简答题ABC adjusts its books each month and closes its books on December 31 each year. The trial balance at January 31, 2005, before adjustments, is as follows: Debit Credit Cash 18,000 Unearned Admission Revenue 2,000 Capital Stock 20,000 Retained Earnings, January 1, 2005 38,200 Admissions Revenue 27,600 Salaries Expense 8,100 Utilities Expense 5,700 Rent Expense 5,400 _________ 115,800 Refer to the above data. On August 1, 2004, the park purchased a 12-month insurance policy. The necessary adjusting entry at January 31 includes which of the following entries? (Hint: The company has adjusted its books monthly.) A、A debit to Insurance Expense for 11,550. C、A credit to Unexpired Insurance for 10,800.多选题Before any month-end adjustments are made, the net income of ABC company is 25,000. After adjusting entries are made for the items listed above, ABC companys net income is ____ A、25,000. C、150,000.简答题Of the following adjusting entries, which one results in an decrease an asset and the recognition of expense at the end of an accounting period? A、The entry to accrue salaries owed to employees at the end of the period. B、The entry to record revenue earned but not yet collected or recorded. C、The entry to record earned portion of rent previously received in advance from a tenant. D、The entry to write off a portion of unexpired insurance.简答题Financial statement is an accurate record of the business transactions.简答题The adjusting entry to recognize prepaid expense is necessary ____ A、when an expense is paid in advance. B、when an expense has been neither paid nor recorded as of the end of the accounting period. C、whenever an expense remains unpaid at the end of an accounting period. D、because the accountant is likely to forget to pay these unrecorded expenses.简答题The company should convert the unearned revenue to revenue whenever it recongize its revenue.简答题A company needs to convert the unexpired expenses to expenses at the end of each accounting period.多选题Before any month-end adjustments are made, the net income of ABC company is 12,000 rental at the beginning of the year for a whole year. After adjusting entries are made for the items listed above, ABC companys net income is ____ A、0. C、$124,000. D、None of the above.简答题ABC purchased display shelves on March 1,2019 for 12,000.简答题ABC adjusts its books each month and closes its books on December 31 each year. The trial balance at January 31, 2005, before adjustments, is as follows: Debit Credit Cash 18,000 Unearned Admission Revenue 2,000 Capital Stock 20,000 Retained Earnings, January 1, 2005 38,200 Admissions Revenue 27,600 Salaries Expense 8,100 Utilities Expense 5,700 Rent Expense 5,400 _________ 115,800 Refer to the above data. Employees are owed $1,200 for services since the last payday in January to be paid the first week of February. No adjustment was made for this item. As a result of this error, A、assets at January 31 are overstated. B、January net income is overstated. C、liabilities at January 31 are overstated. D、owners’ equity at January 31 is understated.简答题A firm found that net income had been overstated. Which of the following errors could be the cause? A、No entry made to record purchase of land for cash on the last day of the year. B、Failure to record payment of an account payable on the last day of the year. C、Failure to record depreciation expense for the period. D、Failure to make an adjusting entry to record revenue that had been earned but not yet billed to customers.简答题The deferral of expense is for those transaction with timing difference of cash payment incurs before the expense happening.多选题ABC purchased display shelves on March 1,2019 for 1,200, what is accmulated depreciation as of April 30th, 2019? A、360. C、2,400.简答题Forgetting to convert asset to expenses will influence the net income.简答题ABC adjusts its books each month and closes its books on December 31 each year. The trial balance at January 31, 2005, before adjustments, is as follows: Debit Credit Cash 18,000 Unearned Admission Revenue 2,000 Capital Stock 20,000 Retained Earnings, January 1, 2005 38,200 Admissions Revenue 27,600 Salaries Expense 8,100 Utilities Expense 5,700 Rent Expense 5,400 _________ 115,800 Refer to the above data. The equipment has an original estimated useful life of six years. Compute the book value of the equipment at January 31 after the proper January adjustment is recorded. A、71,000. C、60,000.多选题ABC purchased display shelves on March 1, 2019 for 1,200, what is book value of shelf as of April 30th, 2019? A、11,640. C、12,000.简答题The CPA firm found that net income had been overstated. Which of the following errors could be the cause? A、Failure to covert unexpired insurance to insurance expense. B、No entry made to record purchase of land for cash on the last day of the year. C、Failure to record payment of an account payable on the last day of the year. D、Failure to make an adjusting entry to record revenue that had been earned but not yet billed to customers.简答题Unexpired insurance is an expense account.多选题ABC purchased display shelves on March 1 for 1,200, what is depreciation expense for the month of April? A、1,200. C、100.简答题Depreciation is the systematic and rational allocation of the cost of a depreciable asset to expense over its estimated useful life.