This document contains a quiz for BUS 591 Week 2 with questions about accounting concepts such as prepaid expenses, adjusting entries, accounts with debit balances, and inventory. It provides the income statement for a laundry service business and asks students to determine the appropriate journal entries for transactions related to dividends, expenses, adjusting entries, and changes in inventory.

1. BUS 591 Week 2 Quiz - Spring
2016
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2. BUS 591 Week 2 Quiz - Spring 2016
During January 2012, Carey Services Inc. paid a cash dividends of $2,000. This
transaction
Prepaid expenses are:
Expenses are recognized when:
The following information is from the Income Statement of the Dirt Poor Laundry
Service:
Revenues
Laundry Service Revenues $5,500
Wages expense Advertising expense Rent expense Supplies expense Insurance expense
Total expenses
Net Income
$ 1,450 500
300 200
100
2,550 $ 2,950
Student Answer:
Points Received: Comments:
The entry to close the Laundry Service Revenue account includes a:
An adjusting entry:
Which accounts normally have debit balances?
A company that receives money in advance of performing a service
A company purchased office supplies costing $3,000 and debited Office Supplies for
the full amount. At the end of the accounting period, a physical count of office
supplies revealed $600 still on hand. The appropriate adjusting journal entry to be
made at the end of the period would be:
The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and
recorded the purchase as an asset. On June 30, an inventory of the laundry supplies
indicated only $2,000 on hand. The adjusting entry that should be made by the company
on June 30 is:
If total liabilities decreased by $4,000, then