What is the purpose of adjusting entries? Discuss the effect of not preparing adjusting entries on various accounts.
101) What are the differences between amortization expense and accumulated amortization?
102) Equipment was purchased for $20,000, residual value is $1,000 and it is expected that the useful life is 10 years. What is the amortization adjustment after the first year assuming straight-line amortization?
103) Equipment was purchased for $20,000, residual value is $1,000 and it is expected that the useful life is 10 years. What is the book value of the equipment after the first year assuming straight-line amortization?
104) Equipment was purchased for $20,000, residual value is $1,000 and it is expected that the useful life is 10 years. What is the amount in the Accumulated Amortization account after 3 years assuming straight-line amortization?
105) On January 1 the Prepaid Insurance account had a balance of $7,000 that represented 7 months' worth of advance payment. It is now the end of March and there have been no adjustments to the account balance. Determine the amount of expense to record at the end of March.
106) On November 30, the balance in the Supplies account was $900. During December additional supplies were purchased of $200. On December 31, there was $700 worth of Supplies on hand. What would be the adjustment for the month of December for Supplies?
107) The company pays $1,000 per 5 day work week. The total expenses as of Friday, April 27 were $4,000. What would be the total expenses as of April 30?
108) On the worksheet, the Income Statement debit column totaled $900 and the credit column totaled $1,100. What is the amount of Net Income?
109) On the worksheet, the Balance Sheet debit column totaled $1,400 and the credit column totaled $1,300. What is the amount of Net Loss?
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