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2024年6月15日发(作者：)
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Matching Questions
140. Match the following terms the appropriate definition.
1. Depreciation
expense
2. Time period
principle
3. Profit margin
4. Matching
principle
5. Accrued
revenues
6. Accrual basis
accounting
7. Cash basis
accounting
8. Prepaid
expenses
9. Straight-line
depreciation
The accounting system that recognizes revenues
when earned and expenses when incurred.
The accounting system where revenues are
recognized when cash is received and expenses are
recorded when cash is paid.
Items paid for in advance of receiving their
benefits.
Net income divided by net sales.
The expense created by allocating the cost of
plant and equipment to the periods in which they
are used.
Allocates equal amounts of an asset's cost (less
any salvage value) to depreciation expense during its
useful life.
A principle that assumes that an organization's
activities can be divided into specific time periods
such as months, quarters, or years.
The principle that requires expenses to be
reported in the same period as the revenues that
were earned as a result of the expenses.
Revenues earned in a period that are both
unrecorded and not yet received in cash or other
assets.
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141. Match the following terms with the appropriate definition.
1. Adjusted trial
balance
A balance sheet that lists assets on the left side
and liabilities and equity on the right.
A journal entry used at the end of an accounting
period to bring an asset or liability account balance
2. Adjusting to its proper amount and update the related expense
entry or revenue account.
3. Account form A listing of accounts and balances prepared
balance sheet before adjustments are recorded.
The consecutive 12 months (or 52 weeks)
4. Accounting selected as the organization's annual accounting
period period.
5. Contra A balance sheet that lists items vertically in the
account order: assets, liabilities and equity.
6. Unadjusted The length of time covered by financial
trial balance statements.
7. Interim An account linked with another account and
financial reports having an opposite normal balance.
Financial reports covering less than one year,
8. Fiscal year usually one, three, or six-month periods.
9. Report form A listing of accounts and balances prepared after
balance sheet adjustments are recorded and posted to the ledger.
10. Natural A 12-month period that ends when a company's
business year sales activities are at their lowest point.
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Problems
1. On December 14 Bench Company received $3,700 cash for consulting services
that will be performed in January. Bench records all such prepayments in a liability
account. Prepare a general journal entry to record the $3,700 cash receipt.
2. On December 31, Connelly Company had performed $5,000 of management
services for clients that had not yet been billed. Prepare Connelly's adjusting entry
to record these fees earned.
3. A company has 20 employees who each earn $500 per week for a 5-day week
that begins on Monday. December 31 of Year 1 is a Monday, and all 20 employees
worked that day.
a) Prepare the required adjusting journal entry to record accrued salaries on
December 31, 2009.
b) Prepare the journal entry to record the payment of salaries on January 4, 2010.
4. Pfister Co. leases an office to a tenant at the rate of $5,000 per month. The
tenant contacted Pfister and arranged to pay the rent for December 2009 on
January 8, 2010. Pfister agrees to this arrangement.
a.) Prepare the journal entry that Pfister must make at December 31, 2009 to record
the accrued rent revenue.
b.) Prepare the journal entry to record the receipt of the rent on January 8, 2010.
5. Prior to recording adjusting entries on December 31, a company's Store
Supplies account had an $880 debit balance. A physical count of the supplies
showed $325 of unused supplies available as of December 31. Prepare the required
adjusting entry.
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6. Prepare general journal entries on December 31 to record the following
unrelated year-end adjustments.
a. Estimated depreciation on office equipment for the year, $4,000.
b. The Prepaid Insurance account has a $3,680 debit balance before adjustment. An
examination of insurance policies shows $950 of insurance expired.
c. The Prepaid Insurance account has a $2,400 debit balance before adjustment. An
examination of insurance policies shows $600 of unexpired insurance.
d. The company has three office employees who each earn $100 per day for a
five-day workweek that ends on Friday. The employees were paid on Friday,
December 26, and have worked full days on Monday, Tuesday, and Wednesday,
December 29, 30, and 31.
e. On November 1, the company received 6 months' rent in advance from a tenant
whose rent is $700 per month. The $4,200 was credited to the Unearned Rent
account.
f. The company collects rent monthly from its tenants. One tenant whose rent is
$750 per month has not paid his rent for December.
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