Revenues and expenses B. At the end of the period, it was determined that $15,000 worth of coupons had been used by customers to rent videos. Please state where each account should be placed? Adjusting entries are necessary because timing differences exist between when a revenue or expense is recognized and cash is received or paid. - Stockholders' equity is not affected. (a) The entry to record depreciation: $3,000. c) Net income will be understated and total assets will be overstated. 1. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is . As time passes, fixed assets other than land lose their capacity to provide useful services. d. account basis, The cash basis of accounting records revenues and expenses when the cash is exchanged while the accrual basis of accounting b. On January 25, Ramona's Nursery hired a college student to drive the minibus; the new employee is to begin work in February. Prepaid expenses. d) $117,000. Asset b. b) Midwood Consultants made payment in January for office rent for the first three months of the year. b. B) 1) Videobusters, Inc. offered books of video rental coupons to its patrons at $40 per book. D. Geologists. Position Number: CM-157-2022 Department: Fiscal Services Job Category: Time (Percent Time): Term (months/year): Current Work Schedule (days, hours): Monday-Thursday, 7:30am-5:00pm/Friday, 7:30am-11:00am Salary Range: A-69 Salary: A-69Steps 1 - 6: $4,386 - $5,598 monthly Shift Differential: Shift differential eligibility based on the current collective bargaining agreement. B. Echo Lake Resort has not yet received payment from the local business. Assets = Revenue + Expenses - Liabilities. The accrual of an electricity bill for electricity used but not yet paid b. What action should the veterinary office assistant take upon aging accounts receivable on March 1 of the same year? Increase in assets and increase in net income. 3. the amount expired. d) $900 is paid to an attorney for legal services rendered during the current year. List of Disabilities Covered Under ADA | UpCounsel 2023 D. Assets = liabilities + stockholders' equity c. Assets = liabilities d. Assets = liabilities + retained earnings, Which of the following is not a change in accounting estimate? c) In the period in which they are paid. c. The concepts statements discuss the concept of "articulation" between financial statement elements. All rights reserved. Labour TraffickingEven in Canada | Max Bell School of Public Policy Adjustments are certain expenses which can directly reduce your total taxable income. d) Realization principle and matching principle. Weegy: "The total charge will depend on how many visits you make and how many tests are necessary, but the total fee from the beginning of care until the last visit is usually around $200. a. accounts receivable b. land c. plant and equipment d. natural resources, Which of the following group of accounts are increased with a debit? Accounts Receivable b. revenues are reported on the income statement in the period in which they are earned 1) Unearned revenue may also be called: a. b. A change from expensing certain costs to capitalizing these costs du. The entry to record revenue earned but not yet received c. The entry to record the earned portion of rent recei. = 45/20 c) Only if each accounting period covered is a full year. C) 1. 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. The balance in the Office Equipment account is $9,360; no change has occurred in the account during the year. snow removal services that have been provided but have not been billed or paid. $4,300 d) Midwood Consultants received payment in February for consulting services rendered in March. 1) On June 1, Norma Company signed a 12-month lease for warehouse space. 1) The concept of materiality: ($4,800 / 12 = $400 * 1 / 2 = $200). E) running sum of forecast errors (RFSE). d. prepaid expenses, The adjusting entry for gym memberships earned that were previously recorded in the unearned gym memberships account is Assets and Revenues b. Debit Interest Expense $250. a. Adjusting entries that convert assets to expenses: Some cash expenditures are made to obtain benefits for more than one accounting period. c) Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. Candidate, HBA - naturium.pl b) A debit to Unearned Child Care Revenue of $4,500. The monthly rent is $6,000. Question 4 options: 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. The effect of this error is: b) The entry to record uncollected revenues. 1) Gamma Company adjusts its accounts at the end of each month. Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. after adjusting entries are posted but before financial statements are prepared. c. debit Salaries Payable; credit Salaries Expense A. Updating liability and asset accounts to their proper balances. A) An entry to convert a liability to a revenue. INTRODUCTION. a) To record unrecorded expenses. Which of the following is NOT considered to be a symptom of reverse culture shock? 5. ra - A kzs nyelvvltozattal kapcsolatos, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Eric W. Noreen, Peter C. Brewer, Ray H Garrison. (4) Depreciation of office equipment is based on an estimated useful life of six years. A. 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. Fair value adjustment-trading a. b) In the period with the higher earnings. b. debit Stockholders' Equity; credit Supplies b. deferral basis These adjustments are discussed below. Our experts can answer your tough homework and study questions. 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). Identify where the following item would be reported in the financial statements. B) Revenue. No support bed leveling aid. Which of the following statements is not true? a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. changing someone's working arrangements. Which of the following basic elements of financial statements is more associated with the balance sheet than the income statement? c) $38,000. D) ERIC - EJ962764 - Applied Behavior Analysis Programs for Autism d) $42,000. An entry to convert an asset to a liability. Question 6 options: -Depreciation for the month of March: $4,300. a. a. debit to Wages Expense and a credit to Wages Payable - Net income increases. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. Increase an asset; increase revenue. \text{From Balance Sheets}&\textbf{Dec. 31, 2018}&\textbf{Dec. 31, 2017}\\[2pt] a. (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. Net income for January will be overstated. The cash account will always be affected by adjusting journal entries. High School Counselor at Highlands Community Charter School checks that have been paid by at the bank and charged to the depositor's account. a. still on hand Write offs - is not considered an adjustment. MARH22.docx - Question 1 Which of the following are considered the c) The entry to declare a dividend distribution. What is the balance to be carried forward in the checkbook? d) As an expense on the income statement. d) Justifies ignoring the matching principle or the realization principle in certain circumstances. a) As a reduction to retained earnings. 1) Omega Company adjusts its accounts at the end of each month. 6, expenses can be defined by which of the following? Which is the best response? . Which of the following would not cause the adjusted trial balance totals to be unequal? an agreement that has been signed for snow removal services for the next three months a. The adjusting entry does not record entry for converting an asset to a liability. D. An entry to convert an asset to a liability. Internal auditors. However, the following adjustments are necessary: office supplies used, $3,160; services performed for clients but not yet recorded or collected, $3,040; interest accrued on a note payable to bank, $3,640. This month, the last day of the month falls on a Thursday. The note is to be repaid, with interest, in six months. Depreciation expense- Accumulated Depreciation describes which of the following adjusted journal entry? When recording this mortgage payment, the accountant should: d. debit Gym Memberships Expense; credit Unearned Gym Memberships, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus. Rent expense amount b. Proof of Bachelor's Degree in Counseling, Psychology, or related field. C) The entry to record depreciation expense. -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. a) $44,200. Assets and Liabilities B. Find the matrix products. c) As an asset on the balance sheet. \text{Sales}&\text{700,000}\\ After the appropriate adjusting entry is recorded, the balance in the liability account Unearned Fees will: d. None of these choices would not cause the adjusted trial balance totals to be unequal. Revenues, liabilities, capital b. C. Assigning expenses to the periods in which they are incurred. In which of the following situations would an adjusting entry be made at the end of January to record an accrued expense? (a) The entry to record depreciation expense. a. debit Supplies Expense; credit Supplies A. In order to be considered for the position, please attach the following: 1. Which of the following is NOT one of the three ways medical services can be achieved? Employees earn a total of $12,800 per week. b. revenues when services are performed Current liabilities c. Investments d. Long-term liabilities e. Property, pla. b. deferred a. (3) On December 1, rent on the office building had been paid for three months. Each book contained a certain number of coupons for video rentals. $700 C) decreases assets and increases liabilities. d. debit Prepaid Insurance, $1,800; credit Cash, $1,800, Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. b. depreciation The cash payment for accrued revenues occurs __________ the adjusting entry to record the accrued revenue. Credit Interest Payable $2,500 Debits Write offs. c) To accrue an uncollected revenue. c) $112,400. Use the following account types to form the expanded accounting equation. 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. c. Offsetting current liabilities against assets that, Which item below is not a current liability? The lease requires monthly rent of $550, with 4 months paid in advance. -Rental income accrued during March, tenant to pay in April: $800. a. a) Assets = Equities. d) Prepaid expenses are shown in a special section of the income statement. b) Debit Rental Revenue $5,000 and credit Unearned Rental Revenue $5,000. Liability, Asset b. CPA wishes to use a representation letter as a substitute for performing other audit procedures. On June 30, 2018, the Esquire Company sold some merchandise to a customer for $30,000\$ 30,000$30,000. b) $4,000 is paid in January for equipment with a useful life of four years. The Web site's directory was searched for those with "average" American names (e.g., "John Smith," "Sara Jones"). a) Assets, expenses, and withdraws b) Assets, liabilities, and revenues c) Expense, assets, and capital d) Withdrawals, liabilities, and capital, Which one of the following represents the expanded basic accounting equation? Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Legal Expense a. b. accrual $13,011 (property, plant, equip - accumulated depreciation). What are accrual adjusting entries? | AccountingCoach FY22 net sales decreased (7.3%) to $3,922 million, organic sales decreased (0.5%) FY22 GAAP EPS of ($4.41), adjusted EPS of $2.09; Q4 net sales decreased (10.9%) to $983 million, A) School Columbia College; Course Title ACCT 280; Type. d) Update the owners' equity account for the changes in owners' equity that had been recorded in revenue and expense accounts throughout the period. b) $231,900. By writing-down a fixed asset's depreciable cost now, there is less depreciation expense to match against future revenues. Which of the following is not considered a basic type of adjusting entry?A. 31,2017AccountsReceivable$85,000$105,000FromIncomeStatement:2018Sales700,000\begin{array}{lrr} Legislative reform is needed, to remove or widen the . An entry to accrue uncollected revenueC. b) The entry to pay salaries. Why or why not? 58) The computer monitoring of tracking signals and self-adjustment is referred to as. 31,2018$85,0002018700,000Dec. d) Equal $9,800. Change in inventory. Which of the following situations is not considered an adjustment? 31,2017$105,000. The customer is the director of a nearby animal shelter. b. Because collecting the adjustment data requires time, the adjusting entries are often. b) $41,160. a) On January 1, Empire Company paid rent for six months on its office building. exam ch11 Flashcards | Quizlet Additional materials will not be considered or returned. The customer claims he can't pay today, but he hopes to be able to pay next month. a. Debit Accumulated Depreciation $578 and credit Depreciation Expense $578. 1) Great Kids Co. began providing day care for the children of employees of a large corporation on January 15 for an agreed monthly fee of $9,000. Generally accepted accounting principles require that companies use the ________ of accounting. 1) Unearned revenue appears: 1) Which of the following is the accounting principle that governs the timing of revenue recognition? The United Shipping Co. borrowed $25,000 at 12% interest on March 1, 2018. 1) Recently, Bon Appetite Caf contracted and paid for a relatively expensive advertisement in Haute Cuisine magazine. c) Unexpired revenue. Identify where the following item would be reported in the financial statements. b) Debit Interest Expense $2,100 and debit Accrued Interest Payable $4,200. c) An overstatement of liabilities offset by an understatement of owners' equity. d) To record unearned revenue. 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? a) Assets = Liabilities + Owner's Capital + Owner's Drawings - Revenue - Expenses b) Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues c) Assets -, Which account types have a normal debit balance? A) a) Debiting Wage Expense for $640 and crediting Wages Payable for $640. A_____is a collection problem that requires immediate action because this individual has a balance due and has moved without leaving a forwarding address. Part 16 - Types of Contracts | Acquisition.GOV e. None of these. (b) The entry to record revenue earned but not yet received. b) Assets = Liabilities - Owners' Equity. a. asset, credit The following information has been assembled in order to prepare the required adjusting entries at December 31: c. debit Insurance Expense, $2,100; credit Prepaid Insurance, $2,100 A) Deferred credits B) Constructive obligations C) Equitable obligations D) Contingent liabilities, Which of the following doesn't correctly describe a journal entry which debits depreciation expense and credits accumulated depreciation? Solved Which of the following is not considered a basic type - Chegg Current assets b. 1) Which of the following is not a purpose of adjusting entries? a) Income. An entry to accrue unpaid expenses B. Beginning capital, capital contribution and withdrawals, and net income. Where are the highest populations in Europe? d) Only if the accounting periods are equal in length. $3,500. Adjusting entries always affect at least one revenue or expense account and one asset or liability account. These individuals were then invited to participate in an online survey in exchange for a $10 gift certificate. a. deferral View the full answer 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? The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. a. assets C) a) The entry to record depreciation. Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: At the end of the current year, $23,570 of fees have been earned but have not been billed to clients. 6 2/3 400 A) Supplies expense 400 Supplies 400 B) Depreciation expense 400 Accumulated depreciation 400 C) Wage expense 400 Cash 400 D) Insurance expense 400 Prepaid insurance. A. to identify the kind of entry that would increase th, Which of the following types of accounts have a normal debit balance? d. Accounts Receivable, If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n) SEJPME PRETEST Flashcards | Quizlet b) Realization principle a) Only if a manual accounting system is used in both periods. c) Paid for. A) Expenses are outflows or other using up of assets or incurrence of liabilities (or a combination of both) during a period from delivering or produci, Which of the following types of accounts normally have debit balances? The Debt Ceiling in 2023: An In-Depth Analysis of Government Debt 1) An asset purchased on January 1, 2015 for $60,000 that has an estimated life of 10 years will have a book value on December 31, 2018 of: Participants for the study were those who used a popular Web site for engaged couples. d. contra asset, expense, The type of account and normal balance of Prepaid Insurance is Answered: Which of the following is most likely | bartleby a. records revenues when they are earned and expenses when they are paid Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Fees Earned a. a. expense, contra asset Begin the equity section with Contributed Capital + Retained Earnings. Stock is exchanged between the shareholders of at least two corporations. Adjustment disorder considered | Advances in - Cambridge Core Question : 52) Which of the following not considered to be one - ScholarOn
