Can someone PLEASE help me with a few of these accounting problems?? PLEASE?

Question

Can someone help me out a little. Can you please take the time to explain what I am suppose to do?

1. Deferred expenses have

A. not yet been recorded as expenses or paid

B.been recorded as expenses and paid

C.been incurred and paid

D.not yet been recorded as expenses

2. By matching revenues and expenses in the same period in which they incur

A.net income or loss will always be underestimated

B.net income or loss will always be overestimated

C.net income or loss will be properly reported on the income statement

D.net income or loss will not be determined

3. A business pays weekly salaries of $20,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Thursday is?

4. The balance in the office supplies account on June 1 was $5,200, supplies purchased during June were $2,500, and the supplies on hand at June 30 were $2,000. The amount to be used for the appropriate adjusting entry is?

Answer 1

q4  you had $5,200 in supplies and purchased $2,500 giving you $7,700 in value.  You used $5,700 to give an ending balance of $2,000.  Or in other words you spent $2,500 and also used $3,200 worth of supplies you already had for a total of $5,700.  your adjusting entry is the $3,200 you used.  The $2,500 is already booked.

Answer 2

1. C

http://www.accountingcoach.com/accountin...

2. C

3. As of Thursday, they have incurred 80% of the $20K as expenses in the prior period, so they have a deferred expense of $16K.

Someone else already gave you #4.

Answer 3

Study and do your own homework.  Who would want to employ you when you're done with school???