[jrodgers]

My answers are in bold, would someone check me on this.

Question 1
Accrued revenues would appear on the balance sheet as:
assets
Liabilities
Capital
Prepaid expenses

Question 2
At the end of the fiscal year, June Company omitted the usual adjusting entry for
Depreciation on equipment. Which of the following statements is true?
Net income will be understated for the current year.
Total assets will be understated at the end of the current year.
Both the balance sheet and income statement will be misstated for the current year.
Expenses will be overstated at the end of the current year.

Question 3
Fees receivable would appear on the balance sheet as a(n):
asset
Liability
Fixed asset
Unearned revenue

Question 4
The adjusting entry for rent earned that is currently recorded in the unearned rent
Account is:
Unearned Rent, debit; Rent Revenue, credit
Rent Revenue, debit; Unearned Rent, credit
Unearned Rent, debit; Income Summary, credit
Rent Expense, debit; Unearned Rent, credit

Question 5
The balance in the prepaid rent account before adjustment at the end of the year is $12,000, which represents three months' rent paid on November 1. The adjusting entry required on December 31 is:
debit Rent Expense, $8,000; credit Prepaid Rent, $8,000
Debit Rent Expense, $4,000; credit Prepaid Rent, $4,000
Debit Prepaid Rent, $8,000; credit Rent Expense, $8,000
Debit Prepaid Rent, $4,000; credit Rent Expense, $4,000

Question 6
The cost of office supplies to be used in future periods is ordinarily shown on the
Balance sheet as a(n):
capital
Asset
Contra asset
Liability

Question 7
The entry to adjust for the cost of supplies used during the accounting period is:
Supplies Expense, debit; Supplies, credit
Income Summary, debit; Supplies, credit
Accounts Payable, debit; Supplies, credit
Supplies, debit; credit Income Summary

Question 8
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 $2,500 and
Accrued salaries of $3,400. Net income, as corrected, is:
$84,100
$96,600
$90,000
$97,500

Question 9
Data for an adjusting entry described as "accrued wages, $2,020" means to debit:
Wages Expense and credit Wages Payable
Wages Payable and credit Wages Expense
Accounts Receivable and credit Wages Expense
Drawing and credit Wages Payable

Question 10
The supplies account has a balance of $975 at the beginning of the year and was
Debited during the year for $2,700, representing the total of supplies purchased during the year. If $700 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year would be:
$975
$950
$2,975
$3,675

Question 11
What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $15,500, and unexpired amounts per analysis of policies, $4,500?
Debit Insurance Expense, $4,500; credit Prepaid Insurance, $4,500
Debit Insurance Expense, $15,500; credit Prepaid Insurance, $15,500
Debit Prepaid Insurance, $11,500; credit Insurance Expense, $11,500
debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000

[CaptainForest]

I agree with all of your answers from question 1-5 and 7-11

As for question 6.

Are Office Supplies not reported as an asset on the Balance Sheet?

Word problems confuse me at times, so maybe I have misread the question.

[jrodgers]

My answers are in bold, would someone check me on this.

Question 1
Accrued revenues would appear on the balance sheet as:
assets
liabilities
capital
prepaid expenses

Question 2
At the end of the fiscal year, June Company omitted the usual adjusting entry for
depreciation on equipment. Which of the following statements is true?
Net income will be understated for the current year.
Total assets will be understated at the end of the current year.
Both the balance sheet and income statement will be misstated for the current year.
Expenses will be overstated at the end of the current year.

Question 3
Fees receivable would appear on the balance sheet as a(n):
asset
liability
fixed asset
unearned revenue

Question 4
The adjusting entry for rent earned that is currently recorded in the unearned rent
account is:
Unearned Rent, debit; Rent Revenue, credit
Rent Revenue, debit; Unearned Rent, credit
Unearned Rent, debit; Income Summary, credit
Rent Expense, debit; Unearned Rent, credit

Question 5
The balance in the prepaid rent account before adjustment at the end of the year is $12,000, which represents three months' rent paid on November 1. The adjusting entry required on December 31 is:
debit Rent Expense, $8,000; credit Prepaid Rent, $8,000
debit Rent Expense, $4,000; credit Prepaid Rent, $4,000
debit Prepaid Rent, $8,000; credit Rent Expense, $8,000
debit Prepaid Rent, $4,000; credit Rent Expense, $4,000

Question 6
The cost of office supplies to be used in future periods is ordinarily shown on the
balance sheet as a(n):
capital
asset
contra asset
liability

Question 7
The entry to adjust for the cost of supplies used during the accounting period is:
Supplies Expense, debit; Supplies, credit
Income Summary, debit; Supplies, credit
Accounts Payable, debit; Supplies, credit
Supplies, debit; credit Income Summary

Question 8
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 $2,500 and
accrued salaries of $3,400. Net income, as corrected, is:
$84,100
$96,600
$90,000
$97,500

Question 9
Data for an adjusting entry described as "accrued wages, $2,020" means to debit:
Wages Expense and credit Wages Payable
Wages Payable and credit Wages Expense
Accounts Receivable and credit Wages Expense
Drawing and credit Wages Payable

Question 10
The supplies account has a balance of $975 at the beginning of the year and was
debited during the year for $2,700, representing the total of supplies purchased during the year. If $700 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year would be:
$975
$950
$2,975
$3,675

Question 11
What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $15,500, and unexpired amounts per analysis of policies, $4,500?
debit Insurance Expense, $4,500; credit Prepaid Insurance, $4,500
debit Insurance Expense, $15,500; credit Prepaid Insurance, $15,500
debit Prepaid Insurance, $11,500; credit Insurance Expense, $11,500
debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000

Thank you for your check. I think I agree with you about it being an asset. At first I thought it was meant as an expense and since no expense was presented as a choice I chose Capital, which now I know is not correct at all. Since it is a Balance sheet item, then Asset is the logical choice.

Thanks,