You just don't Understate me!!!
If this adjustment was failed to be made, what affect on equity would it have?
Supplies Expense xxxxx
Office Supplies xxxxx
Equity would be Overstated
Office Supplies
Asset
Office Supplies
Deferred Expense
A company buys $5000 worth of office supplies for the year. Write the adjusting journal entry if they have $300 office supplies on hand at the end of the year
Office Supplies $4700
The soft drink Mr. Pibb was introduced as a competitor to which popular soft drink?
Dr. Pepper
If this adjustment was failed to be made, what affect on the assets would it have?
Rent Expense xxxxxRent Payable xxxxx
No change
How many bones does a shark have in their body?
Zero... they are cartilage!
Accounts Receivable $xxxxx
Service Revenue $xxxxx
Accrued Revenue
A $36,000 truck has a useful life of 12 years. If a company bought the truck on February 1st, what would the adjusting journal entry be on Dec 31st?
Depreciation Expense $2750
Accum. Depreciation $2750
In accounting, this means that you have to match the revenues and expenses.
Matching Principle
What day of the week is Thanksgiving on this year?
Thursday
Unearned Revenue
Liability
Depreciation
Deferred Expense
You accrue 500 dollars in salaries expense
Salaries Expense 500
Salaries Payable 500
You record revenue and expenses at the time they are earned or incurred.
Accrual Basis accounting
If this adjustment was failed to be made, what affect on assets would it have?
Depreciation Expense xxxxx
Accumulated Depreciation xxxxx
Assets would be overstated
What is the state dog of MD?
Chesapeake Bay Retriever
Salaries Expense xxxxx
Salaries Payable xxxxx
Accrued Expense
What is the name of a word that is spelled the same forwards and backward?
Palindrome
A financial statement that reports the changes in the equity section of a company during an accounting period.
Balance Sheet
If this adjustment was failed to be made, what affect on Net Income would it have?
Unearned Revenue xxxxx
Service Revenue xxxxx
Revenue would be understated
Net income would be understated
Unearned Service Revenue
Deferred Revenue
Name three of the top five most popular Halloween costumes in 2022.
This lists all account's unadjusted trial balance, adjustments, and the adjusted trail balance.
Worksheet