ACCT 200 EXAM SCRIPT 2026 FULL
QUESTIONS AND CORRECT ANSWERS
ALREADY PASSED
◉ Accounts Receivable. Answer: Asset
◉ Supplies. Answer: Asset
◉ Prepaid Insurance. Answer: Asset
◉ Equipment. Answer: Asset
◉ Accumulated Depreciation. Answer: Asset
◉ Notes Payable. Answer: Liability
◉ Accounts Payable. Answer: Liability
◉ Interest Payable. Answer: Liability
,◉ Unearned Service Revenue. Answer: Liability
◉ Salaries and Wages Payable. Answer: Liability
◉ Common Stock. Answer: S.E.
◉ Retained Earnings. Answer: S.E.
◉ Dividends. Answer: S.E.
◉ Service Revenue. Answer: Revenue
◉ Salaries and Wages Expense. Answer: Expense
◉ Supplies Expense. Answer: Expense
◉ Rent Expense. Answer: Expense
◉ Insurance Expense. Answer: Expense
◉ Interest Expense. Answer: Expense
,◉ Depreciation Expense. Answer: Expense
◉ Conrad Dry Cleaners cleans clothing on June 30, but customers don't
claim and pay for their clothes until the first week of July. According to
the revenue recognition principle, Conrad records rev. in June when it
satisfies its performance obligation, and not when it receives the cash..
Answer: June Dr. Accounts Receivable xxx
Cr. Service Rev xxx
July Dr. Cash xxx
Cr. A/R xxxx
◉ Income Statement. Answer: Revenues
- Expenses
= N.I (or net loss)
◉ SORE. Answer: Beg R/E+
NI
- Dividends
= End R/E
◉ Balance Sheet. Answer: Assets
Liabilities
S.E (c/s end r/e)
, ◉ The trial balance shows Supplies 1,350 and Supplies Expense 0/ If
600 of supplies are on hand at the end of the period, the adjusting entry
is:. Answer: Supplies Expense 750
Cr. Supplies 750
◉ Adjustments for unearned revenues.... Answer: decrease liabilities and
increase revenues
◉ Adjustments for prepaid expenses..... Answer: decrease assets and
increase expenses
◉ Queenan Company computes depreciation on delivery equipment at
1,000 for the month of June. The adjustment entry is..... Answer: DR.
Depreciation Expense 1,000
Cr. Accumulated Depreciation--Equipment 1000
◉ Adjustment for accrued Revenues... Answer: increase assets and
increase revenues
◉ Colleen Mooney earned a salary of 400 for the last week of
September. She will be paid on October 1. The adjusting entry for her
employer is.... Answer: Dr. Salaries and Wages Expense 400
Cr. Salaries and Wages Payable 400
QUESTIONS AND CORRECT ANSWERS
ALREADY PASSED
◉ Accounts Receivable. Answer: Asset
◉ Supplies. Answer: Asset
◉ Prepaid Insurance. Answer: Asset
◉ Equipment. Answer: Asset
◉ Accumulated Depreciation. Answer: Asset
◉ Notes Payable. Answer: Liability
◉ Accounts Payable. Answer: Liability
◉ Interest Payable. Answer: Liability
,◉ Unearned Service Revenue. Answer: Liability
◉ Salaries and Wages Payable. Answer: Liability
◉ Common Stock. Answer: S.E.
◉ Retained Earnings. Answer: S.E.
◉ Dividends. Answer: S.E.
◉ Service Revenue. Answer: Revenue
◉ Salaries and Wages Expense. Answer: Expense
◉ Supplies Expense. Answer: Expense
◉ Rent Expense. Answer: Expense
◉ Insurance Expense. Answer: Expense
◉ Interest Expense. Answer: Expense
,◉ Depreciation Expense. Answer: Expense
◉ Conrad Dry Cleaners cleans clothing on June 30, but customers don't
claim and pay for their clothes until the first week of July. According to
the revenue recognition principle, Conrad records rev. in June when it
satisfies its performance obligation, and not when it receives the cash..
Answer: June Dr. Accounts Receivable xxx
Cr. Service Rev xxx
July Dr. Cash xxx
Cr. A/R xxxx
◉ Income Statement. Answer: Revenues
- Expenses
= N.I (or net loss)
◉ SORE. Answer: Beg R/E+
NI
- Dividends
= End R/E
◉ Balance Sheet. Answer: Assets
Liabilities
S.E (c/s end r/e)
, ◉ The trial balance shows Supplies 1,350 and Supplies Expense 0/ If
600 of supplies are on hand at the end of the period, the adjusting entry
is:. Answer: Supplies Expense 750
Cr. Supplies 750
◉ Adjustments for unearned revenues.... Answer: decrease liabilities and
increase revenues
◉ Adjustments for prepaid expenses..... Answer: decrease assets and
increase expenses
◉ Queenan Company computes depreciation on delivery equipment at
1,000 for the month of June. The adjustment entry is..... Answer: DR.
Depreciation Expense 1,000
Cr. Accumulated Depreciation--Equipment 1000
◉ Adjustment for accrued Revenues... Answer: increase assets and
increase revenues
◉ Colleen Mooney earned a salary of 400 for the last week of
September. She will be paid on October 1. The adjusting entry for her
employer is.... Answer: Dr. Salaries and Wages Expense 400
Cr. Salaries and Wages Payable 400
