Which one of the following accounts would generally not be found in an adjusting

Question

Which one of the following accounts would generally not be found in an adjusting AJE?
Unearned revenue interest receivable Retained earnings Prepaid insurance
A floral shop, which uses a perpetual inventory system, sells a vase for 28 which it carried in its inventory for 20. Sales commission was $1. Which is correct
Gross margin % is 40% The sales commission is recorded in an expense account Net sales would be $8 Cost of goods is 21
Which one of the following is true with respect to allowance for uncollectible accounts? Normally has a 0 balance Closed out at end of year Has a normal debit balance Reduces A/R to its future economic benefit
Which one of the following accounts would generally not be found in an adjusting AJE?
Unearned revenue interest receivable Retained earnings Prepaid insurance
A floral shop, which uses a perpetual inventory system, sells a vase for 28 which it carried in its inventory for 20. Sales commission was $1. Which is correct
Gross margin % is 40% The sales commission is recorded in an expense account Net sales would be $8 Cost of goods is 21
Which one of the following is true with respect to allowance for uncollectible accounts? Normally has a 0 balance Closed out at end of year Has a normal debit balance Reduces A/R to its future economic benefit

Unearned revenue interest receivable Retained earnings Prepaid insurance
A floral shop, which uses a perpetual inventory system, sells a vase for 28 which it carried in its inventory for 20. Sales commission was $1. Which is correct
Gross margin % is 40% The sales commission is recorded in an expense account Net sales would be $8 Cost of goods is 21
Which one of the following is true with respect to allowance for uncollectible accounts? Normally has a 0 balance Closed out at end of year Has a normal debit balance Reduces A/R to its future economic benefit

Explanation / Answer

1) Retained earning is not found in adjusting journal entries

So answer is c) Retained earnings

2) Sale value = 28

Cost = 20

Gross margin = 8

So answer is b) The sale commission is recorded is an expense account

3) True in respect to allowance for doubtful accounts

So answer is d) Reduce A/R to its future economic benefit

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