Questions
SG30018E2 - Sage 300 2018 Accounts Payable Module 3 Quiz
Single choice
For what are Adjustments used?
Options
A.To correct errors made in batches before they are posted.
B.To correct accounting entries sent to the General Ledger.
C.All of the above
D.To correct errors made in posted batches.
View Explanation
Verified Answer
Please login to view
Step-by-Step Analysis
The question asks: For what are Adjustments used?
Option 1: 'To correct errors made in batches before they are posted.' This is a plausible use of adjustments, as adjustments are often used to fix mistakes detected prior to final posting to prevent erroneous financial statements.
Option 2: 'To correct accounting entries sent to the Gene......Login to view full explanationLog in for full answers
We've collected over 50,000 authentic exam questions and detailed explanations from around the globe. Log in now and get instant access to the answers!
Similar Questions
Question 23 (10 marks) Complete the journal entries for the 5 transactions of Froggie Co in the month of June. Narrations are not required. [table] Date | Transaction and Account Names | Dr $ | Cr $ | | Oct 31 | Benefits of prepaid insurance of $100 have expired.Blank 1 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable Blank 2 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable | Blank 3 Question 2 10060300700801300 | Blank 4 Question 2 10060300700801300 | | 31 | Depreciation for the month is $60. Blank 5 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable Blank 6 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable | Blank 7 Question 2 10060300700801300 | Blank 8 Question 2 10060300700801300 | | 31 | Services performed in relation to cash received in advance total $300. Blank 9 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable Blank 10 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable | Blank 11 Question 2 10060300700801300 | Blank 12 Question 2 10060300700801300 | | ] 31 | Services performed but not invoiced at 31 October total $700. Blank 13 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable Blank 14 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable | Blank 15 Question 2 10060300700801300 | Blank 16 Question 2 10060300700801300 | | ] 31 | Interest accrued at 31 October is $80. Blank 17 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable Blank 18 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable Accrued salaries at 31 October are $1300Blank 19 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable Blank 20 Question 2 Insurance ExpPrepaid InsuranceDepreciation ExpenseAccumulated DepreciationRevenueUnearned revenueA/RInterest ExpenseInterest PayableSalaries ExpenseSalaries Payable | Blank 21 Question 2 10060300700801300 Blank 22 Question 2 10060300700801300 | Blank 23 Question 2 10060300700801300 Blank 24 Question 2 10060300700801300 | | [/table]
On December 1, Ford Company received three months’ rental income in advance and increased a liability account. On December 31, the end of the accounting period, Ford failed to make an adjusting entry reflecting that a portion of this rent had been earned. This error results in:
Received $1,000 invoice for April's utilities expense. (Hint: Bills and invoices reflect goods or services that have been provided, but are unpaid, unless specified otherwise.)
Question1(i) The Supplies account had a balance of $1,200 at the beginning of the year and was debited during the year for $3,600, representing the total of supplies purchased during the year. If $1,000 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is: (1 mark) $2,600 $3,800 None of the options are correct $3,600 $1,000 ResetMaximum marks: 1 Flag question undefined
More Practical Tools for Students Powered by AI Study Helper
Making Your Study Simpler
Join us and instantly unlock extensive past papers & exclusive solutions to get a head start on your studies!