If a bank reconciliation includes an NSF check for $ 45, the journal entry to record this reconciling item would include ( )
A. credit to Cash
B. debit to Cash
C. credit to Accounts Receivable
D. no entry is required
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On July 31, $3 600 is paid for a one-year insurance policy. On December 31, the adjusting entry for prepaid insurance would include( ).
A. a debit to Insurance Expense,$3 600
B. a credit to Prepaid Insurance,$3 600
C. a debit to Insurance Expense,$1 500
D. a credit to Prepaid Insurance,$2 100
Accelerated depreciation methods are used primarily in ( )
A. Income tax returns
B. The financial statements of small businesses
C. The financial statements of publicly owned corporations
D. Companies with computer-based accounting systems
DS Company uses a periodic inventory system and made an error at the end of year I that caused its year I ending inventory to be understated by $6000. What effect does this error have on the company’s financial statement? ( )
A. Net income is understated; assets are understated
B. Net income is understated; assets are overstated
C. Net income is overstated; assets are understated
D. Net income is overstated; assets are overstated
Which of the following financial statements is prepared for a period of time ( ).
A. Balance sheet.
B. Income statement.
C. Statement of stockholders’ equity.
D. Statement of cash flows.
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