Deferred Revenues
How much service will a company earn per month if they were paid $140,000 for a 10 month job in advanced?
$14,000
If you buy 5 months of rent for $15,000, how much is one month of rent worth?
$3,000
If you do a service but you are not paid yet, what account will be debited in that journal entry?
Accounts Receivable
A company pays their employees $4,000 a month. If they are paid twice a month, how much is each payday worth?
How many teeth does an average adult human have?
32
On Jan 1, a company receives $30,000 for a job it will complete over the next 6 months. How much revenue will the company have earned as of February 28th?
$10,000
You pay for 8 years of insurance for $72,000. How much does insurance cost per month.
$750
On Dec 31 you have completed 45% of a $20,000 job. How much service revenue have you earned so far?
You incur $700 of interest expense on Dec 31st. The full amount of $1,200 isn’t due until Jan 20th.
On December 31st, what would your credit be? (account and amount)
Interest Payable 700
The capital of Delaware is...
Dover
You are paid $2,000 for 2 months of work on November 1st.
Write the adjusting entry as of Dec 31st
Unearned Revenue 2000
Service Revenue 2000
Lamar Jackson Industries buys a new dump truck with a useful life of 6 years for their business on Aug 1st for $14,400. Write the adjusting journal entry for depreciation at the end of the year.
Depreciation Expense- Truck 1000
Accumulated Depreciation- Truck 1000
A company will be paid $20,000 for 10 months of service starting on June AFTER it is complete. Write the adjusting entry on June 31st.
Accounts Receivable 2000
Service Revenue 2000
Your employees are paid $7,700 for a 7-day work week. How much did they earn so far if they worked Mon-Wed?
$3,300
Who's wedding did I just attend? (what relation did this person have to me)
Brother
Business receives $3,200 on January 1 for 10-month service contract for the period January 1 through October 31.
Write the adjusting journal entry as of June 30th.
Unearned Revenue 1920
Service Revenue 1920
A company buys $4,000 of office supplies for the year. Then buy $3,490 of supplies during the year. They end the year with $5,000 worth of supplies. Write the adjusting journal entry for the end of the year.
Supplies Expense 2490
Office Supplies 2490
Accounts Receivable 7000
Service Revenue 7000
A company pays interest on its $270,000, 4% note payable of $900 on the first day of each month. Write the adjusting entry for January 31st?
Interest Expense 900
Interest Payable 900
What is Abraham Lincoln's middle name?
he didn't have one
How much revenue have they earned after working for 243 days?
$29,160
You pay for 4 years of insurance for $28,800 on July 1st. Write the adjusting journal entry for Dec 31st.
Prepaid Insurance 3600
A company will be paid $144,000 for 12 years of work, only when it is fully completed, starting January 1st, 2020.
The company is getting audited next week and has to do an adjusting entry on August 31st, 2028. What is that adjusting entry?
Accounts Receivable 104,000
Service Revenue 104,000
Your employees are paid $25,000 for a 5-day work week. They are paid every Friday.
Write an adjusting journal entry for the salaries that they have earned on Dec 31st, which falls on a Thursday.
Salaries Expense 20,000
Salaries Payable 20,000
What is the last name of the retiring Duke Men's Basketball coach? (spelling counts)
Krzyzewski