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MARCH Our Moth Over treatment warned what we courte este 6. Which of the following statements pertaining to prepaid expenses prero de correct? a Balance sheet accounts are understated and income statements are under b. Balance sheet accounts are overstated and income statement accounts are ovenated c. Balance sheet accounts are overstated and income statement accounts are understand d. Balance sheet accounts are understated and income statement accounts are overstated $6.000 $1,000 $5.000 &$7.000 7. Which of the following is the reason for adjusting Prepaid Expenses . To recognize an incurred and unpaid expense which, as of the financial statement dat, has and as of the financial Otheranda 10. Failure to prepare an adjusting entry at the end of a period to record an accrued revenue would cause a. net income to be overstated. b) an understatement of assets and an understatement of revenues. c. an understatement of revenues and an understatement of liabilities. d. an understatement of revenues and an overstatement of liabilities. | 11 At August 1, Monster Co. had a beginning balance in its Uneamed Revenue account of 50. During August, Monster received $6,000 as advanced payment for work to be performed over the next six months. At the end of the month, Monster determined that $1,000 had been earned. What should the Uneamed Revenue Account balance be after the August 31st adjustment? a. $6,000 b. $1,000 c. $5,000 d. $7,000 12. Before adjustment, ABC Co. had a $5,000 balance in its Supplies account. On the financial statement date, it was determined that $300 remained on hand. The Balance in the Supplies account after adjustment will be Unaffected b. $300 54,700 d. $5,000 13. Before adjustment, ABC Co, had a $15,000 balance in its Supplies account. On the financial Statement date, it was determined that 53.000 remained on hand This adjustment will the affect the income Statement as follows: a. Expenses increase 512.000 b.bpenses increase 53.000 Net Income increases $12.000 4. Net Income Decreases $1.000 portion of which has been camed Wach of the others for des Te recognised and depende which the financiadores been corded To con carne teme which is not beendendo To recognize the portion of which has been contenedoro The portion of the Balticaster med Depreciation as the proces 8. Which of the following is the reason for adjusting Accrued Revenues not be recognize an incurred and unpaid expense which, as of the financial statement date, has . b. To recognize an earned revenue which has not been received and, as of the financial statement date, has not been recorded. c. To recognize the portion of the asset which has been consumed or expired. d. To recognize the portion of the liability which has been earned. 11. At August 1, Monster Co. had a beginning balance in its Unearned Revenue account of $0. During August, Monster received $6,000 as advanced payment for work to be performed over the next six months. At the end of the month, Monster determined that $1,000 had been earned. What should the Unearned Revenue Account balance be after the August 31st adjustment? a. $6,000 b. $1,000 c. $5,000 d. $7,000