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  • Chapter 22 Quiz

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    Kayla Shelton
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    An insurance premium of $60,000 was prepaid for 24 months but the entire amount was expensed on July 1, 2011, so an adjusting entry needs to be made to allocate the prepaid amount over 24 months. Equipment costing $18,000 with a 5 year life was incorrectly expensed on purchase on January 1, 2011, so an entry needs to be made to capitalize the equipment and record accumulated depreciation. Ending inventory for 2010 was overstated by $10,000, so an entry needs to be made to reduce inventory. Wages expense of $1,500 was not accrued on December 31, 2011, so an entry needs to be made to accrue the wages expense.

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    ACCT 305 Chapter 22 Quiz Accounting Errors

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    An insurance premium of $60,000 was prepaid for 24 months but the entire amount was expensed on July 1, 2011, so an adjusting entry needs to be made to allocate the prepaid amount over 24 months. Equipment costing $18,000 with a 5 year life was incorrectly expensed on purchase on January 1, 2011, so an entry needs to be made to capitalize the equipment and record accumulated depreciation. Ending inventory for 2010 was overstated by $10,000, so an entry needs to be made to reduce inventory. Wages expense of $1,500 was not accrued on December 31, 2011, so an entry needs to be made to accrue the wages expense.

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    © All Rights Reserved
    Descărcați ca DOCX, PDF, TXT sau citiți online pe Scribd
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    54 vizualizări2 pagini

    Chapter 22 Quiz

    Încărcat de

    Kayla Shelton
    An insurance premium of $60,000 was prepaid for 24 months but the entire amount was expensed on July 1, 2011, so an adjusting entry needs to be made to allocate the prepaid amount over 24 months. Equipment costing $18,000 with a 5 year life was incorrectly expensed on purchase on January 1, 2011, so an entry needs to be made to capitalize the equipment and record accumulated depreciation. Ending inventory for 2010 was overstated by $10,000, so an entry needs to be made to reduce inventory. Wages expense of $1,500 was not accrued on December 31, 2011, so an entry needs to be made to accrue the wages expense.

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    © All Rights Reserved
    Descărcați ca DOCX, PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    din 2

    Chapter 22 Quiz:

    Prepare correcting entries on December 31, 2012 assuming the books HAVENT
    been closed.
    1) On July 1, 2011, an insurance premium of $60,000 was prepaid covering 24 months.
    The entire amount was charged to expense at the time of purchase.

    2) On January 1, 2011, equipment costing $18,000 with no SV & estimated useful life
    of 5 years was incorrectly charged to expense when purchased. The firm uses sumof-the-years-digit depreciation.

    3) Ending inventory for the year 2010 was overstated by $10,000.

    4) On December 31, 2011, the firm didnt accrue wages expense in the amount of
    $1,500.

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