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Adjusting Entries on the Worksheet

Quiz by Geraldine Beckett

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8 questions
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  • Q1
    What is the column heading over the first two columns on the worksheet?
    Income Statement
    Balance Sheet
    Trial Balance
  • Q2
    What is the purpose of the Trial Balance columns of the worksheet?
    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.
  • Q3
    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.
    Adjusting Entries
    Matching Entries
    Update Entries
    Fiscal Entries
  • Q4
    The two asset account blances that will be adjusted for Delgado Web Services in Chapter 6 are:
    Cash and Supplies
    Supplies and Accounts Payable, John Tish
    Supplies and Cash Short/Over
    Supplies and Prepaid Insurance
  • Q5
    The two expense account balances that will be adjusted for Delgado Web Services in Chapter 6 are:
    Sales and Supplies Expense
    Supplies and Supplies Expense
    Insurance Expense and Supplies
    Supplies Expense and Insurance Expense
  • Q6
    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?
  • Q7
    How would you find out exactly how much prepaid insurance your company has?
    Call a CPA and ask.
    Deduct what you think the insurance was worth.
    Get our your paper work and try to figure it out.
    Call the insurance company.
  • Q8
    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?

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