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  1.  
  2. Download: http://solutionzip.com/downloads/baileys-received-its-electric-bill-for-december-on-december-31/
  3. Online Exam 7_06
  4. Table of Contents
  5. Time Remaining: 19:08:04
  6. Part 1 of 2 – Lesson 6 Questions
  7. Question 1 of 30 3.3334 Points
  8. Bailey’s received its electric bill for December on December 31 but did not pay nor record it in the general journal. This resulted in:
  9. A. overstated net income.
  10. Online Exam 7_06
  11. Table of Contents
  12. Time Remaining: 19:07:48
  13. Part 1 of 2 – Lesson 6 Questions
  14. Question 2 of 30 3.3334 Points
  15. A form used to organize and check data before preparing financial reports is known as a(n):
  16. D. worksheet.
  17. Reset Selection
  18. Mark for Review What’s This?
  19. Online Exam 7_06
  20. Table of Contents
  21. Time Remaining: 19:07:39
  22. Part 1 of 2 – Lesson 6 Questions
  23. Question 3 of 30 3.3334 Points
  24. Which of the following accounts would appear on the balance sheet?
  25. C. Accumulated Depreciation
  26. .
  27. Reset Selection
  28. Mark for Review What’s This?
  29. Online Exam 7_06
  30. Table of Contents
  31. Time Remaining: 19:07:30
  32. Part 1 of 2 – Lesson 6 Questions
  33. Question 4 of 30 3.3334 Points
  34. Great Lakes Modeling Agency purchased $900 of office furniture at the beginning of the month. Depreciation Expense at the end of the month is $200. What is the balance of the Office Furniture account at the end of the month?
  35. A. $900
  36. Mark for Review What’s This?
  37. Online Exam 7_06
  38. Table of Contents
  39. Time Remaining: 19:07:21
  40. Part 1 of 2 – Lesson 6 Questions
  41. Question 5 of 30 3.3334 Points
  42. Bringing account balances up to date before preparing financial reports is called:
  43. A. adjusting.
  44. Reset Selection
  45. Mark for Review What’s This?
  46. Online Exam 7_06
  47. Table of Contents
  48. Time Remaining: 19:07:15
  49. Part 1 of 2 – Lesson 6 Questions
  50. Question 6 of 30 3.3334 Points
  51. Which of the following is most likely to result in an adjusting entry at the end of the period?
  52. C. Payment of two months’ insurance in advance
  53. Mark for Review What’s This?
  54. Online Exam 7_06
  55. Table of Contents
  56. Time Remaining: 19:07:10
  57. Part 1 of 2 – Lesson 6 Questions
  58. Question 7 of 30 3.3334 Points
  59. The adjusted trial balance on the worksheet shows Accumulated Depreciation, $1,200, and Depreciation Expense, $900. What was the balance in the Accumulated Depreciation account before the adjustment?
  60. D. $300
  61. Reset Selection
  62. Mark for Review What’s This?
  63. Online Exam 7_06
  64. Table of Contents
  65. Time Remaining: 19:07:03
  66. Part 1 of 2 – Lesson 6 Questions
  67. Question 8 of 30 3.3334 Points
  68. A contra-asset is:
  69. .
  70. B. an account with an opposite balance of a normal asset.
  71. Reset Selection
  72. Mark for Review What’s This?
  73. Online Exam 7_06
  74. Table of Contents
  75. Time Remaining: 19:06:55
  76. Part 1 of 2 – Lesson 6 Questions
  77. Question 9 of 30 3.3334 Points
  78. Total wages per week are $4,800. You need to accrue $4,000 of wages. The adjusting entry would include which of the following?
  79. C. Debit Wages Expense, $4,000; credit Wages Payable, $4,000
  80. Reset Selection
  81. Mark for Review What’s This?
  82. Online Exam 7_06
  83. Table of Contents
  84. Time Remaining: 19:06:52
  85. Part 1 of 2 – Lesson 6 Questions
  86. Question 10 of 30 3.3334 Points
  87. After the adjustment for depreciation has been made, the original cost of the equipment:
  88. A. remains the same.
  89. Reset Selection
  90. Mark for Review What’s This?
  91. Online Exam 7_06
  92. Table of Contents
  93. Time Remaining: 19:06:47
  94. Part 1 of 2 – Lesson 6 Questions
  95. Question 11 of 30 3.3334 Points
  96. Alcatraz Boat Tours showed store supplies available during the year, $550. If at the end of the month supplies used were $200, the adjusting entry would include a:
  97. D. debit to Supplies Expense for $200.
  98. Reset Selection
  99. Mark for Review What’s This?
  100. Online Exam 7_06
  101. Table of Contents
  102. Time Remaining: 19:06:44
  103. Part 1 of 2 – Lesson 6 Questions
  104. Question 12 of 30 3.3334 Points
  105. When historical cost is used to record equipment, it would appear as the:
  106. .
  107. B. original cost on the balance sheet.
  108. Reset Selection
  109. Mark for Review What’s This?
  110. Online Exam 7_06
  111. Table of Contents
  112. Time Remaining: 19:06:39
  113. Part 1 of 2 – Lesson 6 Questions
  114. Question 13 of 30 3.3334 Points
  115. Which of the following accounts would most likely not need to be adjusted at the end of the year?
  116. A. Cash
  117. Reset Selection
  118. Mark for Review What’s This?
  119. Online Exam 7_06
  120. Table of Contents
  121. Time Remaining: 19:06:33
  122. Part 1 of 2 – Lesson 6 Questions
  123. Question 14 of 30 3.3334 Points
  124. Robert purchased a truck for $35,000 with a residual value of $10,000 and a life expectancy of 5 years; using straight-line depreciation, the amount of the depreciation adjustment for the first year would be:
  125. D. $5,000.
  126. Reset Selection
  127. Mark for Review What’s This?
  128. Online Exam 7_06
  129. Table of Contents
  130. Time Remaining: 19:06:28
  131. Part 1 of 2 – Lesson 6 Questions
  132. Question 15 of 30 3.3334 Points
  133. On November 1, Duane paid $24,000 in advance for a year’s rent. The November 30 adjusting entry for rent expense should include a:
  134. A. debit Rent Expense, $2,000.
  135. Reset Selection
  136. Mark for Review What’s This?
  137. Online Exam 7_06
  138. Table of Contents
  139. Time Remaining: 19:06:26
  140. Part 2 of 2 – Lesson 7 Questions
  141. Question 16 of 30 3.3334 Points
  142. Closing entries are prepared:
  143. D. All of the above are correct.
  144. Mark for Review What’s This?
  145. Online Exam 7_06
  146. Table of Contents
  147. Time Remaining: 19:06:21
  148. Part 2 of 2 – Lesson 7 Questions
  149. Question 17 of 30 3.3334 Points
  150. The Rent Expense account had a normal balance of $1,100. The entry to close the account would include a:
  151. C. debit to Income Summary, $1,100.
  152. Reset Selection
  153. Mark for Review What’s This?
  154. Online Exam 7_06
  155. Table of Contents
  156. Time Remaining: 19:06:17
  157. Part 2 of 2 – Lesson 7 Questions
  158. Question 18 of 30 3.3334 Points
  159. An account in which the balance is not carried over from one accounting period to the next is called a:
  160. A. temporary account.
  161. Reset Selection
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  163. Online Exam 7_06
  164. Table of Contents
  165. Time Remaining: 19:06:13
  166. Part 2 of 2 – Lesson 7 Questions
  167. Question 19 of 30 3.3334 Points
  168. The adjusting entry for accrued salaries is to:
  169. C. debit Salaries Expense; credit Salaries Payable.
  170. Mark for Review What’s This?
  171. Online Exam 7_06
  172. Table of Contents
  173. Time Remaining: 19:06:09
  174. Part 2 of 2 – Lesson 7 Questions
  175. Question 20 of 30 3.3334 Points
  176. The adjusting entry to record the expired rent would be to:
  177. D. debit Rent Expense; credit Prepaid Rent.
  178. Reset Selection
  179. Mark for Review What’s This?
  180. Online Exam 7_06
  181. Table of Contents
  182. Time Remaining: 19:06:05
  183. Part 2 of 2 – Lesson 7 Questions
  184. Question 21 of 30 3.3334 Points
  185. When the balance of the Income Summary account is a credit, the entry to close this account is:
  186. A. debit Income Summary; credit Capital.
  187. Reset Selection
  188. Mark for Review What’s This?
  189. Online Exam 7_06
  190. Table of Contents
  191. Time Remaining: 19:06:02
  192. Part 2 of 2 – Lesson 7 Questions
  193. Question 22 of 30 3.3334 Points
  194. Which of the following accounts would appear on the post-closing trial balance?
  195. A. Owner’s Capital
  196. Reset Selection
  197. Mark for Review What’s This?
  198. Online Exam 7_06
  199. Table of Contents
  200. Time Remaining: 19:05:59
  201. Part 2 of 2 – Lesson 7 Questions
  202. Question 23 of 30 3.3334 Points
  203. Which of the following sequence of actions describes the proper order in the accounting cycle?
  204. A. Analyze transactions, journalize, post, adjust, prepare financial statements, close
  205. Reset Selection
  206. Mark for Review What’s This?
  207. Online Exam 7_06
  208. Table of Contents
  209. Time Remaining: 19:05:55
  210. Part 2 of 2 – Lesson 7 Questions
  211. Question 24 of 30 3.3334 Points
  212. Closing entries will affect:
  213. B. Owner’s Capital.
  214. Reset Selection
  215. Mark for Review What’s This?
  216. Online Exam 7_06
  217. Table of Contents
  218. Time Remaining: 19:05:48
  219. Part 2 of 2 – Lesson 7 Questions
  220. Question 25 of 30 3.3334 Points
  221. Which of the following accounts would not be considered a permanent account?
  222. B. Salaries Expense
  223. Reset Selection
  224. Mark for Review What’s This?
  225. Online Exam 7_06
  226. Table of Contents
  227. Time Remaining: 19:05:46
  228. Part 2 of 2 – Lesson 7 Questions
  229. Question 26 of 30 3.3334 Points
  230. Which of the following accounts will be directly closed to Capital at the end of the fiscal year?
  231. A. Withdrawals
  232. Reset Selection
  233. Mark for Review What’s This?
  234. Online Exam 7_06
  235. Table of Contents
  236. Time Remaining: 19:05:42
  237. Part 2 of 2 – Lesson 7 Questions
  238. Question 27 of 30 3.3334 Points
  239. The adjusting entry to record depreciation for the company automobile would be:
  240. .
  241. B. debit Depreciation Expense, Automobile; credit Accumulated Depreciation, Automobile.
  242. Reset Selection
  243. Mark for Review What’s This?
  244. Online Exam 7_06
  245. Table of Contents
  246. Time Remaining: 19:05:38
  247. Part 2 of 2 – Lesson 7 Questions
  248. Question 28 of 30 3.3334 Points
  249. Of the following accounts, which might appear in the adjusted trial balance, but not in the post-closing trial balance?
  250. D. Depreciation Expense
  251. Reset Selection
  252. Mark for Review What’s This?
  253. Online Exam 7_06
  254. Table of Contents
  255. Time Remaining: 19:05:34
  256. Part 2 of 2 – Lesson 7 Questions
  257. Question 29 of 30 3.3334 Points
  258. When the balance of the Income Summary account is a debit, the entry to close this account is:
  259. A. debit Capital; credit Income Summary.
  260. Reset Selection
  261. Mark for Review What’s This?
  262. Online Exam 7_06
  263. Table of Contents
  264. Time Remaining: 19:05:31
  265. Part 2 of 2 – Lesson 7 Questions
  266. Question 30 of 30 3.3334 Points
  267. Which of the following columns of the worksheet are referred to when preparing closing entries to the Income Summary?
  268. D. Income statement columns
  269. Reset Selection
  270. Mark for Review What’s This?
  271.  
  272. Download: http://solutionzip.com/downloads/baileys-received-its-electric-bill-for-december-on-december-31/
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