ACCS Review Exam with Accurate
Answers
Depreciation on a company's equipment for the year is $6,000. The adjusting entry for
depreciation is recorded as: - ✔✔Debit Depreciation Expense $6,000, Credit Accumulated
Depreciation $6,000
At the end of May, a company receives a utility bill for $500 associated with operations in May.
The company plans to pay the bill on June 10. In May, the adjusting entry is recorded as: -
✔✔Debit Utilities Expense $500, Credit Utilities Payable $500
A company is in its first month of operations. Supplies worth $4,000 were purchased on January
5. At the end of the month supplies worth $3,000 were in hand. What adjusting entry would be
made at the end of January? Post the adjusting entry for the scenario provided. - ✔✔Debit
Supplies Expense $1000. Credit Supplies $1000.
A company is in its first month of operations. On January 15, the company receives $600 from
customers who will receive 10 voice lessons ($60 per lesson). As of January 31, the company
has provided 8 voice lessons. What adjusting entry would be made at the end of January? Post
the adjusting entry for the scenario provided - ✔✔Debit Deferred Revenue $480. Credit Service
Revenue $480.
A company is in its first month of operations. The company pays total salaries to its employees
of $600 per day. For the first four weeks of January (28 days), the company paid its employees
$16,800 cash. For the final three days in January, employees earn $1,800 in additional salaries
that will not be paid until February 4. What adjusting entry would be made at the end of
January? Post the adjusting entry for the scenario provided. - ✔✔Debit Salaries Expense $1800.
Credit Salaries Payable $1800
A company is in its first month of operations. The company performed $2,000 worth of services
on January 28. The company expects to receive payment on February 15. What adjusting entry
would be made at the end of January? Post the adjusting entry for the scenario provided. -
✔✔Debit Accounts Receivable $2000. Credit Service Revenue $2000.
Answers
Depreciation on a company's equipment for the year is $6,000. The adjusting entry for
depreciation is recorded as: - ✔✔Debit Depreciation Expense $6,000, Credit Accumulated
Depreciation $6,000
At the end of May, a company receives a utility bill for $500 associated with operations in May.
The company plans to pay the bill on June 10. In May, the adjusting entry is recorded as: -
✔✔Debit Utilities Expense $500, Credit Utilities Payable $500
A company is in its first month of operations. Supplies worth $4,000 were purchased on January
5. At the end of the month supplies worth $3,000 were in hand. What adjusting entry would be
made at the end of January? Post the adjusting entry for the scenario provided. - ✔✔Debit
Supplies Expense $1000. Credit Supplies $1000.
A company is in its first month of operations. On January 15, the company receives $600 from
customers who will receive 10 voice lessons ($60 per lesson). As of January 31, the company
has provided 8 voice lessons. What adjusting entry would be made at the end of January? Post
the adjusting entry for the scenario provided - ✔✔Debit Deferred Revenue $480. Credit Service
Revenue $480.
A company is in its first month of operations. The company pays total salaries to its employees
of $600 per day. For the first four weeks of January (28 days), the company paid its employees
$16,800 cash. For the final three days in January, employees earn $1,800 in additional salaries
that will not be paid until February 4. What adjusting entry would be made at the end of
January? Post the adjusting entry for the scenario provided. - ✔✔Debit Salaries Expense $1800.
Credit Salaries Payable $1800
A company is in its first month of operations. The company performed $2,000 worth of services
on January 28. The company expects to receive payment on February 15. What adjusting entry
would be made at the end of January? Post the adjusting entry for the scenario provided. -
✔✔Debit Accounts Receivable $2000. Credit Service Revenue $2000.
