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92 on october 1 2015 jacob s beach umbrellas borrowed 5 000 on a 12 one year note pa 4313959

92.On October 1, 2015, Jacob’s Beach Umbrellas borrowed $5,000 on a 12%, one-year note payable. Interest was payable semiannually. A correct adjusting entry was made on December 31, 2015, and a correct reversing entry was made on January 1, 2016. The entry that should be made on March 31, 2016, is

	a.	Interest Payable 300 Cash 300
	b.	Interest Expense150 Interest Payable 150 Cash 300
	c.	Interest Expense 150 Cash 150
	d.	Interest Expense 300 Cash 300

93.Which of the following adjusting entries would not be reversed in the following accounting period?

	a.	an entry that recognized an accrued expense of the current period
	b.	an entry that allocated the expired portion of a long-lived asset to the current year's income statement
	c.	an entry that transferred a portion of a revenue account to a liability account
	d.	an entry that recognized an accrued revenue earned during the current period

94.The Yellow Canoe Company made year-end adjusting entries affecting each of the following accounts: Interest Revenue (credited); Depreciation Expense (debited); Unearned Rental Revenue (debited); and Prepaid Insurance (credited). Which account is likely to appear in Yellow Canoe’s reversing entries?

	a.	Prepaid Insurance
	b.	Interest Revenue
	c.	Depreciation Expense
	d.	None of these answer choices is correct.

95.Which of the following adjusting entries would be the most likely to be reversed?

	a.	Depreciation Expense 1,500 Accumulated Depreciation 1,500
	b.	Unearned Rent 700 Rent Revenue 700
	c.	Insurance Expense 800 Prepaid Insurance 800
	d.	Income Tax Expense 950 Income Taxes Payable 950

96.Which of the following is the correct reversing entry?

	a.	Depreciation Expense 1,550 Accumulated Depreciation 1,550
	b.	Interest Revenue 2,350 Interest Receivable 2,350
	c.	Salary Expense 1,980 Salary Payable 1,980
	d.	Income Tax Expense 2,500 Income Tax Payable 2,500

97.Which of the following adjusting entries would be the most likely be reversed?

	a.	?Depreciation Expense 500 Accumulated Depreciation 500 ?
	b.	?Salary Expense 1,980 Salary Payable 1,980 ?
	c.	?Insurance Expense 500 Prepaid Insurance 500 ?
	d.	?Unearned Subscriptions 2,000 Subscription Revenue 2,000 ?

98.Reversing entries should not be made for

	a.	adjusting entries related to estimated items such as depreciation.
	b.	adjusting entries that create accrued revenues to be collected in the next accounting period.
	c.	adjusting entries that create accrued expenses to be paid in the next accounting period.
	d.	adjusting entries related to prepayments of costs initially recorded as expenses.

99.Reversing entries should not be made for which of the following?

	a.	Adjusting entries that defer costs by recording them as prepaid expenses.
	b.	Adjusting entries to expenses that are to be paid in the next period.
	c.	Adjusting entries to accrue revenue to be collected in the next period.
	d.	Adjusting entries related to estimates.

100.A company usually makes a reversing entry

	a.	on the first day of the next accounting period.
	b.	at the end of the prior accounting period.
	c.	on the second day of the next accounting period.
	d.	on the last day of the next accounting period.

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92 on october 1 2015 jacob s beach umbrellas borrowed 5 000 on a 12 one year note pa 4313959

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