<p>I was getting married so i just did not have a chance to study this, it is a online multiple choice quiz, and i really do not want to take a 0 for it b/c of getting married and using my only make up on the 2nd quiz. So please if any one can help, it can be my wedding present! Pretty please?</p>
<li>Chapter 3The Adjusting Process Question MC #69
(Points: 2)<br></li>
</ol>
<p>The account type and normal balance of Prepaid Expense is</p>
<li>revenue, credit</li>
<li>liability, credit</li>
<li>asset, debit</li>
<li><p>expense, debit
Save Answer</p></li>
<li><p>Chapter 3The Adjusting Process Question MC #41
(Points: 2) </p></li>
</ol>
<p>If the prepaid rent account before adjustment at the end of the month has a debit balance of $1,600, representing a payment made on the first day of the month, and if the monthly rent was $800, the amount of prepaid rent that would appear on the balance sheet at the end of the month, after adjustment, is</p>
<li>$1,600</li>
<li>$400</li>
<li>$800</li>
<li><p>$2,400
Save Answer</p></li>
<li><p>Chapter 3The Adjusting Process Question MC #1
(Points: 2) </p></li>
</ol>
<p>The revenue recognition concept</p>
<li>determines when revenue is credited to a revenue account</li>
<li>controls all revenue reporting for the cash basis of accounting</li>
<li>states that revenue is not recorded until the cash is received</li>
<li><p>is in not in conflict with the cash method of accounting
Save Answer</p></li>
<li><p>Chapter 3The Adjusting Process Question MC #74
(Points: 2) </p></li>
</ol>
<p>The net income reported on the income statement is $90,000. However, adjusting entries have not been made at the end of the period for supplies expense of $2,700 and accrued salaries of $1,300. Net income, as corrected, is</p>
<li>$87,300</li>
<li>$86,000</li>
<li>$88,700</li>
<li><p>$90,000
Save Answer</p></li>
<li><p>Chapter 3The Adjusting Process Question MC #39
(Points: 2) </p></li>
</ol>
<p>The supplies account has a balance of $1,000 at the beginning of the year and was debited during the year for $2,800, representing the total of supplies purchased during the year. If $750 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is</p>
<li>$3,800</li>
<li>$750</li>
<li>$3,550</li>
<li><p>$3,050
Save Answer</p></li>
<li><p>Chapter 4Completing the Accounting Cycle Question MC #48
(Points: 10) </p></li>
</ol>
<p>Red Rock Stone purchased a one-year liability insurance policy on January 1st of this year for $3,600 and recorded it as a prepaid expense. From the selections of a. through d., select the value that would be utilized in the closing entry for insurance expense and prepaid insurance during the closing process at the end of the first fiscal period on January 31st.</p>
<li>$3,600.</li>
<li>$360.</li>
<li>$360.</li>
<li>$300.</li>
</ol>