Balance Trainer

Please help with the following multiple choice bookkeeping questions: any help is more than appreciated, thank you!!!

Question 1: If total credits exceed total debits in the income statement columns of a work sheet then:

a) a mistake has been made.
b) net income has occurred
c) net loss has occurred
d) no conclusion can be drawn until the closing entry have been made.
e) none of these.

Question 2: In which columns of a work sheet would the adjusted balance of accumulated depreciation appear?

a) adjusted trial balance credit, balance sheet debit.
b) Income statement credit, balance sheet debit.
c) adjusted trial balance credit, income statement credit.
d) adjusted trial balance debit, balance sheet debit.
e) none of these.

Question 3: A business pays weekly wages of ,000 on Friday for a 5-day week ending on that day. If the fiscal period ends on Wednesday, the adjusting entry is:

a) debit wages expense, ,000; credit drawing, ,000.
b) debit wages expense, ,000; credit wages payable, ,000.
c) debit drawing, ,000; credit wages payable, ,000.
d) debit wages payable, ,000; credit wages expense, ,000.
e) none of these.

Question 4: The adjusting entry to record depreciation of equipment is:

a) debit accumulated depreciation, credit depreciation expense.
b) debit depreciation expense, credit equipment
c) debit equipment, credit accumulated depreciation.
d) debit depreciation expense, credit depreciation payable.
e) none of these.

Question 5: Depreciation is:

a) an expense that is incurred during an accounting period.
b) an estimate of the loss of usefulness of equipment during an accounting period.
c) used to show a more proper balance int he equipment account by subtracting accumulated depreciation from the equipment account.
d) all of these.
e) none of these.

Question 6: Which of the following accounts in the ledger will ordinarily appear in the post-closing trial balance?

a) drawing.
b) accounts receivable.
c) income from services.
d) supplies expense.
e) none of these.

Thanks so much for all your help in advance, really do appreciate it. TY TY TY!!

Other References

• What is a ‘3-way’ reconciliation? « Entrust Solutions LLC
• While depreciation expense is a non-cashitem it is included in Adjusted Pro Forma | Whiteswangiftbaskets.com
• Save Money With A Credit Card Balance Transfer | FactHippo.com