Question 1

The adjustment for salaries owed but not yet paid to employees will decrease the balance in the Salary Expense account.

Accepted Answer

A) True 
 B)False

Question 2

The work sheet for a merchandising business is

Accepted Answer

A)  exactly the same as for a service business. 
B)  very different from that for a service business. 
C)  slightly different from that for a service business. 
D)  much shorter than that for a service business. 
E)  much longer than that for a service business. 
A)  exactly the same as for a service business. 
B)  very different from that for a service business. 
C)  slightly different from that for a service business. 
D)  much shorter than that for a service business. 
E)  much longer than that for a service business.

Question 3

Which of the following accounts is debited to enter the ending physical count of inventory under the periodic inventory system?

Accepted Answer

A)  Merchandise Inventory 
B)  Income Summary 
C)  Owner's Equity 
D)  Purchases 
A)  Merchandise Inventory 
B)  Income Summary 
C)  Owner's Equity 
D)  Purchases

Question 4

Which of the following accounts is debited in the adjusting entry to remove beginning inventory under the periodic inventory system?

Accepted Answer

A)  Capital 
B)  Income Summary 
C)  Drawing 
D)  Merchandise Inventory 
A)  Capital 
B)  Income Summary 
C)  Drawing 
D)  Merchandise Inventory

Question 5

The balances of the ledger accounts of Wilson Appliances as of December 31, the end of its fiscal year, are found in the work sheet on the following page.
Data for the adjustments are as follows:
Instructions:
Complete the work sheet.
   ?

Accepted Answer

The answer of The balances of the ledger accounts of...

Question 6

On the work sheet, ending merchandise inventory will appear on the

Accepted Answer

A)  credit side of the Trial Balance column. 
B)  debit side of the Balance Sheet column. 
C)  debit side of the Income Statement column. 
D)  credit side of the Balance Sheet column. 
E)  credit side of the Adjustments column. 
A)  credit side of the Trial Balance column. 
B)  debit side of the Balance Sheet column. 
C)  debit side of the Income Statement column. 
D)  credit side of the Balance Sheet column. 
E)  credit side of the Adjustments column.

Question 7

Accumulated Depreciation, Equipment appears in which column of the worksheet?

Accepted Answer

A)  Income Statement, DR 
B)  Income Statement, CR 
C)  Balance Sheet, DR 
D)  Balance Sheet, CR 
A)  Income Statement, DR 
B)  Income Statement, CR 
C)  Balance Sheet, DR 
D)  Balance Sheet, CR

Question 8

When goods are bought under the perpetual inventory system, Merchandise Inventory is credited.

Accepted Answer

A) True 
 B)False

Question 9

Match the terms below with the correct definitions.
-Temporary account used for adjusting Merchandise Inventory account

Accepted Answer

A) Unearned Revenue 
B) Income Summary 
C) First merchandise inventory adjusting entry (periodic system) 
D) Beginning merchandise inventory 
E) Ending merchandise inventory
F)Periodic inventory system
G)Wages Payable
H)Wages Expense
I)Purchases
J)Second merchandise inventory adjusting entry (periodic system) 
A) Unearned Revenue 
B) Income Summary 
C) First merchandise inventory adjusting entry (periodic system) 
D) Beginning merchandise inventory 
E) Ending merchandise inventory
F)Periodic inventory system
G)Wages Payable
H)Wages Expense
I)Purchases
J)Second merchandise inventory adjusting entry (periodic system)

Question 10

The Salaries Payable account is an example of an unearned revenue account.

Accepted Answer

A) True 
 B)False

Question 11

Unearned Revenue is classified as a(n)

Accepted Answer

A)  revenue account. 
B)  expense account. 
C)  liability account. 
D)  contra revenue account. 
E)  asset account. 
A)  revenue account. 
B)  expense account. 
C)  liability account. 
D)  contra revenue account. 
E)  asset account.

Question 12

The physical count of inventory may be less than the accounting records due to the following:

Accepted Answer

A)  Receiving Errors 
B)  Shoplifting 
C)  Accounting Errors 
D)  All of the above 
A)  Receiving Errors 
B)  Shoplifting 
C)  Accounting Errors 
D)  All of the above

Question 13

Aaron Company uses the perpetual inventory system. The following information is presented as on December 31, the end of its fiscal year:
​
 $\begin{array}{lr}
\text { Beginning inventory, January 1 } & \$ 137,532 \
\text { Merchandise purchased during the year } & 58,850 \
\text { Merchandise sold during the year } & 102,522 \
\text { Physical count of ending inventory, December 31 } & 92,515
\end{array}$ Instructions:
Prepare the journal entry to adjust Merchandise Inventory at year end.

Accepted Answer

​
​
 @#IMG-DLM& Recorded balance under t

Question 14

The amount of the beginning merchandise inventory appears in the Balance Sheet Credit column of the work sheet.

Accepted Answer

A) True 
 B)False

Question 15

Match the terms below with the correct definitions.
-Liability account that is credited when cash is received in advance for the delivery of goods or services to be earned in two fiscal periods

Accepted Answer

A) Unearned Revenue 
B) Income Summary 
C) First merchandise inventory adjusting entry (periodic system) 
D) Beginning merchandise inventory 
E) Ending merchandise inventory
F)Periodic inventory system
G)Wages Payable
H)Wages Expense
I)Purchases
J)Second merchandise inventory adjusting entry (periodic system) 
A) Unearned Revenue 
B) Income Summary 
C) First merchandise inventory adjusting entry (periodic system) 
D) Beginning merchandise inventory 
E) Ending merchandise inventory
F)Periodic inventory system
G)Wages Payable
H)Wages Expense
I)Purchases
J)Second merchandise inventory adjusting entry (periodic system)

Question 16

When a company performs an actual count of goods on hand, this is called a

Accepted Answer

A)  Physical Inventory 
B)  Inventory Shrinkage 
C)  Inventory Count 
D)  Inventory Take 
A)  Physical Inventory 
B)  Inventory Shrinkage 
C)  Inventory Count 
D)  Inventory Take

Question 17

If the wages payable account had a normal balance of $4,500 before adjustment and an adjustment was made debiting the account for $500, then the account would appear on the work sheet as a:

Accepted Answer

A)  $5,000 debit balance in the balance sheet columns. 
B)  $4,500 credit balance in the income statement columns. 
C)  $5,000 debit balance in the adjusted trial balance columns. 
D)  $4,000 credit balance in the balance sheet columns. 
E)  $5,000 debit balance in the income statement columns. 
A)  $5,000 debit balance in the balance sheet columns. 
B)  $4,500 credit balance in the income statement columns. 
C)  $5,000 debit balance in the adjusted trial balance columns. 
D)  $4,000 credit balance in the balance sheet columns. 
E)  $5,000 debit balance in the income statement columns.

Question 18

The Income Summary account is used to adjust inventory (with the perpetual inventory system) and record closing entries.

Accepted Answer

A) True 
 B)False

Question 19

For companies using the periodic inventory system, explain how the Merchandise Inventory account is handled in the accounting records through the journal entries and the work sheet.

Accepted Answer

Merchandise Inventory is adjusted at yea

Question 20

Match the terms below with the correct definitions.
-Debit Income Summary; credit Merchandise Inventory

Accepted Answer

A) Unearned Revenue 
B) Income Summary 
C) First merchandise inventory adjusting entry (periodic system) 
D) Beginning merchandise inventory 
E) Ending merchandise inventory
F)Periodic inventory system
G)Wages Payable
H)Wages Expense
I)Purchases
J)Second merchandise inventory adjusting entry (periodic system) 
A) Unearned Revenue 
B) Income Summary 
C) First merchandise inventory adjusting entry (periodic system) 
D) Beginning merchandise inventory 
E) Ending merchandise inventory
F)Periodic inventory system
G)Wages Payable
H)Wages Expense
I)Purchases
J)Second merchandise inventory adjusting entry (periodic system)

The adjustment for salaries owed but not yet paid to employees will decrease the balance in the Salary Expense account.

The work sheet for a merchandising business is

Which of the following accounts is debited to enter the ending physical count of inventory under the periodic inventory system?

Which of the following accounts is debited in the adjusting entry to remove beginning inventory under the periodic inventory system?

The balances of the ledger accounts of Wilson Appliances as of December 31, the end of its fiscal year, are found in the work sheet on the following page. Data for the adjustments are as follows: Instructions: Complete the work sheet. ?

On the work sheet, ending merchandise inventory will appear on the

Accumulated Depreciation, Equipment appears in which column of the worksheet?

When goods are bought under the perpetual inventory system, Merchandise Inventory is credited.

Match the terms below with the correct definitions. -Temporary account used for adjusting Merchandise Inventory account

The Salaries Payable account is an example of an unearned revenue account.

Unearned Revenue is classified as a(n)

The physical count of inventory may be less than the accounting records due to the following:

The amount of the beginning merchandise inventory appears in the Balance Sheet Credit column of the work sheet.

Match the terms below with the correct definitions. -Liability account that is credited when cash is received in advance for the delivery of goods or services to be earned in two fiscal periods

When a company performs an actual count of goods on hand, this is called a

If the wages payable account had a normal balance of $4,500 before adjustment and an adjustment was made debiting the account for $500, then the account would appear on the work sheet as a:

The Income Summary account is used to adjust inventory (with the perpetual inventory system) and record closing entries.

For companies using the periodic inventory system, explain how the Merchandise Inventory account is handled in the accounting records through the journal entries and the work sheet.

Match the terms below with the correct definitions. -Debit Income Summary; credit Merchandise Inventory

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

The General Journal and the General Ledger

Adjusting Entries and the Work Sheet

Closing Entries and the Post-Closing Trial Balance

Bank Accounts, Cash Funds, and Internal Controls

Employee Earnings and Deductions

Employer Taxes, Payments, and Reports

Sales and Purchases

Cash Receipts and Cash Payments

Financial Statements, Closing Entries, and Reversing Entries

Methods of Depreciation

Bad Debts

Inventory Methods

Notes Receivablenotes Payable

Filters

Exam 11: Work Sheet and Adjusting Entries

The adjustment for salaries owed but not yet paid to employees will decrease the balance in the Salary Expense account.

The work sheet for a merchandising business is

Which of the following accounts is debited to enter the ending physical count of inventory under the periodic inventory system?

Which of the following accounts is debited in the adjusting entry to remove beginning inventory under the periodic inventory system?

The balances of the ledger accounts of Wilson Appliances as of December 31, the end of its fiscal year, are found in the work sheet on the following page. Data for the adjustments are as follows: Instructions: Complete the work sheet. ?

On the work sheet, ending merchandise inventory will appear on the

Accumulated Depreciation, Equipment appears in which column of the worksheet?

When goods are bought under the perpetual inventory system, Merchandise Inventory is credited.

Match the terms below with the correct definitions. -Temporary account used for adjusting Merchandise Inventory account

The Salaries Payable account is an example of an unearned revenue account.

Unearned Revenue is classified as a(n)

The physical count of inventory may be less than the accounting records due to the following:

The amount of the beginning merchandise inventory appears in the Balance Sheet Credit column of the work sheet.

Match the terms below with the correct definitions. -Liability account that is credited when cash is received in advance for the delivery of goods or services to be earned in two fiscal periods

When a company performs an actual count of goods on hand, this is called a

If the wages payable account had a normal balance of $4,500 before adjustment and an adjustment was made debiting the account for $500, then the account would appear on the work sheet as a:

The Income Summary account is used to adjust inventory (with the perpetual inventory system) and record closing entries.

For companies using the periodic inventory system, explain how the Merchandise Inventory account is handled in the accounting records through the journal entries and the work sheet.

Match the terms below with the correct definitions. -Debit Income Summary; credit Merchandise Inventory

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

The General Journal and the General Ledger

Adjusting Entries and the Work Sheet

Closing Entries and the Post-Closing Trial Balance

Bank Accounts, Cash Funds, and Internal Controls

Employee Earnings and Deductions

Employer Taxes, Payments, and Reports

Sales and Purchases

Cash Receipts and Cash Payments

Financial Statements, Closing Entries, and Reversing Entries

Methods of Depreciation

Bad Debts

Inventory Methods

Notes Receivablenotes Payable

Filters