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AIPB book 1 sect 2

AIPB certified bookkeeper, mastering adjusting entries,

QuestionAnswer
1)Make AJE: Accrue interest revenue of $400 1)Dr. Interest receivable 400 - Cr. Interest revenue 400 - To accrue interest revenue
2)Make AJE:Accrue commission revenue earned of 1,400 2)Dr. Commission receivable 1,400 - Cr. Commission revenue 1,400 - To accrue commission earned
3)Make AJE:Accrue rental revenue of 2,400 3)Dr. Rent receivable 2,400 - Cr. Rent revenue 2,400 - To accrue rent revenue
4)Your company holds a $500,000, 8% note receivable, interest payable annually on each June 30. When your companys fiscal year ends on August 31 19X5, you have received no interest payment since June 30, 19X5. What adjusting journal entry do you make? 4)Dr. Interest receivable 667 - Cr. Interest revenue 667 - To accrue 2 monts interest on note
5)If your companys fiscal year ended December 31, 19X5 and you had not received the interest payment since June 30 19X5, what entry would you make? 5)Dr. Interest receibable 2,000 - Cr. Interest revenue 2,000 - To accrue 6 months interest on note
6)Your company rents a machine to another company at a annual rental of 15,000. At year end, you have received 13,500 in rent. Record the adjusting journal entry. 6)Dr. Rent receivable 1,500- Cr. Rent revenue 1,500 - To accrue rental revenue
7)Accrued revenue is revenue _______ but not ______. 7)earned, received
8)The adjusting entry to accrue debits a(n)________ account and credits a(n) __________account. 8)asset (receivable), revenue
9)If omit the ajdusting journal entry to accrue revenue, you _________ your firms net income. 9)understate
10)Interest receivable is what type of account 10)Asset
11)A company ommitted its adjusting entry to accrue rental revenue. What effect does this have on liabilities at year end? 11)no effect
12)When revenue is accrued, when is cash received? 12)cash is received after the revenue is recognized
13)Make AJE: Accrue rent revenue of 3,600 13)Dr. Rent receivable 3,600 - Cr. Rent revenue 3,600- To accrue rent revenue
14)Make AJE: Accrued interest revenue of 4,200 14)Dr. Interest receivable 4,200- Cr. Interest revenue 4,200 - To accrue interest revenue
15)Make AJE: Accrued commission revenue of 2,800 15)Dr. Commission receivable 2,800 - Cr. Commission revenue 2,800 - To accrue commison revenue
16)Receipt in December of 2,000 in commissions earned and accrued in November 16)Dr. Cash 2,000 - Cr. Commission receivable 2,000 - To record receipt of November commission
17)Your company holds Duco's 60,000, 12% mortgage on which it has collected 7,000 in interest for the year. What adjusting entry fo you record at year end? 17)Dr. Interest receivable 200 - Cr. Interest revenue 200 - To accrue interest revenue
18)Your company has a 60-day, 3,000, 12% note receivable dated December 31 if you have received no interest payments? 18)Dr. Interest receivable 30 - Cr. Interest revenue 30 - To accrue1 months interest earnedon note
19)Interest receivable appears on which financial statement? 19)Balance sheet
20)Accrued revenue is revenue 20)Earned but not received
21)How does he adjusting entry to accrue revenue effect cash? 21)does not effect the ledger cash account
22)If you fail to record the adjusting entry to accrue revenue, it will affect the income statement as follows 22)net income and revenue will be understated
Created by: cidhart
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