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The Debt Ceiling in 2023: An In-Depth Analysis of Government Debt a. expense, contra asset Rent expense amount b. b) Consumed. c. Unearned Subscriptions -Fees earned in March that had been collected in advance: $3,600. $2,000 C) An entry to convert. finding a different way to do something. Which of the following is a typical example of a current liability? (Assume accrual basis accounting.) b. needed to bring accounts up to date and match revenue and expense b. purchased a) Purchased. c) In the period in which they are paid. a. prepaid $3,900 c. Accumulated Depreciation d. None of these choices would not cause the adjusted trial balance totals to be unequal. 20 Which of the following is not considered a basic type of adjusting Explain. snow removal services that have been provided but have not been billed or paid. Which one of the following is not considered a basic type of adjusting c) Be unaffected. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of $27,804 million and Accumulated Depreciation of $14,793 million. 1) Unearned revenue appears: a. Candidate, HBA - naturium.pl c. records revenues when cash is received and expenses when they are incurred c) To prepare the revenue and expense accounts for recording transactions of the following period. 1) Gordy's Corp. has seven employees. Demand a reason for nonpayment. c. accrual basis of accounting supports the matching concept E) running sum of forecast errors (RFSE). 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. Question : 52) Which of the following not considered to be one - ScholarOn (1) A one-year bank loan of $720,000 at an annual interest rate of 6% had been obtained on December 1. However, it does not protect against aspiration. 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. 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. School Columbia College; Course Title ACCT 280; Type. $2,100 b. allocation of unearned revenue. On January 10, the mortgage payment was made. What is the term for the basic tool of accounting, stated as Assets = Liabilities + Equity? 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 The effect of this error is: When preparing the financial statements for the year ended October 31, accrued salaries owed to employees for October 30 and 31 were omitted. d) $2,560, 1) Which of the following accounting principles is concerned with offsetting revenue with the expenses incurred in producing that revenue? The Web site's directory was searched for those with "average" American names (e.g., "John Smith," "Sara Jones"). C) trend projections. PDF Table of Contents Academic Standings and CGPAs from previous terms will not be considered or adjusted. 1. (b) Asset impa, Which of the following is considered in computing depreciation expense using the straight-line method? 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. d. $1,400, Accumulated Depreciation and Depreciation Expense are classified, respectively, as This was the question investigated in the Journal of Experimental Social Psychology (Vol. Indicate also the type of financial statement. D) decreases owner's equity and assets. A. Data gathered from parents, siblings and teachers indicated that siblings in ABA families experienced neither significant drawbacks nor benefits in terms of . a. a computer technician has installed the latest software updates and was paid on the same day 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. d) Expenses are a negative factor in the computation of net income. d) The entry to pay outstanding bills. Accounts Receivable (4) Depreciation of office equipment is based on an estimated useful life of five years. (1) A one-year bank loan of $720,000 at an annual interest rate of 12% had been obtained on December 1. Farad, Inc., specializes in selling used trucks. b) Assets = Liabilities - Owners' Equity. Question 4 options: Revenues and expenses B. REGISTER TO BID: Registration at the auction finalizes each bidder's agreement to the terms and conditions of sale as stated in the Contract and any Addenda which are incorporated 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 b) Only if the same accountant prepares the income statement each period. Patient Billing and Collections-Chapter 18 Flashcards | Quizlet Current assets b. a. depreciation of long-term physical assets. b. The Americans with Disabilities Act of 1990, a civil rights law, prohibits employers from discriminating against employees with disabilities. (a) Asset impairment charges can be used to raise future reported income. She would like you to explain the meaning of terms she has come across related to accounting. 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. Decrease in an asset and decrease in a liability. If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n), When recording an adjusting entry for unearned revenue, a(n). Debit Automobile $578 and credit Depreciation Expense $578. b) It decreases net income and decreases assets. 1.1 Background of the Study. 1) Depreciation expense is: a) An exact calculation prepared by an appraiser. A debit to an expense and a credit to an asset account. Current liabilities c. Investments d. Long-term liabilities e. Property, plant, a. The prepaid insurance account had a balance of $3,000 at the beginning of the year. If the beginning balance of the Accumulated DepreciationEquipment account is $10,000 and an adjusting journal entry is recorded for depreciation on the equipment for $2,500, the balance of the accumulated depreciation account after the entry is recorded will be, If an entry to adjust depreciation is not recorded at the end of the period, Depreciation Expense on the income statement will be, If the following adjusting entry is omitted, what effect will it have on the financial statements? b. accrual Owners' equity will be understated. Assets C. Owner's equity D. Liabilities, Which one of the following disclosures is required by generally accepted accounting principles? Hillman Reports Fourth Quarter 2022 Results; Provides 2023 Guidance d) To be determined for all assets owned by a company. b) Correct errors made during the accounting period. c. Decrease a liability; increase revenue. Decrease in liabilities and reduction in net income. A. Duration Open ended subject to satisfactory performance and the availability of funds. $13,011 (property, plant, equip - accumulated depreciation). b) An understatement of assets, net income, and owners' equity. Statement of changes in owner equity C. Balance sheet 2. Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. B) An entry to record revenue that has been earned but has not yet been billed to customers. INTRODUCTION. -Rental income accrued during March, tenant to pay in April: $800. Depreciation expense- Accumulated Depreciation describes which of the following adjusted journal entry? d) Matching. Assets = Revenue + Expenses - Liabilities. 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? High School Counselor at Highlands Community Charter School To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called A) An entry to convert a liability to a revenue. Emotional Intelligence - a Possible Predictor of Performance or Success Decrease in assets and reduction in net income. Please state where each account should be placed? Which of the following would not cause the adjusted trial balance totals to be unequal? (a) Net income of the company (b) Balance in accumulated depreciation (c) Asset's fair value (d) Cost of inventory produced by equipment (e) Asset's his, Which balance sheet category reflects claims held by creditors against a company's economic resources? The adjusting entry does not record entry for converting an asset to a liability. The adjusting entry on December 31 is Generally accepted accounting principles require that companies use the ________ of accounting. d. revenue and one stockholders' equity 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 Adjusting entries - explanation, purpose, types, examples | Accounting A) An entry to convert a liability to a revenue. The balance in the Office Equipment account is $9,360; no change has occurred in the account during the year. d) Debit Rental Revenue $15,000 and credit Unearned Rental Revenue $15,000. List of Disabilities Covered Under ADA | UpCounsel 2023 (Provide paragraph citations.) Not recording contingent liabilities. $400 Answered: Which of the following is most likely | bartleby The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms. a. income statement b. statement of changes in owner equity c. balance sheet, Which of the following groups of accounts have a normal debit balance? 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.