to identify the kind of entry that would increase th, Which of the following types of accounts have a normal debit balance? c. $2,800 b) The entry to pay salaries. A GPA adjustment may occur under one of the following conditions: How to Calculate Your . d. snow removal services that have been provided and paid on the same day, Which of the following is considered to be an accrued expense? \\ a. Asset b. The entry to record bad debts expense for the period. Cash will be overstated at January 31. a) Assets of Perfect Painting are overstated at December 31, 2018. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. 31,2017AccountsReceivable$85,000$105,000FromIncomeStatement:2018Sales700,000\begin{array}{lrr} Depreciation Expense. a. Expert Answer. c) Expenses decrease stockholders' equity. This problem has been solved! - Net income increases. The list of disabilities covered under American with Disabilities Act (ADA) refers to all the disabilities for which an employee is protected from discrimination by employers. . C) An entry to convert. Duty station Nairobi, Kenya. a) The entry to record the earned portion of rent received in advance. $12,000 Which of the following is NOT considered to be a symptom of reverse culture shock? B. Adjusting entries - explanation, purpose, types, examples | Accounting a. an increase in liabilities b. decrease in liabilities c. decrease in revenue d. increase in assets, Inventory held by a business is a(an) __________ and when sold becomes a(an) __________. Select the correct answer: The entry to record depletion expense A) decreases assets and liabilities. b) As a liability on the balance sheet. A debit to an expense and a credit to cash. Employees earn a total of $12,800 per week. d. prepaid expenses, The adjusting entry for gym memberships earned that were previously recorded in the unearned gym memberships account is $550. 2. b) The entry to record uncollected revenues. Fiscal Technician I . Increase in assets b. High School Counselor at Highlands Community Charter School a) On March 31, a major customer paid his bill for a consulting job completed in February. c. optional under generally accepted accounting principles Asset b. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is A) b. d) The entry to convert liabilities to revenue. 1) Which of the following is not an example of an adjusting entry? finding a different way to do something. Asset b. To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. Which of the following is considered to be unearned revenue? c. Underrecording depreciation expense. b. records revenues and expenses when they are incurred c. debit Salary Expense, $12,000; credit Salaries Payable, $12,000 a) It is prepared before adjusting entries. Which ONE of the following items is NOT a type of stockholders' equity? 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. She seems nervous about it. As of January 31, Princess Company owes $500 to Butler Co. for equipment rented during January. D) Expenses. $3,900 Contract type International ICA. d) $222,900. a. c. accrual basis of accounting supports the matching concept c) To prepare the revenue and expense accounts for recording transactions of the following period. When considered, this factor makes the offence of human trafficking difficult to prove. 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. b. accrual Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. Question 6 options: c) Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. chapter 4 Flashcards | Quizlet a) Affects only items reported in the income statement. 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? The balance in the Office Equipment account is $9,360; no change has occurred in the account during the year. 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? Current liabilities c. Investments d. Long-term liabilities e. Property, plant, a. b) At the end of January, Empire Company pays the custodian for January office cleaning services. d) As an expense on the income statement. 2. Demand a reason for nonpayment. We level all printers as if everything is properly assembled, tightened, and adjusted. b) $36,000. Reasonable adjustments are changes an employer makes to remove or reduce a disadvantage related to someone's disability. 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 Question 5 options: a. d) Net income for Perfect Painting for 2018 is overstated. 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. The United Shipping Co. borrowed $25,000 at 12% interest on March 1, 2018. A. (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? (b) An expensive private jet that can be purchased from a local vendor. b. asset, debit a. assets b) Debit Interest Expense $2,100 and debit Accrued Interest Payable $4,200. c. debit Accumulated Depreciation; credit Depreciation Expense. 1) In which of the following situations would Daystar Company record unearned revenue in May? Answered: Which of the following is incorrect | bartleby 20/3 b. If no adjusting entry is made, how will this year's financial statements of Bon Appetite Caf be affected? Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? (More) D) An entry to convert an asset to a liability. a. debit Unearned Gym Memberships; credit Gym Memberships Revenue A large corporation is one having $1 million or more taxable income during any of its 3 preceding tax years. The customer claims he can't pay today, but he hopes to be able to pay next month. b) Treats as material only those items that are greater than 2% or 3% of net income. The entry to record depreciation expense b. Assets = Liabilities + Common Stock + Dividends - Revenue - Expenses b. Beginning capital, capital contribution and withdrawals, and net income. - Stockholders' equity is not affected. d) Only if the accounting periods are equal in length. c) Depreciation Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Fees Earned a. checks not accepted by the bank. a. theater tickets sold last month for yesterday's performance Part 16 - Types of Contracts | Acquisition.GOV Assets + Dividends + Expenses= Liabilities + Common Stock + Retained Earnings + Revenues. Identify each of the following as either an asset, a liability, or equity: (a) Prepaid Rent, (b) Unearned Fees, (c) Building, (d ) Wages Payable, (e) Office Supplies. c. used What reasonable adjustments are. a) Assets = Equities. b. deferral Question 4 options: c. correction of an error in the general journal. Pages 3 Ratings 100% (13) 13 out of 13 people found this document helpful; . A) Capitalized means that an asset account is debited (increased) for the cost of an asset.B) Capitalized means that a liability account is credited (increased) for the cost of an asset.C) Capitalized mea, Entry to recognize depreciation expense incurred on equipment is recorded as: a. [1562][1001]. d. Improperly expensing costs that should be capitalized. b. contra asset C) Gains. 1) The balance of an unearned revenue account: a) Appears in the liability section of the balance sheet. Which of the following frictional force is self adjusting? Professional discounts a) In the period in which they are earned. b. Underrecording debt. See all questions asked by natashavale1025. Then you prepare a slip to deposit the checks accepted for payment. The three most common types of adjusting journal entries are accruals . Change in inventory. B) An entry to accrue unpaid expenses. . Over the phone, a new customer thinks her dog is pregnant and asks the veterinary receptionist what the total fee will be for obstetric care. How much is owed the employees for their wages? b. c. Salaries Payable b. debit Prepaid Rent, $24,000; credit Rent Expense, $8,000 Liabilities, expenses, and assets. c. Expenses decrease stockholders' equity. Debit Accumulated Depreciation $578 and credit Depreciation Expense $578. The practice's bank statement shows canceled checks. b) Deferred revenue. c) Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. C. Engineers. d) The entry to record accrued wages payable. b. b. a) $5,120 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? A. Updating liability and asset accounts to their proper balances. Change from straight-line to sum-of-the-years'-digits method of depreciation. 1) Which of the following is not a purpose of adjusting entries? c) Income Considered in the past as being solely a rational being, nowadays, following specialist researches, man is also perceived as an emotional being, triggering emotions which, if appropriately . 1) Gamma Company adjusts its accounts at the end of each month. B. c. expenses in the period when they are paid 1) Which statement is true about an adjusted trial balance? Employees earn a total of $12,800 per week. $2,100 The company should make an adjusting entry: Inform Mr. Brown that his account will go to a collection agency if it remains unpaid by the 25th. a. debit Insurance Expense, $3,000; credit Prepaid Insurance, $3,000 A. asset B. contra asset C. liability D. stockholder's equity E. contra stockholder's equity F. revenue, or expense, Which of the following is also referred to as debt? All rights reserved. Statement of changes. The pet died and the family has complained about the effect of the treatment. 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? (5) Fees of $9,800 were earned during the month for clients who had paid in advance. What action should the veterinary office assistant take upon aging accounts receivable on March 1 of the same year? C. Assets, expenses, and withdrawals. a) An entry to accrue unpaid expenses. Accrued salaries owed to employees for October 30 and 31 are not considered in preparing the financial statements for the year ended October 31. a. records revenues when they are earned and expenses when they are paid Accumulated depreciation a. ($60,000 / 10 = $6,000 * 4 = $24,000; $60,000 - $24,000 = $36,000). Liability c. Equity d. Revenue e. Expense, Which of the following entries causes an immediate decrease in assets and stockholders' equity? WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. 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 fraction has self adjusting force? b) To apportion unearned revenue. Net income for January will be overstated. The recognition of depreciation expense for the period c. The recognition of the used and unused portions of a prepaid rent d. The entry to record the collection of interest receivable b) Generally fall into one of two categories. What is the balance to be carried forward in the checkbook? The entry to record this event is an example of an adjusting entry: a. equipment allocation The adjustment for accrued fees of $16,340 was journalized as a debit to Accounts Payable for $16,430 and a credit to Fees Earned of $16,340. c. Increase in an asset and increase in, The recognition of an expense may be accompanied by which of the following? 1) Unearned revenue appears: Solved Which of the following statements is correct? Select - Chegg A) Assets and Expenses B) Liabilities and Dividends C) Revenues and Liabilities D) Owners' Equity and Dividends. a) Are needed whenever revenue transactions affect more than one period. Job categories Finance. Multiple Choice An entry to convert a liability to a revenue. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay amounting to $6,800. c. Interest Expense - bills for ads that appeared in prior month's local newspaper, - premium paid on a one-year insurance policy. Assets, liabilities, and owner's equity. \text{From Balance Sheets}&\textbf{Dec. 31, 2018}&\textbf{Dec. 31, 2017}\\[2pt] a. deferral Dentsply Sirona Reports Fourth Quarter and Full Year 2022 Results 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. Which of the following may not be considered a "qualifying asset" under IAS 23? b. purchased (2) The company pays all employees up to date each Friday. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Land a. d) Expenses. c. debit Insurance Expense, $2,100; credit Prepaid Insurance, $2,100 c) It increases, Unearned revenue is what type of an account? a. 33. a) The entry to record depreciation. a. deferral c) To accrue an uncollected revenue. ($4,800 / 12 = $400 * 1 / 2 = $200). 1) Before making month-end adjustments, net income of Bobwhite Company was $232,000 for March. 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. Revenues, liabilities, capital b. Liabilities and Stockholders' Equity C. Revenues and Expenses D. Liabilities and Expenses, The adjusting entry to record an accrued expense is: a. Solved Which of the following would not be considered an - Chegg These adjustments are discussed below. d) Daystar Company receives payment in May for work to be performed in June and July. Identify where the following item would be reported in the financial statements. Adjusting Entries Examples (Step by Step Adjusting - WallStreetMojo a. Which of the following is not considered a basic type of adjusting entry? NOCCCD will not sponsor any visa applications. b. CPA wishes to use a representation letter as a substitute for performing other audit procedures. 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? Which of the following situations is not considered an adjustment? b) The entry to record depreciation expense. 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) Crediting Wage Expense for $640 and debiting Wages Payable for $640. The budget for the month was to sell 45 trucks at an average price of$9,500 each. Decrease in liabilities and reduction in net income. 2 Which of the following is most likely not considered an adjusting a. depreciation of long-term physical assets. Emotional Intelligence - a Possible Predictor of Performance or Success Despite the fact that the ad will appear in Haute Cuisine three months after the end of Bon Appetite Caf's current fiscal year, the Caf's accountant recorded the disbursement to advertising expense. AMT Adjustments Explained - AMT Advisor a. Write offs - is not considered an adjustment. The monthly rent is $7,000. a) On January 1, Empire Company paid rent for six months on its office building. A change from expensing certain costs to capitalizing these costs du. 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. c) The entry to record revenue earned but not yet received. Which of the following is not a characteristic of the accrual basis of accounting? c) An asset. 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? 1) Unearned revenue is: 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? Revenues B. Each earns $800 per week for a five-day work week ending on Friday. Asset b. Participants for the study were those who used a popular Web site for engaged couples. The account was debited for $32,500 for premiums on policies purchased during the year. This tool is intended to be used as a guide only. Indicate also the type of financial statement. Accumulated Depreciation. a. 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 . c. $6,800 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. The 6% rate is appropriate in this situation. Owners' equity will be understated. c. Accumulated Depreciation Contract level IICA-2. A) The asset-liability approach focuses on the measurement of net assets. Identify where the following item would be reported in the financial statements. a. net income or loss will always be underestimated

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