60.1K

Verified Solution

Link Copied!

25

forgot to record depreciation on office reco 23. If a company the financial statements prepared at that time would show Assets overstated and equity understated A. B. Assets and equity both C. Assets overstated, net i Assets, net income and equity understated ted and equity overstated Assets, net income and equity unt linked with another account that has an opposite normal balance and that is subtracted from the balance of the related account is a(n) A. Accrued expense Contra account D. Intangible asset E. Adjunct account 25. Prior to recording adjusting entries, the Office Supplies account had a $358 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is: A. Debit Office Supplies $105 and credit Office Supplies Expense $105 B. Debit Office Supplies Expense $105 and credit Office Supplies $105 C. Debit Office Supplies Expense $254 and credit Office Supplies $254 . Debit Office Supplies $254 and credit Office Supplies Expense $254 E. Debit Office Supplies $105 and credit Supplies Expense $254 6. On April 1, 2009, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 31, 2009? $1,350 $450 $1,012.50 $337.50 $37.50 A company pays each of ts two office employees each Friday at the rate of $100 each for a five-day week that begins on Monday. If the monthly accounting period ends c Tuesday and the employees worked on both Monday and Tuesday, the month-end adju entry to record the salaries eamed but unpaid is: Debit Unpaid Salaries $600 and credit Salaries Payable $600 Debit Salaries Expense $400 and credit Salaries Payable $400 Debit Salaries Expense $600 and credit Salaries Payable $600 Debit Salaries Payable $400 and credit Salaries Expense $400 $400 and credit Cash $400

Answer & Explanation Solved by verified expert

See Answer