Accounting II Midterm Exam Questions
and Answers with Verified Solutions |
Latest Updated 2026
The basic financial statements Statements of Changes in Assets
include all of the following
except:
If assets are $300,000 and 108,000
liabilities are $192,000, then
equity equals:
Record the payment of $5,800 Prepaid Rent
cash on September 30 to rent
an arena for the months of - 2,900 Cash-2,900
October and November.
Record the October 31 Rent Expense Prepaid Rent
adjusting entry for the
September 30 cash payment
of $5,800 to rent the arena for
the months of October and
November.
Record the receipt by Super Cash- 17.800 Unearned Revenvue-
Stage Shows of $17,800 on 17,800
September 30 for season
tickets that admit patrons to a
theatre event that will be held
twice (on October 31 and
November 30).
, Record the October 31 Unearned Revenue- 8,900 Service
adjusting entry for the Revenue- 8,900
September 30 receipt of
$17,800 for season tickets
that admit patrons to a theatre
event that will be held twice
(on October 31 and November
30).
Record the payment by Risky Prepaid Insurance- 4,350 Cash-
Ventures of $4,350 on 4,350
September 30 for insurance
coverage for the months of
October, November, and
December.
Record the October 31 Insurance Expense- 1,450 Prepaid
adjusting entry for the Insurance- 1,450
September 30 cash payment
of $4,350 for insurance
coverage for the months of
October, November, and
December.
At December 31, the Supplies Expense- 1,800 Supplies-
unadjusted trial balance of 1,800
H&R Tacks reports Supplies of
$10,000 and Supplies Expense
of $0. On December 31,
supplies costing $8,200 are on
hand.
At December 31, the Depreciation Expense- 5,000
unadjusted trial balance of Accumulated Depreciation- 5,000
and Answers with Verified Solutions |
Latest Updated 2026
The basic financial statements Statements of Changes in Assets
include all of the following
except:
If assets are $300,000 and 108,000
liabilities are $192,000, then
equity equals:
Record the payment of $5,800 Prepaid Rent
cash on September 30 to rent
an arena for the months of - 2,900 Cash-2,900
October and November.
Record the October 31 Rent Expense Prepaid Rent
adjusting entry for the
September 30 cash payment
of $5,800 to rent the arena for
the months of October and
November.
Record the receipt by Super Cash- 17.800 Unearned Revenvue-
Stage Shows of $17,800 on 17,800
September 30 for season
tickets that admit patrons to a
theatre event that will be held
twice (on October 31 and
November 30).
, Record the October 31 Unearned Revenue- 8,900 Service
adjusting entry for the Revenue- 8,900
September 30 receipt of
$17,800 for season tickets
that admit patrons to a theatre
event that will be held twice
(on October 31 and November
30).
Record the payment by Risky Prepaid Insurance- 4,350 Cash-
Ventures of $4,350 on 4,350
September 30 for insurance
coverage for the months of
October, November, and
December.
Record the October 31 Insurance Expense- 1,450 Prepaid
adjusting entry for the Insurance- 1,450
September 30 cash payment
of $4,350 for insurance
coverage for the months of
October, November, and
December.
At December 31, the Supplies Expense- 1,800 Supplies-
unadjusted trial balance of 1,800
H&R Tacks reports Supplies of
$10,000 and Supplies Expense
of $0. On December 31,
supplies costing $8,200 are on
hand.
At December 31, the Depreciation Expense- 5,000
unadjusted trial balance of Accumulated Depreciation- 5,000
