4.03 - 4.05 Test Review

4.03 - 4.05 Test Review

9th Grade

30 Qs

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4.03 - 4.05 Test Review

4.03 - 4.05 Test Review

Assessment

Quiz

Business

9th Grade

Hard

Created by

Conner Buddington

Used 8+ times

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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

At the end of the accounting period, the Prepaid Insurance account needs to be adjusted by $721 to reflect insurance that has been used during the period. How is the adjustment recorded on the multicolumn trial balance worksheet?

In the Adjustments columns, debit Insurance Expense, $721; credit Prepaid Insurance, $721.

In the Adjustments columns, debit Prepaid Insurance, $721; credit Insurance Expense, $721.

In the Income Statement columns, debit Insurance Expense, $721; credit Prepaid Insurance, $721.

In the Trial Balance columns, debit Prepaid Insurance, $721; credit Insurance Expense, $721.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is the extension of Federal Income Tax Payable after adjustments?

$3,450 in the Income Statement Debit column

$3,450 in the Income Statement Credit column

$3,450 in the Balance Sheet Debit column

$3,450 in the Balance Sheet Credit column

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On February 28 of the current year, Yancey Company received a bank statement dated February 27. The following information is obtained from the bank statement and from the records of the business. Bank statement balance: $3,500.00 Outstanding checks: No. 234 - $100.00 No. 235 - $90.00 Bank service charge: $3.50 Outstanding deposits: February 27, $500.00 February 28, $200.00 Checkbook balance on Check Stub No. 237: $3,873.00 Does the bank statement reconcile?

No, the adjusted checkbook balance is $140.50 too low.

No, the adjusted checkbook balance is $913.50 too high.

Yes, the adjusted checkbook balance and the adjusted bank balance agree.

Yes, the adjusted checkbook balance is more than the adjusted bank balance.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the beginning Supplies balance is $2,200, and the ending Supplies balance is $700, the correct adjustment on the worksheet is to:

debit Supplies and credit Supplies Expense, $700.

debit Supplies Expense and credit Supplies, $700.

debit Supplies and credit Supplies Expense, $1,500.

debit Supplies Expense and credit Supplies, $1,500.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Supplies-Store has a balance of $2,200. At the end of the month, a physical count of the Supplies-Store items shows $1,200 is on hand. How is the adjusting entry to Supplies-Store recorded on a multicolumn trial balance worksheet?

In the Adjustments columns, debit Supplies-Store, $1,000; credit Supplies Expense-Store, $1,000.

In the Adjustments columns, debit Supplies Expense-Store, $1,000; credit Supplies-Store, $1,000.

In the Adjustments columns, debit Supplies-Store, $1,200; credit Supplies Expense-Store, $1,200.

In the Adjustments columns, debit Supplies Expense-Store, $1,200; credit Supplies-Store, $1,200.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

At the end of the year, Super Shipping has calculated its federal income tax amount for the year to be $10,000. Super Shipping has already made federal income tax payments in the amount of $4,000. How is the adjusting entry for Federal Income Tax Expense recorded on a multicolumn trial balance worksheet?

In the Adjustments columns, debit Federal Income Tax Expense, $4,000; credit Federal Income Tax Payable, $4,000.

In the Adjustments columns, debit Federal Income Tax Expense, $6,000; credit Federal Income Tax Payable, $6,000.

In the Adjustments columns, debit Federal Income Tax Expense, $10,000; credit Federal Income Tax Payable, $10,000.

In the Adjustments columns, debit Federal Income Tax Expense, $14,000; credit Federal Income Tax Payable, $14,000.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The ABC Manufacturing Company's Income Statement worksheet shows total debits of $600 and total credits of $750. ABC Manufacturing Company has a:

net loss of $150.

net loss of $1,350.

net income of $150.

net income of $1,350.

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