VEL AN PRACTICE Ne 1 des appear on the sense balance shee t s d balance sheets currently //// howing information que as of 12 year end.) The company's office supplies account showed a beginning balance of Supplies on hand at 12/31/are $300 and purchases of Depreciation expense on the company's building is estimated to be 59.000 Accrued revenue earned not recorded of $125. 17. The adjusting entry for office w pis would be Supplies Expense 1,100 Supplies b. Supplies 300 Supplies Expense c Supplies Expense 300 Supplies d. Supplies 1,100 Supplies Expense ////////// 1.100 300 yo 1,100 9,000 18. The adjusting entry for depreciation on the building is: a. Depreciation Expense - Building 9,000 Accumulated Depreciation - Building b. Accumulated Depreciation - Building 9,000 Depreciation Expense Building Depreciation Expense - Building 9,000 Building d. Building 9,000 Accumulated Depreciation - Building 9,000 9,000 9,000 125 125 19. The adjusting entry to record the accrued revenue is: a. Accts Receivable Revenue Earned b. Revenue Earned Accts Receivable Unearned Revenue Interest Payable d. Accts Receivable Unearned Revenue 125 125 20. Prepaid insurance is reported on the balance sheet as a a. long-term liability b. fixed asset c. current liability d. current asset PINAL EXAM PRACTICE AC 11 21. The term 2/10" of the terms 2/10, V60" means 2% discount it paid within 60 days. 2% discount if paid within 10 days. 10% discount paid within 60 days 10% discount if paid within 2 days Use the following to answer questions questions Derick's Repair Center Trial Balance December 31, 2 CREDIT DEBIT 2.500 3.500 1,500 2,500 12.000 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Teri Derick, Capital Teri Derick, withdrawals Repair Revenue Wages Expense Insurance Expense TOTALS 2000 6,000 12,000 3,000 15,000 8,000 2,000 35,000 35,000 15,000 15,000 15,000 22. The entry to close the Repair Revenue account is: a. Repair Revenue Income Summary b. Income Summary Repair Revenue C. Repair Revenue Teri Derick, Capital Teri Derick, Capital Repair Revenue 15,000 15,000 15,000 15,000 15,000 10,000 10,000 15,000 23. The entry to close Income Summary is: a. Income Summary Expenses b. Repair Revenue Income Summary Teri Derick, Capital Income Summary Income Summary Teri Derick, Capital 15,000 C. 7,000 7,000 5,000 5,000 FINAL EXAM PRACTICE ACC 11 8. The balance sheet reports the: a. Assets, liabilities, and owner's equity b. Reasons for the change in the owner's capital during the period C. Revenues and expenses d. Unadjusted balances for all accounts 9. The effect of a credit on Accounts Payable is to a increase b. Increase or Decrease the account balance. c. Decrease d. Not change 10. The effect of a credit on Accounts Receivable is to the account balance. Increase c. Decrease b. Increase or Decreased. Not change 11. Paying rent 6 months in advance is an example of? Expense transaction Prepaid expense Unearned Revenue Contra Asset 12. Owning salaries to employees at the end of the year is an example of: a. Accrued wages liability b. Unearned wage expense Accrued wage asset d. Prepaid wage expense 13. Deposits received from customers in advance is an example of: a. Accrued revenue b. Unearned revenue c. Unearned asset d. Contra liability 14. Amounts owed to a utility company at the end of the year are recorded as: a. Accrued liability b. Unearned liability c Not recorded since it's not paid d. Prepaid asset 15. Accumulated Depreciation is a a. Contra liability b. Contra Asset C. Liability d. Contra expense
