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Complete Cleaning Services pays out wages every week on Friday.Payroll expense totals $4,000 per week,based on a five-day week.The month of June ended on a Thursday.On Thursday,June 30,Complete made the following accrual adjustment: Complete Cleaning Services pays out wages every week on Friday.Payroll expense totals $4,000 per week,based on a five-day week.The month of June ended on a Thursday.On Thursday,June 30,Complete made the following accrual adjustment: At the same time,they prepared the following reversing entry to be booked on July 1: On Friday afternoon,when wages were paid,what journal entry was made? Omit explanation. At the same time,they prepared the following reversing entry to be booked on July 1: Complete Cleaning Services pays out wages every week on Friday.Payroll expense totals $4,000 per week,based on a five-day week.The month of June ended on a Thursday.On Thursday,June 30,Complete made the following accrual adjustment: At the same time,they prepared the following reversing entry to be booked on July 1: On Friday afternoon,when wages were paid,what journal entry was made? Omit explanation. On Friday afternoon,when wages were paid,what journal entry was made? Omit explanation.

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On December 31,2018,Absolute Services,Inc.prepared the following accrual adjustment: On December 31,2018,Absolute Services,Inc.prepared the following accrual adjustment: The company paid salaries amounting to $1,500 on January 7,2019 for the two-week pay period that ended on January 6,2019.Journalize the entries for January 1,2019 and January 7,2019,assuming the company uses reversing entries.Omit explanations. The company paid salaries amounting to $1,500 on January 7,2019 for the two-week pay period that ended on January 6,2019.Journalize the entries for January 1,2019 and January 7,2019,assuming the company uses reversing entries.Omit explanations.

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On January 1,Absolute Services...

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Revenue may be called Profit and Net Income may be called Turnover in an income statement prepared under IFRS.

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The formula for computing the current ratio is ________.


A) Current ratio = Total Current assets / Total assets
B) Current ratio = Total Current assets / Total liabilities
C) Current ratio = Total Current assets / Total Stockholders' Equity
D) Current ratio = Total Current assets / Total Current liabilities

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The Common Stock account is a permanent account.

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Which of the following accounts will be included in a post-closing trial balance?


A) Service Revenue
B) Interest Payable
C) Interest Expense
D) Utilities Expense

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Adjusting journal entries are prepared ________.


A) after preparing the adjusted trial balance
B) after preparing the unadjusted trial balance
C) after posting the closing entries
D) after preparing the financial statements

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Jackson Services,Inc.earned revenues of $109,000,incurred expenses of $110,000,and paid dividends of $5,000.Which of the following statements is correct?


A) A debit is needed to zero out the balance of the Income Summary account.
B) Retained Earnings will decrease $6,000.
C) Jackson has incurred a net loss of $4,000.
D) When compared to a business that earned net income,the only closing entry that differs is the one to close dividends.

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The accounts from the Adjusted Trial Balance are listed in alphabetical order.Use this information for Lawrence Service Company to prepare the classified balance sheet at September 30,2018.Use the report form.You must compute the ending balance of Retained Earnings. The accounts from the Adjusted Trial Balance are listed in alphabetical order.Use this information for Lawrence Service Company to prepare the classified balance sheet at September 30,2018.Use the report form.You must compute the ending balance of Retained Earnings.

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Net Income: Service Revenue $27,500 less...

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Calculate the current ratio using the following information: (Round your answer to two decimal places. ) Calculate the current ratio using the following information: (Round your answer to two decimal places. ) A) 1) 82 B) 2) 37 C) 3) 09 D) 1) 56


A) 1) 82
B) 2) 37
C) 3) 09
D) 1) 56

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Which of the following statements is true of the accounting cycle?


A) It takes place only at the end of an accounting period.
B) It involves preparation of adjusting entries after the closing entries.
C) It ignores the beginning balances of accounts.
D) It is a process by which financial statements for a period are produced.

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The Accumulated Depreciation account is a permanent account.

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The operating cycle is the time span required for a business to repay its long-term liabilities.

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An account that is not closed at the end of the period is called a(n) ________.


A) expense account
B) temporary account
C) permanent account
D) revenue account

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The Service Revenue account is a permanent account.

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The post-closing trial balance shows the net income for the period just ended.

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Which of the following accounts will be included in a post-closing trial balance?


A) Dividends
B) Salaries Expense
C) Common Stock
D) Supplies Expense

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Which of the following is an example of an intangible asset?


A) Equipment
B) Plant
C) Property
D) Copyright

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On December 31,2018,Action Services,Inc.prepared the following accrual adjustment: On December 31,2018,Action Services,Inc.prepared the following accrual adjustment: Action uses reversing entries.Prepare the reversing entry on January 1,2019.Omit explanation. Action uses reversing entries.Prepare the reversing entry on January 1,2019.Omit explanation.

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Reversing entries are used in conjunction with ________.


A) accrual-type adjustments
B) deferred revenues
C) deferred expenses
D) Unearned Revenue and Prepaid Rent

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