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 plan adjustments and sort financial statement information.
Row 1, Col 2 What is False? Work sheets for service and merchandising businesses are very different.
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.
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
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
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.
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
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
Row 3, Col 1 What is True? All accounts are listed on the work sheet regardless of whether there is a balance or not.
Row 3, Col 2 What is False? Purchases are recorded in the merchandise inventory account.
Row 3, Col 3 What is Income Statement Debit Column? On a work sheet, Purchases is extended to what column
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
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.
Row 4, Col 2 What is False? Two accounts used in adjusting office supplies are Supplies-Office and Supplies-Inventory
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
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
Row 5, Col 1 What is True? The value of the insurance coverage used is recorded as a debit to Insurance Expense
Row 5, Col 2 What is False? The amount recorded in Income Summary is extended to the Balance Sheet Debit or Credit Column.
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
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
Final Jeopardy You are said to have this if you Income Statement Debit column total is larger then the Income Statement credit column total