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Questions and Answers
What is the correct adjusting entry for supplies on hand at 12/31/10?
What is the correct adjusting entry for supplies on hand at 12/31/10?
- Debit Supplies for $400, credit Supplies Expense for $400.
- Debit Supplies for $600, credit Supplies Expense for $600.
- Debit Supplies Expense for $600, credit Supplies for $600. (correct)
- Debit Supplies Expense for $400, credit Supplies for $400.
What is the adjusting entry for insurance policy on December 31?
What is the adjusting entry for insurance policy on December 31?
- Debit Insurance Expense for $1,200, credit Prepaid Insurance for $1,200. (correct)
- Debit Prepaid Insurance for $3,600, credit Insurance Expense for $3,600.
- Debit Insurance Expense for $3,600, credit Prepaid Insurance for $3,600.
- Debit Prepaid Insurance for $1,200, credit Insurance Expense for $1,200.
What is the adjusting entry for office equipment depreciation?
What is the adjusting entry for office equipment depreciation?
- Debit Depreciation Expense for $1,000, credit Accumulated Depreciation for $1,000. (correct)
- Debit Accumulated Depreciation for $1,000, credit Office Equipment for $1,000.
- Debit Depreciation Expense for $1,000, credit Office Equipment for $1,000.
- Debit Office Equipment for $1,000, credit Accumulated Depreciation for $1,000.
What is the purpose of adjusting entries for supplies?
What is the purpose of adjusting entries for supplies?
What is the purpose of adjusting entries for insurance policy?
What is the purpose of adjusting entries for insurance policy?
What is the purpose of adjusting entries for depreciation?
What is the purpose of adjusting entries for depreciation?
What is the correct adjusting entry for the amount of supplies used up in November?
What is the correct adjusting entry for the amount of supplies used up in November?
What is the effect of the adjusting entry on retained earnings and stockholders' equity?
What is the effect of the adjusting entry on retained earnings and stockholders' equity?
What is the correct account to debit for the insurance used during the month?
What is the correct account to debit for the insurance used during the month?
What is the purpose of the adjusting entry for the insurance used during the month?
What is the purpose of the adjusting entry for the insurance used during the month?
What is the balance in the Prepaid Insurance account after the adjusting entry?
What is the balance in the Prepaid Insurance account after the adjusting entry?
What type of account is Prepaid Insurance?
What type of account is Prepaid Insurance?
What is the result of improper accrual of prepaid insurance?
What is the result of improper accrual of prepaid insurance?
What is the correct adjusting entry on December 31, 2010, for the insurance policy?
What is the correct adjusting entry on December 31, 2010, for the insurance policy?
How much cash was paid for wages during 2010?
How much cash was paid for wages during 2010?
What is the adjusting journal entry to be made at the end of the period for supplies?
What is the adjusting journal entry to be made at the end of the period for supplies?
What is the adjusting entry on December 31, 2010, for the unearned rent?
What is the adjusting entry on December 31, 2010, for the unearned rent?
What is the purpose of making adjusting entries?
What is the purpose of making adjusting entries?
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