(1) A one-year bank loan of $720,000 at an annual interest rate of 12% had been obtained on December 1. B. b) As an asset on the balance sheet. Become a Study.com member to unlock this answer! a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Owner Capital a. d. revenues when the liability is no longer owed, Which of the following is considered to be unearned revenue? a. debit Insurance Expense, $3,000; credit Prepaid Insurance, $3,000 d. not earned but the cash has been received, Adjusting entries are 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? b. b. asset D) Whenever transactions affect the revenue or expenses of more than one. b. liabilities 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. Payment at the time of service b. An entry to accrue uncollected revenueC. c) It increases, Unearned revenue is what type of an account? Capital, assets c. Liability, expenses d. Assets, expenses e. Common stock, dividends, Which of the following are all temporary accounts? c. debit Salary Expense, $12,000; credit Salaries Payable, $12,000 Debit Interest Receivable $250. a) Assets An entry to accrue unpaid expenses B. Which of the following is most likely not considered an adjusting entry? c) Matching (b) Contracts negotiated under part 15 may be of any type or combination of types that will promote the Government's interest, except as restricted in this part (see 10 U.S.C. C) decreases assets and increases liabilities. 3321 (a) and 41 U.S.C.3901 ). Which of the following is not considered a basic type of adjusting entry? Net income for January will be overstated. (3) On December 1, rent on the office building had been paid for three months. - Stockholders' equity is not affected. Reasonable adjustments are changes an employer makes to remove or reduce a disadvantage related to someone's disability. $13,011 (property, plant, equip - accumulated depreciation). 1) On December 31, Louis Jeweler's made an adjusting entry to record $4,200 accrued interest payable on its mortgage. View the full answer Which of the following would not be considered an adjusting entry? b. Our experts can answer your tough homework and study questions. a) Before financial statements and after a trial balance has been prepared. Expert Answer. The entry to record this event is an example of an adjusting entry: 2. d. a computer technician has installed the latest software updates, but you have not received an invoice or made payment, Which one of the accounts below would likely be included in an accrual adjusting entry? Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? A) Assets + Liabilities = Stockholder's Equity B) Assets = Liabilities + Stockholder's Equity C) Assets/Revenue = Expenses D) Liabilities + Expenses = Stockholder's Equity, Identify the term being described by the following statement: Current assets minus current liabilities. c. Intangibles; Accumulated Amortization. a) Realization principle How much is owed the employees for their wages? c) The entry to record revenue earned but not yet received. b. allocation of unearned revenue. d) Daystar Company receives payment in May for work to be performed in June and July. b) Correct errors made during the accounting period. 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. 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. A) Both revenues and assets will be understated. a. debit Unearned Gym Memberships; credit Gym Memberships Revenue a) As a reduction to retained earnings. Unearned Rent 1,900 b) It decreases net income and decreases assets. a. assets b. liabilities c. gains d. expenses, What type of account is prepaid expense? D. Do nothing yet; Mr. Brown's account is current. 45, 2009). d) Materiality. Listing current liabilities in order of maturity. 1) Unearned revenue may also be called: Change in inventory. Listing current liabilities according to amount. Payables a. Liabilities, expenses, and assets. Not adjusting for shock in multivariate models that analyze the effect of empirical antibiotic therapy on mortality may lead to incorrect conclusions, and the importance of definin when shock is or is not an intermediate variable is clearer. b. debit Cash; credit Salaries Payable b. debit Salary Expense, $12,000; credit Dividends, $12,000 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). Briefly summarize the meaning of this term and how it relates to an entity's financial statements. Toe researchers examined the link between engagement ring price (dollars) and level of appreciation of the recipient (measured on a 7-point scale where 1 = "not at all" and 7 = "to a great extent"). Which of the following is not considered a basic type. The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms. a) Increase by $9,800. a. depreciation of long-term physical assets. a. d) The entry to record accrued wages payable. 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, b) Generally fall into one of two categories. c) The entry to pay outstanding bills. d) Debit Rental Revenue $15,000 and credit Unearned Rental Revenue $15,000. Which of the following is considered to be unearned revenue? As with the other things we are calling a mental illness this problem needs to interfere with your ability to work or go to school . Academic Standings and CGPAs from previous terms will not be considered or adjusted. c. Underrecording depreciation expense. a. revenue, expense b. liability, asset c. asset, liability d. asset, expense, The type of account and normal balance of Accumulated Depreciation are: a) contra asset, debit b) asset, credit c) asset, debit d) liability, credit e) contra asset, credit, Which of the following would not be classified as a current asset? The monthly rent is $7,000. c) $0 c) The entry to declare a dividend distribution. a. debit Rent Expense, $8,000; credit Prepaid Rent, $8,000 (5) Fees of $9,800 were earned during the month for clients who had paid in advance. 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? d) Ordered. An example of a contra-asset account is: Stock is exchanged between the shareholders of at least two corporations. a. Is the gift you purchased for that special someone really appreciated? Liability c. Equity d. Revenue e. Expense, Which of the following entries causes an immediate decrease in assets and stockholders' equity? c. The adjustment for prepaid insurance was omitted. 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. C. Received $3,800 for fees earned. C) An entry to convert. a. Fiscal Technician I . Increase in liabilities and reduction in net income. -Fees earned in March that had been collected in advance: $2,600. a) Services rendered. b) Liabilities 1. b) $231,900. Explore the various types of adjusting journal entries, and examine how to do them. D) decreases owner's equity and assets. 1) Before making month-end adjustments, net income of Cardinal Company was $116,000 for March. Borrowed $40,000 from First National Bank. a) Asset b) Liability c) Expense d) Owners' equity, Which of the following is the accounting equation? Skip. d. the future value of cash flows. a. If no adjusting entry is made, how will this year's financial statements of Bon Appetite Caf be affected? Indicate which items will be erroneously stated, because of the error, on (A) the income statement for the year and (B) the balance sheet as of October 31. B) Both revenues and assets will be overstated. 1) We can compare income of the current period with income of a previous period to determine whether the operating results are improving or declining: c. debit Insurance Expense, $2,100; credit Prepaid Insurance, $2,100 b. revenues are reported on the income statement in the period in which they are earned a) Prepaid expenses appear in the balance sheet. The District may choose to fill one or more positions from this recruitment within six (6) months. Assets + liabilities = stockholders' equity b. -Supplies used in March: $100. The adjusting entry on December 31 is b) To apportion unearned revenue. 2. Expenses increase stockholders' equity. 1) On the adjusted trial balance, retained earnings is: 1) The purpose of adjusting entries is to: We level all printers as if everything is properly assembled, tightened, and adjusted. 1) Which statement is true about an adjusted trial balance? Which of the following is not accomplished by an adjusting entry? Borders and boundaries The boundaries of adjustment disorder are not well defined in the current classifications. The financial statements will be accurate since the $500 does not have to be paid yet. a. The effect of this error is: Adjusting entries can be divided into the following four types. a) On January 1, Empire Company paid rent for six months on its office building. CINCINNATI, Feb. 23, 2023 (GLOBE NEWSWIRE) -- () (the "Company" or "Hillman"), a leading provider of hardware products and merchandising solutions, reported financial resu d. liability, If there is a balance in the unearned subscriptions account after adjusting entries are made, it represents a(n) 1) Before making month-end adjustments, net income of Bobwhite Company was $232,000 for March. c) Not to be calculated unless the exact life of an asset can be determined. Therefore, the credit to Supplies in the adjusting entry is for the amount of supplies (4) Depreciation of office equipment is based on an estimated useful life of six years. 57. Not recording contingent liabilities. CHAPTER ONE. 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 Maturity dates of long-term debt c. Methods of amortizing intangibles d. Composition of plant assets, Fill in the blanks with the category of the expanded accounting equation (assets; liabilities; owner, capital; owner, withdrawals; revenues; expenses). Supplies Which of the following basic elements of financial statements is more associated with the balance sheet than the income statement? 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? (b) An expensive private jet that can be purchased from a local vendor. b) $36,000. Inform Mr. Brown that his account will go to a collection agency if it remains unpaid by the 25th. A) An entry to convert a liability to a revenue. Contract level IICA-2. = 15 * 3/20 ANSWER Correct Option is Option B. 59) Which of the following is not a characteristic of trend projections? c) Assets = Liabilities + Paid-in Capital + Retained Earnings. b) Debit Rental Revenue $5,000 and credit Unearned Rental Revenue $5,000. a) Only if a manual accounting system is used in both periods. (4) Depreciation of office equipment is based on an estimated useful life of five years. 31,2018Dec. 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. Assets, capital, and withdrawals. Current assets b. [ If you would like to come in, I would be happy to talk over the details and help with a payment plan that suits your budget." - is the best response. b) In the period with the higher earnings. Which of the following groups are not considered a specialist by AICPA Professional Standards: A. Appraisers. These individuals were then invited to participate in an online survey in exchange for a $10 gift certificate. How is "materiality" defined in the conceptual framework? D) trend smoothing. A debit to a liability and a credit to cash. B) b) Only an estimate. 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? 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. Under which circumstance would the veterinarian not adjust or cancel a fee for services? a. a computer technician has installed the latest software updates and was paid on the same day Which of the following is considered to be an accrued expense? d) Net income will be overstated and total assets will be overstated. Createyouraccount. To put the firm's current P/E\mathrm{P} / \mathrm{E}P/E ratio in perspective, it is useful to compare this ratio with that of other companies in the same industry. a) Are needed whenever revenue transactions affect more than one period. After recording these adjustments, net income for March is: Rent expense amount b. 1) Which of the following statements is not true regarding prepaid expenses? 1) Which of the following is considered an adjusting entry? 1) Gamma Company adjusts its accounts at the end of each month. In order to be considered for the position, please attach the following: 1. checks stamped "NSF." Echo Lake Resort has not yet received payment from the local business. Revenues, Liabilities, Owners' Equity b. d. inventory, Which account would normally not require an adjusting entry? Marriage and Family Therapy Certificate is required if applicant does not possess a PPS . The company should make an adjusting entry: 31,2017AccountsReceivable$85,000$105,000FromIncomeStatement:2018Sales700,000\begin{array}{lrr} Revenues, liabilities, capital b. c) To prepare the revenue and expense accounts for recording transactions of the following period. c. debit Unearned Gym Memberships; credit Prepaid Gym Memberships d. Unearned Rent, Which of the following accounts would likely be included in a deferral adjusting entry? In payment, Esquire agreed to accept a 6%6 \%6% note requiring the payment of interest and principal on March 31,2019 . (A), [1001][1652]\left[\begin{array}{ll}1 & 0 \\ 0 & 1\end{array}\right]\left[\begin{array}{rr}-1 & 6 \\ 5 & 2\end{array}\right] Large corporations are not able to avoid underpaying their taxes by relying on the 100% of the tax shown on the return for the preceding year exception. c. book value a. historical cost C) The account was debited for $32,500 for premiums on policies purchased during the year. b) Prepaid expenses represent assets. d) On January 1, Empire Company purchased delivery equipment with an estimated useful life of five years. Current liabilities c. Investments d. Long-term liabilities e. Property, plant, a. A) Marketable Securities B) Equipment C) Prepaid Expenses D) Interest Receivable, Which of the following is a correct statement regarding the use of the modified approach for accounting for eligible infrastructure assets? 1) Which of the following is not considered a basic type of adjusting entry? 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) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. Are they quantitative or qualitative in nature? After recording these adjustments, net income for March is: C. Assigning expenses to the periods in which they are incurred. C. Assets - Liabilities - Dividends, Identify the type of account for the following: Equipment a. Vacancy code VA/2023/B5303/25590. After the appropriate adjusting entry is recorded, the balance in the liability account Unearned Fees will: WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. a. B) decreases net income and increases liabilities. Credit Interest Payable $2,500 . c) $112,400. checks that have a "stop payment" order. a . a. the same as correcting entries Duration Open ended subject to satisfactory performance and the availability of funds. 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.) Asset b. -Supplies used in March: $300. c) Unexpired revenue. c. Decrease a liability; increase revenue. Question 6 options: A debit to an expense and a credit to cash. c. used The adjusting entry required by Great Kids Co. on January 30 includes: B) An entry to record revenue that has been earned but has not yet been billed to customers. Which of the following groups are not considered a specialist by AICPA Professional Standards: A. Appraisers. . d) Debit Interest Expense $2,100 and credit Accrued Interest Payable $4,200. a) Prepare the revenue and expense accounts for recording the revenue and expenses of the next accounting period. Which of the following expresses the key elements of the statement of owners' equity? This problem has been solved! or in longer cases. 1) Gordy's Corp. has seven employees. Debit Interest Expense $250. Participants for the study were those who used a popular Web site for engaged couples. The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. a. c) Debit Accrued Interest Payable $6,300. A debit to an expense and a credit to an asset account. This was the question investigated in the Journal of Experimental Social Psychology (Vol. b) Depreciation d) Realization principle and matching principle. = 15 ? c) $60,000. Adjusting entries that convert assets to expenses: Some cash expenditures are made to obtain benefits for more than one accounting period. Collection. Adjustments include: Medical Savings Account, Form 8853 Educator Expenses Prepaid expenses. a) $44,200. c) Only if each accounting period covered is a full year. Increase an asset; increase revenue. d. net income or loss will not be determined, Adjusting entries always include Statement of changes. A) d. records revenues and expenses when the company needs to apply for a loan, By matching revenue earned during the accounting period to related incurred expenses b) The entry to pay salaries. d. debit to Dividends and a credit to Wages Payable, Supplies are recorded as assets when purchased. Definition of Accrual Adjusting Entries Accrual adjusting entries or simply accruals are one of three types of adjusting entries which are prepared at the end of an accounting period so that a company's financial statements will comply with the accrual method of accounting. When recording an adjusting entry for a prepaid expense. c) To accrue an uncollected revenue. Assets are transferred from one corporation to another. Internal auditors. Once a patient's account is in the hands of a_____agency, most offices will terminate the physician-patient relationship. B) An entry to accrue unpaid expenses. d) Net income. a. b) The entry to record uncollected revenues. Send Mr. Brown a friendly written reminder. 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? (b) The entry to record revenue earned but not yet received. Which of the following is most likely not considered an adjusting entry? Employees earn a total of $12,800 per week. The company's monthly rent is $700. (4) Depreciation of office equipment is based on an estimated useful life of five years. Assets = Liabilities + Common Stock + Dividends - Revenue - Expenses b. (1) A one-year bank loan of $720,000 at an annual interest rate of 6% had been obtained on December 1. a) It is prepared before adjusting entries. 3. b. earned but the cash has not been received 1. Property, Plant, and Equipment; Accumulated Depreciation. a) Assets and liabilities b) Assets and owners' equity c) Assets and expenses d) Assets and revenues. d) As a part of the retained earnings. (2) The company's pays all employees up to date each Friday. d. debit Building; credit Depreciation Expense.

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