1. drawing is recorded in the balance sheet debit column of a work sheet true or false?
2. 1. drawing is recorded in the balance sheet debit column o
3. an assets book value represents the true market value of the asset true or false?
4.if revenue and expenses were equal for an accounting period, the result would be neither a profit or loss? true or false
5. An equipment is depreciated, its book value increases and its accumulated depreciation increases? true or false
6. The owners capital account is shown in the income statement credit column on a work sheet?true or false
7. the maximum period covered by a work sheet is 6 months? true or false
7. Coffee co has a $3,600 balance in prepaid insurance that represents the premium paid in advance for a six month liability insurance policy. Assuming that 4 months of premium is still remaining, the adjustment would be recorded in the work sheet as a:
8. The adjusting entry to record the accrual of wages would involve a ?
9. Failure to record the entry for accrued wages results in ?
10. A business pays weekly wages of $20,000 on Friday for a five day week ending on that day. If the the fiscal period ends on Wednesday, the adjusting entry is?
11. Assuming a normal balance, which of the following is correct concerning the income statement columns of the work sheet?