Ch 4.2 Accounting

Which of the following accounts would appear in the income statement debit column of the​ worksheet? Unearned Revenue Service Revenue Prepaid Insurance Depreciation Expense

The Interest Expense in the​ worksheet's unadjusted trial balance column is​ $1,000. Interest Expense in the income statement column is​ $12,000. Which of the following entries would have caused this​ difference? a​ $12,000 credit to Interest Expense in the​ worksheet's adjustments column b$11,000 debit to Interest Expense in the​ worksheet's adjustments column c​ $11,000 credit to Interest Expense in the​ worksheet's adjustments column d $12,000 credit to Interest Payable in the​ worksheet's adjustments column

Which of the following statements concerning the worksheet is​ correct? When a worksheet is​ used, there is no need to make journal entries. A worksheet consists of seven sections. A completed worksheet is a substitute for the financial statements. Section 5​ (Income Statement) and Section 6​ (Balance Sheet) are optional.

When preparing a​ worksheet, net income is recorded in the​ _______. income statement debit column balance sheet debit column income statement credit column adjusted trial balance debit column

Which of the following is true of a completed​ worksheet? The total debits in the income statement column equal the total credits in the balance sheet column. The total debits in the unadjusted trial balance column equal the total debits in the adjusted trial balance column. The total of all the debit columns is equal to the total of all the credit columns.

Which of the following statements is true if the income statement credit column exceeds the income statement debit column on a​ worksheet? The retained earnings account decreased during the period. An error was made. The company incurred a net loss. The company made a net profit.

The worksheet helps accountants to​ ________. prepare the financial statements prepare the unadjusted trial balance prepare the trial balance maintain books of accounts without a journal

The worksheet is an external tool that can be used to help in recording adjusting entries and preparing financial statements. True False

Prepaid Rent in the​ worksheet's unadjusted trial balance column is $ 7 comma 000. Prepaid Rent in the balance sheet column is $ 6 comma 000. Which of the following entries would have caused this​ difference? $ 1 comma 000 debit entry to Prepaid Rent in the​ worksheet's adjustments column $ 1 comma 000 credit entry to Prepaid Rent in the​ worksheet's adjustments column $ 1 comma 000 credit entry to Rent Expense in the​ worksheet's adjustments column

Which of the following accounts would appear in the balance sheet credit column of the​ worksheet? Prepaid Insurance Service Revenue Buildings Unearned Revenue

Which of the following accounts would appear in the balance sheet debit column of the​ worksheet? Prepaid Insurance Accumulated Depreciation Service Revenue Unearned Revenue

Which of the following statements is true of the​ worksheet? The worksheet is a type of journal. The worksheet is a tool that takes the place of financial statement preparation. The worksheet is a document used to summarize data to prepare financial statements.

The income statement section of the worksheet includes​ ________. Service Revenue and Utilities Expense Land and Salaries Payable Common​ Stock, Retained​ Earnings, and Dividends Furniture and Cash

The Interest Expense in the​ worksheet's unadjusted trial balance column is $ 1 comma 000. Interest Expense in the income statement column is $ 11 comma 000. Which of the following entries would have caused this​ difference? $ 10 comma 000 debit to Interest Expense in the​ worksheet's adjustments column $ 11 comma 000 credit to Interest Expense in the​ worksheet's adjustments column $ 10 comma 000 credit to Interest Expense in the​ worksheet's adjustments column

Which of the following adjusted balances would appear in the balance sheet credit column of a​ worksheet? Salaries Payable Rent Revenue Equipment Insurance Expense

In which of the columns of a worksheet would a net loss be​ found? in the unadjusted trial balance debit​ column, the adjusted trial balance debit​ column, and the balance sheet debit column in the balance sheet debit column and the income statement credit column in the balance sheet credit column and the income statement debit column

In which of the columns of the worksheet would Net Income be​ found? the unadjusted trial balance credit​ column, the adjusted trial balance credit​ column, and the balance sheet credit column the balance sheet credit column and the income statement debit column the unadjusted trial balance debit​ column, the adjusted trial balance debit​ column, and the balance sheet debit column

Which of the following statements is true if the income statement debit column exceeds the income statement credit column of a​ worksheet? The company made a net profit. The retained earnings account increased during the period. An error was made. The company incurred a net loss.

Where does net income appear on a​ worksheet? Net income appears only in the income statement debit column. Net income appears in the income statement credit column and in the balance sheet debit column. Net income appears in the balance sheet credit column and in the income statement debit column. Net income appears only in the balance sheet credit column.