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Homework answers / question archive / University of Illinois, Chicago ACTG 210 Quiz 4 1)Which account will have a zero balance after closing entries have been journalized and posted? A law firm received $2000 cash for legal services to be rendered in the future

University of Illinois, Chicago ACTG 210 Quiz 4 1)Which account will have a zero balance after closing entries have been journalized and posted? A law firm received $2000 cash for legal services to be rendered in the future

Accounting

University of Illinois, Chicago

ACTG 210

Quiz 4

1)Which account will have a zero balance after closing entries have been journalized and posted?

  1. A law firm received $2000 cash for legal services to be rendered in the future. The full amount was credited to the liability account Unearned Service Revenue. If the legal services have been rendered at the end of the accounting period and no adjusting entry is made; this would casue:
  2. At march 1, 2017, Candy Inc. had supplies on hand of $2000. During the month, Candy purchased supplies of $2900 and used supplies of $2800. The March 31 balance sheet should report what balance in the supplies account?
  3. On January 1, 2016, Leardon Inc. purchased equipment for $25000. The company is depreciating the equipment at a rate of $1000 per month. At January 31, 2017, the balance in Accumulated Depreciation is:

 

  1. An accounting time period that is one year in length is called
  2. Darting company purchased equipment for $9000 on January 1, 2017. The company expects to use the equipment for 3 years. It has no salvage value. Monthly depreciation expense on the asset is:
  3. Unearned revenue is classified as a(n)
  4. An adjusting entry can include a
  5. Which of the following statements below is not true?
  6. A company usually determines the amount of supplies used during a period by
  7. An adjusting entry made to record accrued interest on a note receivable due next year consists

 

  1. Which principle dictates that efforts (expenses) be recorded with accomplishments (revenues)
  2. An asset-expense relationship exists with
  3. Why was apple required to spread their iphone revenues over a two year period?
  4. Adjusting entries affect at least

 

  1. Bokaw industries signs a $40000, 9% 6-month note on September 1st, 20 How much interest expense will bokaw report in its 2017 financial statements?
  2. Which statement is correct?
  3. A furniture factory’s employees work overtime to finish an order that is sold January 31. The
  4. Amos Real Estate signed a four-month note payable in the amount of $20,000 on September 1st. The note requires interest at an annual rate of 9%. The amount of interest to be accrued at the end of September is?
  5. Adjusting Entries are required
  6. The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is:
  7. Closing entries:
  8. Adjusting entries are
  9. Which of the following would not be an application of the revenue recognition or expense recognition principle?
  10. The accounts of a business, before an adjusting entry is made to record accrued revenue, reflect an:
  11. Masterfalls corporation purchased a one-year insurance policy in January 2016 for $36000. The insurance policy is in effect from march 2016 through February 2017. If the company neglect to make the proper year-end adjustments for the expired insurance
  12. On January 1, 2017, M. Johnson company purchased equipment for $54000. The company is depreciating the equipment at a rate of $750 per month. The book value of the equipment at December 31, 2017 is:
  13. Which types of accounts will appear in the post-closing trial balance?
  14. On April 1, 2017, nPropel Corporation paid $48000 cash for equipment that will be used in business operations. The equipment will be used for four years. nPropel records depreciation

 

  1. Karcan, inc. purchased supplies costing €2500 on January 1, 2017 and recorded the transaction by increasing assets. At the end of the year €1100 of the supplies are still on hand. If Karcan, inc. does not make the appropriate adjusting entry, what is the impact on its statement of financial position at December 31, 2017?
  2. Merando Industries employs a five day workweek and September 30 year-end. Normal weekly wages amount to $36000. If September 30 ends on a Wednesday, what is the appropriate journal entry at fiscal year end?

 

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