Study Help Me
Study Help Me
Study Help Me


question archive 1) Which of the following does not correctly describe the following adjusting journal entry? Wages expense

1) Which of the following does not correctly describe the following adjusting journal entry? Wages expense

Subject:AccountingPrice:4.87 Bought7

1) Which of the following does not correctly describe the following adjusting journal entry?
Wages expense. xxx
Wages payable. xxx

A. Total assets do not change.
B. The transaction is an example of an accrual.
C. Stockholders' equity decreases.
D. Net income is not affected.
This journal entry increases expenses and liabilities; the increase in expenses decreases net income, retained earnings, and thus stockholders' equity.

2.Which of the following does not correctly describe the following adjusting journal entry?
Interest receivable. xxx
Interest revenue. xxx


A. Total assets increase.
B. The transaction is an example of an accrual.
C. Stockholders' equity decreases.
D. Net income increases.

3.Which of the following correctly describes the following adjusting journal entry?
Accounts receivable. xxx

Restaurant sales revenue. xxx

A. Total assets do not change.
B. The transaction is an example of an accrual.
C. Stockholders' equity decreases.
D. Net income is not affected.

4.Which of the following does not correctly describe the following adjusting journal entry?

Rent expense. xxx
Prepaid rent. xxx

A. Total assets decrease.
B. Retained earnings are not affected.
C. Stockholders' equity decreases.
D. Net income decreases.

5.Which of the following correctly describes the following adjusting journal entry?
Depreciation expense. xxx
Accumulated depreciation. xxx

A. Total assets decrease.
B. Liabilities will increase.
C. Stockholders' equity is not affected.
D. Net income increases.

6.Which of the following correctly describes the following adjusting journal entry?
Utilities expense. xxx

Utilities payable. xxx

A. Total assets decrease and net income decreases.
B. Stockholders' equity decreases and liabilities increase.
C. The transaction is an example of a deferral.
D. Net income decreases and stockholders' equity does not change.
7.On January 1, 2016, the general ledger of Global Corporation included supplies of $1,000. During 2016, supplies purchased amounted to $5,000. A physical count of inventory on hand at December 31, 2016 determined that the amount of supplies on hand was $1,200. How much is the supplies expense for year 2016?

A. $6,000.
B. $5,200.
C. $4,800.
D. $1,000.
8.Which of the following adjusting journal entries is created as the result of an accrual?
A.

Wages expense. xxx
Wages payable. xxx
B.

Depreciation expense. xxx
Accumulated depreciation. xxx
C.
Prepaid Rent xxx
Rent expense. xxx
D.
Accounts receivable xxx
Unearned revenue. xxx

9.Which of the following adjusting journal entries is not created as the result of an accrual?

A.
Interest expense. xxx
Interest payable xxx

B.

Accounts receivable. xxx
Service revenue. xxx

C.

Prepaid Rent. xxx
Rent expense. xxx

D.

Interest receivable xxx
Interest revenue. xxx

10.Which of the following accounts is used to record an accrual for expenses?

A. Prepaid rent.
B. Unearned revenues.
C. Accounts receivable.
D. Interest payable.


Expense accrual journal entries recognize expenses that have been incurred but will be paid in the subsequent accounting period, with a credit to a liability.

Option 1

Low Cost Option
Download this past answer in few clicks

4.87 USD

PURCHASE SOLUTION

Option 2

Custom new solution created by our subject matter experts

GET A QUOTE

rated 5 stars

Purchased 7 times

Completion Status 100%

Sitejabber (5.0)

BBC (5.0)

Trustpilot (4.8)

Google (5.0)