ACC 291T Week 4 Apply: Connect® Exercise (2019 New)

Review the Knowledge Check in preparation for this assignment.

Complete the Week 4 Exercise in Connect®.

Note: You have only one attempt available to complete this assignment.

Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date.

Hugh Morris Company pays weekly wages of $12,000 every Friday for a five day week ending on that day. If the last day of the year is on Tuesday, the adjusting entry to record the accrued wages is:

Multiple Choice

debit Wages Expense $4,800; credit Drawing $4,800

debit Wages Expense $4,800; credit Cash $4,800

debit Wages Expense $7,200; credit Wages Payable $7,200

debit Wages Expense $4,800; credit Wages Payable $4,800

The Supplies account has a trial balance of $3,156. A year-end inventory shows $1,738 worth of supplies left at the end of the year. The correct adjusting entry is:

Multiple Choice

debit Supplies $1,418; credit Supplies Expense $1,418

debit Supplies Expense $3,156; credit Supplies $3,156

debit Supplies Expense $1,738; credit Prepaid Supplies $1,738

debit Supplies Expense $1,418; credit Supplies $1,418

On June 1, 2019, a firm purchased a 1-year insurance policy for $8,400 and paid the full premium in advance. The insurance expense associated with this policy for the year ending December 31, 2019, is

Multiple Choice

$2,800.

$4,900.

$8,400.

$5,600.

On August 1, 2019, a firm purchased a 1-year insurance policy for $8,100 and paid the full premium in advance. The insurance expense associated with this policy for the year ending December 31, 2019, is

Multiple Choice

$8,100.

$4,725.

$2,700.

$3,375.

If an account has a credit balance of $730 in the Trial Balance section of a worksheet and there is a credit of $260 in the Adjustments section, the account balance in the Adjusted Trial Balance section of the worksheet is

Multiple Choice

$470 debit.

$990 debit.

$990 credit.

$470 credit.

If an account has a debit balance of $850 in the Trial Balance section of a worksheet and there is a credit of $500 in the Adjustments section, the account balance in the Adjusted Trial Balance section of the worksheet is a

Multiple Choice

$350 debit.

$1,350 debit.

$1,350 credit.

$350 credit.

On January 1, 2019, a firm purchased machinery for $27,000. Depreciation expense for the year ending December 31, 2019, given the straight-line method, a 5-year useful life, and a salvage value of $5,000, is

Multiple Choice

$4,400.

$5,400.

$5,000.

$4,000.

On October 1, 2019, Paige Turner Publishing received $60,000 in cash for subscriptions covering one year, recording the entry as a debit to Cash and a credit to Unearned Subscriptions. The correct adjusting entry at December 31, 2019, is

Multiple Choice

Debit Unearned Subscriptions $60,000; credit Subscriptions Income $60,000.

Debit Unearned Subscriptions $15,000; credit Subscriptions Income $15,000.

Debit Subscriptions Income $15,000; credit Unearned Subscriptions $15,000.

Debit Unearned Subscriptions $5,000; credit Subscriptions Income $5,000.

On November 1, 2019, a firm accepted a 5-month, 10 percent note for $1,080 from a customer with an overdue balance. The accrued interest recorded for this note for the year ended December 31, 2019, is

Multiple Choice

$108.

$36.

$18.

$90.

On April 1, 2019, a firm accepted a 6-month, 10 percent note for $2,820 from a customer with an overdue balance. The accrued interest recorded for this note for the year ended June 30, 2019, is

Multiple Choice

$94.

$282.

$235.

$71.