ACC 290 Week 4 Apply: Connect® Exercise
Review the Knowledge Check in preparation for this assignment.
Complete the Week 4 Exercise in Connect®.
Note: You have only one attempt available to complete this assignment.
Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date.
A total of $3,700 in supplies was purchased during the year. By the end of the year, the company had used $2,200 of the supplies. The adjusting entry needed at the end of the year is:
Multiple Choice
debit Supplies $2,200; credit Supplies Expense $2,200
debit Supplies Expense $1,500; credit Supplies $1,500
debit Supplies Expense $2,200; credit Supplies $2,200
debit Supplies Expense $3,700; credit Supplies $3,700
On November 1, 2019, Peaches Consulting Service paid $4,800 for 12 months of advance rent on its office space. The correct adjusting entry on December 31, 2019, to show the amount of rent that had expired would include:
Multiple Choice
debit Rent Expense $400; credit Prepaid Rent $400
debit Rent Expense $800; credit Prepaid Rent $800
debit Prepaid Rent $4,000; credit Rent Expense $4,000
debit Rent Expense $4,800; credit Prepaid Rent $4,800
Equipment cost $36,000 and is expected to be useful for 5 years and have no salvage value. Under the straight-line method, monthly depreciation will be:
Multiple Choice
$12.
$720.
$600.
$60.
On October 25, 2019, the company paid $24,000 rent in advance for the six-month period (November 2019 through April 2020). On December 31, 2019, the adjustment for expired rent would include:
Multiple Choice
a $8,000 debit to Rent Expense.
a $8,000 credit to Rent Expense.
a $4,000 credit to Prepaid Rent.
a $24,000 credit to Cash.
During its first year of business, XYZ Inc. purchased $1,600 of supplies. By the end of the year, only $500 of supplies remain in the supply cabinet. Determine the amount to be reported in the Supplies account in the Adjusted Trial Balance section of the worksheet prepared on December 31.
Multiple Choice
$2,100
$1,600
$1,100
$500
The adjusting entry to account for the expiration of prepaid advertising consists of:
Multiple Choice
a debit to Prepaid Advertising and a credit to Advertising Expense.
a debit to Advertising Expense and a credit to Accumulated Depreciation.
a debit to Prepaid Advertising and a credit to Accumulated Depreciation.
a debit to Advertising Expense and a credit to Prepaid Advertising.
Which of the following statements is correct?
Multiple Choice
The cost of supplies used is reported on the statement of owner’s equity.
The cost of supplies used represents an operating expense of the business.
At the time of their acquisition, prepaid expenses are recorded in expense accounts.
Accumulated Depreciation–Equipment is presented in the Liabilities section of a balance sheet.
On a balance sheet, Accumulated Depreciation—Equipment is reported:
Multiple Choice
as a contra-asset on the Balance Sheet.
as an expense on the Income Statement.
as a liability on the Income Statement.
as owner’s equity on the Balance Sheet
A consecutive, twelve-month accounting period is called a(n):
Multiple Choice
accrual year.
accounting year.
fiscal year.
adjusted year.
The adjustments made on the worksheet:
Multiple Choice
are recorded in the journal and then posted to the general ledger accounts.
need not be entered in the journal or the ledger.
are posted to the ledger but are not recorded in the journal.
are recorded in the journal but are not posted to the ledger.
ACC 290 Week 4 Apply: Connect® Exercise
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