sert Format Arrange View Share Window TIL SecondExamACC122(1) -- Edited TET Insert Table Chart Text Shape Media Comment Co Collabora B 125% Zoom View Add Page ACC 122 Second Exam Section Name: - Problem I 1) On September 1, 2019 Smith Company purchased an annual insurance policy costing $3,000. What adjusting entry should Smith make on December 31, 2019? B A) Dr. Insurance Expense 1,000, Cr. Prepaid Insurance 1,000 B) Dr. Insurance Expense 800, Ct. Prepaid Insurance 800 C) Dr. Insurance Expense 3.000 Cr Prepaid Insurance 3,000 D) Dr. Insurance Expense 3.000. Cr. Cash 3,000 Chara 2) The weekly payroll for Smith Company is $8,000 and is every Friday at 5PM. Assume December 31, 2019 fell on a Wednesday, What adjusting entry should Smith make on 12/31/19 Alignn A) Dr. Salary Expense 8,000, Cr. Cash 8,000 B) Dr. Salary Expense 3.200, C. Salaries Payable 3.200 C) Dr. Salary Expense 4,800, Cr. Salaries Payable 4,800 D) Dr. Salary Expense 1,600, C. Salaries Payable 1,600 3) The unadjusted balance in Smith's Supplies t-account showed a debit balance of $3,100. A year-end physical inventory count showed that $300 actually remained. Smith's adjusting entry on December 31, 2019 should be Spac Bullet A) Dr. Supplies Expense 2,800, Cr Cash 2,800 B) Dr. Supplies Expense 2,800, C. Supplies 2,800 C) Dr. Supplies Expense 300, Cr. Supplies 300 D) Dr. Supplies 2,800, C. Supplies Expense 2,800 4) Smith bought a new automobile on January 1, 2019 for $30,000 and it is expected to last for 5 years. Smith calculates the annual wear and tear on his automobile to be $6,000. Therefore his adjusting entry on December 31, 2019 should be: A) Dr. Depreciation Expense-Auto 6,000. Cr. Auto 6,000 B) Dr. Depreciation Expense-Auto 6,000, CE Cash 6,000 C) Dr. Depreciation Expense-Auto 6.000, C. Accumulated Depreciation-Auto 6.000 Normal" app also N on sert Format Arrange View Share Window TIL SecondExamACC122(1) -- Edited TET Insert Table Chart Text Shape Media Comment Co Collabora B 125% Zoom View Add Page ACC 122 Second Exam Section Name: - Problem I 1) On September 1, 2019 Smith Company purchased an annual insurance policy costing $3,000. What adjusting entry should Smith make on December 31, 2019? B A) Dr. Insurance Expense 1,000, Cr. Prepaid Insurance 1,000 B) Dr. Insurance Expense 800, Ct. Prepaid Insurance 800 C) Dr. Insurance Expense 3.000 Cr Prepaid Insurance 3,000 D) Dr. Insurance Expense 3.000. Cr. Cash 3,000 Chara 2) The weekly payroll for Smith Company is $8,000 and is every Friday at 5PM. Assume December 31, 2019 fell on a Wednesday, What adjusting entry should Smith make on 12/31/19 Alignn A) Dr. Salary Expense 8,000, Cr. Cash 8,000 B) Dr. Salary Expense 3.200, C. Salaries Payable 3.200 C) Dr. Salary Expense 4,800, Cr. Salaries Payable 4,800 D) Dr. Salary Expense 1,600, C. Salaries Payable 1,600 3) The unadjusted balance in Smith's Supplies t-account showed a debit balance of $3,100. A year-end physical inventory count showed that $300 actually remained. Smith's adjusting entry on December 31, 2019 should be Spac Bullet A) Dr. Supplies Expense 2,800, Cr Cash 2,800 B) Dr. Supplies Expense 2,800, C. Supplies 2,800 C) Dr. Supplies Expense 300, Cr. Supplies 300 D) Dr. Supplies 2,800, C. Supplies Expense 2,800 4) Smith bought a new automobile on January 1, 2019 for $30,000 and it is expected to last for 5 years. Smith calculates the annual wear and tear on his automobile to be $6,000. Therefore his adjusting entry on December 31, 2019 should be: A) Dr. Depreciation Expense-Auto 6,000. Cr. Auto 6,000 B) Dr. Depreciation Expense-Auto 6,000, CE Cash 6,000 C) Dr. Depreciation Expense-Auto 6.000, C. Accumulated Depreciation-Auto 6.000 Normal" app also N on
