16 the interest expense in the worksheet 39 s unadjusted trial balance column is 3 0 4307108
16) The Interest Expense in the worksheet's unadjusted trial balance column is $3,000. Interest Expense in the income statement column is $7,000. Which of the following entries would have caused this difference?
A) A $7,000 credit to Interest Expense in the worksheet's adjustments column
B) A $7,000 credit to Interest Payable in the worksheet's adjustments column
C) A $4,000 debit to Interest Expense in the worksheet's adjustments column
D) A $4,000 credit to Interest Expense in the worksheet's adjustments column
17) In which of the columns of the worksheet would Net Income be found?
A) Under the trial balance credit column, the adjusted trial balance credit column and the balance sheet credit column
B) Under the trial balance debit column, the adjusted trial balance debit column and the balance sheet debit column
C) Under the balance sheet debit column and the income statement credit column
D) Under the balance sheet credit column and the income statement debit column
18) Which of the following accounts would appear in the balance sheet credit column?
A) Prepaid Insurance
B) Buildings
C) Unearned Service Revenue
D) Service Revenue
19) Which of the following accounts would appear in the income statement credit column?
A) Service Revenue
B) Prepaid Insurance
C) Unearned Service Revenue
D) Depreciation Expense
20) Which of the following accounts would appear in the balance sheet debit column?
A) Unearned Service Revenue
B) Accumulated Depreciation
C) Service Revenue
D) Prepaid Insurance
21) Which of the following accounts would appear in the income statement debit column?
A) Unearned Service Revenue
B) Service Revenue
C) Depreciation Expense
D) Prepaid Insurance
22) The following is the adjusted trial balance from the worksheet for Tuttle Photography.
Tuttle Photography
Worksheet
For the Year Ended December 31, 2015
AccountsDebitCredit
Cash$15,000
Accounts Receivable30,000
Prepaid Insurance7,500
Office Supplies3,200
Building160,000
Accumulated Depreciation—Building$12,000
Equipment75,000
Accumulated Depreciation—Equipment8,500
Land40,000
Accounts Payable12,000
Salaries Payable2,000
Unearned service revenue25,000
Mortgage Payable100,000
R. Tuttle, Capital21,290
R. Tuttle, Withdrawals23,000
Service Revenue289,000
Salaries Expense61,000
Depreciation Expense—Building and Equipment6,150
Office Supplies Expense14,040
Insurance Expense14,000
Utilities Expense20,900________
Total$469,790$469,790
Using the information provided in the worksheet above, prepare an income statement for Tuttle Photography.
Learning Objective 4-3
1) The adjusting process zeroes out all revenues and all expenses.
2) The closing process helps in measuring each period's net income separately from all other periods.
