1- If $3,450 of insurance is purchased for the subsequent six months, what would be the credited account and amount within the necessary adjusting entry after the first month of insurance coverage has expired?

Multiple Choice

Insurance expense for $575

Insurance Expense for $3,450

Prepaid Insurance for $575

Prepaid Insurance for $3,450

2- On a worksheet, the adjusting entry to account for depreciation of equipment consists of a:

Multiple Choice

debit to Accumulated Depreciation and a credit to Equipment.

debit to Equipment and a credit to Accumulated Depreciation.

debit to Depreciation Expense and a credit to Equipment.

debit to Depreciation Expense and a credit to Accumulated Depreciation.

3- Red Company purchased $900 of Prepaid Advertising on September 1, 20X1. The advertising will run for the next three months. What adjusting entry should be recorded on September 30, 20X1 to properly account for this advertising?

Multiple Choice

Debit Prepaid Advertising for $300, credit Advertising Expense for $300

Debit Advertising Expense for $300, credit Cash for $300

Debit Advertising Expense for $300, credit Prepaid Advertising for $300

Debit Cash for $300, credit Advertising Expense for $300

4- Publications Unlimited purchased machinery for $20,000 on March 1, 20X1. The machinery has an estimated useful life of 10 years and an estimated salvage value of $2,000. As of March 31, 20X1, after the firm has recorded the adjusting entry for depreciation of this machinery, what is the book value of the machinery?

Multiple Choice

$20,000

$19,850

$18,000

$17,850

5- The adjusted Accumulated Depreciation balance will appear within which of the following worksheet columns?

Multiple Choice

Balance Sheet Credit column

Balance Sheet Debit column

Income Statement Debit column

Income Statement Credit column

6- On the worksheet, the Balance Sheet columns should balance:

Multiple Choice

before the net income amount is added to the Balance Sheet Credit column.

after the net income amount is added to the Balance Sheet Credit column.

after the net income amount is added to the Balance Sheet Debit column.

before the net income amount is added to the Balance Sheet Debit column.

7- If the Supplies account lists $600 in the Trial Balance Debit column of a worksheet, and lists $480 in the Adjustments Credit column of the worksheet, what will appear within the Adjusted Trail Balance columns for the Supplies account?

Multiple Choice

$1,080 in the Adjusted Trial Balance Credit column

$1,080 in the Adjusted Trial Balance Debit column

$120 in the Adjusted Trial Balance Debit column

$120 in the Adjusted Trial Balance Credit column

Please Answer this Questions