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Q 1/8
Score 0
What is the column heading over the first two columns on the worksheet?
30
Adjustments
Income Statement
Balance Sheet
Trial Balance
Q 2/8
Score 0
What is the purpose of the Trial Balance columns of the worksheet?
20
To ensure the expenses and revenues are matched in the right fiscal period.
To check the balance of the accounts with no balances that are included in the Account Title column.
To update the amount the business is worth by taking assets - liabilities = capital
To ensure the equality of debits and credits before beginning the end of the period work.
8 questions
Q.
What is the column heading over the first two columns on the worksheet?
1
30 sec
Q.
What is the purpose of the Trial Balance columns of the worksheet?
2
20 sec
Q.
What is the name of the entries to update asset balances and expense account balances in order to match expenses with revenue for the fiscal period.
3
20 sec
Q.
The two asset account blances that will be adjusted for Delgado Web Services in Chapter 6 are:
4
20 sec
Q.
The two expense account balances that will be adjusted for Delgado Web Services in Chapter 6 are:
5
20 sec
Q.
If the value of supplies on hand at the end of the period is $174.53, and the balance of the supplies account (which represents all the supplies bought during the period) is $491.28, what is the amount of the adjustment to the supplies account?
6
30 sec
Q.
How would you find out exactly how much prepaid insurance your company has?
7
30 sec
Q.
If the value of prepaid insurance at the end of the period is $659.02, and the balance of the Prepaid Insurance account is $850.00, what is the amount of the adjustment?
