationship between the journal and the.

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  • 51.The revenue recognition concept A.is in not in conflict with the
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75.In the accounting cycle, the last step is A.preparing the financial statements B.journalizing and posting the adjusting entries C.preparing a post-closing trial balance D.journalizing and posting the closing entries 76.During the end-of-period processing which of the following best describes the logical order of this process A.Preparation of adjustments, adjusted trial balance, financial statements B.Preparation of Income Statement,.

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  • 75.In the accounting cycle, the last step is A.preparing the financial
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101.Unearned rent, representing rent for the next six months' occupancy, would be reported on the landlord's balance sheet as a(n) A.asset B.liability C.capital account D.revenue 102.Accrued expenses are ordinarily reported on the balance sheet as A.assets B.liabilities C.fixed assets D.prepaid expenses 103.Fees receivable would appear on the balance sheet as a(n) A.asset B.liability C.fixed asset D.unearned revenue 104.The general term used to indicate delaying the.

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  • 101.Unearned rent, representing rent for the next six months' occupancy,
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115.The entry to close the appropriate insurance account at the end of the accounting period is A.debit Income Summary; credit Prepaid Insurance B.debit Prepaid Insurance; credit Income Summary C.debit Insurance Expense; credit Income Summary D.debit Income Summary; credit Insurance Expense 116.Which of the following accounts ordinarily appears in the post-closing trial balance? A.Fees Earned B.Supplies Expense C.Zane White,.

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  • 115.The entry to close the appropriate insurance account at the
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105.After posting the second closing entry to the income summary account, the balance will be equal to A.zero. B.owner’s equity. C.revenues for the period D.the net income or (loss) for the period. 106.What is the last account that should be listed in the Post Closing Trial Balance? A.Income Summary B.Capital account C.Cash D.Fees Earned 107.Which of the following account groups.

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  • 105.After posting the second closing entry to the income summary
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140.DogMart Company records depreciation to Office Equipment and Production Equipment. Depreciation for the period ending December 31 is $1,400 for Office Equipment and $2,650 for Production Equipment. Prepare two entries to record the Office Equipment and Production Equipment depreciation. 141.On March 1, a business paid $3,600 for a twelve month liability.

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  • 140.DogMart Company records depreciation to Office Equipment and Production Equipment.
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175.On December 15th, Great Designs Company hired an independent contractor for a project. The contractor completed the project on December 29th and submitted an invoice for $2,425 which was due on January 15th. (a) Prepare the journal entries necessary to record these transactions. (b) Explain why you prepared this/these journal entries. 176.On November.

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  • 175.On December 15th, Great Designs Company hired an independent contractor
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171.Explain the difference between A) Accrued revenues and unearned revenues. B) Accrued expenses and prepaid expenses. C) Give an example of each. 172.For each of the following, journalize the necessary adjusting entry: (a) A business pays weekly salaries of $22,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry.

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  • 171.Explain the difference between A) Accrued revenues and unearned revenues. B) Accrued
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91.The type of account and normal balance of Unearned Rent is A.revenue, credit B.expense, debit C.liability, credit D.liability, debit 92.Data for an adjusting entry described as "accrued wages, $2,020" means to debit A.Wages Expense and credit Wages Payable B.Wages Payable and credit Wages Expense C.Accounts Receivable and credit Wages Expense D.Drawing and credit Wages Payable 93.Supplies are recorded as assets.

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  • 91.The type of account and normal balance of Unearned Rent
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184.Complete the missing items in the following chart: Prepaid Expenses Examples Adjusting Entry Financial Statement Impact if Adjusting Entry is Omitted Supplies, (a) Dr. Expense Cr. Asset Income Statement: Revenues: No effect Expenses: Understated Net income: (b) Balance Sheet: Assets: (c) Liabilities: (d) Owner’s equity: Overstated Unearned Revenues Examples Adjusting Entry Financial Statement Impact if Adjusting Entry is Omitted Unearned Rent, (e) (f) Income Statement: Revenues:.

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  • 184.Complete the missing items in the following chart: Prepaid Expenses Examples
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85.The income statement is prepared from: A.the adjusted trial balance. B.the income statement columns of the work sheet. C.either the adjusted trial balance or the income statement columns of the work sheet. D.both the adjusted trial balance and the income statement columns of the work sheet. 86.Round-tripping is when A.a selling company sells to a.

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  • 85.The income statement prepared from: A.the adjusted trial balance. B.the income
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178.Prepare the December 31 adjusting entries for the following transactions. Omit explanations. 1. Fees accrued but unbilled total $4,500. 2. The supplies account balance on December 31 is $5,250. Supplies on hand are $1,015. 3. Wages accrued but not paid are $3,500. 4. Depreciation of office equipment is $2,200. 5. Rent expired during year, $7,800. Date Description Post.

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  • 178.Prepare the December 31 adjusting entries for the following transactions.
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111.What effect will this adjustment have on the accounting records? Unearned Revenue 3,300 Fees earned 3,300 A.Increase net income B.Increase revenues reported for the period C.Decrease liabilities D.All of these are true. 112.What effect will this adjusting journal entry have on the accounting records? Supplies Expense 267 Supplies 267 A.Increase income B.Decrease net income C.Decrease expenses D.Increase assets 113.What effect will the following adjusting journal entry.

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  • 111.What effect will this adjustment have the accounting records? Unearned Revenue 3,300
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183.Jacki Lopez started JVL Consulting on January 1, 2011. The following are the account balances at the end of the first month of business, before adjusting entries were recorded: Accounts Payable $350 Accounts Receivable 750 Cash 4,325 Consulting Revenue 4,925 Equipment 7,000 Jacki Lopez, Capital 15,000 Jacki Lopez, Drawing 1,400 Prepaid Rent 6,000 Supplies 800 Adjustment data: Supplies on hand at the end of the.

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  • 183.Jacki Lopez started JVL Consulting January 1, 2011. The following
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71.Which of the following is considered to be unearned revenue? A.Concert tickets sold for tonight’s performance. B.Concert tickets sold yesterday on credit. C.Concert tickets that were not sold for the current performance. D.Concert tickets sold for next month’s performance. 72.Which of the following is an example of accrued revenue? A.Swimming pool cleaning that has been paid.

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  • 71.Which of the following considered to be unearned revenue? A.Concert tickets
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125.Use the following worksheet to answer the following questions. Finley Company Worksheet For the Year Ended December 31, 2010 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 48,000 48,000 Accounts Receivable 18,000 18,000 Supplies 6,000 6,000 Equipment 57,000 57,000 Accumulated Depr-Equip 18,000 18,000 Accounts Payable 30,000 30,000 Wages Payable 6,000 6,000 C. Finley, Capital 33,000 33,000 C. Finley, Drawing 3,000 3,000 Fees Earned 141,000 141,000 Wages Expense 63,000 63,000 Rent Expense 18,000 18,000 Depreciation Expense 15,000 15,000 Totals 228,000 228,000 96,000 141,000 132,000 87,000 Net Income (Loss) 45,000 45,000 141,000 141,000 132,000 132,000 Based on the preceding trial balance, the entry to close C. Finley, Drawing would be: A.debit C..

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  • 125.Use the following worksheet to answer the following questions. Finley Company Worksheet For
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11.Revenues and expenses should be recorded in the same period to which they relate. 12.The matching concept supports matching expenses with the related revenues. 13.Even though GAAP requires the accrual basis of accounting, some businesses prefer using the cash basis of accounting. 14.The updating of accounts is called the adjusting process. 15.Adjusting entries are.

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  • 11.Revenues and expenses should be recorded in the same period
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135.Which one of the steps below is not aided by the preparation of the work sheet? A.preparing the adjusted trial balance B.posting to the general ledger C.preparing the financial statements D.preparing the closing entries 136.A work sheet includes columns for A.adjusting entries B.closing entries C.reversing entries D.adjusting and closing entries 137.When a work sheet is complete, the adjustment columns should.

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  • 135.Which one of the steps below not aided by the
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95.The Statement of Owner’s Equity begins with the beginning balance followed by A.plus Net Income (loss) less withdrawals B.plus Net Income (loss) plus investments C.plus investments less withdrawals D.plus investments plus Net Income (loss) less withdrawals 96.The Income Statement will include the following accounts A.Revenues less Expenses (ordered largest to smallest amount) with Miscellaneous Expense listed.

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  • 95.The Statement of Owner’s Equity begins with the beginning balance
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