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Allowance for doubtful account, is shown as? 11. Typically an adjusting entry will include which of the following? a. A contra account from the balance sheet a. One balance sheet account and on income statement account b. A deduction from profit on the statement of owner's equity b. Two balance sheet accounts C. A liability on the balance sheet c. Two income statement accounts d. An expense in the income statement 12. An adjusting entry in which a revenue is recognized before the 2. The type of account and normal balance of accumulated related cash receipt occurs is called deprecation is? a. Special item a. Asset, credit b. Deferral b. Asset, debit C. Accrual c. Contra-asset, credit d. Nominal d. Contra-asset, debit 13. An adjusting entry involves 3. If equipment cost P200,000 and accumulated depreciation a. Only capital accounts amounts to P50,000, the book value or the carrying value of the b. Only real accounts equipment is? c. Only nominal accounts 100,000 d. One real and one nominal accounts b. 20,000 14. What type of adjusting entry? - wages owed to employees c. 150,000 a. Prepaid expense d. Cannot be determined with the information provided b. Unearned revenue 4. When there is a sale of goods or services but the business did c. Accrued expense record the sale in its books, asset is and revenue d. Accrued revenue is 15. What type of adjusting entry? - Interest received on note a. overstated, understated receivable but not yet earned b. understated, overstated a. Prepaid expense c. Both Are overstated b. Unearned revenue d. Both are overstated c. Accrued expense Which of the following assets is not subject to depreciation? d. Accrued revenue a. Art equipment 16. What type of adjusting entry? - Advertising brochures on hand b. Land a. Prepaid expense c. Computer b. Unearned revenue d. Store fixtures C. Accrued expense 6. What type of entry will decrease the normal balances of the d. Accrued revenue general ledger accounts interest receivable and fees receivable? 17. What type of adjusting entry? - One year premium paid on an a. Debit earthquake insurance policy b. Credit a. Prepaid expense 7. In a case of a Company's accrued interest expense, which of the b. Unearned revenue following occurs first? c. Accrued expense a. Incurring of the interest expense d. Accrued revenue b. Paying the interest to the lender 18. What type of adjusting entry? - Subscriptions received in c. Paying the loans related to interest expense advance by Time magazine d. Payment of the loan a. Prepaid expense 8. In a case of a Company deferring insurance expense, which b. Unearned revenue occurs first? c. Accrued expense a. Incurring the insurance expense d. Accrued revenue b. Paying the insurance company 19. What type of adjusting entry? - Professional fees earned but c. Incurring a salary expense not yet billed at the end of the period d. Paying an insurance commission a. Prepaid expense 9. The adjusting entry that reduces the balance in the deferred b. Unearned revenue revenues or unearned revenues will also include which of the c. Accrued expense following? d. Accrued revenue a. A debit to cash 20. Why are adjusting entries necessary b. A credit to fees earned a. Transactions take place over more than one accounting C. A debit to fees earned period d. A credit to fees receivable b. To correct erroneous balances on accounts 10. The ending balance in the account prepaid insurance is c. To make debits equal credit expected to report which of the following d. To close nominal accounts at year-e a. The accrued amount of insurance expense b. The original amount of the insurance premiums paid C. The expired portion of the insurance premiums paid d. The unexpired portion of the insurance premiums paid