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1.
Cross-referencing
is useful in assuring that the debits and credits are in balance.
a. True
b. False
2.
When
accounts do notappear on the unadjusted trial balance but are needed to post
adjustments, they are simplyadded to the account title column.
a. True
b. False
3.
Once
the adjusted trial balance is in balance, the flow of accounts will now go into
the financial statements.
a. True
b. False
4.
There
is really nobenefit
in preparing financial statements in any particular order.
a. True
b. False
5.
On
the income statement, miscellaneous expenses are usually presented as the last
item without regard to the dollaramount.
a. True
b. False
6.
The
usual presentation of the statement of owner's equity is (1) Beginning capital,
(2) Net income or loss, (3)Drawing, (4) Owner's contributions, (5) Ending
capital.
a. True
b. False
7.
The
difference between a classified balance sheet and one that is notclassified
is that the classified one hassubheadings.
a. True
b. False
8.
Cash
and other assets that may reasonably be expected to be realized in cash, sold,
or consumed through thenormal operations of a business, usually longer than one
year, are called current assets.
a. True
b. False
9.
Prepaid
Insurance is an example of a current asset.
a. True
b. False
10.
Land
is an example of a plant asset.
a. True
b. False
11.
Liabilities
that will be due within one year or less and that are to be paid out of current
assets are called currentliabilities.
a. True
b. False
12.
The
amount of the net income for a period appears on both the income statement and
the balance sheet for thatperiod.
a. True
b. False
13.
Accrued
taxes payable are generally reported on the balance sheet as a current
liability.
a. True
b. False
14.
Office
Equipment is an example of a current asset account.
a. True
b. False
15.
Capital
and drawing are reported in the owner's equity section of the balance sheet.
a. True
b. False
16.
Deferred
expenses that benefit a relatively short period of time are listed on the
balance sheet as current assets.
a. True
b. False
17.
Unearned
revenues that will be earned in a relatively short period of time are listed on
the balance sheet as currentassets.
a. True
b. False
18.
Accrued
expenses are ordinarily listed on the balance sheet as current assets.
a. True
b. False
19.
Accrued
revenues are ordinarily listed on the balance sheet as current liabilities.
a. True
b. False
20.
The
income statement is prepared from the adjusted trial balance or the income
statement columns on the worksheet.
a. True
b. False
21.
After
analyzing transactions, the next step would be to post the transactions in the
ledger.
a. True
b. False
22.
Examples
of temporary accounts are supplies and prepaid expenses which are in the ledger
for just a short timebefore they expire.
a. True
b. False
23.
Accumulated
Depreciation is a permanent account.
a. True
b. False
24.
The
drawing account is a temporary account.
a. True
b. False
25.
The
balance sheet accounts are referred to as real or permanent accounts.
a. True
b. False
26. Journalizing and posting the
adjustments and closing entries updates the ledger for the new accounting
period.
a. True
b. False
27. The income summary account is
closed to the owner's capital account.
a. True
b. False
28.
The
accumulated depreciation account is closed to the income summary account.
a. True
b. False
29. The drawing account is closed to
the income summary account.
a. True
b. False
30. The trial balance prepared after
all the closing entries have been posted is called a pre-closing trial balance.
a. True
b. False
31.
Entries
required to close the balances of the temporary accounts at the end of the
period are called final entries.
a. True
b. False
32. Journalizing and posting closing
entries must be completed before financial statements can be prepared.
a. True
b. False
33. During the closing process, some
balance sheet accounts are closed and end the period with a zero balance.
a. True
b. False
34.
Closing
entries are entered directly on to the work sheet.
a. True
b. False
35. The post-closing trial balance
will generally have fewer accounts than the trial balance.
a. True
b. False
36. A post-closing trial balance
contains only asset and liability accounts.
a. True
b. False
37.
A
post-closing trial balance should be prepared before the financial statements
are prepared.
a. True
b. False
38.
Assets,
liabilities, and owner’s capital are real accounts and do notget closed at the end of the period.
a. True
b. False
39. The income summary account is
also known as the clearing account.
a. True
b. False
40.
All
income statement accounts will be closed at the end of the period.
a. True
b. False
41.
Accounts
reported on the balance sheet that are carried forward from year to year are
known as permanentaccounts.
a. True
b. False
42.
Balance
sheet accounts are notconsidered real accounts.
a. True
b. False
43.
Real
accounts are notpermanent accounts.
a. True
b. False
44.
It
is notnecessary
to post the closing entries to the general ledger.
a. True
b. False
45. The closing process is sometimes
referred to as closing the books.
a. True
b. False
46.
Once
an account has been closed for the period, inserting a line in the balance
columns zeros out the account,making it ready for the following period.
a. True
b. False
47. The last step of the accounting
cycle is to prepare a post-closing trial balance.
a. True
b. False
48. The most important output of the
accounting cycle is the financial statements.
a. True
b. False
49.
The
accounting cycle begins with preparing an unadjusted trial balance.
a. True
b. False
50. Financial statements should be
prepared before the closing entries are journalized and posted.
a. True
b. False
51. The unadjusted, adjusted, and
final trial balances are prepared during the accounting cycle of a period.
a. True
b. False
52.
Any
twelve-month accounting period adopted by a company is known as its fiscal
year.
a. True
b. False
53. A fiscal year that ends when
business activities have reached their lowest point is called the natural
business year.
a. True
b. False
54. All companies must use a
calendar year as their fiscal year.
a. True
b. False
55.
The
majority of businesses end their fiscal year on December 31.
a. True
b. False
56.
The
balances of the capital accounts from the Adjusted Trial Balance of the work
sheet are extended to theStatement of Owner’s Equity columns.
a. True
b. False
57.
The
work sheet is notconsidered a part of the formal accounting records.
a. True
b. False
58.
The
work sheet is a working paper that accountants can use to summarize adjusting
entries and the accountbalances for the financial statements.
a. True
b. False
59. The trial balance may be listed
on the work sheet instead of being prepared separately.
a. True
b. False
60.
The
totals of the Adjusted Trial Balance columns on a work sheet will always be the
sum of the Trial Balancecolumn totals and the Adjustments column totals.
a. True
b. False
61.
A
work sheet heading is dated for a period of time.
a. True
b. False
62. On the work sheet, the capital
and drawing account balances are extended to the Balance Sheet columns.
a. True
b. False
63.
After
the account balances have been extended from the Adjusted Trial Balance columns
on the work sheet, thedifference between the initial totals of the Balance
Sheet debit and credit columns is Net Income or Net Loss.
a. True
b. False
64.
After
Net Income or Loss is entered on the work sheet, the debit column total must
equal the credit column totalfor the Balance Sheet pair of columns.
a. True
b. False
65.
A
net loss is shown on the work sheet in the credit columns of both the Income Statement
columns and the BalanceSheet columns.
a. True
b. False
66.
Net
income is shown on the work sheet in the Income Statement debit column and the
Balance Sheet creditcolumn.
a. True
b. False
67.
If
the totals of the Income Statement debit and credit columns of a work sheet are
$27,000 and $29,000,respectively, after all account balances have been
extended, the amount of the net loss is $2,000.
a. True
b. False
68. The balance in the capital
account on the worksheet will equal the amount presented in the balance sheet.
a. True
b. False
69.
Since
the adjustments are entered on the work sheet, it is notnecessary to record them in
the journal or post themto the ledger.
a. True
b. False
70.
The
chart of accounts, the journal, and the ledger are essential parts of the
accounting system.
a. True
b. False
71.
What
is the major difference between the unadjusted trial balance and the adjusted
trial balance?
a. The adjusted trial balance will
show the net income (loss) as an additional account.
b. Unlike the adjusted trial
balance, the unadjusted trial balance will continue with the end-of-period
processingeven if it is not in balance.
c. The adjusted trial balance
includes the postings of the adjustments for the period in the balance of
theaccounts.
d. The adjusted trialbalance will
be used to record the adjustments for the period.
72.
Once
the adjusting entries are posted, the Adjusted Trial Balance is prepared to
a. verify that the debits and
credits are in balance
b. verify that the net income
correctly flows into the statement of owner’s equity from the income statement
c. verify that the net income
(loss) is correct for the period
d. verify the correct flow of
accounts into the financial statements
73.
When
preparing the statement of owner's equity, the beginning capital balance can
always be found
a. in the Income Statement columns
of the work sheet
b. in the statement of cash flows
c. in the general ledger
d. in the Balance Sheet columns of
the work sheet
74. Accumulated Depreciation appears
on the
a. balance sheet in the current
assets section
b. balance sheet in the property,
plant, and equipment section
c. balance sheet in the long-term
liabilities section
d. income statement as an operating
expense
75. Notes receivable due in 390 days
appear on the
a. balance sheet in the current
assets section
b. balance sheet in the noncurrent
assets section
c. balance sheet in the current
liabilities section
d. income statement as an expense
76.
Unearned
Fees appear on the
a. balance sheet in the current
assets section
b. balance sheet as a current
liability
c. balance sheet in the owner's
equity section
d. income statement as revenue
77.
Which
one of the fixed asset accounts listed below will nothave a related contra asset
account?
a. Office Equipment
b. Land
c. Delivery Equipment
d. Building
78. Prepaid insurance is reported on
the balance sheet as a
a. current asset
b. fixed asset
c. current liability
d. long-term liability
79.
The
income statement is prepared from
a. the adjusted trial balance
b. the Income Statement columns of
the end-of-period spreadsheet
c. either the Adjusted Trial
Balance or the Income Statement columns of the end-of-period spreadsheet
d. both the Adjusted Trial Balance
and the Income Statement columns of the end-of-period spreadsheet
80. The first item appearing on the
statement of retained earnings is
a. net income
b. the ending balance of retained
earnings
c. owner withdrawals
d. the beginning balance of
retained earnings
81. The statement of owner’s equity
should be prepared
a. before the income statement and
after the balance sheet
b. before the income statement and
balance sheet
c. after the income statement and
balance sheet
d. after the income statement and
before the balance sheet
82.
The
income statement should be prepared
a. before the statement of owner’s
equity and balance sheet
b. after the statement of owner’s
equity and before the balance sheet
c. after the statement of owner’s
equity and balance sheet
d. after the balance sheet and
before the statement of owner’s equity
Use the adjusted trial balance for Stockton Company below to
answer the questions that follow.
|
Stockton Company
|
||
|
Adjusted Trial Balance
|
||
|
For the Year Ended December 31
|
||
|
|
|
|
|
Cash
|
6,530
|
|
|
Accounts Receivable
|
2,100
|
|
|
Prepaid Expenses
|
700
|
|
|
Equipment
|
13,700
|
|
|
Accumulated
Depreciation
|
|
1,100
|
|
Accounts Payable
|
|
1,900
|
|
Notes
Payable
|
|
4,300
|
|
Bob Steely, Capital
|
|
12,940
|
|
Bob Steely,
Withdrawals
|
790
|
|
|
Fees Earned
|
|
9,250
|
|
Wages Expense
|
2,500
|
|
|
Rent Expense
|
1,960
|
|
|
Utilities Expense
|
775
|
|
|
Depreciation Expense
|
250
|
|
|
Miscellaneous Expense
|
185
|
|
|
Totals
|
29,490
|
29,490
|
83. Determine the net income (loss)
for the period.
a. net income $9,250
b. net loss $790
c. net loss $5,670
d. net income $3,580
84.
Determine
the owner’s equity ending balance.
a. $12,150
b. $15,730
c. $6,480
d. $21,400
85. Determine total assets.
a. $24,130
b. $15,830
c. $21,930
d. $23,030
86. Determine the current assets.
a. $23,030
b. $9,330
c. $21,930
d. $8,630
87. Determine the total liabilities
for the period.
a. $1,900
b. $6,200
c. $4,300
d. $20,240
88. The balance sheet should be
prepared
a.
before
the income statement and the statement of owner’s equity
b.
before
the income statement and after the statement of owner’s equity
c.
after
the income statement and the statement of owner’s equity
d.
after
the income statement and before the statement of owner’s equity
89. The statement of owner’s equity
begins with the beginning balance followed by
a.
adding
net income less withdrawals
b.
adding
net income plus investments
c.
adding
investments less withdrawals
d.
adding
investments plus net income less withdrawals
90.
The
income statement will present
a. revenues less expenses (ordered
largest to smallest amount) with
miscellaneous expense listed last
b. revenues less expenses (ordered
smallest to largest amounts) with miscellaneous expense listed last
c. revenues less expenses (ordered
in alphabetical order)
d. revenues less expenses (order is
not important)
91. The classified balance sheet
will show which asset subsections?
a. current assets and other equity
b. current assets and property,
plant, and equipment
c. current liabilities and
short-term assets
d. other revenues and property,
plant and equipment
92. The classified balance sheet
will show which liability subsections?
a. current liabilities and
long-term liabilities
b. current liabilities and other
liabilities
c. other liabilities and long-term
liabilities
d. present liabilities and
tomorrow’s liabilities
93.
Debts
listed as current liabilities are those that
a. will be paid in less than one
year
b. are due to be paid in 5 to 10
years
c. are due to be paid in more than
one year
d. are owed to the owner and will
never be paid
94.
Owner’s
equity is
a. added to assets and the two are
equal to liabilities
b. added to liabilities and the two
are equal to assets
c. subtracted from liabilities and
the net amount is equal to assets
d. equal to the total of assets and
liabilities
95. Balance sheet accounts
a. represent amounts accumulated
during a specific period of time
b. are called real accounts
c. have zero balances after the
closing entries have been posted
d. are not affected by adjustments
96.
On
which financial statement will Income Summary be shown?
a. statement of owner’s equity
b. balance sheet
c. income statement
d. no financial statement
97.
Which
of the following is nottrue about closing entries?
a. There are four closing entries
that update the owner’s equity account.
b. After the second closing entry,
the income summary account is equal to the net income or loss for the period.
c. All real accounts are closed at
the end of the period.
d. By closing nominal accounts at
the end of the period to zero, it is possible to isolate next period’s
informationcorrectly.
98. The income summary account is
also called
a. the imprest account
b. the clearing account
c. the adjustments account
d. the zero-out account
99.
After
posting the second closing entry to the income summary account, the balance
will be equal to
a. zero
b. owner’s equity
c. revenues for the period
d. the net income or net loss for
the period
100. What is the first account that
should be listed in the post-closing trial balance?
a. Income Summary
b. Owner, Capital
c. Cash
d. Fees Earned
101. Which of the following account
groups are nominal accounts?
a. Cash, Dividends, Wages Payable
b. Prepaid Insurance, Equipment,
Fees Earned
c. Common Stock, Dividends, Income
Summary
d. Rent Revenue, Fees Earned,
Miscellaneous Expense
102. There are four closing entries.
The first one is to close revenues, the second one is to close expenses, the
third oneis to close , and the last
one is to close the .
a. Income Summary, drawing account
b. Income Summary, capital account
c. Income Summary, assets
d. drawing account; Income Summary
103. Closing entries
a. need not be journalized if
adjusting entries are prepared
b. need not be posted if the
financial statements are prepared from the work sheet
c. are not needed if adjusting
entries are prepared
d. must be journalized and posted
104. Closing entries are dated in the
journal as of
a. the date they are actually
journalized, although they are generally prepared after the end of the
accountingperiod
b. the last day of the accounting
period, although they are actually journalized after the end of the
accountingperiod
c. the first day of the accounting
period, although they are actually journalized well after the beginning of
theaccounting period
d. the first day of the subsequent
accounting period
105.
Which
of the accounts below would be closed by posting a debit to the account?
a. Unearned Revenue
b. Fees Earned
c. Josh Morton, Drawing
d. Miscellaneous Expense
106. Which of the following accounts
should be closed to Income Summary at the end of the fiscal year?
a. Service Revenue
b. Equipment
c. Prepaid Insurance
d. Unearned Rent
107.
Which
of the following accounts will notbe closed to Income Summary at the end
of the fiscal year?
a. Utilities Expense
b. Fees Earned
c. Prepaid Insurance
d. Insurance Expense
108.
Which
of the following accounts will be closed to the capital account at the end of
the fiscal year?
a. Rent Expense
b. Fees Earned
c. Income Summary
d. Depreciation Expense
109. The entry to close the
appropriate insurance account at the end of the accounting period is
a. debit Income Summary; credit
Prepaid Insurance
b. debit Prepaid Insurance; credit
Income Summary
c. debit Insurance Expense; credit
Income Summary
d. debit Income Summary; credit
Insurance Expense
110. Which of the following accounts
ordinarily appears in the post-closing trial balance?
a. Fees Earned
b. Supplies Expense
c. Zane White, Drawing
d. Unearned Rent
111.
The
post-closing trial balance differs from the adjusted trial balance in that it
does not
a.
take
into account closing entries
b.
take
into account adjusting entries
c.
include
balance sheet accounts
d.
include
income statement accounts
112. The following accounts were
taken from the Adjusted Trial Balance columns of the work sheet:
|
Accumulated
Depreciation
|
$ 3,200
|
|
Fees Earned
|
17,400
|
|
Depreciation Expense
|
1,300
|
|
Insurance Expense
|
400
|
|
Prepaid Insurance
|
4,800
|
|
Supplies
|
900
|
|
Supplies Expense
|
3,800
|
Net income for the period is
a. $5,500
b. $11,900
c. $17,400
d. $8,700
113.
A
summary of selected ledger accounts appear below for Alberto’s Plumbing
Services for the current calendaryear-end.
Alberto, Capital
|
12/31
|
8,500
|
1/1
|
6,500
|
|
|
|
12/31
|
15,000
|
Alberto, Drawing
|
6/30
|
3,500
|
12/31
|
8,500
|
|
11/30
|
5,000
|
|
|
Income Summary
|
12/31
|
18,500
|
12/31
|
33,500
|
|
12/31
|
15,000
|
|
|
Net income for the period is
a. $13,000
b. $33,500
c. $15,000
d. $18,500
114.
Diane's
Designs purchased a one-year liability insurance policy on March 1 of this year
for $8,400 and recorded itas a prepaid expense. Which of the following amounts
would be recorded for insurance expense during theadjusting process at the end
of Diane’s first month of operations on March 31?
a. $8,400
b. $840
c. $700
d. $7,700
115.
The
journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts
during the year-end closingprocess would be:
|
a.
Dec. 31 Fees Earned
|
750
|
|
|
Rent Revenue
Income Summary
|
175
|
925
|
|
b.
Dec. 31 Income Summary
Fees
Earned
|
925
|
750
|
|
Rent Revenue
|
|
175
|
|
c.
Dec. 31 Revenues
Income
Summary
|
925
|
925
|
|
d.
Dec. 31 Income Summary
Revenues
|
925
|
925
|
116.
Evan
Roberts owns a business, Shores Sports that rents canoes and kayaks. Below is
the adjusted trial balance at December 31.
|
|
Debit
|
Credit
|
|
Cash
|
1,500
|
|
|
Accounts Receivable
|
2,000
|
|
|
Interest Receivable
|
100
|
|
|
Prepaid Insurance
|
1,600
|
|
|
Notes Receivable
(long-term)
|
2,800
|
|
|
Equipment
|
15,000
|
|
|
Accumulated
Depreciation
|
|
3,000
|
|
Accounts Payable
|
|
2,400
|
|
Accrued Expenses
Payable
|
|
3,920
|
|
Income Taxes Payable
|
|
2,700
|
|
Unearned Rent Fees
|
|
500
|
|
Evan Roberts, Capital
|
|
7,700
|
|
Evan Roberts, Drawing
|
2,000
|
|
|
Rent Rees Earned
|
|
37,000
|
|
Furniture Rental
Revenue
|
|
1,200
|
|
Interest Revenue
|
|
100
|
|
Wages Expense
|
19,000
|
|
|
Depreciation Expense
|
1,800
|
|
|
Utilities Expense
|
320
|
|
|
Insurance Expense
|
700
|
|
|
Maintenance Expense
|
9,000
|
|
|
Income Tax Expense
|
2,700
|
|
|
|
58,520
|
58,520
|
The entry required to close the revenue accounts at the end
of the period includes a
a.
debit
to Income Summary for $37,000 b. credit to
Income Summary for $38,300
c. debit to Income Summary for
$38,200 d. credit to Income Summary for
$37,000
117.
Evan
Roberts owns a business, Shore Sports, that rents canoes and kayaks. Below is the adjusted trial balance at December
31.
|
|
Debit
|
Credit
|
|
Cash
|
1,500
|
|
|
Accounts Receivable
|
2,000
|
|
|
Interest Receivable
|
100
|
|
|
Prepaid Insurance
|
1,600
|
|
|
Notes Receivable
(long-term)
|
2,800
|
|
|
Equipment
|
15,000
|
|
|
Accumulated
Depreciation
|
|
3,000
|
|
Accounts Payable
|
|
2,400
|
|
Accrued Expenses
Payable
|
|
3,920
|
|
Income Taxes Payable
|
|
2,700
|
|
Unearned Rent Fees
|
|
500
|
|
Evan Roberts, Capital
|
|
7,700
|
|
Evan Roberts, Drawing
|
2,000
|
|
|
Rent Fees Earned
|
|
37,000
|
|
Furniture Rental
Revenue
|
|
1,200
|
|
Interest Revenue
|
|
100
|
|
Wages Expense
|
19,000
|
|
|
Depreciation Expense
|
1,800
|
|
|
Utilities Expense
|
320
|
|
|
Insurance Expense
|
700
|
|
|
Maintenance Expense
|
9,000
|
|
|
Income Tax Expense
|
2,700
|
|
|
Totals
|
58,520
|
58,520
|
The entry required to close the expense accounts at the end of the
period includes a:
|
|
a.
|
a debit to Income
Summary for $35,520
|
b.
|
a credit to Income
Summary for $35,520
|
|
|
c.
|
a debit to Income
Summary for $33,520
|
d.
|
a credit to Income
Summary for $33,520
|
Use the following end-of-period
spreadsheet below to answer the questions that follow.
|
Finley Company
End-of-Period Spreadsheet For the Year Ended December 31 |
||||||
|
|
Adjusted Trial Balance |
Income Statement
|
Balance Sheet
|
|||
|
Account Title
|
Debit
|
Credit
|
Debit
|
Credit
|
Debit
|
Credit
|
|
Cash
|
48,000
|
|
|
|
48,000
|
|
|
Accounts Receivable
|
18,000
|
|
|
|
18,000
|
|
|
Supplies
|
6,000
|
|
|
|
6,000
|
|
|
Equipment
|
57,000
|
|
|
|
57,000
|
|
|
Accumulated
Depreciation
|
|
18,000
|
|
|
|
18,000
|
|
Accounts Payable
|
|
25,000
|
|
|
|
25,000
|
|
Wages Payable
|
|
6,000
|
|
|
|
6,000
|
|
C. Finley, Capital
|
|
33,000
|
|
|
|
33,000
|
|
C. Finley, Drawing
|
3,000
|
|
|
|
3,000
|
|
|
Fees Earned
|
|
155,000
|
|
155,000
|
|
|
|
Wages Expense
|
63,000
|
|
63,000
|
|
|
|
|
Rent Expense
|
27,000
|
|
27,000
|
|
|
|
|
Depreciation Expense
|
15,000
|
|
15,000
|
|
|
|
|
Totals
|
237,000
|
237,000
|
105,000
|
155,000
|
132,000
|
82,000
|
|
Net Income (Loss)
|
|
|
50,000
|
|
|
50,000
|
|
|
|
|
155,000
|
155,000
|
132,000
|
132,000
|
118.
The
journal entry to close revenues would be:
a. debit Income Summary,
$155,000;credit Fees Earned, $155,000
b. debit C. Finley, Capital,
$155,000; credit Fees Earned, $155,000
c. debit Fees Earned, $155,000;
credit Income Summary, $155,000
d. credit Fees Earned, $155,000;
credit C. Finley, Capital, $155,000
119.
The
entry to close expenses would be:
a.
Wages
Expense 63,000
Rent Expense 27,000
Depreciation Expense 15,000
Income Summary 105,000
b.
Expenses 105,000
Income Summary 105,000
c.
Wages
Expense 63,000
Rent Expense 27,000
Depreciation Expense 15,000
C. Finley, Drawing 105,000
d.
Income
Summary 105,000
|
Wages Expense
|
63,000
|
|
Rent Expense
|
27,000
|
|
Depreciation Expense
|
15,000
|
120.
The
entry to close income summary would be
a.
debit
C. Finley, Capital, $50,000; credit Income Summary, $50,000
b.
debit
Income Summary, $155,000; credit C. Finley, Capital, $155,000
c.
debit
Income Summary, $50,000; credit C. Finley, Capital, $50,000
d.
debit
C. Finley, Capital, $9,000; credit Income Summary, $9,000
121. The entry to close C. Finley,
Drawing would be
a.
debit
C. Finley, Capital, $3,000; credit C. Finley, Drawing, $3,000
b.
debit
C. Finley, Capital, $12,000; credit C. Finley, Drawing, $12,000
c.
debit
C. Finley, Drawing, $3,000; credit C. Finley, Capital, $3,000
d.
debit
C. Finley, Drawing, $12,000; credit C. Finley, Capital, $12,000
122. The ending balance in C. Finley,
Capital is
a. $33,000
b. $80,000
c. $30,000
d. $83,000
123.
Which
of the following has steps of the accounting cycle in proper sequence (some
steps may be missing)?
a. analyze and record transactions,
post transaction to the ledger, prepare a trial balance, prepare
financialstatements, journalize closing entries, analyze adjustment data and prepare
adjusting entries
b.
prepare
a trial balance, analyze adjustment data, prepare adjusting entries, prepare
financial statements,journalize closing entries and post to the ledger, analyze
and record transactions, post transactions to theledger
c. analyze and record transactions,
post transactions to the ledger, prepare a trial balance, analyze
adjustmentdata, prepare adjusting entries,
prepare financial statements, journalize closing entries and post to the
ledger,and prepare a post-closing trial balance
d. prepare financial statements,
journalize closing entries and post to the ledger, analyze and
recordtransactions, post transactions to the ledger, prepare a trial balance,
analyze adjustment data, prepareadjusting entries
124. In the accounting cycle, the last
step is
a. preparing the financial
statements
b. journalizing and posting the
adjusting entries
c. preparing a post-closing trial
balance
d. journalizing and posting the
closing entries
125.
Of
the following steps of the accounting cycle, which step should be completed
first?
a. Closing entries are journalized
and posted to the ledger.
b. Transactions are posted to the
ledger.
c. Adjusting entries are
journalized and posted to the ledger.
d. Financial statements are
prepared.
126. Of the following steps of the
accounting cycle, which step should be completed last?
a. An adjusted trial balance is
prepared.
b. Transactions are posted to the
ledger.
c. An unadjusted trial balance is
prepared.
d. Adjusting entries are
journalized and posted to the ledger.
127. The accounting cycle requires
three trial balances be done. In what
order should they be prepared?
a. post-closing, unadjusted,
adjusted
b. unadjusted, post-closing,
adjusted
c. unadjusted, adjusted,
post-closing
d. post-closing, adjusted,
unadjusted
128.
During
the end-of-period processing, which of the following best describes the logical
order of steps?
a. preparation of adjustments,
adjusted trial balance, financial statements
b. preparation of income statement,
adjusted trial balance, balance sheet
c. preparation of adjusted trial
balance, crossreferencing, journalizing
d. preparation of adjustments,
adjusted trial balance, posting
129. A fiscal year for a business
a. ordinarily begins on the first
day of a month and ends on the last day of the following twelfth month
b. is determined by the federal
government
c. always begins on January 1 and
ends on December 31 of the same year
d. should end at the height of the
business's annual operating cycle
130. The natural business year is a
a. fiscal year that ends when
business activities are at their lowest point
b. calendar year that ends when
business activities are at their lowest point
c. fiscal year that ends when
business activities are at their highest point
d. calendar year that ends when
business activities are at their highest point
131.
The
end-of-period spreadsheet
a. is an integral part of the accounting
cycle
b. eliminates the need to rewrite
the financial statements
c. is a working paper that is
required
d. is used to summarize account
balances and adjustments for the financial statements
132.
Which
one of the steps below is notaided by the preparation of the
end-of-period spreadsheet?
a. preparing the adjusted trial
balance
b. posting to the general ledger
c. preparing the financial
statements
d. preparing the closing entries
133. An end-of-period spreadsheet
includes columns for
a. adjusting entries
b. closing entries
c. reversing entries
d. adjusting and closing entries
134.
When
the end-of-period spreadsheet is complete, the adjustment columns should have
a. total credits greater than total
debits if a net income was earned
b. total debits greater than total
credits if a net loss was incurred
c. total debits greater than total
credits if a net income was earned
d. total debits are equal to total
credits
135.
The
difference between the totals of the debit and credit columns of the Adjusted
Trial Balance columns on theend-of-period spreadsheet
a. is the amount of net income or
loss
b. indicates there is an error on
the work sheet
c. is the amount of retained
earnings
d. is the difference between
revenue and expenses
136. Net income appears on the
end-of-period spreadsheet in the
a. debit column of the Balance Sheet
columns
b. debit column of the Adjustments
columns
c. debit column of the Income
Statement columns
d. credit column of the Income
Statement columns
137.
A
net loss appears on the end-of-period spreadsheet in the
a. debit column of the Balance
Sheet columns
b. credit column of the Balance
Sheet columns
c. debit column of the Income
Statement columns
d. credit column of the Adjustments
columns
138. After net income is entered on
the end-of-period spreadsheet, the Balance Sheet Debit and Credit columns must
a. be the same amount as the total
amount of the Income Statement Debit and Credit columns
b. equal each other
c. be the same amount as the total
amount in the Adjusted Trial Balance Debit and Credit columns
d. not be equal to each other and
need not be the same total amounts as any other pair of columns on the
worksheet
139.
Which
of the statements below indicates that a company earned a net income for the
period?
a. The sum of the credits exceeds
the sum of the debits in the Balance Sheet columns on the
end-of-periodspreadsheet
b. The sum of the credits exceeds
the sum of the debits in the Income Statement columns on the
end-of-periodspreadsheet
c. The sum of the debits exceeds
the sum of the credits in the Income Statement columns on the
end-of-periodspreadsheet
d. Cash inflows exceed cash
outflows
140. Which of the items below would
appear in the Income Statement columns of the end-of-period spreadsheet?
a. Cash
b. Prepaid Insurance
c. Unearned Revenue
d. Net Loss
141.
Which
of the accounts below would notappear in the balance sheet columns of
the end-of-period spreadsheet?
a. Terry James, Drawing
b. Service Revenue
c. Unearned Revenue
d. Terry James, Drawing and
Unearned Revenue
142. Which of these accounts would
appear in the Balance Sheet columns of the end-of-period spreadsheet?
a. Consulting Revenue
b. Prepaid Insurance
c. Rent Expense
d. Fees Earned
143.
Daniel's
end-of-period spreadsheet at the end of July has $4,950 in the Balance Sheet
Credit column forAccumulated Depreciation.
The end-of-period spreadsheet at the end of August has $7,600 in the
Balance SheetCredit column for Accumulated Depreciation. What was the amount of the depreciation
expense adjustment forthe month of August?
a. $12,550
b. $7,600
c. $4,950
d. $2,650
144.
Which
of the items below does notappear on the end-of-period
spreadsheet?
a. adjusting entries
b. the unadjusted trial balance
c. closing entries
d. the drawing account
145.
An
indication that the end-of-period spreadsheet columns are in balance and the
spreadsheet is complete is
a. the word "Total"
written at the bottom of each pair of columns
b. the double rule under each pair
of columns
c. the circles around each total
d. the final figures written in ink
146.
After
all of the account balances have been extended to the Balance Sheet columns of
the work sheet, the totals ofthe debit and credit columns are $36,755 and
$32,735, respectively. What is the amount of net income or net lossfor the
period?
a. $4,020 net income
b. $36,755 net loss
c. $4,020 net loss
d. $32,735 net income
147.
After
all of the account balances have been extended to the Income Statement columns
of the work sheet, thetotals of the debit and credit columns are $77,500 and
$83,900, respectively. What is the amount of the net incomeor net loss for the
period?
a. $6,400 net income
b. $6,400 net loss
c. $83,900 net income
d. $77,500 net loss
148.
On
September 1, the company pays rent for twelve months in advance and debits an
asset account. At year end,the adjusting
entry on the work sheet would
a. increase an expense account
b. decrease a liability account
c. increase an asset account
d. decrease an expense account
149.
On
March 1, a company collects revenue in advance for the next twelve months and
credits a liabilityaccount. The
adjusting entry at year end on the work sheet would
a. increase a liability account
b. decrease an asset account
c. decrease a revenue account
d. decrease a liability account
150.
Which
of the following is notan essential part of the accounting records?
a. the journal
b. the ledger
c. the chart of accounts
d. the end-of-period spreadsheet
151.
After
all of the account balances have been extended to the Balance Sheet columns of
the work sheet, the totals ofthe debit and credit columns show debits of
$37,686 and the credits of $41,101. This
indicates that
a. neither net income or loss can
be calculated because it is found on the income statement
b. the company has a net loss of
$3,415 for the period
c. the company has a net income of
$3,415 for the period
d. the amounts are out of balance
and need to be corrected
152.
The
income statement columns in the end-of-period spreadsheet show that debits are
equal to $55,800 and creditsare $77,520.
What does this information mean to the accountant?
a. net income of $21,720
b. net loss of $21,720
c. the accounts are out of balance,
indicating an error has been made
d. the accounts have not been
updated
153. You evaluate loan requests as
part of your job at Eastwood National Bank.
One loan request you received is fromSurfer Dude Supplies, a small
proprietorship. Richard Tracy, the
owner, is requesting $105,000 and brings you atrial balance (or statement of
accounts) for his first year of operations ended December 31.
REQUIRED: While you are willing to work with Richard, how
would you explain to him that a complete set offinancial statements from his
accountant would be more useful for evaluating the loan request?
154.
You
have just accepted your first job out of college, which requires you to evaluate
loan requests at EastwoodNational Bank. The first loan request you receive is
from Richard Enterprises, a small proprietorship. RichardTracy, the owner, is requesting
$105,000 and brings you the following trial balance (or statement of accounts)
forhis first year of operations ended December 31.
What three accounts do you think should be relabeled for
greater clarity?
|
Richard Enterprises
Statement of Accounts December 31 |
||
|
Cash
|
$ 2,050
|
|
|
Billings Due from
Others
|
15,070
|
|
|
Office Supplies
|
7,470
|
|
|
Trucks
|
36,370
|
|
|
Equipment
|
8,090
|
|
|
Amounts Owed to Others
|
|
$ 2,850
|
|
Investment in Business
|
|
33,500
|
|
Service Revenues
|
|
73,650
|
|
Wages Expense
|
30,050
|
|
|
Rent Expense
|
7,330
|
|
|
Insurance Expense
|
2,400
|
|
|
Utilities Expenses
|
700
|
|
|
Miscellaneous Expenses
|
470
|
|
|
Totals
|
$110,000
|
$110,000
|
155.
You
have just accepted your first job out of college, which requires you to
evaluate loan requests at EastwoodNational Bank. The first loan request you
receive is from Richard Enterprises, a small proprietorship. RichardTracy, the owner, is requesting
$105,000 and brings you the following trial balance (or statement of accounts)
forhis first year of operations ended December 31.
Which of the following accounts do you think might need to
be adjusted before an accurate set of financialstatements could be prepared?
|
Richard Enterprises
Statement of Accounts December 31 |
||
|
Cash
|
$ 2,050
|
|
|
Billings Due from
Others
|
15,070
|
|
|
Office Supplies
|
7,470
|
|
|
Trucks
|
36,370
|
|
|
Equipment
|
8,090
|
|
|
Amounts Owed to Others
|
|
$ 2,850
|
|
Investment in Business
|
|
33,500
|
|
Service Revenues
|
|
73,650
|
|
Wages Expense
|
30,050
|
|
|
Rent Expense
|
7,330
|
|
|
Insurance Expense
|
2,400
|
|
|
Utilities Expense
|
700
|
|
|
Miscellaneous Expenses
|
470
|
|
|
|
$110,000
|
$110,000
|
156.
The
balances for the accounts listed below appear in the Adjusted Trial Balance
columns of the end-of-periodspreadsheet (work sheet). Indicate whether each balance should be
extended to (a) an Income Statement columnor (b) a Balance Sheet column.
1.
Dobson,
Capital
2.
Dobson,
Drawing
3.
Depreciation
Expense
4.
Accumulated
Depreciation
5.
Fees
Earned
6.
Unearned
Fees
7.
Supplies
8.
Supplies
Expense
157.
The
end-of-period spreadsheet (work sheet) for the current year for Jamal Company
shows Balance Sheetcolumns with a debit total of $630,430 and a credit total of
$614,210. This is before the amount for
net income ornet loss has been included.
In preparing the income statement from the end-of-period spreadsheet,
what is theamount of net income or net loss?
158.
The
end-of-period spreadsheet (work sheet) for the current year for Jamal Company
shows Balance Sheetcolumns with a debit total of $614,210 and a credit total of
$630,430. This is before the amount for
net income ornet loss has been included.
In preparing the income statement from the work sheet, what is the
amount of netincome or net loss?
159.
Hannah
Roberts owns and operates Hannah's Pool Service Company. On January 1, Hannah Roberts, Capital hada
balance of $252,000. During the year
Hannah invested an additional $32,000 and withdrew $52,400. For the yearended December 31 Hannah's Pool
Service Company reported a net income of $73,200. Prepare a statement ofowner’s equity for the
year ended December 31.
160.
The
following accounts appear in an adjusted trial balance of Blaine Auto Service
Company. Indicate whethereach account
would be reported in the (a) current assets, (b) property, plant, and
equipment, (c) current liabilities,(d) long-term liabilities, or (e) owner’s
equity section of the December 31 balance sheet of Blaine Auto ServiceCompany.
1.
Blaine
Brock, Capital
2.
Accumulated
Depreciation
3.
Unearned
Revenues
4.
Mortgage
Payable
5.
Equipment
6.
Notes
Payable (due in two years)
7.
Cash
8.
Accounts
Receivable
161. Describe a classified balance
sheet.
162.
The
balances for the accounts listed below appeared in the Adjusted Trial Balance
columns of the work sheet.Indicate whether each balance should be extended to
(a) the Income Statement columns or (b) the Balance Sheetcolumns.
|
(1)
|
Salaries
Payable
|
|
(7)
|
Felipe
Ramos, Drawing
|
|
|
(2)
|
Fees Earned
|
|
(8)
|
Equipment
|
|
|
(3)
|
Accounts Payable
|
|
(9)
|
Accounts Receivable
|
|
|
(4)
|
Felipe Ramos, Capital
|
|
(10)
|
Accumulated Depreciation
|
|
|
(5)
|
Supplies Expense
|
|
(11)
|
Salary Expense
|
|
|
(6)
|
Unearned Rent
|
|
(12)
|
Depreciation Expense
|
|
163. The following balance sheet
contains errors.
|
Mark Brock Services Co.
Balance Sheet
For the Year Ended December 31
|
|||||
|
|
|
|
|
|
|
|
Assets
|
|
|
Liabilities
|
|
|
|
Current assets:
|
|
|
Current liabilities:
|
|
|
|
Cash
|
$ 7,170
|
|
Accounts receivable
|
$
10,000
|
|
|
Accounts payable
|
7,500
|
|
Accum. depr.—building
|
12,525
|
|
|
Supplies
|
2,590
|
|
Accum. depr.—equipment
|
7,340
|
|
|
Prepaid insurance
|
800
|
|
Net income
|
11,500
|
|
|
Land
|
24,000
|
|
|
|
|
|
Total current assets
|
$ 42,060
|
Total liabilities
|
$
41,365
|
||
|
|
|
|
|
|
|
|
|
|
|
Owner’s Equity
|
|
|
|
Property, plant, and equipment:
|
|
|
Wages payable
|
$
1,500
|
|
|
Building
|
$43,700
|
|
Brock Morton, capital
|
88,645
|
|
|
Equipment
|
29,250
|
|
Total owner’s equity
|
90,145
|
|
|
Total property, plant,
and equipment
|
|
72,950
|
|
|
|
|
Total assets
|
|
$131,510
|
Total liabilities and owner’s equity
|
|
$131,510
|
(a) List the errors in the balance
sheet above and (b) prepare a corrected balance sheet.
164. Indicate whether each of the
following would be reported in the financial statements as a(n) (a) current asset,
(b)current liability, (c) revenue, or (d) expense:
|
(1)
|
Supplies
|
|
(5)
|
Supplies
Expense
|
|
|
(2)
|
Unearned Fees
|
|
(6)
|
Prepaid Insurance
|
|
|
(3)
|
Prepaid Advertising
|
|
(7)
|
Accounts Payable
|
|
|
(4)
|
Advertising Expense
|
|
(8)
|
Fees Earned
|
|
165.
The
following accounts were taken from the Adjusted Trial Balance columns of the
end-of-period spreadsheet forApril 30, for Finnegan Co.:
|
Accumulated
Depreciation
|
$32,000
|
|
|
Fees Earned
|
78,000
|
|
|
Depreciation Expense
|
7,250
|
|
|
Rent Expense
|
34,000
|
|
|
Prepaid Insurance
|
6,000
|
|
|
Supplies
|
400
|
|
|
Supplies Expense
|
1,800
|
|
|
Prepare
an income statement.
|
|
166.
The
following revenue and expense account balances were taken from the Income
Statement columns of the worksheet for Fraser Services Co. for December 31:
|
Depreciation
Expense
|
$ 4,950
|
|
|
Insurance Expense
|
2,900
|
|
|
Miscellaneous Expense
|
1,200
|
|
|
Rent Expense
|
24,000
|
|
|
Service Revenue
|
92,500
|
|
|
Supplies Expense
|
3,150
|
|
|
Utilities Expense
|
5,000
|
|
|
Wages Expense
|
63,750
|
|
|
Prepare
an income statement.
|
|
167.
The
following data were taken from the Adjusted Trial Balance columns of the
end-of-period spreadsheet for April30, for Abigail Company:
|
Accumulated
Depreciation
|
$42,400
|
|
Prepaid Rent
|
6,800
|
|
Supplies
|
850
|
|
Unearned Fees
|
7,310
|
|
Trucks
|
49,300
|
|
Cash
|
3,400
|
|
Abigail, Capital
|
?
|
Prepare a classified balance sheet.
168.
Indicate
whether each of the following would be reported in the section of financial
statements identified as (a)current asset, (b) property, plant, and equipment,
(c) current liability, (d) revenue, or (e) expense:
|
(1)
|
Truck
|
|
|
(2)
|
Accumulated
depreciation
|
|
|
(3)
|
Telephone expense
|
|
|
(4)
|
Fees earned
|
|
|
(5)
|
Wages payable
|
|
|
(6)
|
Prepaid insurance
|
|
|
(7)
|
Office supplies
|
|
|
(8)
|
Dining expense
|
|
|
(9)
|
Unearned rent
|
|
169. The following is the adjusted
trial balance for Nadia Company.
|
Nadia
Company
|
||
|
Adjusted
Trial Balance
|
||
|
December
31
|
||
|
|
|
|
|
Cash
|
5,130
|
|
|
Accounts
Receivable
|
3,300
|
|
|
Prepaid
Expenses
|
420
|
|
|
Equipment
|
12,400
|
|
|
Accumulated
Depreciation
|
|
2,200
|
|
Accounts
Payable
|
|
700
|
|
Notes
Payable (due on June 30)
|
|
3,070
|
|
Nadia
Porter, Capital
|
|
13,000
|
|
Nadia
Porter, Drawing
|
700
|
|
|
Fees
Earned
|
|
10,930
|
|
Wages
Expense
|
2,450
|
|
|
Rent
Expense
|
1,900
|
|
|
Utilities
Expense
|
1,475
|
|
|
Depreciation Expense
|
1,150
|
|
|
Miscellaneous
Expense
|
975
|
|
|
Totals
|
29,900
|
29,900
|
Prepare an income statement, balance sheet, and statement of
owner’s equity. Assume that the capital accountstarted with a beginning balance
of $10,000 and that the owner made an additional investment of $3,000 during
theperiod.
170. Selected T accounts appear below
for the current year for Linda's Surveying Services.
|
Linda Winter, Capital
|
|
LindaWinter, Drawing
|
||||||
|
12/31
|
25,000
|
1/1
|
20,000
|
|
3/31
|
12,000
|
12/31
|
25,000
|
|
|
|
12/31
|
48,000
|
|
12/22
|
13,000
|
|
|
|
Income Summary
|
|||
|
12/31
|
19,000
|
12/31
|
67,000
|
|
12/31
|
48,000
|
|
|
Prepare a statement of owner's equity.
171. List and describe the purpose of
the four closing entries.
172.
Robert
Evans owns a business, Beachside Realty that rents condominiums and
furnishings. Below is the adjustedtrial
balance at December 31.
|
|
Debit
|
Credit
|
|
Cash
|
1,500
|
|
|
Accounts Receivable
|
2,000
|
|
|
Interest Receivable
|
100
|
|
|
Prepaid Insurance
|
1,600
|
|
|
Notes Receivable
(long-term)
|
2,800
|
|
|
Equipment
|
15,000
|
|
|
Accumulated
Depreciation
|
|
3,000
|
|
Accounts Payable
|
|
2,400
|
|
Accrued Expenses
Payable
|
|
3,920
|
|
Income Taxes Payable
|
|
2,700
|
|
Unearned Rent Fees
|
|
500
|
|
Robert Evans, Capital
|
|
7,700
|
|
Robert Evans, Drawing
|
2,000
|
|
|
Rent Fees Earned
|
|
37,000
|
|
Furniture Rental
Revenue
|
|
1,200
|
|
Interest Revenue
|
|
100
|
|
Wages Expense
|
19,000
|
|
|
Depreciation Expense
|
1,800
|
|
|
Utilities Expense
|
320
|
|
|
Insurance Expense
|
700
|
|
|
Maintenance Expense
|
9,000
|
|
|
Income Tax Expense
|
2,700
|
|
|
|
58,520
|
58,520
|
Prepare the entry required to close the expense accounts at
the end of the period.
173.
Prior
to adjustment at August 31, Salary Expense has a debit balance of
$298,500. Salaries owed but not paid as
ofthe same date total $4,200.
Present the entries to record the following:
(1)
Accrued
salaries as of August 31.
(2)
Closing
of Salary Expense as of August 31.
174. Robert Evans owns a business,
Beachside Realty, that rents condominiums and furnishings. Below is the adjustedtrial balance at
December 31.
|
|
Debit
|
Credit
|
|
Cash
|
1,500
|
|
|
Accounts Receivable
|
2,000
|
|
|
Interest Receivable
|
100
|
|
|
Prepaid Insurance
|
1,600
|
|
|
Notes Receivable
(long-term)
|
2,800
|
|
|
Equipment
|
15,000
|
|
|
Accumulated
Depreciation
|
|
3,000
|
|
Accounts Payable
|
|
2,400
|
|
Accrued Expenses
Payable
|
|
3,920
|
|
Income Taxes Payable
|
|
2,700
|
|
Unearned Rent Fees
|
|
500
|
|
Robert Evans, Capital
|
|
7,700
|
|
Robert Evans, Drawing
|
2,000
|
|
|
Rent Fees Earned
|
|
37,000
|
|
Furniture Rental
Revenue
|
|
1,200
|
|
Interest Revenue
|
|
100
|
|
Wages Expense
|
19,000
|
|
|
Depreciation Expense
|
1,800
|
|
|
Utilities Expense
|
320
|
|
|
Insurance Expense
|
700
|
|
|
Maintenance Expense
|
9,000
|
|
|
Income Tax Expense
|
2,700
|
|
|
Total
|
58,520
|
58,520
|
Prepare the entry required to close the revenue accounts at
the end of the period.
175.
Robert
Evans owns a business, Beachside Realty, that rents condominiums and
furnishings. Below is the adjustedtrial
balance at December 31.
|
|
Debit
|
Credit
|
|
Cash
|
1,500
|
|
|
Accounts Receivable
|
2,000
|
|
|
Interest Receivable
|
100
|
|
|
Prepaid Insurance
|
1,600
|
|
|
Notes Receivable (long-term)
|
2,800
|
|
|
Equipment
|
15,000
|
|
|
Accumulated
Depreciation
|
|
3,000
|
|
Accounts Payable
|
|
2,400
|
|
Accrued Expenses
Payable
|
|
3,920
|
|
Income Taxes Payable
|
|
2,700
|
|
Unearned Rent Fees
|
|
500
|
|
Robert Evans, Capital
|
|
7,700
|
|
Robert Evans, Drawing
|
2,000
|
|
|
Rent Fees Earned
|
|
41,000
|
|
Furniture Rental
Revenue
|
|
1,200
|
|
Interest Revenue
|
|
100
|
|
Wages Expense
|
19,000
|
|
|
Depreciation Expense
|
1,800
|
|
|
Utilities Expense
|
320
|
|
|
Insurance Expense
|
700
|
|
|
Maintenance Expense
|
9,000
|
|
|
Income Tax Expense
|
2,700
|
|
|
|
58,520
|
58,520
|
Prepare the entry required to close the Drawing account at
the end of the period.
176.
Identify
which of the following accounts should be closed with a debit or a credit to
Income Summary at the end ofthe fiscal year.
If it is not closed to Income Summary, mark as n/a.
1. Utilities Payable
2.
Utilities
Expense
3.
Supplies
4.
Supplies
Expense
5.
Fees
Earned
6.
Unearned
Fees
7.
Accounts
Receivable
8.
Jason
Hill, Drawing
9.
Jason
Hill, Capital
10.
Accumulated Depreciation—Equipment
11.
Depreciation Expense—Equipment
12. Equipment
13. Prepaid Insurance
14. Insurance Expense
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