When adjusting for the Office Supplies used at the end of the month, the ending balance in supplies will be LARGER than it was before the adjustment. True False What is the adjusting journal entry when the ending balance of Office Supplies is $2,500? Debit: choose your answer... Credit: choose your answer... $: type your answer... Accumulated Depreciation is a Asset Contra Asset Liability Expense None of the above The normal side for Accumulated Depreciation is: Debit account

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 3EA: Identify which type of adjustment is indicated by these transactions. Choose accrued revenue,...
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Accounts Receivable
Office Supplies
Prepaid Rent
Equipment
Accumulated Depreciation
Wages Payable
Unearned Fees
Fees Earned
Wages Expense
Rent Expense
Trial Balance
1)
2)
3)
4)
5)
6)
Debit
18,000
6,000
10,000
62,500
60,000
Credit
12,500
0
24,000
100,000
Depreciation Expense
Office Supplies Expense
Depreciation Expense
Office Supplies Expense
Data needed for year-end adjustments:
Office Supplies used during May
Depreciation of Equipment during Month
Prepaid Rent Balance at May 31
As of May 31, the company's earned, but not yet recorded, revenu
Wages accrued but not yet paid:
Unearned fees balance at May 31:
3,500
4,000
2,000
16,000
7,000
20,000
Transcribed Image Text:Accounts Receivable Office Supplies Prepaid Rent Equipment Accumulated Depreciation Wages Payable Unearned Fees Fees Earned Wages Expense Rent Expense Trial Balance 1) 2) 3) 4) 5) 6) Debit 18,000 6,000 10,000 62,500 60,000 Credit 12,500 0 24,000 100,000 Depreciation Expense Office Supplies Expense Depreciation Expense Office Supplies Expense Data needed for year-end adjustments: Office Supplies used during May Depreciation of Equipment during Month Prepaid Rent Balance at May 31 As of May 31, the company's earned, but not yet recorded, revenu Wages accrued but not yet paid: Unearned fees balance at May 31: 3,500 4,000 2,000 16,000 7,000 20,000
When adjusting for the Office Supplies used at the end of the month, the ending balance in supplies will be LARGER than it was before the adjustment.
O True
False
What is the adjusting journal entry when the ending balance of Office Supplies is $2,500?
Debit: choose your answer...
Credit: choose your answer...
$: type your answer...
Accumulated Depreciation is a
Asset
Contra Asset
Liability
Expense
None of the above
The normal side for Accumulated Depreciation is:
Debit
O Credit
It depends
ONeither
account
Create the AJE (Adjusting Journal Entry) for Prepaid Rent when the monthly rent rate is $8,000.
DEBIT choose your answer...
CREDIT choose your answer... V
For $ type your answer...
Previous
O
O
When adjusting for Wages accrued, but not yet paid, the adjustment will choose your answer... A Wages Expense
choose your answer...
has no impact on expenses
decrease
increase
When adjusting for revenues earned, but not yet recorded, it represents an adjustment for:
An amount that is missing that needs to be added
An amount that is wrong that needs to be fixed
It depends
Neither
Transcribed Image Text:When adjusting for the Office Supplies used at the end of the month, the ending balance in supplies will be LARGER than it was before the adjustment. O True False What is the adjusting journal entry when the ending balance of Office Supplies is $2,500? Debit: choose your answer... Credit: choose your answer... $: type your answer... Accumulated Depreciation is a Asset Contra Asset Liability Expense None of the above The normal side for Accumulated Depreciation is: Debit O Credit It depends ONeither account Create the AJE (Adjusting Journal Entry) for Prepaid Rent when the monthly rent rate is $8,000. DEBIT choose your answer... CREDIT choose your answer... V For $ type your answer... Previous O O When adjusting for Wages accrued, but not yet paid, the adjustment will choose your answer... A Wages Expense choose your answer... has no impact on expenses decrease increase When adjusting for revenues earned, but not yet recorded, it represents an adjustment for: An amount that is missing that needs to be added An amount that is wrong that needs to be fixed It depends Neither
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