Which of the following is an example of a prepaid expense? Supplies Accounts Receivable Unearned Subscriptions Unearned Fees The classified balance sheet will show which ty subsections? O current liabilities and long-term liabilities current liabilities and other liabilities other liabilities and long-term liabilities O present liabilities and tomorrow's liabilities

Smokey Company purchases a one-year insurance policy on July 1 for $3,600. The adjusting entry on December 31 is

debit Insurance Expense, $1,800; credit Prepaid Insurance, $1,800 debit Insurance Expense, $1,500; credit Prepaid Insurance, $1,500 debit Insurance Expense, $2,100; credit Prepaid Insurance, $2,100 debit Prepaid Insurance, $1,800; credit Cash, $1,800

The balance in the prepaid rent account before adjustment at the end of the year is $32,000, which represents four months' rent paid on December 1. The adjusting entry required on December 31 is

debit Rent Expense, $8,000; credit Prepaid Rent, $8,000 debit Prepaid Rent, $ 24,000; credit Rent Expense, $8,000 debit Rent Expense, $24,000; credit Prepaid Rent, $8,000 debit Prepaid Rent, $8,000; credit Rent Expense, $8,000 uiz Instructions Question 5 Adjusting entries always include only income statement accounts O only balance sheet accounts the cash account at least one income statement account and one balance sheet account Balance sheet accounts represent amounts accumulated during a specific period of time are called real accounts have zero balances after the closing entries have been posted are not affected by adjustments The imported question text for this question was too long. debit C. Finley, Capital, $50,000; credit Income Summary, $50,000 debit Income Summary: $155,000; credit C. Finley, Capital, $155,000 debit Income Summary, $50,000; credit C. Finley, Capital, $50,000 debit C. Finley, Capital, $9,000; credit Income Summary, $9,000 Which of the accounting steps in the accounting process below would be completed last? preparing the adjusted trial balance posting preparing the financial statements journalizing

The following adjusting journal entry found in the journal is missing an explanation. Select the best explanation for the entry.

Wages Expense	4,500
Wages Payable		4,500
??????????????

Record payment of wages. Record wages paid last month. Record wages paid in advance. bring Record wages expense incurred and to be paid next month. The imported question text for this question was too long. O

Wages Expense 63,000

Rent Expense 27,000

Depreciation Expense 15,000 Income Summary 105,000

Expenses 105,000

Income Summary 105,000

Wages Expense 63,000

Rent Expense 27,000

Depreciation Expense 15,000 C. Finley, Drawing 105,000

Income Summary 105,000 Wages Expense 63,000

Rent Expense 27,000

Depreciation Expense 15,000

SIULIS Question 12 1 pts By matching revenues and expenses in the same period in which they incur Time Attempt 1 Hour net income or loss will always be underestimated bus net income or loss will always be overestimated zes net income or loss will be properly reported on the income statement lules net income or loss will not be determined ferences The type of account and normal balance of Unearned Consulting Fees is O revenue, credit expense, debit liability, credit liability, debit Which of the following has steps of the accounting cycle in proper sequence (some steps may be missing)? analyze and record transactions, post transaction to the ledger, prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare adjusting entries

prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger

analyze and record transactions, post transactions to the ledger prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, and prepare a post-closing trial balance

prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries Which of the following pairs of accounts could not appear in the same adjusting entry? Service Revenue and Unearned Revenue Interest Income and Interest Expense Rent Expense and Prepaid Rent Salaries Payable and Salaries Expense Accrued revenues would appear on the balance sheet as assets liabilities capital prepaid expenses Which of the accounts below would most likely appear on an adjusted trial balance but probably would not appear on the trial balance? Fees Earned Accounts Receivable Unearned Fees Depreciation Expense Owner's equity is added to assets and the two are equal to liabilities O added to liabilities and the two are equal to assets subtracted from liabilities and the net amount is equal to assets equal to the total of assets and liabilities Which of the following is not a characteristic of accrual basis of accounting? revenues and expenses are reported in the period in which cash is received or paid revenues are reported on the income statement in the period in which they are earned accrual basis of accounting supports the matching concept expenses are reported in the same period as the revenues to which they relate Generally accepted accounting principles require that companies use the , of accounting cash basis deferral basis accrual basis account basis Once the adjusting entries are posted, the Adjusted Trial Balance is prepared to verify that the debits and credits are in balance verify that the net income correctly flows into the statement of owner's equity from the income statement verify that the net income (loss) is correct for the period verify the correct flow of accounts into the financial statements Which one of the steps below is not aided by the preparation of the end-of-period spreadsheet? O preparing the adjusted trial balance O posting to the general ledger O preparing the financial statements preparing the closing entries After net income is entered on the end-of-period spreadsheet, the Balance Sheet Debit and Credit columns must be the same amount as the total amount of the Income Statement Debit and Credit columns O equal each other be the same amount as the total amount in the Adjusted Trial Balance Debit and Credit columns not be equal to each other and need not be the same total amounts as any other pair of columns on the work sheet The difference between the totals of the debit and credit columns of the Adjusted Trial Balance columns on the end-of-period spreadsheet is the amount of net income or loss indicates there is an error on the work sheet O is the amount of retained earnings is the difference between revenue and expenses

At the end of the fiscal year, the usual adjusting entry to prepaid insurance to record expired insurance was omitted. Which of the following statements is true?

total assets at the end of the year will be understated. O owner's equity at the end of the year will be understated. O net income for the year will be overstated. insurance expense will be overstated Closing entries are dated in the journal as of the date they are actually journalized, although they are generally prepared after the end of the accounting period the last day of the accounting period, although they are actually journalized after the end of the accounting period the first day of the accounting period, although they are actually journalized well after the beginning of the accounting period the first day of the subsequent accounting period Which of the accounts would appear in the Income Statement columns of the end-of-period spreadsheet? Cash Prepaid Insurance Unearned Revenue Net Loss ces After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the Debit and Credit columns are $77,500 and $83,900, respectively. What is the amount of the net income or net loss for the period? $6,400 of net income $6,400 of net loss $83,900 of net income $77,500 of net loss There are four closing entries. The first one is to close revenues, the second one is to close expenses, the third one is to close __, and the last one is to close the Income Summary, drawing account Income Summary, capital account Income Summary, assets drawing account; Income Summary