Review Game Zone
Games
Test
Preview
Back
Match it!
Match it! Select the correct answer from the pull down...Good luck!
Adjusting entries are recorded so that the supplies used during a fiscal period are reported as expenses & the supplies not used are reported as assets. This is an application of
False
True
$240
True
matching expenses with revenue
False
If an adj. entry creates a bal. in an asset or liability acct., the adj. entry needs to be reversed.
False
if the adjusting entry included a debit to the asset account and a credit to the expense account, the reversing entry would include a debit to the expense and a credit to the asset
False
True
$240
True
matching expenses with revenue
False
If an adj. entry creates a bal. in an asset or liability acct., the adj. entry needs to be reversed.
False
Wilson, Inc. initially records prepaid insurance as an asset; therefore, it should record a reversing entry for insurance.
False
True
$240
True
matching expenses with revenue
False
If an adj. entry creates a bal. in an asset or liability acct., the adj. entry needs to be reversed.
False
Wilson, Inc. signs a 180-day, 8% note for $6,000. The interest due on the note at maturity will be
False
True
$240
True
matching expenses with revenue
False
If an adj. entry creates a bal. in an asset or liability acct., the adj. entry needs to be reversed.
False
If supplies are initially recorded as assets, the adjusting entry to record the use of supplies is a debit to Supplies and a credit to Supplies Expense.
False
True
$240
True
matching expenses with revenue
False
If an adj. entry creates a bal. in an asset or liability acct., the adj. entry needs to be reversed.
False
To determine if a reversing entry is needed, accountants apply which of the following rules?
False
True
$240
True
matching expenses with revenue
False
If an adj. entry creates a bal. in an asset or liability acct., the adj. entry needs to be reversed.
False
Corporations pay estimated federal income taxes quarterly. Any unpaid federal income tax is recorded as a prepaid expense.
False
True
$240
True
matching expenses with revenue
False
If an adj. entry creates a bal. in an asset or liability acct., the adj. entry needs to be reversed.
False
The interest rate that banks charge their most creditworthy customers is called the prime rate.
False
True
$240
True
matching expenses with revenue
False
If an adj. entry creates a bal. in an asset or liability acct., the adj. entry needs to be reversed.
False
Check it!