c. Revenue minus expenses. A. d. debit Prepaid Rent, $8,000; credit Rent Expense, $8,000, The balance in the office supplies account on January 1 was $7,000, supplies purchased during January were $3,000, and the supplies on hand at January 31 were $2,000. 1) Unearned revenue is: a. deferral 1. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Legal Expense a. c. used Which ONE of the following items is NOT a type of stockholders' equity? $400 The appropriate adjusting entry at the end of the period would be: 1) Gamma Company adjusts its accounts at the end of each month. Change in accounts receivable. Assets + Dividends + Expenses = Liabilities + Common Stock + Revenues c. Assets - Liabilities - Divide, Which of the following would be caused by recording an adjusting journal entry to recognize depreciation? The financial statements will be accurate since the $500 does not have to be paid yet. Change in inventory. 3.
Answered: Which of the following is most likely | bartleby d. rarely needed in large companies, Adjusting entries affect at least one 2.4 - Life Insurance Policy Options and Riders, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, Principles of Managerial Finance, Global Edition, 1st Semester Final Review- Principles of Busi. (b) An expensive private jet that can be purchased from a local vendor. a. still on hand Adjusting entries are necessary for the following items: = 2 5/20 a. debit Rent Expense, $8,000; credit Prepaid Rent, $8,000 Adjusting journal entries are a feature of accrual accounting as a result of revenue recognition and matching principles. 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)
Project Topic Details d. debit Building; credit Depreciation Expense. b) $113,620. Assets, liabilities, and owner's equity. c) The entry to declare a dividend distribution. a. only income statement accounts Which of the following is most likely not considered an adjusting entry? a. Indicate also the type of financial statement. c. debit Unearned Gym Memberships; credit Prepaid Gym Memberships For example: making changes to the workplace. 1) An adjusting entry involving recognition of accrued revenue is necessary at the end of March in which of the following situations? a) Assets Study with Quizlet and memorize flashcards containing terms like the units manned by Special Warfare Combatant-craft Crewmen who operate and maintain a variety of combatant and other craft for maritime special operations are known as _____., Which of the following is not considered an instrument of national power?, (Title: Cooperative Strategy for 21st Century Seapower: 07010201) Deploying the . We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. A. expenses and liabilities B. expenses and revenues C. revenues and liabilities D. expenses and assets, Which one of the following groups of accounts contains only assets? We level all printers as if everything is properly assembled, tightened, and adjusted. (Provide paragraph citations.) In previous chapter, we discussed the various factors that may influence P/E ratios. 1) Before making month-end adjustments, net income of Bobwhite Company was $232,000 for March. b) $36,000. Contract type International ICA. (c) The entry to record the earned portion of rent received in. - Liabilities will increase. INTRODUCTION. An entry to accrue uncollected revenueC. (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. 2. b. allocation of unearned revenue. Income statement B. The budget for the month was to sell 45 trucks at an average price of$9,500 each. a. 29. Give Mr. Brown a tactful collection call. The 6% rate is appropriate in this situation. d) A liability. Which is the best response? Where are the highest populations in Europe? Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ?
Reasonable adjustments at work - Acas a) On January 1, Empire Company paid rent for six months on its office building. How is "materiality" defined in the conceptual framework? 1) Which of the following is the accounting principle that governs the timing of revenue recognition? Level ICS-10. 1) Before any month-end adjustments are made, the net income of Russell Company is $38,000. a. assets b. liabilities c. gains d. expenses, What type of account is prepaid expense? b. debit Insurance Expense, $14,000; credit Prepaid Insurance, $14,000 Which of the following may not be considered a "qualifying asset" under IAS 23? In ICD-10, adjustment disorder is classified under 'Neurotic, stress-related and somatoform disorders' (code F43.2), unlike DSM-IV-TR where is it is not classified under any particular group. Assets C. Owner's equity D. Liabilities, Which one of the following disclosures is required by generally accepted accounting principles? Increase in an asset and increase in a liability. Which of the following accounts would likely be included in a deferral adjusting entry? (a) A power generation plant that normally takes two years to construct. Account adjustments, also known as adjusting entries, are entries that are made in the general journal at the end of an accounting period to bring account balances up-to-date. Rent Revenue 1,900. d. debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000, The entry to adjust for the cost of supplies used during the accounting period is Asset b. Question 14 options: Cash, contributed capital, and retained earnings.
Are they quantitative or qualitative in nature? d) $117,000. Borrowed $40,000 from First National Bank.
Fiscal Technician I at Mount San Antonio College | EDJOIN Income statement B. - Net income increases. . At the end of the period, it was determined that $15,000 worth of coupons had been used by customers to rent videos. If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of the following describes the effect of the debit portion of the entry? a) Liabilities and expenses increase; stockholders' equity decrease b) Assets and stockholde, Indicate the type of Deferred Tax account created by Accrued Expenses and Prepaid Expenses, respectively: a. Debit Interest Expense $250. d. liability, Which of the following is an example of a prepaid expense? Echo Lake Resort has not yet received payment from the local business. Do you think the materiality guidelines should be quantified? B) An entry to accrue unpaid expenses. b. needed to bring accounts up to date and match revenue and expense B. Write offs. Adjusting entries that convert assets to expenses: Some cash expenditures are made to obtain benefits for more than one accounting period. a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. When recording this mortgage payment, the accountant should: a) Assets = Equities. Psychosocial adjustment in siblings of children with autism whose families were using a home-based, applied behavior analysis (ABA) program was compared to that of siblings in families who were not using any intensive autism intervention. a) An exact calculation prepared by an appraiser. (b) The entry to record revenue earned but not yet received. b) To apportion unearned revenue. A)
exam ch11 Flashcards | Quizlet Solved Which of the following is not considered a basic type - Chegg The following information has been assembled in order to prepare the required adjusting entries at December 31: Listing current liabilities according to amount. The Americans with Disabilities Act of 1990, a civil rights law, prohibits employers from discriminating against employees with disabilities. d. revenue, The unexpired insurance at the end of the fiscal period represents a. b) In the period with the higher earnings. 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? If an adjustment for salaries earned but not recorded or paid in the amount of $85,000 were to be omitted, how would this affect the financial statements? b) Midwood Consultants made payment in January for office rent for the first three months of the year. Which of the following is not an adjusting entry? b) $41,160. d) Justifies ignoring the matching principle or the realization principle in certain circumstances. B. c. revenue c. the IRR. Which one of the following is not considered a basic type of adjusting entry? d. debit Supplies; credit Stockholders' Equity, Buster Industries pays weekly salaries of $30,000 on Friday for a five-day week ending on that day. (1) A one-year bank loan of $720,000 at an annual interest rate of 12% had been obtained on December 1. C) An entry to convert an asset to an expense. b) Crediting Wage Expense for $640 and debiting Wages Payable for $640. D) Get access to this video and our entire Q&A library, Adjusting Entries: Definition, Types & Examples. 3321 (a) and 41 U.S.C.3901 ). c) On January 1, Empire Company began delivery service for a large client who will pay at the end of a three-month period. 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. Chan, Which of the following transactions changes only the mix of assets and does not affect liabilities or stockholders' equity? Accounts Receivable Indicate also the type of financial statement.
Which of the following is not considered a basic type of adjusting b. deferred d. prepaid expenses, The adjusting entry for gym memberships earned that were previously recorded in the unearned gym memberships account is d) The entry to convert liabilities to revenue. Assets and liabilities C. Common Stock and liabilities D. Owner, Capital and assets, Which of the following statements is true concerning all types of tax-free corporate reorganizations? a) As income on the income statement. b) Depreciation Consequently, it should not be used in patients at risk for aspiration (e.g., Gastroesophageal reflux disease [GERD], obesity, diabetes, etc.) Adjusting entries are needed: A. - Total assets decrease. Asset b. c) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. a) Debit Interest Expense $6,300. Which of the following is most likely not considered an adjusting entry? d. $1,400, Accumulated Depreciation and Depreciation Expense are classified, respectively, as Which of the following would not be considered an adjusting entry? c) To accrue an uncollected revenue. c. expenses in the period when they are paid (3) On December 1, rent on the office building had been paid for three months. (2) The company's pays all employees up-to-date each Friday. b) The entry to pay salaries. b) Debit Rental Revenue $5,000 and credit Unearned Rental Revenue $5,000. Doing so: A. Violates professional standards. a. revenues and expenses are reported in the period in which cash is received or paid 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. What amount of interest expense has accrued on the bank loan? Because collecting the adjustment data requires time, the adjusting entries are often. b. The entry to record revenue earned but not yet received c. The entry to record the earned portion of rent recei. This problem has been solved! Change from straight-line to sum-of-the-years'-digits method of depreciation. $550. c. debit to Accounts Receivable and a credit to Wages Expense d. debit Salaries Expense; credit Salaries Payable, The supplies account had a balance of $4,400 at the beginning of the year and was debited during the year for $2,400, representing the total of supplies purchased during the year. Inform Mr. Brown that his account will go to a collection agency if it remains unpaid by the 25th. a) Transactions involving small dollar amounts are not recorded in Millridge's accounting records. Adjusting entries are necessary because timing differences exist between when a revenue or expense is recognized and cash is received or paid. The adjusting entry to record interest that has accrued on a note payable to the bank will cause an immediate: a. unearned revenue b. stock dividend distributable c. the currently maturing proportion of long-term debt d. trade accounts payable, What types of account balances are increased by debits? a. C) decreases assets and increases liabilities. a. debit Salaries Payable; credit Cash Assets and Revenues b. 1) Which of the following would not be a proper application of the concept of materiality by Millridge Corporation? = 2 1/4. If $400 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 Suppose Dr. Milton's checking account has a balance of $3,458.92. Is the gift you purchased for that special someone really appreciated? As of January 31, Princess Company owes $500 to Butler Co. for equipment rented during January.
List of Disabilities Covered Under ADA | UpCounsel 2023 c. debit Salaries Payable; credit Salaries Expense
Human Resources Specialist at North Orange County Community College These are Adjusting entries are necessary for the following items: What are the variables of interest? a) Realization principle Acute myocardial infarction, diabetes, cerebral atrophy, chronic obstructive pulmonary disease, end-stage renal disease, homocysteinemia, rheumatoid arthritis, stroke B. Diabetes . d) Crediting Wage Expense for $4,480 and debiting Wages Payable for $4,480. b) Consumed. c) Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. 31,2017$105,000. b) Deferred revenue. d) An overstatement of net income and an understatement of assets. b. .c) A credit to Child Care Fees Earned of $4,500. a) Assets and liabilities b) Assets and owners' equity c) Assets and expenses d) Assets and revenues. The Web site's directory was searched for those with "average" American names (e.g., "John Smith," "Sara Jones"). b) The entry to pay salaries. A. a) Net income will be overstated and total assets will be understated. -Supplies used in March: $300. a) Assets b) Liabilities c) Owner Equity d) Expenditures, In accounting, what is the meaning of capitalized? after adjusting entries are posted but before financial statements are prepared. Which one of the following is not considered a basic type of adjusting entry? the amount originally paid. a. theater tickets sold last month for yesterday's performance After recording these adjustments, net income for March is:
(Solved) - 1. Which of the following may not be considered a d) $42,000. Under which circumstance would the veterinarian not adjust or cancel a fee for services? c. Expenses decrease stockholders' equity. A. c. $2,800 1) Shop supplies are expensed when: Since LMA does not enter the trachea, it is less stimulating. a. assets, liabilities, owner's equity b. assets, drawing, expenses c. assets, revenues, expenses d. assets, liabilities, revenues, Which of the following statements is true?
2 Which of the following is most likely not considered an adjusting a) Debiting Wage Expense for $640 and crediting Wages Payable for $640. a.
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