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Accounting 01
EXam 1 Review
| Question | Answer |
|---|---|
| The entry to adjust the accounts for wages accrued at the end of the accounting period is | Wages Expense debit; Wages Payable credit |
| A company purchases a one-year insurance policy on June 1 for 1260. The adusting entry on December 31 is | You count the number of full months and mutiply (7/12) that number by 1260. Debit to Insurance Expense 735 and a Credit to Prepaid Insurance, 735 |
| The type of account and normal balance of unearned rent | Liability with a credit balance(anything unearned is a liability) |
| What happens when Supplies Expense go up and Supplies go down. (Suplies Expense Debit 267 and Supplies Credit 267 | Decrease in net income |
| Depreciation Expense and Accumulated Depreciation are classified respectively as | Expense, Contra Assets |
| How do the declaration and payment of cash dividends by the company affect its accounting equation | Assets decreasee and Stockholders Equity decrease. |
| A Credit signifies a decrease in | Expenses |
| There are four transactions that directly affect Stockholders Equity. Which are the two transactions that decrease Stockholders equity? | Dividends and Expenses |
| Collins Lanscape Company purchased various landscaping supplies on account to used for landscape design for their customers. How will the business transaction affect the accounting equation? | Increase Assets(Supplies) and increase Liablilites (Accounts Payable |
| Unearned Subscription Debit and Subscription Earned Credit affects the accounting equation in what way? | Decrease in Liability and a increase in Revenue |
Created by:
lamonte23
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