Question 1

Debit interest receivable Credit interest revenues is to record?

1. Accrued Expense
2. Unearned Revenue
3. Prepaid Expense
4. Accrued Revenue

Question 2

The value of a Land is $100,000, the land is expected to last forever. Calculate the Depreciation Expense for Land.

1. $50,000
2. No Depreciation
3. $100,000
4. $75,000

Question 3

The adjusting entry that involves recording revenues earned that was not recorded nor paid is.

1. Accrued Revenues
2. Accrued Expenses
3. Prepaid Expenses
4. Unearned Revenue

Question 4

On 1/7/2019 a company bought an insurance coverage covering 6 MONTHS. No adjustments have been made to the account, and its 31/12/2019 today. What journal entry should be recorded to reflect the expiration of the coverage?

1. Debit insurance expense Credit cash
2. Debit prepaid insurance Credit insurance expense
3. Debit insurance expense Credit prepaid insurance
4. None of the above

Question 5

50% of the work REVENUE related to $50,000 cash received in advance is performed this period. What amount shout be recorded as earned.

1. $37,500
2. $12,500
3. $25,000
4. $50,000

Question 6

A company has a supplies account balance of $1000, during the year the company bought $7000 worth of supplies. At the end of the period, the company supplies balance shows a count of $4000 remaining. Calculate the supplies used during the year.

1. $8000
2. $4000
3. $7000
4. $1000

Question 7

Debit salaries expense & Credit salaries payable is used to record?

1. Unearned Revenue
2. Prepaid Expense
3. Accrued Revenue
4. Accrued Expense

Question 8

The adjusting entry that involves recording expiration of supplies.

1. Unearned Revenue
2. Prepaid Expenses
3. Accrued Expenses
4. Accrued Revenues

Question 9

Adjusting entry to record rent expense incurred but not paid is related to:

1. Unearned Revenue
2. Accrued Expenses
3. Accrued Revenues
4. Prepaid Expenses

Question 10

Adjusting & recording sales received in advance is related to:

1. Accrued Expenses
2. Accrued Revenues
3. Prepaid Expenses
4. Unearned Revenue