Applebees began 2016 with
I TaskI ADIUST THE ACCOUNTS-24 points 1. Applebee began 2016 with a balanc e in the supplies account of $6,000. During the year, Applebee purchased additional supplies for $1,300. If an inventory of supplies taken on December 31, 2016 indicates that $4,200 of supplies were on hand then Applebee adjusting entry on December 31, 2016 woukd A) Debit to supplies expense for $2,900 8) Credit to supplies for $4,200 C) Debit to supplies for $5,500 D) Debit to supplies expense for $3,100 2. Applebee calculated that as of December 31, 2016 it had earned $6,500 on contract that has not yet been billed Applebee's adjusting entry on December 31, 2016 would include a A) Debit to accounts receivable for $6,500 8) No entry is required on December 31, 2016 C) Credit to unearned revenue for $3,000 D) Debit to unearned revenue for $3,000 3. Applebee purchased equipment for $120,000. If deprecation for the year is estimated to be $20,000 thern Applebee adjusting entry would include a A) Debit to accumulated depreciation for $20,000 8) Credit to accumulated depreciation for $20,000 C) Credit to depreciation expense for $20,000. D) Credit to equipment for $20,000 4. Ford's weekly (S-day) payroll of $2,500 is paid on Fridays. if December 31 falls ona entry should Applebee make? A) Debit salaries expense $500 and credit salaries payable $500 B) Debit salaries expense $2,000 and credit salaries payable $2,000 C) Debit unpaid salaries $2,000 and credit salaries payable $2,000 D) Debit salaries payable $2,000 and credit salaries expense $2,000 During 2016, Applebee received an advance payment of $25,000. What adjusting entry would Applebee make if 5. 40% of the advance fee was earned by the end of 2016? A) Debit service revenue $10,000 and credit unearned revenue $10,000 B) Debit unearned revenue $15,000 and credit service revenue $15,000 C) Debit cash $10,000 and credit unearned revenue $10,000 D) Debit unearned revenue $10,000 and credit service revenue $10,000 What adjusting journal entry would Applebee make related to the utility bill on December 31, 2016 A) No entry is required on December 31, 2016. B) Debit utility payable $600, credit utility expense $600. C) Debit utility expense $600, credit cash $600 D) Debit utility expense $600, credit utility payable $600. On December 31, 2016, Applebee received a utility bill for $600. They did not pay the bill until January 2017. 6. Applehen Consulting I TaskI ADIUST THE ACCOUNTS-24 points 1. Applebee began 2016 with a balanc e in the supplies account of $6,000. During the year, Applebee purchased additional supplies for $1,300. If an inventory of supplies taken on December 31, 2016 indicates that $4,200 of supplies were on hand then Applebee adjusting entry on December 31, 2016 woukd A) Debit to supplies expense for $2,900 8) Credit to supplies for $4,200 C) Debit to supplies for $5,500 D) Debit to supplies expense for $3,100 2. Applebee calculated that as of December 31, 2016 it had earned $6,500 on contract that has not yet been billed Applebee's adjusting entry on December 31, 2016 would include a A) Debit to accounts receivable for $6,500 8) No entry is required on December 31, 2016 C) Credit to unearned revenue for $3,000 D) Debit to unearned revenue for $3,000 3. Applebee purchased equipment for $120,000. If deprecation for the year is estimated to be $20,000 thern Applebee adjusting entry would include a A) Debit to accumulated depreciation for $20,000 8) Credit to accumulated depreciation for $20,000 C) Credit to depreciation expense for $20,000. D) Credit to equipment for $20,000 4. Ford's weekly (S-day) payroll of $2,500 is paid on Fridays. if December 31 falls ona entry should Applebee make? A) Debit salaries expense $500 and credit salaries payable $500 B) Debit salaries expense $2,000 and credit salaries payable $2,000 C) Debit unpaid salaries $2,000 and credit salaries payable $2,000 D) Debit salaries payable $2,000 and credit salaries expense $2,000 During 2016, Applebee received an advance payment of $25,000. What adjusting entry would Applebee make if 5. 40% of the advance fee was earned by the end of 2016? A) Debit service revenue $10,000 and credit unearned revenue $10,000 B) Debit unearned revenue $15,000 and credit service revenue $15,000 C) Debit cash $10,000 and credit unearned revenue $10,000 D) Debit unearned revenue $10,000 and credit service revenue $10,000 What adjusting journal entry would Applebee make related to the utility bill on December 31, 2016 A) No entry is required on December 31, 2016. B) Debit utility payable $600, credit utility expense $600. C) Debit utility expense $600, credit cash $600 D) Debit utility expense $600, credit utility payable $600. On December 31, 2016, Applebee received a utility bill for $600. They did not pay the bill until January 2017. 6. Applehen Consulting
