Instruction: Encircle the letter of your choice. 1. An error has been made on the worksheet if: the trial balance columns and the adjusted trial balance columns are not equal b. the income statement columns do not equal the balance sheet columns the adjusted trial balance debit column and credit column do not equal d. all of the above indicate an error has been made on the worksheet a. С. 2. Accumulated depreciation appears on the: а. balance sheet debit column of a worksheet b. income statement credit column of a worksheet С. income statement debit column and balance sheet credit column of a worksheet d. adjusted trial balance credit column and balance sheet credit column of a worksheet 3. Unearned fees a. adjusted trial balance debit column and income statement credit column appears on the: of a worksheet b. adjusted trial balance debit column and balance sheet credit column of a worksheet с. balance sheet credit column and adjusted trial balance credit column of a worksheet d. does not appear on a worksheet : Net income is entered onto which column(s) of a worksheet? a. adjusted trial balance debit column b. income statement debit and balance sheet credit С. income statement debit and balance sheet debit d. adjusted trial balance credit and income statement credit
Instruction: Encircle the letter of your choice. 1. An error has been made on the worksheet if: the trial balance columns and the adjusted trial balance columns are not equal b. the income statement columns do not equal the balance sheet columns the adjusted trial balance debit column and credit column do not equal d. all of the above indicate an error has been made on the worksheet a. С. 2. Accumulated depreciation appears on the: а. balance sheet debit column of a worksheet b. income statement credit column of a worksheet С. income statement debit column and balance sheet credit column of a worksheet d. adjusted trial balance credit column and balance sheet credit column of a worksheet 3. Unearned fees a. adjusted trial balance debit column and income statement credit column appears on the: of a worksheet b. adjusted trial balance debit column and balance sheet credit column of a worksheet с. balance sheet credit column and adjusted trial balance credit column of a worksheet d. does not appear on a worksheet : Net income is entered onto which column(s) of a worksheet? a. adjusted trial balance debit column b. income statement debit and balance sheet credit С. income statement debit and balance sheet debit d. adjusted trial balance credit and income statement credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Instruction: Encircle the letter of your choice.
1. An error has been made on the worksheet if:
the trial balance columns and the adjusted trial balance columns are not
equal
b. the income statement columns do not equal the balance sheet columns
the adjusted trial balance debit column and credit column do not equal
d. all of the above indicate an error has been made on the worksheet
a.
с.
2. Accumulated depreciation appears on the:
а.
balance sheet debit column of a worksheet
b. income statement credit column of a worksheet
С.
income statement debit column and balance sheet credit column of a
worksheet
d. adjusted trial balance credit column and balance sheet credit column of a
worksheet
3. Unearned fees appears on the:
a. adjusted trial balance debit column and income statement credit column
of a worksheet
b. adjusted trial balance debit column and balance sheet credit column of a
worksheet
С.
balance sheet credit column and adjusted trial balance credit column of a
worksheet
d. does not appear on a worksheet
4.
Net income is entered onto which column(s) of a worksheet?
a. adjusted trial balance debit column
b. income statement debit and balance sheet credit
с.
income statement debit and balance sheet debit
d. adjusted trial balance credit and income statement credit
321
Transcribed Image Text:FUNDAMENTALS OF ACCOUNTING
5. Net loss is entered onto which column(s) of a worksheet?
a. income statement credit and balance sheet debit
b. income statement credit and balance sheet credit
C. adjusted trial balance credit and income statement credit
d. income statement debit and balance sheet credit
6. Revenues total P10,200, expenses total P7,300, and the owner's withdrawals
account has a balance of P2,600. What is the balance in the income summary
account prior to closing net income or net loss?
a. P2,900 debit
b. P300 debit
c. P2,900 credit
d. P300 credit
Post-Closing Trial Balance
Jewel Cherry, capital
P 54,900
Cash
Accounts receivable
Accounts payable
Unearned service revenue
Supplies
Equipment
Land
Accumulated depreciation
35,200
10,900
3,500
6,850
1,200
10,600
15,400
7. Refer to the table; calculate the total amount in the credit column of the post-.
closing trial balance.
a. P50,900
b. P73,300
c. P63,700
d. impossible to determine from the given data
8. Using the data in table, the balance in accumulated depreciation must be;
a. P8,050
b. P10,200
c. P65,250
d. impossible to determine from the given data
322
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