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Exam 2: Review of the Accounting Process

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Question 51

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On September 1,2016,Fortune Magazine sold 600 one-year subscriptions for $81 each.The total amount received was credited to deferred subscriptions revenue.What is the required adjusting entry at December 31,2016?

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Question 52

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-Deferred revenues

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Question 53

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Somerset Leasing received $12,000 for 24 months' rent in advance.How should Somerset record this transaction?

Listed below are five terms followed by a list of phrases that describe or characterize each of the terms.Match each phrase with the number for the correct term.

Fink Insurance collected premiums of $18,000,000 from its customers during the current year.The adjusted balance in the Deferred premiums account increased from $6 million to $8 million dollars during the year.What is Fink's revenue from insurance premiums recognized for the current year?

Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1,2016,and charged the $4,200 premium to Insurance expense.At its December 31,2016,year-end,Yummy Foods would record which of the following adjusting entries?

The closing process brings all temporary accounts to a zero balance and updates the balance in the retained earnings account.

The statement of shareholders' equity discloses the changes in the temporary shareholders' equity accounts.

XYZ Corporation receives $100,000 from investors for issuing them shares of its stock.XYZ's journal entry to record this transaction would include a:

Examples of internal transactions include all of the following except:

-Retained earnings

Which of the following is not an adjusting entry?

A sale on account would be recorded by:

Presented below is income statement information of the Nebraska Corporation for the year ended December 31,2016. Required: Prepare the necessary closing entries at December 31,2016.

Permanent accounts would not include:

-Accounts receivable

What is the purpose of the closing process?

Prepare a classified balance sheet for China Tea Company as of December 31,2016.

An example of a contra account is:

The statement of cash flows summarizes transactions that caused cash to change during a reporting period.