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Exam 3: The Adjusting Process

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Question 91

Multiple Choice

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Fees receivable would appear on the balance sheet as a(n)

A) asset
B) liability
C) fixed asset
D) unearned revenue

E) A) and B)
F) C) and D)

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Question 92

True/False

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A company pays an employee $3,000 for a five day work week,Monday - Friday.The adjusting entry on December 31,which is a Wednesday,is debit Wages Expense,$1,800 and credit Wages Payable,$1,800.

A) True
B) False

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Question 93

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The difference between the balance of a fixed asset account and the balance of its related accumulated depreciation account is termed the book value of the asset.

A company pays $36,000 for twelve month's rent on October 1.The adjusting entry on December 31 is debit Rent Expense,$9,000 and credit Prepaid Rent,$9,000.

Protonix Corp has a payroll of $8,000 for a five-day workweek.Its employees are paid each Friday for the five-day workweek.The adjusting entry on December 31,2015 assuming the year ends on Thursday would be:

Accrued revenues would appear on the balance sheet as

When is the adjusted trial balance prepared?

The system of accounting where revenues are recorded when they are earned and expenses are recorded when they are incurred is called the cash basis of accounting.

The following adjusting journal entry does not include an explanation.Select the best explanation for the entry.