2 T and F

3 multiple choice

Previous Question To compute net income or net loss, the debit and credit columns of the income statement section of the worksheet are totaled, and the difference is placed on the smaller side. True False If an adjustment to Supplies is not made, the balance in the Supplies account will be understated. True False "Which of the following accounts would most likely NOT need to be adjusted at the end of the year? ... A. Accumulated Depreciation OB. Salaries Payable OC. Cash OD. Office Supplies Sam purchased a four-year insurance policy for $7,200. The adjusting entry for one month would include a: O A. credit to Cash, $150. B. debit to Prepaid Insurance, $150. O c. credit to Insurance Expense, $150. D. debit to Insurance Expense, $150. As Prepaid Rent Expense is used, the asset becomes a(n): O A. expense. OB. contra - asset. Oc. contra - revenue. OD. liability