Question

Which accounts are reported on a balance sheet? Cash Accounts Receivable J. Z. Capital Fees Earned...

Which accounts are reported on a balance sheet?

Cash

Accounts Receivable

J. Z. Capital

Fees Earned

All the following are temporary accounts except

Rent Expense

Cash

Income Summary

Fees Earned

Diaz, Drawing

Interest Revenue

You have a loan from TD Bank. Interest is $20 per month on the loan. For you, this is an example of an accrued revenue.

True

False

An adjusting entry shows a debit to Insurance Expense. The credit would be to Cash.

True

False

Recording supplies that have been used up is an example of an adjusting entry that is a deferred expense.

True

False

Business   Accounting   
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Homework Answers

Answer #1

1)

Cash, accounts receivable, JZ Capital are reported on the balance sheet

2)

Cash is a permanent account as it is reported on the closing trial balance. Rest of the accounts do not show up on the closing trial

3)

The statement is false. The interest expense is an example of accrued expense (not accrued revenue)

4)

Adjusting entries does not include a debit or credit to cash. Hence the statement is false

5) The given statement is True. Supplies is recorded as an asset and the adjusting entry related to usage of supplies is made at year end.  

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