Supplies expense would be debited for $300. Supplies would be credited for $300. Service revenue would be credited for $700. Unearned revenue would be debited for $700. By the end of the accounting period, employees have earned salaries of $650, but they will not be paid until the following pay period. Demonstrate the required adjusting entry by completing the following sentence. The required adjusting entry would be to debit the Salariesexpense account andcreditthe Salariespayable account. $800 of supplies were purchased at the beginning of the month and the Supplies account was increased. As of the end of the period, $200 of supplies still remain. Which of the following is the correct adjusting entry? Supplies expense would be debited for $600. A company borrowed $4,000 from the bank at an interest rate of 9%. By the end of the accounting period, the loan had been outstanding for 30 days. Demonstrate the required adjusting entry by choosing the correct statement below. Debit Interest expense for $30. A plant asset can be defined by which of the following statements? (Check all that apply.) It is a tangible long-term asset. It is reported on the balance sheet. It has a life within the business greater than one year or the current operating cycle, whichever is longer. Its original cost (minus any salvage value) is expensed over its useful life. Which of the accounts below are considered accrued expenses? Wages expense, Interest expense An advance payment of $1,000 for services was received on December 1 and was recorded as a liability. By the end of the year, $400 had been earned. Demonstrate the December 31 adjusting entry by choosing the correct statement below. Debit Unearned revenues for $400.
By the end of the accounting period, employees have earned salaries of $500, but they will not be paid until the following pay period. Which of the following is the proper adjusting entry? Debit Salaries expense for $500. A company borrowed $10,000 from the bank at 5% interest. The loan has been outstanding for 45 days. Demonstrate the required adjusting entry for this company by completing the following sentence. The required adjusting entry would be to debit the Interest (expense/payable/receivable)account and (debit/credit)the Interest(expense/payable/receivable) account Which of the following describes accrued revenue? The adjustment causes an increase in an asset account and an increase in a revenue account. They refer to earnings which have been earned but not yet billed. Accounts receivable is usually increased when accruing revenues. They refer to revenues that are earned in a period, but have not been received and are unrecorded. StoryBook Company provided services to several customers during the month of December. These services have not yet been paid by the customers. StoryBook should record the following adjusting entry at the end of December: credit services revenue debit accounts receivable For the current year, a business has earned (but not recorded or received) $200 of interest from investments. Demonstrate the required adjusting entry by completing the following sentence. The required adjusting entry would be to debit the(Unearned revenue/Accounts receivable/Cash/Interest receivable) account and(debit/credit) the(Cash/Accounts receivable/Interest revenue/Interest receivable) account. By the end of the accounting period, employees have earned salaries of $650, but they will not be paid until the following pay period. Demonstrate the required adjusting entry by completing the following sentence. The required adjusting entry would be to debit the Salaries_ (expense/payable) account and_ (debit/credit) the Salaries_ (expense/payable/unearned) account.
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