adjusting journal entry have on the accounting records? Supplies Expense Supplies O a. decrease expenses O b. increase income Oc. decrease net income O d. increase assets 760 760

Question: 1. Under the allowance method, Accounts recorded Uncollectible Expense is a. for an estimated amount. b. when an individual account is written off. c. for a known amount. d. several times during the accounting period.

1. Post-closing trial balance include all of the following account, except a. assetb. liabilitiesc. capitald. withdrawal   2. Which adjusting journal entries are subject to reversing entries? a. Accrual of incomeb. Deferral of income – liability methodc. Deferral of expense – asset methodd. Depreciation expense   3. On column 7 and 8 of worksheet or the Income Statement columns, what is the financial performance if debit is greater than credit? a. Breakevenb. Net Incomec. Net Lossd. Gross Income   4. On column 9 and 10 of worksheet or the Balance Sheet columns, what is the difference if debit is greater than credit? a. Breakevenb. Net Incomec. Net Lossd. Gross Income

What is the liability created by receiving revenue in advance called (before it is actually earned)? Group of answer choices accrued reveneu prepaid expense unearned revenue accrued expense

Dr. Income Summary Cr. Retained Earnings 500 This journal entry is most likey: 500 Select one: O either an adjusting journal entry or a closing journal entry Oeither a transaction journal entry or an adjusting journal entry Oeither a transaction journal entry or a closing journal entry Oan adjusting journal entry O a transaction journal entry O not a journal entry that would ever be made a closing journal entry

Which of the following entries properly closes a temporary account? Select one: a. Income Summary XX Cash b. C. Debit Credit Expense Accumulated Depreciation XX Income Summary Income Summary d. e. XX Retained Earnings XX Dividends Debit Credit Debit Credit XX Debit Credit Income Summary XX Revenue XX XX Debit Credit XX XX

Prepare a classified balance sheet in proper form.