Buy BUS 591 Financial Accounting & Analysis Week 2 Quiz Answers (2016) at the best price of 8.99

Buy BUS 591 Financial Accounting & Analysis Week 2 Quiz Answers (2016) at the best price of 8.99

BUS 591 Week 2 Quiz 
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: 
RevenuesLaundry Service Revenues $5,500 
Wages expense Advertising expense Rent expense Supplies expense Insurance expense Total expenses
Net Income
$ 1,450 500
300 200
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 

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