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Hosted by Ms. Appel

Hosted by Ms. Appel. Final. True/False 1. True/False 2. Fill In The Blank 1. Make the Adjustment. 100. 100. 100. 100. 200. 200. 200. 200. 300. 300. 300. 300. 400. 400. 400. 400. 500. 500. 500. 500. Row 1, Col 1. What is True?. A work sheet is used to

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Hosted by Ms. Appel

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  1. Hosted by Ms. Appel

  2. Final True/False 1 True/False 2 Fill In The Blank 1 Make the Adjustment 100 100 100 100 200 200 200 200 300 300 300 300 400 400 400 400 500 500 500 500

  3. Row 1, Col 1 What is True? A work sheet is used to plan adjustments and sort financial statement information.

  4. Row 1, Col 2 What is False? Work sheets for service and merchandising businesses are very different.

  5. Row 1, Col 3 What are Accounting Period Cycle? Preparing a work sheet at the end of each fiscal period is an application of what accounting concept.

  6. Row 1, Col 4 What is $1,870 Dr to Merch. Inv. Cr. To Income Summary? Beginning Merchandise Inventory is $49,434.00; ending Merchandise Inventory is $51,304.00

  7. Row 2, Col 1 What is False? A trial balance is prepared to prove that all journal entries have been posted to the correct general ledger accounts

  8. Row 2, Col 2 What is False? After posting is completed at the end of a fiscal period, all general ledger accounts show a true, up-to-date balance.

  9. Row 2, Col 3 What is Matching Expenses with Revenues? Daily Double Recording expenses in the fiscal period in which the expenses contribute to earning revenue is a application of what accounting concept

  10. Row 2, Col 4 What is $10,633 Adjustment Cr. To Merch. Inv. And Dr. to Income Summary? Trial Balance of Merchandise Inventory shows $25,975; The value of Merchandise Inventory at the end of the fiscal period was $15,342

  11. Row 3, Col 1 What is True? All accounts are listed on the work sheet regardless of whether there is a balance or not.

  12. Row 3, Col 2 What is False? Purchases are recorded in the merchandise inventory account.

  13. Row 3, Col 3 What is Income Statement Debit Column? On a work sheet, Purchases is extended to what column

  14. Row 3, Col 4 What is $500 Adj. Cr. To Prepaid Ins. And Dr. to Insurance Expense? Daily Double Prepaid Insurance at the beginning of the fiscal period was $1,250; the value at the end of the fiscal period was $750

  15. Row 4, Col 1 What is True? The income summary account is one of the accounts used to adjust the merchandise inventory account at the end of the fiscal period.

  16. Row 4, Col 2 What is False? Two accounts used in adjusting office supplies are Supplies-Office and Supplies-Inventory

  17. Row 4, Col 3 What are Income Statement Cr. And Bal. Sheet Dr.? When a work sheet is completed, a net loss will appear in which 2 columns

  18. Row 4, Col 4 What is $3,547 Adj. Cr. Supplies-Store & Dr. Supplies-Store Expense? Store supplies were $15,934 at the beginning of the fiscal period; the value at the end of the fiscal period was $12,387

  19. Row 5, Col 1 What is True? The value of the insurance coverage used is recorded as a debit to Insurance Expense

  20. Row 5, Col 2 What is False? The amount recorded in Income Summary is extended to the Balance Sheet Debit or Credit Column.

  21. Row 5, Col 3 What is Dr. Income Summary Cr. Merch. Inv.? The entry to journalize the adjustment for merchandise inventory at the end of a fiscal period when ending merchandise inventory is smaller then the beginning is this

  22. Row 5, Col 4 What is $7,874 Adj. Cr. Supplies-Office Dr. Supplies-Office Expense? Office supplies value was $5,000 at the end of the fiscal period; the beginning balance was $12,874

  23. Final Jeopardy You are said to have this if you Income Statement Debit column total is larger then the Income Statement credit column total

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