This is a 30 question accounting quiz that I need done that Ido not understand one bit of

Question 1 On April 30, the close of the monthly accounting period, employees of the Kay Company have earned salaries totaling $1,200 payable on the payday of May 3. The entry required on April 30 is: A. Salaries Payable 1,200 Salaries Expense B. Salaries Expense 1,200 1,200 Cash C. Salaries Expense 1,200 1,200 Salaries Payable D. Salaries Expense Accounts Payable 1,200 1,200 1,200 2 points Question 2 The balance in the Prepaid Rent account before adjustment at the end of the year is $4,000, which represents four months rent paid on December 1. The adjusting entry required on December 31 is: A. debit Rent Expense, $1,000; credit Prepaid Rent, $1,000. B. debit Prepaid Rent, $3,000; credit Rent Expense, $3,000. C. debit Rent Expense, $3,000; credit Prepaid Rent, $3,000. D. debit Prepaid Rent, $1,000; credit Rent Expense, $1,000. 2 points Question 3 The need for adjusting entries is based on: A. the cash basis of accounting. B. the cost principle. C. the outcome of the trial balance. D. the matching principle. 2 points Question 4 Adjusting entries for accrued and deferred items: A. always involve both a balance sheet account and an income statement account. B. involve either balance sheet accounts or income statement accounts, but never both. C. involve cash only when cash has already been received. D. involve cash only when cash has not been prepaid. 2 points Question 5 Thomas International paid $30,000 rent in advance for a three-year period on January 1, 2012. If the company initially recorded the $30,000 as a debit to Prepaid Rent, then the adjusting entry at year-end December 31, 2012, would be: A. Prepaid Rent 10,000 Rent Expense B. Prepaid Rent 10,000 20,000 Rent Expense C. Rent Expense 20,000 10,000 Prepaid Rent D. Rent Expense Prepaid Rent 10,000 20,000 20,000 2 points Question 6 Prepaid insurance is an asset, primarily because the policy can be surrendered and cash received in exchange. True False 2 points Question 7 In November 2011, a new computer magazine publisher received $30,000 in advance subscriptions for the year 2012 and credited it to Unearned Subscription Fees. The magazine was to be published monthly beginning in January 2012. If the first eight issues had been mailed as scheduled, what adjusting entry would be needed on August 31, 2012, the end of the publisher's fiscal year? A. Debit Cash and credit Subscription Revenue for $30,000. B. Debit Unearned Subscription Fees and credit Subscription Revenue for $10,000. C. Debit Unearned Subscription Fees and credit Subscription Revenue for $20,000. D. Debit Unearned Subscription Fees and credit Subscription Revenue for $30,000. 2 points Question 8 Franklin International purchased a three-year insurance policy on July 1, 2012, providing coverage from that date and paid the entire three-year premium of $15,000 on the date of purchase. Franklin recorded the purchase by debiting Prepaid Insurance and crediting Cash for $15,000. What adjusting entry should be made at December 31, 2012? A. Prepaid Insurance 2,500 Insurance Expense B. Insurance Expense 2,500 2,500 Prepaid Insurance C. Insurance Expense Prepaid Insurance 2,500 3,750 3,750 D. Insurance Expense Prepaid Insurance 1,250 1,250 2 points Question 9 Failure to record an asset's depreciation at year-end will: A. overstate assets and overstate net income. B. understate assets and overstate net income. C. overstate assets and understate net income. D. understate assets and understate net income. 2 points Question 10 The depreciation of office equipment should be credited directly to the Office Equipment account. True False 2 points Question 11 Under the cash basis of accounting, revenues are recognized when earned. True False 2 points Question 12 The Prepaid Insurance account shows a balance of $2,400, representing the payment on July 1, of a sixyear insurance premium of $2,400 providing coverage from July 1. The correct adjusting entry on December 31, the close of the annual accounting period in which the policy was purchased, is: A. debit Insurance Expense; credit Prepaid Insurance, $67. B. debit Insurance Expense; credit Prepaid Insurance, $200. C. debit Prepaid Insurance; credit Insurance Expense, $200. D. debit Insurance Expense; credit Prepaid Insurance, $400. 2 points Question 13 The accumulated depreciation account is: A. a nominal account. B. increased by debits. C. found on the income statement. D. a contra asset account. 2 points Question 14 If the depreciation adjusting entry is not made: A. assets and retained earnings will be understated, but net income will be overstated. B. assets, net income, and retained earnings will all be understated. C. assets, net income, and retained earnings will all be overstated. D. assets and liabilities will be overstated, but net income will be understated. 2 points Question 15 At the end of its first year of operations, the Hedrick Company conducted a physical inventory that revealed that $1,200 of office supplies were on hand. The unadjusted balance of the Office Supplies on Hand account is $6,000. What is the amount of the necessary adjusting entry? A. $6,000 B. $4,800 C. $1,200 D. $7,200 2 points Question 16 After closing entries have been posted, balances should appear only in balance sheet accounts. True False 2 points Question 17 The post-closing trial balance will show asset, liability, stockholders' equity, revenue, and expense accounts. True False 2 points Question 18 A company's subsidiary ledgers are most likely to include ones for: A. revenues and expenses. B. accounts receivable and accounts payable. C. service revenue and interest expense. D. cash and land. 2 points Question 19 Expenses are extended into the Income Statement columns as debits, revenues as credits. True False 2 points Question 20 Normally, only the beginning balance of the Retained Earnings account is shown on the balance sheet. True False 2 points Question 21 The balance sheet: A. shows the change in stockholders' equity during the period. B. shows the ending balance for each element of assets, liabilities, and stockholders' equity. C. shows the change in each element of assets, liabilities, and stockholders' equity during the period. D. is a listing of all the accounts and amounts exactly as they are recorded in the Income Statement and Balance Sheet columns of the work sheet. 2 points Question 22 Which of the following accounts would not appear in a post-closing trial balance? A. Retained Earnings B. Interest Expense C. Accounts Receivable D. Unearned Subscriptions Fees 2 points Question 23 Current liabilities would include all of the following except: A. Salaries payable. B. Unearned rental fees. C. Accounts payable. D. Mortgage notes payable (due in five years). 2 points Question 24 On a classified balance sheet, unearned revenue would be found under: A. long-term liabilities. B. current liabilities. C. current assets. D. property, plant, and equipment. 2 points Question 25 A classified balance sheet typically will show liabilities divided into current liabilities and long-term liabilities. True False 2 points Question 26 An important purpose of closing entries is to: A. aid in preparing the financial statements. B. adjust the accounts in the ledger. C. reduce nominal account balances to zero to begin the next period. D. reduce real account balances to zero to begin the next period. 2 points Question 27 The computer automatically performs steps in the accounting cycle such as posting journal entries to the ledger accounts, closing the books, and preparing the financial statements. True False 2 points Question 28 The Bender Corporation had revenues of $210,000 and expenses of $190,000 in 2012. Dividends declared and paid in 2012 were $3,000. The entry to close the Income Summary account is: A. Income Summary 20,000 Retained Earnings B. Dividends 20,000 3,000 Income Summary C. Income Summary 3,000 3,000 Dividends D. Retained Earnings Income Summary 2 points Question 29 3,000 20,000 20,000 Dividends payable are generally classified as current liabilities because they will be paid within a short period of time. True False 2 points Question 30 On a classified balance sheet, prepaid expenses would be found under: A. current liabilities. B. expenses. C. current assets. D. long-term liabilities