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Exam 12: Accruals, Deferrals, and the Worksheet

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Question 31

Multiple Choice

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The net income for an accounting period appears on the worksheet in the

A) Income Statement Debit column only.
B) Income Statement Credit column only.
C) Income Statement Credit and the Balance Sheet Debit columns.
D) Income Statement Debit and the Balance Sheet Credit columns.

E) A) and D)
F) B) and C)

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Question 32

Multiple Choice

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Robin Banks, Inc. owns an armored truck which was purchased for $80,000. The Accumulated Depreci?ation on the truck is $55,000. The book value of the armored truck is

A) $25,000
B) $80,000
C) $55,000
D) $135,000

E) C) and D)
F) A) and D)

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Question 33

Multiple Choice

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After both of the entries for the inventory adjustment have been posted the debit in the Income Summary account represents:

To determine the amount of yearly depreciation, the ____________________ is divided by the number of years in the asset's useful life.

If an account has a debit balance in the Trial Balance section and a debit entry in the Adjustments section, _______________ the two amounts.

A debit to Interest Receivable and a credit to Interest Income are needed to record interest that has been earned but not yet received.

The adjusting entry to record accrued interest on a note payable requires a debit to

On October 1, 2013, a firm accepted a 4-month, 8% note for $12,000 from a customer with an overdue account balance. The accrued interest recorded for this note on December 31, 2013, is

Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. On December 31, 2013, the firm owed wages totaling $3,900.

Which of the following statements is not correct?

Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. The beginning inventory for a merchandising business was $73,000, and the ending inventory is $66,000.

Accrued income is income that has been

Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. During December, the firm received $6,000 in fees in advance and properly recorded the amount as Unearned Fees. An analysis shows that $2,000 applies to services provided in December.

Allowance for Doubtful Accounts is reported in the

Rose Bush Nursery purchased a delivery truck for $27,000. The truck is expected to have a useful life of 4 years and a residual value of $1,080. If the truck was purchased on June 1, 2013, what is the amount of depreciation expense for the truck for the year ended December 31, 2013?

When the accrual basis of accounting is used, expenses are recognized only in the period during which they are paid.

Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. During December, the firm received $12,000 in fees in advance and properly recorded the amount as Unearned Fees. An analysis shows that $4,000 applies to services provided in December.

On November 1, 2013, a firm accepted a 4-month, 10 percent note for $900 from a customer with an overdue balance. The accrued interest recorded for this note for the year ended December 31, 2013, is

Which of the following statements is correct?

The adjusting entry to record accrued interest on a note receivable increases the Interest Receivable account and ____________________ the Interest Income account.