111. What impact will this adjustment have on the accountancy records? 

Unearned Revenue

6,375

 

             Fees Earned

 

6,375

 

 

 

 A. increase net incomeB. increase earnings reported for the periodC. decrease liabilitiesD. all the these

 

112. What impact will this adjusting newspaper entry have actually on the audit records? 

Supplies Expense

760

 

            Supplies

 

760

 

 

 

 A. increase incomeB. decrease net incomeC. decrease expensesD. increase assets

 

113. What result will the adhering to adjusting newspaper entry have actually on the bookkeeping records? 

Depreciation Expense

2,150

 

            collected Depreciation

 

2,150

 

 

 

 A. increase net incomeB. increase revenuesC. decrease expensesD. decrease net publication value

 

114. How will certainly the complying with adjusting newspaper entry affect the accounting equation? 

Unearned Subscriptions

11,500

 

             Subscriptions Earned

 

11,500

 

 

 

 A. increase assets, rise revenuesB. increase liabilities, boost revenuesC. decrease liabilities, boost revenuesD. decrease liabilities, decrease revenues

 

115. Which that the adhering to is not true about depreciation? A. Depreciation allocates the cost of a fixed asset over its estimated life.B. Depreciation cost reflects the decrease in market value each year.C. Depreciation is an allocation no a valuation method.D. Depreciation cost does no measure alters in industry value.

 

116. The account form and common balance that Prepaid price is A. revenue, creditB. expense, debitC. liability, creditD. asset, debit

 

117. The account kind and normal balance of Unearned Revenue is A. revenue, creditB. expense, debitC. liability, creditD. asset, debit

 

118. Which that the adhering to is an instance of an accrued expense? A. Salary owed however not yet paidB. Fees received yet not yet earnedC. Supplies top top handD. A two-year premium paid on a fire insurance money policy

 

119. The net book value of a addressed asset is determined by A. original cost less collected depreciationB. original cost less depreciation expenseC. original cost less built up depreciation add to depreciation expenseD. original cost plus gathered depreciation

 

120. The balance in the supplies account, before adjustment in ~ the finish of the year is $6,250.  The ideal adjusting entry if the amount of offers on hand at the finish of the year is $1,500 would be A. debit supplies $1,500, credit Supplies expense $1,500B. debit Supplies cost $4,750, credit provides $4,750C. debit Supplies price $1,500, credit provides $1,500D. debit supplies $4,750, credit Supplies expense $4,750