AIPB MASTERING ADJUSTING
ENTRIES QUESTIONS WITH 100%
VERIFIED SOLUTIONS!!
1 of 54
Term
You receive $80,000 before you do work for a customer. The journal
entry to record this transaction is ...
a. Cash 80,000
Unearned Revenue 80,000 To
record cash received
b. Cash 80,000
Accounts Receivable 80,000 To
record cash received
,c. Cash 80,000
Accounts Payable 80,000
To record cash received
d. Unearned Revenue 80,000
Cash 80,000
To record cash received
Give this one a try later!
a.Cash 80,000
a.as a percentage of credit sales
Unearned Revenue 80,000
To record cash received
d. asset, liability, owners' equity, b. Rent Expense, which must now
income and expense be credited for $2,000
accounts
Don't know?
2 of 54
Term
Accruing Interest Receivable
The formula to compute the interest for a period is:
Give this one a try later!
, Total amount paid x monthly interest
rate x number of months = total Loan amount x fixed fee percentage
interest x duration of loan = total fees
Face amount (principal) x
A. as a percentage of credit sales
annual interest rate x fraction
of year = accrued interest
Don't know?
3 of 54
Term
Your company, which uses accrual basis accounting, pays $18,000 in
advance to cover a 3-year insurance premium and debits Prepaid
Insurance. How much insurance expense has your company incurred
after 1 year has elapsed?
a. $18.000
b. $12,000
c. $6,000
d. $0
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ç. $2,000 c. $6,000
b. $12,000 c. $200
, Don't know?
4 of 54
Term
Your company accrued (earned not paid) $20,000 of salary expense
at the end of Year 1, then paid $30,000 of salaries early in Year 2.
How much salary expense applies to Years 1 and 2, respectively?
a. $30,000 and $0
b. $0 and $30,000
c. $10,000 and $20,000
d. $20,000 and $10,000
Give this one a try later!
a. a credit of $1,000 b. $5,000 and $0
d. $20,000 and $10,000 b. $12,000
Don't know?
5 of 54
Term
Which of the following is an accurate description of accrued
(earned) revenue?
ENTRIES QUESTIONS WITH 100%
VERIFIED SOLUTIONS!!
1 of 54
Term
You receive $80,000 before you do work for a customer. The journal
entry to record this transaction is ...
a. Cash 80,000
Unearned Revenue 80,000 To
record cash received
b. Cash 80,000
Accounts Receivable 80,000 To
record cash received
,c. Cash 80,000
Accounts Payable 80,000
To record cash received
d. Unearned Revenue 80,000
Cash 80,000
To record cash received
Give this one a try later!
a.Cash 80,000
a.as a percentage of credit sales
Unearned Revenue 80,000
To record cash received
d. asset, liability, owners' equity, b. Rent Expense, which must now
income and expense be credited for $2,000
accounts
Don't know?
2 of 54
Term
Accruing Interest Receivable
The formula to compute the interest for a period is:
Give this one a try later!
, Total amount paid x monthly interest
rate x number of months = total Loan amount x fixed fee percentage
interest x duration of loan = total fees
Face amount (principal) x
A. as a percentage of credit sales
annual interest rate x fraction
of year = accrued interest
Don't know?
3 of 54
Term
Your company, which uses accrual basis accounting, pays $18,000 in
advance to cover a 3-year insurance premium and debits Prepaid
Insurance. How much insurance expense has your company incurred
after 1 year has elapsed?
a. $18.000
b. $12,000
c. $6,000
d. $0
Give this one a try later!
ç. $2,000 c. $6,000
b. $12,000 c. $200
, Don't know?
4 of 54
Term
Your company accrued (earned not paid) $20,000 of salary expense
at the end of Year 1, then paid $30,000 of salaries early in Year 2.
How much salary expense applies to Years 1 and 2, respectively?
a. $30,000 and $0
b. $0 and $30,000
c. $10,000 and $20,000
d. $20,000 and $10,000
Give this one a try later!
a. a credit of $1,000 b. $5,000 and $0
d. $20,000 and $10,000 b. $12,000
Don't know?
5 of 54
Term
Which of the following is an accurate description of accrued
(earned) revenue?
