College Acct 1- Chapter 3

Front

Which of the following is NOT a time period commonly used by companies in reporting accounting / financial information?
Six-month interval,
Three-month interval (quarter),
15-month interval,
One Month,
Annual / One Year

Back

15-month interval

Front

Adjusting entries:

Back

Affect both income statement and balance sheet accounts

Front

A company's Office Supplies account shows a beginning balance of $300 and an ending balance of $100. If office supplies expense for the year is $2,200, what amount of office supplies was purchased during the year?

Back

$2,000

Front

Total revenues for the period are $74,300, total expenses are $39,000 and dividends are $9,000. What is the correct closing entry for the revenue accounts?

Back

Debit Revenue accounts $74,300; credit Income Summary $74,300

Front

What adjusting entry is needed for a physical count of supplies on hand at the end of October indicating $250 of supplies on hand, with a general ledger balance before any adjustments of $1,150? Options: Debit Supplies $900; Credit Supplies Expense $900, Debit Cash $250; Credit Supplies $250, Debit Supplies Expense $900; Credit Supplies $900, Debit Prepaid Supplies $900; Credit Supplies Expense $900, Debit Supplies Expense $250; Credit Supplies $250

Back

Debit Supplies Expense $900; Credit Supplies $900

Front

If Stuart Tax Services' office supplies on August 1 was $2,100, the company purchased $725 during the month, and a physical count showed $1,325 of supplies at the end of the month, what is the amount of the adjusting entry needed?

Back

$1,500

Front

On February 1, a company paid the $1,350 premium on a three-year insurance policy. What amount of the insurance expense will be reported on the income statement for the first year?

Back

$412.50

Front

The correct adjusting entry for accrued and unpaid employee wages of $5,500 on December 31 is:

Back

Debit Salaries Expense $5,500; Credit Salaries Payable $5,500

Front

Which of the following assets is NOT depreciated? Buildings, Equipment, Land, Store Fixtures, Computers

Back

Land

Front

Calculate the current ratio based on the following information from Scranton Company's Balance Sheet: Current assets $500,000, Current Liabilities $100,000.

Back

5.0