AutoSave OFF Exam2 - Copy (17) Qv Search Sheet Home Insert Draw Page Layout Formulas Data Review View Share Comments F9 fx Part 1 - Multiple Choice. Enter an "X" in the cell to the left of the correct answer. 1. Adjusting entries impact one income statement account and one balance sheet account one revenue account and one stockholders' equity account one revenue account and one expense account one asset account and one liability account 2. Deferred revenue is revenue that is earned and the cash has been received. the cash has not been received yet. not earned and the cash h eamed but the cash has not been received yet. not earned but the cash has been received. 3. Which of the following is an example of an accrued expense? Unearned Fees Taxes Payable Supplies Accounts Receivable The difference between the balance in the Equipment account and the Accumulated Depreciation - Equipment account is called an asset market value a contra asset book value Supplies are recorded as assets when purchased. Therefore, the credit to Supplies in the adjusting entry is for the amount of supplies used emaining purchased owed - C A company forgot to make the adjusting entry for accrued revenue for a job it is currently working on but has not completed. The net income amount will be too high (overapplied) zero too low (underapplied) correct Which is true of closing entries? They should not be posted to the ledger. Exam 2 Ready I Q ! - + 100%