Chapter 3 multiple-choice questions. 4 questions. You may be asked about the following: 1. Given the unadjusted balance in the prepaid rent account. Prepare the adjusting entry after one month.

2. Given the unadjusted balance in prepaid rent and the amount that should be in the account after adjustment, select the correct journal entry.

3. You are given the amount of weekly salaries for a company (5 days). Calculate and identify the proper adjusting entry if the accounting period ends on a Tuesday.

4. Given the amount prepaid for a one-year insurance policy, identify the adjusting entry made at the end of the current year. Hint: pay attention to the number of months that have passed since the prepayment was made.

5. Given the unadjusted balance in unearned rent and the amount that should be in the account after the adjustment, calculate the amount of the adjustment.

6. Given the unadjusted balance in supplies at the end of the year and the amount of supplies on hand at the end of the year, identify the correct adjusting entry.

7. You are given an incorrect net income reported on the income statement. However, adjusting entries were not made for certain expenses. Identify the correct for net income.