You passed this Milestone
1
Jody purchased a 12-month liability insurance policy on December 1, 2013 for $12,000.
Based on the partial worksheet shown above, what adjustment will Jody make on
December 31, 2013?
A debit to Prepaid Insurance for $12,000, and a credit to Insurance Expense for
$12,000.
A debit to Prepaid Insurance for $1,000, and a credit to Insurance Expense for
$1,000.
A debit to Insurance Expense for $1,000, and a credit to Prepaid Insurance for
$1,000.
A debit to Insurance Expense for $12,000, and a credit to Prepaid Insurance for
$12,000.
2
If Andrea recorded $56,000 as liabilities and $43,000 as equity in her balance
sheet, which of the following shows the correct total of Andrea’s assets?
$56,000
$99,000
$13,000
$43,000
3
What is the total of Tim’s liabilities if he has recorded $50,000 in assets and
$40,000 equity on a balance sheet?
$10,000
$20,000
$90,000
$100,000
CONCEPT
Preparing Balance Sheets
I need help with this question
4
Which image below correctly shows a trial balance worksheet?
This study source was downloaded by 100000824189183 from CourseHero.com on 03-09-2022 10:30:28 GMT -06:00
https://www.coursehero.com/file/58877064/UNIT-2-Milestone-2-with-answersdocx/
, 5
What type of adjustment will Kyle make to his trial balance worksheet for $2,500
he was paid on October 12, for work that he will start on December 1?
Accrued revenue
Depreciation
Supplies
Unearned revenue
6
The end of the period is January 31st. Wages of $800 are owed as of this date.
The adjusting entry for this is __________.
a debit to Wages Expense and a credit to Cash, both for $800
a debit to Wages Payable and a credit to Wages Expense, both for $800
a debit to Wages Expense and a credit to Wages Payable, both for $800
a credit to Wages Expense and a debit to Cash, both for $800
7
Which of the following is NOT true of an income statement?
Lists the company's liabilities
Is one indicator of the general health of a company
Shows a company's profitability for a specific period of time
Is of interest to potential shareholders
8
The statement of changes in owner's equity is a financial statement _______________
that provides information about changes to the equity of a business for
___________________.
prepared third, a specific date
This study source was downloaded by 100000824189183 from CourseHero.com on 03-09-2022 10:30:28 GMT -06:00
https://www.coursehero.com/file/58877064/UNIT-2-Milestone-2-with-answersdocx/
1
Jody purchased a 12-month liability insurance policy on December 1, 2013 for $12,000.
Based on the partial worksheet shown above, what adjustment will Jody make on
December 31, 2013?
A debit to Prepaid Insurance for $12,000, and a credit to Insurance Expense for
$12,000.
A debit to Prepaid Insurance for $1,000, and a credit to Insurance Expense for
$1,000.
A debit to Insurance Expense for $1,000, and a credit to Prepaid Insurance for
$1,000.
A debit to Insurance Expense for $12,000, and a credit to Prepaid Insurance for
$12,000.
2
If Andrea recorded $56,000 as liabilities and $43,000 as equity in her balance
sheet, which of the following shows the correct total of Andrea’s assets?
$56,000
$99,000
$13,000
$43,000
3
What is the total of Tim’s liabilities if he has recorded $50,000 in assets and
$40,000 equity on a balance sheet?
$10,000
$20,000
$90,000
$100,000
CONCEPT
Preparing Balance Sheets
I need help with this question
4
Which image below correctly shows a trial balance worksheet?
This study source was downloaded by 100000824189183 from CourseHero.com on 03-09-2022 10:30:28 GMT -06:00
https://www.coursehero.com/file/58877064/UNIT-2-Milestone-2-with-answersdocx/
, 5
What type of adjustment will Kyle make to his trial balance worksheet for $2,500
he was paid on October 12, for work that he will start on December 1?
Accrued revenue
Depreciation
Supplies
Unearned revenue
6
The end of the period is January 31st. Wages of $800 are owed as of this date.
The adjusting entry for this is __________.
a debit to Wages Expense and a credit to Cash, both for $800
a debit to Wages Payable and a credit to Wages Expense, both for $800
a debit to Wages Expense and a credit to Wages Payable, both for $800
a credit to Wages Expense and a debit to Cash, both for $800
7
Which of the following is NOT true of an income statement?
Lists the company's liabilities
Is one indicator of the general health of a company
Shows a company's profitability for a specific period of time
Is of interest to potential shareholders
8
The statement of changes in owner's equity is a financial statement _______________
that provides information about changes to the equity of a business for
___________________.
prepared third, a specific date
This study source was downloaded by 100000824189183 from CourseHero.com on 03-09-2022 10:30:28 GMT -06:00
https://www.coursehero.com/file/58877064/UNIT-2-Milestone-2-with-answersdocx/
