题目内容

Adjusting entries:

A. are needed to measure the period's net income or net loss.
B. do not debit or credit Cash.
C. update the accounts
D. all of the listed choices.

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An adjusting entry that debits an expense and credits a liability is which type?

A. Depreciation expense
B. Prepaid expense
C. Accrued expense
D. Cash expense

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On a trial balance, which of the following would indicate that an error has been made?

A. Unearned Revenue has a credit balance.
B. Salary Expense has a debit balance.
C. Service Revenue has a debit balance.
D. All of the listed choices indicate errors.

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Using the accrual basis, in which month should revenue be recorded?

A. In the month that the invoice is mailed to the customer
B. In the month that goods are ordered by the customers
C. In the month that goods are shipped to the customer
D. In the month that cash is collected from the customer

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On January 1 of the current year, Bamber Company paid $1,500 rent to cover six months (January-June). Bamber recorded this transactions as follows:Jan 1 Prepaid Rent 1,500Cash 1,500Bamber adjusts the accounts at the end of each month. Based on these facts, the adjusting entry at the end of January should include

A. a credit to Prepaid Rent for $1,250
B. a debit to Prepaid Rent for $250
C. a credit to Prepaid Rent for $250
D. a debit to Prepaid Rent for $1,250

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Adjusting entries:

A. are needed to measure the period's net income or net loss. B. do not debit or credit Cash. C. update the accounts D. all of the listed choices.

An adjusting entry that debits an expense and credits a liability is which type?

On a trial balance, which of the following would indicate that an error has been made?

Using the accrual basis, in which month should revenue be recorded?

A. are needed to measure the period's net income or net loss.
B. do not debit or credit Cash.
C. update the accounts
D. all of the listed choices.