chp 9 Quickbooks

Adjusting entries should be made _____ preparing financial statements:

before

Types of adjusting entries include all of the following except:

Accrued Cash

Types of adjusting entries include all of the following

Accrued Expenses, Accrued Revenues, Prepaid Items

Adjusting entries are used to:

Bring account balances up to date at year end

If a count of office supplies on hand reveal $1,000 of supplies unused at year-end and the Office Supplies on Hand account has a balance of $2500, the adjusting entry to bring the Office Supplies on Hand up to date at year-end should include:

Debit Office Supplies Expense $1,500, Credit Office Supplies on Hand $1,500

The Trial Balance:

Lists all the company's accounts and ending balances, Is prepared before and after making adjustments, and Verifies the accounting system balances

Prepaid items for which adjusting entries may be necessary include

Prepaid insurance, Prepaid Rent, and Office Supplies

To prepare the Trial Balance, select:

Reports Center > Accountant & Taxes

Adjusting entries for unearned items typically include which of the following related types of accounts:

Revenue and Liability accounts

The order of the steps in the accounting cycle includes:

Trial Balance, adjusting entries, Adjusted Trial Balance, financial reports

Prepaid items for which adjusting entries may be necessary include all of the following except:

Unearned Revenue

What is an asset?

What a company owns