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True/False 1True/False 2Fill In The Blank 1 Make the Adjustment FinalFinal

Row 1, Col 1 A work sheet is used to plan adjustments and sort financial statement information. What is True?

Row 1, Col 2 Work sheets for service and merchandising businesses are very different. What is False?

Row 1, Col 3 Preparing a work sheet at the end of each fiscal period is an application of what accounting concept. What are Accounting Period Cycle?

Row 1, Col 4 Beginning Merchandise Inventory is $49,434.00; ending Merchandise Inventory is $51, What is $1,870 Dr to Merch. Inv. Cr. To Income Summary?

Row 2, Col 1 A trial balance is prepared to prove that all journal entries have been posted to the correct general ledger accounts What is False?

Row 2, Col 2 After posting is completed at the end of a fiscal period, all general ledger accounts show a true, up-to-date balance. What is False?

Row 2, Col 3 Recording expenses in the fiscal period in which the expenses contribute to earning revenue is a application of what accounting concept What is Matching Expenses with Revenues?

Row 2, Col 4 Trial Balance of Merchandise Inventory shows $25,975; The value of Merchandise Inventory at the end of the fiscal period was $15,342 What is $10,633 Adjustment Cr. To Merch. Inv. And Dr. to Income Summary?

Row 3, Col 1 All accounts are listed on the work sheet regardless of whether there is a balance or not. What is True?

Row 3, Col 2 Purchases are recorded in the merchandise inventory account. What is False?

Row 3, Col 3 On a work sheet, Purchases is extended to what column What is Income Statement Debit Column?

Row 3, Col 4 Prepaid Insurance at the beginning of the fiscal period was $1,250; the value at the end of the fiscal period was $750 What is $500 Adj. Cr. To Prepaid Ins. And Dr. to Insurance Expense?

Row 4, Col 1 The income summary account is one of the accounts used to adjust the merchandise inventory account at the end of the fiscal period. What is True?

Row 4, Col 2 Two accounts used in adjusting office supplies are Supplies-Office and Supplies-Inventory What is False?

Row 4, Col 3 When a work sheet is completed, a net loss will appear in which 2 columns What are Income Statement Cr. And Bal. Sheet Dr.?

Row 4, Col 4 Store supplies were $15,934 at the beginning of the fiscal period; the value at the end of the fiscal period was $12,387 What is $3,547 Adj. Cr. Supplies-Store & Dr. Supplies- Store Expense?

Row 5, Col 1 The value of the insurance coverage used is recorded as a debit to Insurance Expense What is True?

Row 5, Col 2 The amount recorded in Income Summary is extended to the Balance Sheet Debit or Credit Column. What is False?

Row 5, Col 3 The entry to journalize the adjustment for merchandise inventory at the end of a fiscal period when ending merchandise inventory is smaller then the beginning is this What is Dr. Income Summary Cr. Merch. Inv.?

Row 5, Col 4 Office supplies value was $5,000 at the end of the fiscal period; the beginning balance was $12,874 What is $7,874 Adj. Cr. Supplies-Office Dr. Supplies- Office Expense?

You are said to have this if you Income Statement Debit column total is larger then the Income Statement credit column total