Please Help Me With HomeWork

QUESTION 1

If a count of office supplies on hand reveal $1,000 of supplies unused at year-end and the Office Supplies on Hand account has a balance of $2500, the adjusting entry to bring the Office Supplies on Hand up to date at year-end should include:

		Debit Office Supplies on Hand $1,000, Credit Office Supplies Expense $1,000
		Debit Office Supplies on Hand $1,500, Credit Office Supplies Expense $1,500
		Debit Office Supplies Expense $1,000, Credit Office Supplies on Hand $1,000
		Debit Office Supplies Expense $1,500, Credit Office Supplies on Hand $1,500

QUESTION 2

Types of adjusting entries include all of the following except:

		Prepaid Items
		Accrued Revenues
		Accrued Expenses
		Accrued Cash

QUESTION 3

Prepaid items for which adjusting entries may be necessary include all of the following except:

		Prepaid insurance
		Prepaid Rent
		Unearned Revenue
		Office Supplies

QUESTION 4

To record adjusting entries, use:

		Reports Menu > General Journal Entries
		Accountant Menu > Make General Journal Entries
		Banking Menu > Make General Journal Entries
		Home > Journal Entries

QUESTION 5

An accounting period may be:

		One quarter
		One month
		One year
		All of the choices are correct

QUESTION 6

Adjusting entries for accrued revenues typically include which of the following related types of accounts:

		Revenue and Liability accounts
		Revenue and Asset accounts
		Expense and Liability accounts
		Expense and Asset accounts

QUESTION 7

Adjusting entries should be made ______________ preparing financial statements:

		Before
		During
		After
		Never

QUESTION 8

What is an asset?

		What remains after the liabilities are satisfied
		What a company owes
		What a company owns
		What a company has after expenses are removed

QUESTION 9

Adjusting entries are used to:

		Close temporary accounts at year end
		Close permanent accounts at year-end
		Bring account balances up to date at year end
		All of the choices are correct

QUESTION 10

Adjusting entries for accrued expenses typically include which of the following related types of accounts:

		Revenue and Liability accounts
		Revenue and Asset accounts
		Expense and Liability accounts
		Expense and Asset accounts