Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

AIPB book 1 sect 2

AIPB certified bookkeeper, mastering adjusting entries,

QuestionAnswer
1)Make AJE: Accrue interest revenue of $400 1)Dr. Interest receivable 400 - Cr. Interest revenue 400 - To accrue interest revenue
2)Make AJE:Accrue commission revenue earned of 1,400 2)Dr. Commission receivable 1,400 - Cr. Commission revenue 1,400 - To accrue commission earned
3)Make AJE:Accrue rental revenue of 2,400 3)Dr. Rent receivable 2,400 - Cr. Rent revenue 2,400 - To accrue rent revenue
4)Your company holds a $500,000, 8% note receivable, interest payable annually on each June 30. When your companys fiscal year ends on August 31 19X5, you have received no interest payment since June 30, 19X5. What adjusting journal entry do you make? 4)Dr. Interest receivable 667 - Cr. Interest revenue 667 - To accrue 2 monts interest on note
5)If your companys fiscal year ended December 31, 19X5 and you had not received the interest payment since June 30 19X5, what entry would you make? 5)Dr. Interest receibable 2,000 - Cr. Interest revenue 2,000 - To accrue 6 months interest on note
6)Your company rents a machine to another company at a annual rental of 15,000. At year end, you have received 13,500 in rent. Record the adjusting journal entry. 6)Dr. Rent receivable 1,500- Cr. Rent revenue 1,500 - To accrue rental revenue
7)Accrued revenue is revenue _______ but not ______. 7)earned, received
8)The adjusting entry to accrue debits a(n)________ account and credits a(n) __________account. 8)asset (receivable), revenue
9)If omit the ajdusting journal entry to accrue revenue, you _________ your firms net income. 9)understate
10)Interest receivable is what type of account 10)Asset
11)A company ommitted its adjusting entry to accrue rental revenue. What effect does this have on liabilities at year end? 11)no effect
12)When revenue is accrued, when is cash received? 12)cash is received after the revenue is recognized
13)Make AJE: Accrue rent revenue of 3,600 13)Dr. Rent receivable 3,600 - Cr. Rent revenue 3,600- To accrue rent revenue
14)Make AJE: Accrued interest revenue of 4,200 14)Dr. Interest receivable 4,200- Cr. Interest revenue 4,200 - To accrue interest revenue
15)Make AJE: Accrued commission revenue of 2,800 15)Dr. Commission receivable 2,800 - Cr. Commission revenue 2,800 - To accrue commison revenue
16)Receipt in December of 2,000 in commissions earned and accrued in November 16)Dr. Cash 2,000 - Cr. Commission receivable 2,000 - To record receipt of November commission
17)Your company holds Duco's 60,000, 12% mortgage on which it has collected 7,000 in interest for the year. What adjusting entry fo you record at year end? 17)Dr. Interest receivable 200 - Cr. Interest revenue 200 - To accrue interest revenue
18)Your company has a 60-day, 3,000, 12% note receivable dated December 31 if you have received no interest payments? 18)Dr. Interest receivable 30 - Cr. Interest revenue 30 - To accrue1 months interest earnedon note
19)Interest receivable appears on which financial statement? 19)Balance sheet
20)Accrued revenue is revenue 20)Earned but not received
21)How does he adjusting entry to accrue revenue effect cash? 21)does not effect the ledger cash account
22)If you fail to record the adjusting entry to accrue revenue, it will affect the income statement as follows 22)net income and revenue will be understated
Created by: cidhart
Popular Standardized Tests sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards