BUS 591 Week 2 Quiz Spring 2016
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BUS 591 Week 2 Quiz - Spring 2016 During January 2012, Carey Services Inc. paid a cash dividends of $2,000. This transaction Prepaid expenses are: Expenses are recognized when: The following information is from the Income Statement of the Dirt Poor Laundry Service: Revenues Laundry Service Revenues $5,500 Wages expense Advertising expense Rent expense Supplies expense Insurance expense Total expenses Net Income $ 1,450 500 300 200 100 2,550 $ 2,950 Student Answer: Points Received: Comments: The entry to close the Laundry Service Revenue account includes a: An adjusting entry: Which accounts normally have debit balances? A company that receives money in advance of performing a service A company purchased office supplies costing $3,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $600 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting entry that should be made by the company on June 30 is: If total liabilities decreased by $4,000, then