1) Shop supplies are expensed when: a. prepaid $3,600 b. deferral basis 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? C) The entry to record depreciation expense. (4) Depreciation of office equipment is based on an estimated useful life of five years. B) Both revenues and assets will be overstated. 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. The company should make an adjusting entry: b) $113,620. b. revenues when services are performed 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. c. Salaries Payable a) It increases expenses and does not affect assets. c) Paid for. = 2 5/20 Adjusting entries that convert assets to expenses: Some cash expenditures are made to obtain benefits for more than one accounting period. Stock is exchanged between the shareholders of at least two corporations. Suppose Dr. Milton's checking account has a balance of $3,458.92. a. depreciation of long-term physical assets. c. $2,800 a) Assets of Perfect Painting are overstated at December 31, 2018. 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) Purchased. During the current period 500 books were sold for $20,000, and this amount was credited to Unearned Rental Revenue. Current liabilities c. Investments d. Long-term liabilities e. Property, pla. Increase in liabilities and reduction in net income. Which of the following is not considered a basic type of adjusting entry?A. A_____is a collection problem that requires immediate action because this individual has a balance due and has moved without leaving a forwarding address. 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. Which of the following may not be considered a "qualifying asset" under IAS 23? b. Prepaid Rent Choose from the following terms: | Throughout time (manufacturing cycle) | Sunk Cost | Differential Costs | Residual Income | Payback Method | Proje, Which of the following accounting elements does the matching principle help to match? b. Identify where the following item would be reported in the financial statements. c) Results in financial statements that are less useful to decision makers because many details have been omitted. d. prepaid expenses, The adjusting entry for gym memberships earned that were previously recorded in the unearned gym memberships account is 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? Find the matrix products. Decrease in an asset and decrease in a liability. a. What type of account is Notes Payable? 2 Which of the following is most likely not considered an adjusting 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. b) An expense. The cost of insurance is considered an expense: Evenly over the term of the policy Adjusting entries are prepared: Assets, liabilities, and owner's equity. DOC Chapter 05 Audit Evidence and Documentation - CPA Diary The following information has been assembled in order to prepare the required adjusting entries at December 31: C) decreases assets and increases liabilities. d) A debit to Fees Receivable of $9,000. a. Billing Flashcards | Quizlet Your chance of going to Disney World next year is 10%. Which of the following is not considered a basic type of adjusting The cash payment for accrued expenses occurs __________ the adjusting entry to record the accrued expenses. 1) During the last month of its fiscal year, Echo Lake Resort provided catering services for local business. 24 Questions Show answers. d. matching, The entry to adjust the accounts for salaries accrued at the end of the accounting period is a) As a reduction to retained earnings. Accumulated depreciation a. Which of the following groups are not considered a specialist by AICPA Professional Standards: A. Appraisers. At the end of the period, it was determined that $15,000 worth of coupons had been used by customers to rent videos. c. Prepaid expenses, land, and accounts receivable. 1) Unearned revenue is: Because collecting the adjustment data requires time, the adjusting entries are often. a. stockholders' equity 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? 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? d) The entry to convert liabilities to revenue. Hospital Tap Water as a Source of Stenotrophomonas Maltophilia Duration Open ended subject to satisfactory performance and the availability of funds. PDF Table of Contents \text{From Balance Sheets}&\textbf{Dec. 31, 2018}&\textbf{Dec. 31, 2017}\\[2pt] The budget for the month was to sell 45 trucks at an average price of$9,500 each. Revenues, liabilities, capital b. d. Improperly expensing costs that should be capitalized. D) b. accrual d) Only if the accounting periods are equal in length. Norma Company records the payment by debiting Prepaid Rent $2,200 and crediting Cash $2,200. What category does capital belong to? This payment included interest charges of $6,300, $2,100 of which were applicable to the period from January 1 through January 10. -Supplies used in March: $100. B) An entry to record revenue that has been earned but has not yet been billed to customers. A. Updating liability and asset accounts to their proper balances. B. c) Debit Unearned Rental Revenue $5,000 and credit Rental Revenue $5,000. Which of the following is not considered a basic type. Office Furniture Owner withdrawals Unearned Revenu. a. Statement of changes. checks that have a "stop payment" order. c) $112,400. 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? C) Revenues will be understated, but assets will be ov, Which of the following accounts has a normal debit balance? D) trend smoothing. Define debit and credit and explain how assets, liabilities, common stock, retained earnings, revenues, expenses, and dividends are affected (increased or decreased) by debits and credits. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2018 interest accrual, and the March 31, 2019 collection. A. (2) The company's pays all employees up-to-date each Friday. b) Debit Interest Expense $2,100 and debit Accrued Interest Payable $4,200. .c) A credit to Child Care Fees Earned of $4,500. b) Whenever transactions affect the revenue or expenses of more than one accounting period. c) Debit Accrued Interest Payable $6,300. B. The entry to record depreciation expense b. c) Net income for Perfect Painting for 2018 is understated. b) Generally fall into one of two categories. c. debit Unearned Gym Memberships; credit Prepaid Gym Memberships Statement of changes in owner equity C. Balance sheet 2. b) Correct errors made during the accounting period. c) Be unaffected. a) Affects only items reported in the income statement. d) Only if the accounting periods are equal in length. b) Net income will be understated and total assets will be understated. Assets and Liabilities B. Which of the following is not a characteristic of the accrual basis of accounting? Adjustment disorder considered | Advances in - Cambridge Core a. theater tickets sold last month for yesterday's performance View the full answer Which of the following is not true regarding the asset-liability approach to defining accounting elements? Income statement B. Sweat gland b. Hairc. D) c. Unearned Subscriptions Listing current liabilities according to amount. (3) On December 1, rent on the office building had been paid for four months. Compute the dealerships sales price variance and sales volume variance for the month and classify each as favorable or unfavorable. Which of the following entries causes an immediate decrease in assets and in profit? c) Expenses decrease stockholders' equity. 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.) C) trend projections. Internal auditors. b) Liabilities 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. a) The entry to record unpaid expenses. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. 6 2/3 d. liability, Which of the following is an example of a prepaid expense? Accrued salaries owed to employees for October 30 and 31 are not considered in preparing the financial statements for the year ended October 31. Unlike entries made . d. expenses are reported in the same period as the revenues to which they relate, Generally accepted accounting principles require that companies use the ____ of accounting. Advanced Limiting Techniques. a. a computer technician has installed the latest software updates and was paid on the same day c) The entry to record revenue earned but not yet received. SEJPME PRETEST Flashcards | Quizlet Borders and boundaries The boundaries of adjustment disorder are not well defined in the current classifications. Ramona's Nursery purchased playground equipment on January 1 with an estimated useful life of six years. Accounting Ch. 3 Flashcards | Quizlet 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. Debit Interest Expense $250. a. 1) Prepaid expenses appear: changing someone's working arrangements. Valid Pupil Personnel Services Credential with academic school counseling emphasis is preferred. 1) Which of the following entries causes an immediate decrease in assets and in net income? d) Realization principle and matching principle. The adjusting entry to record the depreciation of a building for the fiscal period is When considered, this factor makes the offence of human trafficking difficult to prove. a) As income on the income statement. The cash account will always be affected by adjusting journal entries. (4) Depreciation of office equipment is based on an estimated useful life of six years. The three most common types of adjusting journal entries are accruals . As a result of these two omissions: Echo Lake Resort has not yet received payment from the local business. (pdf) Introduction Congress is fast approaching the need to take action on the nation's statutory debt limit, often referred to as the debt ceiling. a) Prepare the revenue and expense accounts for recording the revenue and expenses of the next accounting period. theater tickets sold for next month's performance. (b) The entry to record revenue earned but not yet received. Which of the following is NOT considered an epidermal appendage? Assets are transferred from one corporation to another. A debit to an expense and a credit to cash. Farad, Inc., specializes in selling used trucks. Which of the following situations is not considered an adjustment? Which of the following statements is incorrect? Fiscal Technician I at Mount San Antonio College | EDJOIN Economic Sanctions and Anti-Money Laundering Developments: 2022 Year in C) An entry to convert an asset to an expense. If no adjustment is made for this item at January 31, how will Princess's financial statements be affected? Description This is an X-Axis gantry bed leveler, the first of its kind. c. expenses in the period when they are paid Demand a reason for nonpayment. d) An entry to convert a liability to a revenue. a) A debit to Child Care Fees Receivable of $9,000. An entry to convert an asset to a liability D. An entry to convert a liability to a revenueE. \text{Sales}&\text{700,000}\\ Doing so: A. Violates professional standards. Accounting chapter 3 Flashcards | Quizlet All other trademarks and copyrights are the property of their respective owners. d) To record unearned revenue. Pages 3 Ratings 100% (13) 13 out of 13 people found this document helpful; \text{Accounts Receivable}&\text{\$\hspace{5pt}85,000}&\text{\$\hspace{5pt}105,000}\\[20pt] Prepaid expenses are: Assets Accumulated Depreciation is: The depreciation expense recorded on an asset to date. It therefore provides a plausible reason as to why human trafficking charges are often dropped or why traffickers are often charged under related crimes, such as forcible confinement, extortion, etc. providing equipment, services or support. exam ch11 Flashcards | Quizlet A. A) Equity. d. contra asset, expense, The type of account and normal balance of Prepaid Insurance is A. 3. 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: 4. d. matched, Which of the following is not a characteristic of the accrual basis of accounting? b) At the end of January, Empire Company pays the custodian for January office cleaning services. -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. Prepaid expenses. Income statement B. Each book contained a certain number of coupons for video rentals. a) It is prepared before adjusting entries. checks not accepted by the bank. a) $44,200. Academic Standings and CGPAs from previous terms will not be considered or adjusted. chapter 4 Flashcards | Quizlet What are the variables of interest? a. debit Insurance Expense, $3,000; credit Prepaid Insurance, $3,000 a. asset, credit The financial statements will be accurate since the $500 does not have to be paid yet. For the most part, is XOM's P/E ratio above or below that of its peers? a. debit Supplies Expense; credit Supplies Which of the following accounts would likely be included in a deferral adjusting entry? b. allocation of unearned revenue. Fiscal Technician I . a. the same as correcting entries b. c) $60,000. Proof of Bachelor's Degree in Counseling, Psychology, or related field. $2,000 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. c. debit Salaries Payable; credit Salaries Expense c. correction of an error in the general journal. 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? Assets = Revenue + Expenses - Liabilities. Therefore, the credit to Supplies in the adjusting entry is for the amount of supplies Owners' equity will be understated. c) Net income will be understated and total assets will be overstated. 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. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay. She seems nervous about it. a. expenses when their future economic value expires or is used up [1001][1562], [1652][1001]\left[\begin{array}{rr}-1 & 6 \\ 5 & 2\end{array}\right]\left[\begin{array}{ll}1 & 0 \\ 0 & 1\end{array}\right] When preparing the financial statements for the year ended October 31, accrued salaries owed to employees for October 30 and 31 were omitted. b. 1) Gordy's Corp. has seven employees. 1) Adjusting entries help achieve the goals of accrual accounting by applying which two accounting principles? (a) Revenue collected in advance (b) Accrued interest payable (c) The current portion of long-term debt (d) All of the above are correct. On January 25, Ramona's Nursery hired a college student to drive the minibus; the new employee is to begin work in February. D. Geologists. At the end of June, what should be the balance of Norma's Prepaid Rent account? a. Asset b. b) Midwood Consultants made payment in January for office rent for the first three months of the year. '34_ Which of the following is not considered a basic type of adjusting The following table shows the undergraduate grading system used at McMaster University with the equivalent 4.0 scale.

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