BUS 591 BUS591 Week 2 Quiz (Spring 2016)

BUS 591 BUS591 Week 2 Quiz (Spring 2016)

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BUS 591 Week 2 Quiz (Spring 2016)

During January 2012, Carey Services Inc. paid a cash dividends of $2,000. This transaction 

Prepaid expenses are: 

Expenses are recognized when: 

The following information is from the Income Statement of the Dirt Poor Laundry Service: 

Revenues
Laundry Service Revenues $5,500 

Wages expense Advertising expense Rent expense Supplies expense Insurance expense Total expenses

Net Income

$ 1,450 500

300 200

100

2,550 $ 2,950

Student Answer:

Points Received: Comments:

The entry to close the Laundry Service Revenue account includes a: 

An adjusting entry: 

Which accounts normally have debit balances? 

A company that receives money in advance of performing a service 

A company purchased office supplies costing $3,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $600 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: 

The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting entry that should be made by the company on June 30 is:

If total liabilities decreased by $4,000, then


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