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FinAcct test one (final exam)

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On January 1, Imlay Company Debit Depreciation Expense, $18,000; credit Accumulated Depreciation,
purchases manufacturing $18,000.
equipment costing $95,000 that is
expected to have a five-year life
and an estimated salvage value of
$5,000. Imlay uses the straight-line
depreciation method to allocate
costs, and only prepares
adjustments at year-end. The
adjusting entry needed on
December 31 of the first year is

Adjusting entries Affect both income statement and balance sheet accounts.

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Identify the statement below that is The normal balance of an expense account is a credit.
incorrect

If a company uses $1,300 of its cash One asset increases $1,300 and another asset decreases $1,300, causing
to purchase supplies, the effect on no effect.
the accounting equation would be:

On December 1, Simpson Marketing a debit to Unearned Fees for $1,800.

Company received $3,600 from a
customer for a 2-month marketing
plan to be completed January 31 of
the following year. The cash receipt
was recorded as unearned fees. The
adjusting entry for the year ended
December 31 would include:

The balances in Sanchez $1,075

Accounting Services' office supplies
account on February 1 and February
28 were $1,200 and $375,
respectively. If the office supplies
expense for the month is $1,900,
what amount of office supplies was
purchased during February?

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Distributions of cash or other Dividends

resources by a business to its
stockholders are called

Which of the following does not Cash invested by stockholders

require an adjusting entry at year-
end?

The periodic expense created by Depreciation expense

allocating the cost of plant and
equipment to the periods in which
they are used, representing the
expense of using the assets, is
called

On July 1 of the current calendar A debit to an expense and a credit to a prepaid expense for $1,875.
year, Plum Co. paid $7,500 cash for
management services to be
performed over a two-year period
beginning July 1. Plum follows a
policy of recording all prepaid
expenses to asset accounts at the
time of cash payment. The adjusting
entry on December 31 of the
current year for Plum would include

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Identify the account below that is accounts receivable

classified as an asset in a company's
chart of accounts

The approach to preparing financial accrual basic accounting

statements based on recognizing
revenues when they are earned and
matching expenses to those
revenues is

The difference between the total debits and total credits for an account
an account balance is
including the beginning balance.

On April 1, a company paid the $337.50

$1,350 premium on a three-year
insurance policy with benefits
beginning on that date. What
amount of the insurance expense
will be reported on the annual
income statement for the year
ended December 31?

Decreases asset and expense accounts, and increases liability, common

A credit entry
stock, and revenue accounts.

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