Anda di halaman 1dari 2

Chapter 3—The Adjusting Process

MATCHING

Identify the effect omitting each of the following items would have on the balance sheet.

a Assets and owner’s equity overstated


.
b Assets and owner’s equity understated
.
c Assets overstated and owner’s equity understated
.
d Assets understated and owner’s equity overstated
.
e Liabilities and owner’s equity overstated
.
f. Liabilities and owner’s equity understated
g Liabilities overstated and owner’s equity understated
.
h Liabilities understated and owner’s equity overstated
.
13. No adjustment was made for supplies used up during the month..
14. Wages are paid every Friday for the 5-day work week. The month ended on Monday and no adjustment
was recorded.
15. Interest earned on a notes receivable was not recorded.
16. Services provided to customers on the last day of the month were not billed.
17. An attorney has earned 1/2 of a retainer fee that was received and recorded last month. No adjustment
was recorded for the amount earned.
18. Property taxes are paid annually. The estimated monthly amount for the taxes was not recorded.
19. Depreciation on equipment was not recorded.
20. A tenant paid 6 months rent in advance when he moved in on the first day of the month. No entry was
made on the last day of the month.

13. ANS: A PTS: 1 DIF: Moderate OBJ: 01-03


NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-07-Adjusting Entries
14. ANS: H PTS: 1 DIF: Moderate OBJ: 01-03
NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-07-Adjusting Entries
15. ANS: B PTS: 1 DIF: Moderate OBJ: 01-03
NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-07-Adjusting Entries
16. ANS: B PTS: 1 DIF: Moderate OBJ: 01-03
NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-07-Adjusting Entries
17. ANS: G PTS: 1 DIF: Moderate OBJ: 01-03
NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-07-Adjusting Entries
18. ANS: H PTS: 1 DIF: Moderate OBJ: 01-03
NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-07-Adjusting Entries
19. ANS: A PTS: 1 DIF: Moderate OBJ: 01-03
NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-07-Adjusting Entries
20. ANS: G PTS: 1 DIF: Moderate OBJ: 01-03
NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-07-Adjusting Entries