Dharma is closing the books at the end of the accounting period. How should she close the debit amounts in the Income Statement?
Debit the debit balance Income Statement accounts; credit to Income Summary
Debit to Retained Earnings; credit the debit balance Income Statement accounts
Credit the debit balance Income Statement accounts; debit to Income Summary
Credit the debit balance Income Statement accounts; credit Retained Earnings
At the end of the year, Utz Milk Transport calculated its Federal Income Tax amount for the year to be $7,000. Utz Milk Transport 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 multi-column 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, $7,000; Credit Federal Income Tax Payable, $7,000
In the adjustments columns, Debit Federal Income Tax Expense, $3,000; Credit Federal Income Tax Payable, $3,000
In the adjustments columns, Debit Federal Income Tax Expense, $11,000; Credit Federal Income Tax Payable, $11,000
$1,500 of the current year's sales will eventually be uncollectible. The Allowance for Uncollectible Accounts balance is $200. What is the journal entry for recording the adjustment for uncollectible accounts?
Debit Allowance for Uncollectible Accounts, $1,500; credit Uncollectible Accounts Expense, $1,500
Debit Uncollectible Accounts Expense, $1,500; credit Allowance for Uncollectible Accounts, $1,500
Debit Allowance for Uncollectible Accounts, $1,300; credit Uncollectible Accounts Expense, $1,300
Debit Uncollectible Accounts Expense, $1,300; credit Allowance for Uncollectible Accounts, $1,300
Accessories Plus is closing its books at the end of the year. It is ready to close the dividends account. What is the correct journal entry?
Debit to Income Summary; credit to Dividends
Debit to Retained Earnings; credit to Dividends
Debit to Dividends; credit to Retained Earnings
Debit to Dividends; credit to Income Summary
Supplies - Office has a balance of $3,500. At the end of the month, a physical count of the Supplies - Office items shows $1,500 is on hand. How is the adjusting entry to Supplies - office recorded on a multi-column trial balance worksheet?
In the adjustments columns, debit Supplies-Office, $2,000; credit Supplies Expense - Office, $2,000
In the adjustments columns, debit Supplies Expense - Office, $2,000; credit Supplies-Office, $2,000
In the adjustments columns, debit Supplies-Office, $1,500; credit Supplies Expense - Office, $1,500
In the adjustments columns, debit Supplies Expense - Office, $1,500; credit Supplies-Office, $1,500
Office Equipment has a balance of $9,000. The equipment has a useful life of 3 years and a salvage value of $3,000. At the end of the year, how is the adjusting entry for depreciation recorded on a multi-column trial balance worksheet?
In the adjustments columns, debit Office Equipment, $2,000; credit Depreciation Expense - Office Equipment, $2,000
In the adjustments columns, debit Depreciation Expense - Office Equipment, $2,000; credit Office Equipment, $2,000
In the adjustments columns, debit Accumulated Depreciation - Office Equipment, $6,000; credit Depreciation Expense - Office Equipment, $6,000
In the adjustments columns, Debit Depreciation Expense - Office Equipment, $2,000; Credit Accumulated Depreciation - Office Equipment, $2,000.
The merchandise inventory account has a balance of $1,000. At the end of the month, a physical count of the inventory items shows $1,700 is on hand. How is the adjusting entry to inventory recorded on a multi-column trial balance worksheet?
Debit Merchandise Inventory, $700; credit Income Summary, $700
Debit Income Summary, $700; credit Merchandise Inventory, $700
Debit Merchandise Inventory, $1,700; credit Income Summary, $1,700
Debit Income Summary, $1,700; credit Merchandise Inventory, $1,700
Tiny Church Warehouse made the journal entry shown in Figure 3.03 O in their Cash Payments Journal. What is the correct posting of this entry to the general ledger?
Debit Cash, $210; Credit Accounts Payable, $210
Debit Purchases, $210; Credit Accounts Payable $210
Debit Purchases, $210; credit Cash, $210
Debit Cash, $210; credit Purchases, $210
At the end of the year, Super Shipping calculated its Federal Income Tax amount for the year to be $10,000. Super Shipping 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 multi-column 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
Sarah discovered that a sale on account to Jones Company on June 5 for $560 was incorrectly charged to Jackson Company. What is the journal entry to correct this error?
Debit Jones Company $560 and credit Jackson Company $560
Debit Accounts Receivable/Jones Company $560 and credit Accounts Receivable/Jackson Company $560
Debit Jackson Company $560 and credit Jones Company $560
Debit Accounts Payable/Jackson Company $560 and credit Accounts Payable/Jones Company $560
The merchandise inventory account has a balance of $1,500. At the end of the month, a physical count of the inventory items shows $2,200 is on hand. How is the adjusting entry to inventory recorded on a multi-column trial balance worksheet?
Debit Merchandise Inventory, $3,700; credit Income Summary, $3,700
Debit Income Summary, $3,700; credit Merchandise Inventory, $3,700
At the end of the accounting period the prepaid insurance account needs to be adjusted by $680 to reflect insurance that has been used during the period. How is the adjustment recorded on the multi-column trial balance worksheet?
In the Adjustments columns, debit insurance expense, $680; credit prepaid insurance, $680
In the Adjustments columns, debit prepaid insurance, $680; credit insurance expense, $680
In the Income Statement columns, debit prepaid insurance, $680; credit insurance expense, $680
In the Trial Balance columns, debit prepaid insurance, $680; credit insurance expense, $680
The merchandise inventory account has a balance of $2,700. At the end of the month, a physical count of the inventory items shows $2,400 on hand. How is the adjusting entry to inventory recorded on a multi-column trial balance worksheet?
Debit Merchandise Inventory, $300; Credit Income Summary, $300
Debit Income Summary, $300; Credit Merchandise Inventory, $300
Debit Merchandise Inventory, $2,700; Credit Income Summary, $2,700
Debit Income Summary, $2,700; Credit Merchandise Inventory, $2,700
Simon's CDs is closing their books at the end of the year. They have a net loss of $30,000. What is the correct entry to close the Income Summary account?
Debit Income Summary, $30,000; credit Retained Earnings, $30,000
Debit Retained Earnings, $30,000; credit Dividends, $30,000
Debit Retained Earnings, $30,000; credit Income Summary, $30,000
Debit to Dividends, $30,000; credit Income Summary, $30,000
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 multi-column 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 prepaid insurance, $721; credit insurance expense, $721
In the Trial Balance columns, debit prepaid insurance, $721; credit insurance expense, $721
Using the Year ended worksheet for Frozen Tundra Outdoor Sales in Figure 3.03 R, what are the Net Sales?
Net sales are $20,650
Net sales are $54,900
Net sales are $56,450
Net sales are $56,000
Supplies-Store has a balance of $2,200. At the end of the month, a physical count of the Supplies-Store items shows $1,400 is on hand. How is the adjusting entry to Supplies-Store recorded on a multi-column trial balance worksheet?
In the adjustments columns, debit Supplies-Store, $800; credit Supplies Expense- Store, $800
In the adjustments columns, debit Supplies Expense-Store, $800; credit Supplies-Store, $800
In the adjustments columns, debit Supplies-Store, $1,400; credit Supplies Expense-Store, $1,400
In the adjustments columns, debit Supplies Expense-Store, $1,400; credit Supplies-Store, $1,400
Using the Year Ended Worksheet for Adams Accounting in Figure 3.03 S, compute the merchandise inventory balance on the Post-Closing Trial Balance.
The merchandise inventory balance is $200.
The merchandise inventory balance is $1200.
The merchandise inventory balance is $1400.
The merchandise inventory balance is $1600.
Store Equipment has a balance of $30,000. The equipment has a useful life of 8 years and a salvage value of $6,000. At the end of the year, how is the adjusting entry for depreciation recorded on a multi-column trial balance worksheet?
In the adjustments columns, debit Store Equipment, $3,000; credit Depreciation Expense - Store Equipment, $3,000
In the adjustments columns, debit Depreciation Expense - Store Equipment, $3,000; credit Store Equipment, $3,000
In the adjustments columns, debit Accumulated Depreciation - Store Equipment, $3,000; credit Depreciation Expense - Store Equipment, $3,000
In the adjustments columns, debit Depreciation Expense - Store Equipment, $3,000; credit Accumulated Depreciation - Store Equipment, $3,000
Using the year ended worksheet for Frozen Tundra Outdoor Sales in Figure 3.03 R, what is the cost of merchandise sold?
The cost of merchandise sold is $18,050
The cost of merchandise sold is $19,550
The cost of merchandise sold is $44,400
The cost of merchandise sold is $45,900
Susan discovered that a sale on account to Michelle Company on February 12 for $800 was incorrectly charged to the account of Michael Company. What is the journal entry to correct this error?
Debit Michael Company $800 and credit Michelle Company $800
Debit Accounts Receivable/Michael Company $800 and credit Accounts Receivable/Michelle Company $800
Debit Michelle Company $800 and credit Michael Company $800
Debit Accounts Payable/Michelle Company $800 and credit Accounts Payable/Michael Company $800
Using the year ended worksheet for Alaina's Accounting in Figure 3.03 T, what is the Acc. Depr. - Store Equip. balance on the Post-Closing Trial Balance?
The Acc. Depr. - Store Equip. balance is $50
The Acc. Depr. - Store Equip balance is $600
The Acc. Depr. - Store Equip balance is $1,000
The Acc. Depr. - Store Equip balance is $1,500
Find the cost of merchandise sold, given the following information: Purchases, $8,000; Beginning Inventory, $45,000; Ending Inventory, $31,000.
$22,000
$68,000
$84,000
$ 6,000
$1,800 of the current year's sales will eventually be uncollectible. The Allowance for Uncollectible Accounts balance is $150. What is the journal entry for recording the uncollectible accounts adjustment?
Debit Allowance for Uncollectible Accounts, $1,800; credit Uncollectible Accounts Expense - Office, $1,800
Debit Uncollectible Accounts Expense, $1,800; credit Allowance for Uncollectible Accounts, $1,800
Debit Uncollectible Accounts Expense, $1,650; credit Allowance for Uncollectible Accounts, $1,650
Debit Allowance for Uncollectible Accounts, $1,650; credit Uncollectible Accounts Expense, $1,650
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