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Identify the type of account for the following: Unearned Revenue a. Increase in assets b. Interest Revenue Job categories Finance. Select one: a. increased satisfaction with the standard of living upon returning home (CORRECT ANSWER) b. decreased interest from co-workers in hearing about the repatriate's experiences Which one of the following is not considered a basic type of adjusting entry? b) As an asset on the balance sheet. Current assets b. 1) The concept of materiality: b) In the period with the higher earnings. c. Expenses decrease stockholders' equity. Duration Open ended subject to satisfactory performance and the availability of funds. A. She has also heard that certain terms have special meanings in accounting relative to everyday use. d) An entry to convert a liability to a revenue. = 15 * 3/20 Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: YES Accumulated depreciation, salaries payable supplies and unearned rent NO frank kent, drawing land At the end of the current year, $23,570 of fees have been earned but have not been billed to clients. d. Inventory; Provision for Obsolescence. 1) Under accrual accounting, salaries earned by employees but not yet paid should be expensed: a. An entry to accrue uncollected revenueC. d. not earned but the cash has been received, Adjusting entries are d) The entry to record accrued wages payable. Become a Study.com member to unlock this answer! d) Materiality. A) An entry to convert a liability to a revenue. a. debit Insurance Expense, $3,000; credit Prepaid Insurance, $3,000 b. contra asset Compute the dealerships sales price variance and sales volume variance for the month and classify each as favorable or unfavorable. Multiple Choice An entry to convert a liability to a revenue. 1) Prepaid expenses appear: The adjusting entry required by Great Kids Co. on January 30 includes: b. The entry to record depreciation expense b. c. accrual basis of accounting supports the matching concept B) An entry to accrue unpaid expenses. When considered, this factor makes the offence of human trafficking difficult to prove. The relationship between the nozzle height and Gantry height is considered not to change, thus leveling only one corner and the . d) $900 is paid to an attorney for legal services rendered during the current year. The monthly rent is $7,000. c. Revenue minus expenses. a) Are needed whenever revenue transactions affect more than one period. a. d. required for the next accounting period, The cost of office supplies to be used in future periods is ordinarily shown on the balance sheet as a(n) Employees earn a total of $12,800 per week. b. debit to Wages Payable and a credit to Wages Expense c. an accrued expense For example: making changes to the workplace. To ensure consistency and fairness to all applicants, please do not submit materials in addition to those requested. a) Assets of Perfect Painting are overstated at December 31, 2018. Which fraction has self adjusting force? b) As a liability on the balance sheet. b. Can any of these factors explain why XOM's P/E ratio differs from its peers? - Liabilities will increase. Liabilities assumed by a corporation on section 351 t. Which of the following groups of accounts have a normal credit balance? Accounts Receivable (Assume accrual basis accounting.) The cash payment for accrued revenues occurs __________ the adjusting entry to record the accrued revenue. A debit to an expense and a credit to cash. Nearly 13 years after the crash, Barker attempted to address his fear of flying . Adjusting entries always affect at least one revenue or expense account and one asset or liability account. a. b. Asset b. 1) The accountant for Perfect Painting forgot the following two adjustments at the end of 2018: d. revenues when the liability is no longer owed, Which of the following is considered to be unearned revenue? The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . (Provide paragraph citations.) d. at least one income statement account and one balance sheet account, Prepaid expenses are eventually expected to become Adjustments are certain expenses which can directly reduce your total taxable income. a. b) An understatement of assets, net income, and owners' equity. a. an increase in liabilities b. decrease in liabilities c. decrease in revenue d. increase in assets, Inventory held by a business is a(an) __________ and when sold becomes a(an) __________. Unearned revenue. or in longer cases. What reasonable adjustments are. Using accrual accounting, revenue is recorded and reported only, Using accrual accounting, expenses are recorded and reported only, The accounting principle upon which deferrals and accruals are based is. c) Only if each accounting period covered is a full year. 1) Before any month-end adjustments are made, the net income of Russell Company is $38,000. In previous chapter, we discussed the various factors that may influence P/E ratios. Sweat gland b. Hairc. Accumulated depreciation a. An entry to accrue unpaid expenses An entry to convert an asset to an expense. a. assets b. liabilities c. gains d. expenses, What type of account is prepaid expense? d. debit Building; credit Depreciation Expense. a) Income. Which of the following is NOT considered to be a symptom of reverse culture shock? c) $112,400. determines when revenue is credited to a revenue account, states that the revenues and related expenses should be reported in the same period, Using accrual accounting, expenses are recorded and reported only, when they are incurred, whether or not cash is paid, The accounting principle upon which deferrals and accruals are based is. a. deferral The accrued salaries were included in the first salary payment in November. c) On January 1, Empire Company began delivery service for a large client who will pay at the end of a three-month period. Treasury stock b. Paid-in capital c. Retained earnings d. Accumulated other comprehensive income e. Accrued issuances, What will be the effect on the accounting equation, when payment is made to the creditor of the business? The cash basis of accounting records revenues and expenses when the cash is exchanged, while the accrual basis of accounting, records revenues and expenses when they are incurred, at least one income statement account and one balance sheet account, Prepaid expenses are eventually expected to become, expenses when their future economic value expires or is used up. b. depreciation Debit Accumulated Depreciation $578 and credit Depreciation Expense $578. c. accrual basis b. asset, debit The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. Which of the following basic elements of financial statements is more associated with the balance sheet than the income statement? 1) Which of the following is not an example of an adjusting entry? Rent expense amount b. Adjusting entries are necessary for the following items: the amount expired. Briefly summarize the meaning of this term and how it relates to an entity's financial statements. Decrease in liabilities and reduction in net income. b) Debit Interest Expense $2,100 and debit Accrued Interest Payable $4,200. 2. The amount to be used for the appropriate adjusting entry is [1001][1562], [1652][1001]\left[\begin{array}{rr}-1 & 6 \\ 5 & 2\end{array}\right]\left[\begin{array}{ll}1 & 0 \\ 0 & 1\end{array}\right] b. asset, contra liability What is considered an adjustment to income? C) decreases assets and increases liabilities. Our experts can answer your tough homework and study questions. c. debit Insurance Expense, $2,100; credit Prepaid Insurance, $2,100 The 6% rate is appropriate in this situation. d. Expenses are a negative factor in the computation of net income. Under which circumstance would the veterinarian not adjust or cancel a fee for services? 3. b) Daystar Company completes a job for a customer in May; payment will be received in June. Identify whether the following item would be classified on a balance sheet as a current liability, a long term-liability or something else: Salaries payable. The account was debited for $32,500 for premiums on policies purchased during the year. (a) A power. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Fees Earned a. c. Unearned Subscriptions a) It is prepared before adjusting entries. -Fees earned in March that had been collected in advance: $3,600. 24 Questions Show answers. (1). c) To prepare the revenue and expense accounts for recording transactions of the following period. d) To be determined for all assets owned by a company. 1) During the last month of its fiscal year, Echo Lake Resort provided catering services for local business. Also indicate whether the items in error will be overstated or understated. \text{Sales}&\text{700,000}\\ Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay. d. account basis, The cash basis of accounting records revenues and expenses when the cash is exchanged while the accrual basis of accounting a) The entry to record depreciation. a. debit Supplies Expense; credit Supplies a. historical cost a) On January 1, Empire Company paid rent for six months on its office building. c) An overstatement of liabilities offset by an understatement of owners' equity. b. snow removal services that have been provided but have not been billed or paid Demand a reason for nonpayment. A. a) $5,120 d. Building, equipmen, Which of the following is an appropriate representation of the accounting equation? Which of the following is not considered a basic type of adjusting entry a An. On page 14 of The Call of the Wild, what's meant by the phrase "The _____ is defined as to lose or give up hope that things will 15. A: Accrued revenues are those which have been accrued but not yet paid. Which of the following is a typical example of a current liability? \text{From Income Statement:}&\textbf{2018}\\[2pt] Assets, liabilities, and owner's equity. d. $8,000, Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $14,000 and unexpired insurance of $3,000, for the fiscal year ending on April 30? (2) The company pays all employees up to date each Friday. Which of the following statements is incorrect? B) decreases net income and increases liabilities. c. The concepts statements discuss the concept of "articulation" between financial statement elements. The customer is the director of a nearby animal shelter. C) The entry to record depreciation expense. - Net income increases. Assets c. Stockholders' equity d. Expenses e. Liabilities, Which of the following current asset or current liability accounts is not included in the computation of cash flows from operating activities? Legislative reform is needed, to remove or widen the . c. debit Unearned Gym Memberships; credit Prepaid Gym Memberships 31,2017$105,000. the amount of the trial balance. Unearned Rent 1,900 An entry to convert an asset to a liability. c. optional under generally accepted accounting principles Question 5 options: (a) The entry to record depreciation: $3,000. (4) Depreciation of office equipment is based on an estimated useful life of five years. C. Liabilities, Identify the type of account for the following: Prepaid Insurance a. A_____is a collection problem that requires immediate action because this individual has a balance due and has moved without leaving a forwarding address. Use the following account types to form the expanded accounting equation. c. contra asset, credit a. b. d) Prepaid expenses are shown in a special section of the income statement. $3,500. Question 7 options: d) Realization principle and matching principle. b. deferral b) $41,160. Inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or oth. 1) Adjusting entries: (a) Contracts resulting from sealed bidding shall be firm-fixed-price contracts or fixed-price contracts with economic price adjustment. Assets = liabilities + stockholders' equity c. Assets = liabilities d. Assets = liabilities + retained earnings, Which of the following is not a change in accounting estimate? Basic type of adjusting entry includes recording entry to convert a liability to a revenue, to convert an asset to an expense, and in order to record accrued unpaid expenses. $400 b. liabilities D) $3,600 b. accrual d) Expenses. It was most recently raised . A) exponential smoothing. Indicate also the type of financial statement. 83) Which of the following isnotconsidered an end-of-period adjusting entry?A) The entry to record the portion of unexpired insurance which has become expense during the period. A. expenses and assets B. assets, liabilities, and stockholders' equity C. liabilities and stockholders' equity D. assets and revenue, For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (2) identify the normal balance of the account, and (3) select debit (Dr.) or credit (Cr.) Suppose Dr. Milton's checking account has a balance of $3,458.92. When recording an adjusting entry for a prepaid expense. c) The entry to pay outstanding bills. Uploaded By ProfessorKnowledge3522. User: 3/4 16/9 Weegy: 3/4 ? If Hot Bagel Co. estimates depreciation on an automobile to be $578 for the year, the company should make the following adjusting entry: These adjustments are discussed below. Income statement B. See all questions asked by natashavale1025. An adjusting journal entry is usually made at the end of an accounting period to recognize an income or expense in the period that it is incurred. This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. Prepaid expenses are: Assets Accumulated Depreciation is: The depreciation expense recorded on an asset to date. a. net income or loss will always be underestimated Identify where the following item would be reported in the financial statements. Adjusting entries are the journal entries posted in the books of accounts post the trial balance is prepared but before the preparation of financial statements. b. theater tickets sold yesterday on credit for yesterday's performance FromBalanceSheetsAccountsReceivableFromIncomeStatement:SalesDec. B) c. debit Accumulated Depreciation; credit Depreciation Expense. c. debit to Accounts Receivable and a credit to Wages Expense The adjusting entry on December 31 is Asset b. Which of the following is NOT one of the three ways medical services can be achieved? Inform Mr. Brown that his account will go to a collection agency if it remains unpaid by the 25th. b) Realization principle \text{From Balance Sheets}&\textbf{Dec. 31, 2018}&\textbf{Dec. 31, 2017}\\[2pt] Your aunt recently received the annual report for a company in which she has invested. b) Liabilities Revenues, Liabilities, Owners' Equity b. a. prepaid increases the balance of an expense account, Prior to the adjusting process, accrued expenses have, been incurred but not paid and not recorded, not yet been recorded as expenses but have been paid, not earned but the cash has been received, income statement account and one balance sheet account, The term used to describe an expense that has not been paid and has not yet been recognized in the accounts by a routine entry is.