Which of the following would not cause the adjusted trial balance totals to be unequal? Identify at least two of these examples. After recording these adjustments, net income for March is: (4) Depreciation of office equipment is based on an estimated useful life of six years. Note that the product can be found mentally, without the use of a calculator or pencil-and-paper calculations. d. debit Prepaid Insurance, $1,800; credit Cash, $1,800, Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. Accounting - Chapter 4 Flashcards | Quizlet b. revenues when services are performed b. revenue and the dividends account d. account basis, The cash basis of accounting records revenues and expenses when the cash is exchanged while the accrual basis of accounting Assets are transferred from one corporation to another. c) On January 1, Empire Company began delivery service for a large client who will pay at the end of a three-month period. c) Unexpired revenue. (2) The company's pays all employees up-to-date each Friday. 1) On June 1, Norma Company signed a 12-month lease for warehouse space. Which fraction has self adjusting force? A. a. Current assets b. An entry to convert an asset to a liability D. An entry to convert a liability to a revenueE. The fee for delivery is $500. 1) Which of the following is not a purpose of adjusting entries? 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? Question 7 options: b. d. liability, Which of the following is an example of a prepaid expense? Stock is exchanged with shareholders. Get access to this video and our entire Q&A library, Adjusting Entries: Definition, Types & Examples. Important Terms: Please Read Before Bidding! Do nothing yet; Mr. Brown's account is current. a. the required rate of return. answer choices Debit unearned revenue; credit revenue Debit insurance expense; credit pre-paid insurance Debit cash; credit unearned revenue Debit wages expense; credit wages payable Question 6 120 seconds Q. d. net income or loss will not be determined, Adjusting entries always include Reasonable adjustments at work - Acas c) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. a. A change from expensing certain costs to capitalizing these costs du. Indicate also the type of financial statement. a) Materiality Find the matrix products. - bills for ads that appeared in prior month's local newspaper, - premium paid on a one-year insurance policy. b. debit Stockholders' Equity; credit Supplies Human Resources Specialist at North Orange County Community College a. b) As an asset on the balance sheet. Test Prep. Adjusting Entries Examples (Step by Step Adjusting - WallStreetMojo $3,500. 1) An adjusting entry involving recognition of accrued revenue is necessary at the end of March in which of the following situations? On June 30, 2018, the Esquire Company sold some merchandise to a customer for $30,000\$ 30,000$30,000. a) In April, Daystar Company received payment from a customer for services that are performed in May. $400 c) $1,200 cash dividends are declared and paid. Is the gift you purchased for that special someone really appreciated? a. The customer is the director of a nearby animal shelter. c) Matching (b) Asset impa, Which of the following is considered in computing depreciation expense using the straight-line method? D. An entry to convert an asset to a liability. d) Balance sheet items are presented before income statement items. a. Accounts Receivable Which is the best response? Beginning capital, capital contribution and withdrawals, and net income. Contributed capital, retained earnings, and revenues. 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. a. summarizes the changes in retained earnings for a specific period of time b. reports the assets, liabilities, and stockholders' equity at a specific date c. presents the revenues and expenses for a speci, What categories does commissions fall in: A. b. Prepaid Rent 1.1 Background of the Study. commonly used. No adjusting entry should consist of: A debit to an expense and a credit to revenue. c. debit Accumulated Depreciation; credit Depreciation Expense. During the month, Farad sold 50 trucks at an average price of $9,000 each. a. debit to Wages Expense and a credit to Wages Payable which of the following is not considered an adjustment? Debit Depreciation Expense $578 and credit Automobile $578. b) $231,900. Travis Barker Undergoes Surgery on Broken Finger: 'It's Painful' -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) Assets Increase in assets and increase in net income. c. expenses in the period when they are paid Which of the following is not considered a basic type of adjusting entry? Answered: Which of the following is most likely | bartleby Which of the following statements is not true? Which of the following is not accomplished by an adjusting entry? The entry to record this event is an example of an adjusting entry: a) Expenses increase stockholders' equity. Asset b. If no adjusting entry is made, how will this year's financial statements of Bon Appetite Caf be affected? Echo Lake Resort has not yet received payment from the local business. b) The entry to record depreciation expense. c. The adjustment for prepaid insurance was omitted. c. optional under generally accepted accounting principles Internal auditors. c) Daystar Company is paid on May 25 for work done in the first two weeks of May. (b) An expensive private jet that can be purchased from a local vendor. a. debit Unearned Gym Memberships; credit Gym Memberships Revenue exam ch11 Flashcards | Quizlet -Rental income accrued during March, tenant to pay in April: $900. Each book contained a certain number of coupons for video rentals. a. debit Depreciation Expense; credit Building. a. debit Insurance Expense, $1,800; credit Prepaid Insurance, $1,800 An entry to convert an asset to an expense. 2. Answered: Which of the following is most likely | bartleby c. Interest Expense These individuals were then invited to participate in an online survey in exchange for a $10 gift certificate. a. expenses when their future economic value expires or is used up If the effect of the debit portion of an adjusting entry is to increase the balance of an expense account, which of the following describes the effect of the credit portion of the entry? Then you prepare a slip to deposit the checks accepted for payment. a) The entry to record unpaid expenses. c. Unearned Subscriptions a. c) As an asset on the balance sheet. A. Which of the following is not considered a basic type of adjusting entry?A. Under which circumstance would the veterinarian not adjust or cancel a fee for services? Asset b. the amount of the trial balance. The budget for the month was to sell 45 trucks at an average price of$9,500 each. a) Increase by $9,800. 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"). b. contra asset b) The entry to pay salaries. C. Liabilities that are assumed when cash is also, Multiple Choice 1. Which of the following is NOT considered to be a symptom of reverse culture shock? c. debit Prepaid Insurance, $11,000; credit Insurance Expense, $11,000 b. asset, contra liability b) Realization principle = 15 ? Multiple Choice An entry to convert a liability to a revenue. NOCCCD will not sponsor any visa applications. 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 A) Both revenues and assets will be understated. Farad, Inc., specializes in selling used trucks. a. debit Salaries Payable; credit Cash Advanced Limiting Techniques - Mastering The Mix = 2 5/20 D) trend smoothing. a. net income or loss will always be underestimated D) Depreciation Expense. C) Revenues will be understated, but assets will be ov, Which of the following accounts has a normal debit balance? Which of the following expresses the key elements of the statement of owners' equity? D. Paid $4,000 for o, Which of the following is not considered a type of long-lived asset? (a) A power generation plant that normally takes two years to construct. finding a different way to do something. d. revenues when the liability is no longer owed, Which of the following is considered to be unearned revenue? Revenue c. Stockholders' equity d. Liability, Which of the following accounts will appear on the company's income statement? d. contra asset, debit, Data for an adjusting entry described as "accrued wages, $2,020" requires a Accounts Receivable e. Increase an expense; d, Which basic element of financial statements arises from peripheral or incidental transactions? a. The power of the exchange rate policy under the structural Adjustment programme are to discourage imports and promote agric 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? 33. c. not earned and the cash has not been received a. deferral (3) On December 1, rent on the office building had been paid for three months. The entry to record bad debts expense for the period. c) $0 At the end of June, what should be the balance of Norma's Prepaid Rent account? A GPA adjustment may occur under one of the following conditions: How to Calculate Your . The amount to be used for the appropriate adjusting entry is After recording these adjustments, net income for March is: Which of the following is not considered a basic type of adjusting a) On March 31, a major customer paid his bill for a consulting job completed in February. (2) The company pays all employees up to date each Friday. A) exponential smoothing. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is Which of the following is not part of the balance sheet? d) Are generally made daily. d. debit Building; credit Depreciation Expense. Why or why not? c. debit Accounts Payable; credit Supplies The adjustment for depreciation of $3,545 was journalized as debit to Depreciation Expense for $3,454 and a credit to Accumulated Depreciation of $3,545. 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 . d) Debit Interest Expense $2,100 and credit Accrued Interest Payable $4,200. d) Expenses. A computer technician has installed the latest software updates, but you have not received an invoice or made payment. Which of the assets does not match with the correct contra account? User: 3/4 16/9 Weegy: 3/4 ? b. a. Adjusting entries are necessary because timing differences exist between when a revenue or expense is recognized and cash is received or paid. -Rental income accrued during March, tenant to pay in April: $800. Billing the patient for services and extending credit c. The use of outside collection services d. Bartering for services Click the card to flip Flashcards Learn Test Match Created by Nedina_Shavor Teacher 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. a) Assets and liabilities b) Assets and owners' equity c) Assets and expenses d) Assets and revenues. c) An entry to convert an asset to an expense. Solved Which of the following statements is correct? Select - Chegg a) As a reduction to retained earnings. Change in accounts payable. Which of the following is an example of accrued revenue? Send Mr. Brown a friendly written reminder. Use the following account types to form the expanded accounting equation. d. Unearned Rent, Which of the following accounts would likely be included in a deferral adjusting entry? B. The entry to record the collection of accounts receivable c. The entry to record the purchase of equipment d. The entry to record bad debts expense for the period. The adjusting entry on December 31 is 3. See all questions asked by natashavale1025. Also indicate whether the items in error will be overstated or understated. B) Whenever expenses are not paid in cash. a. Adjustments include: Medical Savings Account, Form 8853 Educator Expenses Question 4 options: 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. b) An entry to convert an asset to a liability. c. asset and one stockholders' equity account (4) Depreciation of office equipment is based on an estimated useful life of five years. Because collecting the adjustment data requires time, the adjusting entries are often. a . c) The entry to pay outstanding bills. Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. Statement of changes. b. allocation of unearned revenue. Payables a. c) Debit Accrued Interest Payable $6,300. d) Daystar Company receives payment in May for work to be performed in June and July. Owners' equity will be understated. a. A) Revenues and Liabilities B) Owners' Equity and Assets C) Liabilities and Expenses D) Assets and Expenses, Which of the following is not a correct expression of the accounting equation? 1) Prepaid expenses are: Adjusting entries - explanation, purpose, types, examples | Accounting $3,200 35. to identify the kind of entry that would increase th, Which of the following types of accounts have a normal debit balance?