Practice Quiz 4B
Complete the following quiz for the lesson: Accounting Cycle Part 2
Assume December 31 is a Tuesday. Wages are paid every Friday for that week's wages, and the weekly payroll (for five days) amounts to \$4,000. To accrue the correct amount of wage expense for December, the firm should make the following adjusting entry on December 31: *
1 point
The adjusting entry described in the previous above is required under *
1 point
In preparing its adjusting entries at the end of this year, Sara Company neglected to record an adjusting entry for employees' wages incurred but not yet paid. This error *
1 point
At the end of the accounting period, \$3,000 in accounting fees had been earned by Norm's Accounting Services but not yet billed, recorded or received. The proper year-end adjusting entry by Norm would be *
1 point
Which of the following accounts is typically closed to Retained Earnings at the end of the accounting period? *
1 point
The closing of the Utilities Expense account at the end of an accounting period would *
1 point
The Sales Revenue account is closed at the end of an accounting period *
1 point
Revenues for the period were \$43,000 and expenses totaled \$34,000. Retained Earnings had a \$17,000 beginning balance and a \$21,000 ending balance, subsequent to the closing of all nominal accounts. What was the amount of dividends paid during the year? *
1 point
If the beginning cash account balance was \$6,800, the ending balance was \$3,200, and total cash received during the period was \$23,000, what amount of cash was paid out during the period? *
1 point
Supplies totaling \$5,650 were purchased during the period and debited to Supplies on Hand. The Supplies on Hand account balance at the beginning of the period was \$3,200. A physical count shows \$1,075 of Supplies on Hand at the end of the period. The proper adjusting journal entry at the end of the period is *
1 point
The beginning and ending Accounts Payable balance is \$7,800 and \$11,100, respectively. If the firm purchased a total of \$22,900 of inventory on account for the period, the amount of cash payments made on Accounts Payable for the period would amount to *
1 point