a. 1) Under accrual accounting, salaries earned by employees but not yet paid should be expensed: The adjusting entry necessary at the end of the fiscal period ending on Tuesday is Cash will be overstated at January 31. 1) In which of the following situations would Daystar Company record unearned revenue in May? a. Adjusting entries - explanation, purpose, types, examples | Accounting a. d. debit Dividends, $12,000; credit Cash, $12,000, The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed a) In the period in which they are earned. 29. c) Be unaffected. = 2 5/20 a) Affects only items reported in the income statement. d) Prepaid expenses are shown in a special section of the income statement. B) Whenever expenses are not paid in cash. b. contra asset a) The entry to record depreciation. b) In the period with the higher earnings. All rights reserved. d) $222,900. b) $12,800 1) Which of the following is the accounting principle that governs the timing of revenue recognition? Assets, liabilities, and owner's equity. (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. The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. Can any of these factors explain why XOM's P/E ratio differs from its peers? d) On January 1, Empire Company purchased delivery equipment with an estimated useful life of five years. Which of the following entries causes an immediate decrease in assets and in profit? d. debit Building; credit Depreciation Expense. An entry to accrue unpaid expenses B. a. Is the gift you purchased for that special someone really appreciated? Patient Billing and Collections-Chapter 18 Flashcards | Quizlet 31,2017AccountsReceivable$85,000$105,000FromIncomeStatement:2018Sales700,000\begin{array}{lrr} Proof of Bachelor's Degree in Counseling, Psychology, or related field. Assets + Dividends + Expenses= Liabilities + Common Stock + Retained Earnings + Revenues. b. Contributed capital, retained earnings, and revenues. Send Mr. Brown a friendly written reminder. d. at least one income statement account and one balance sheet account, Prepaid expenses are eventually expected to become the amount of the trial balance. b) An understatement of assets, net income, and owners' equity. A) exponential smoothing. a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. a. debit Depreciation Expense; credit Building. A debit to an expense and a credit to cash. \text{From Balance Sheets}&\textbf{Dec. 31, 2018}&\textbf{Dec. 31, 2017}\\[2pt] Assets = Liabilities + Common Stock + Dividends - Revenue - Expenses b. Income statement B. or in longer cases. checks that have a "stop payment" order. d) $34,240. She seems nervous about it. CPA wishes to use a representation letter as a substitute for performing other audit procedures. Adjusting Journal Entries in Accrual Accounting Echo Lake Resort has not yet received payment from the local business. Test Prep. b) Daystar Company completes a job for a customer in May; payment will be received in June. a) In April, Daystar Company received payment from a customer for services that are performed in May. Adjusting entries that convert assets to expenses: Some cash expenditures are made to obtain benefits for more than one accounting period. C) d. market value. c. debit Salaries Payable; credit Salaries Expense How much is owed the employees for their wages? a. expenses when their future economic value expires or is used up The 6% rate is appropriate in this situation. a. earned and the cash has been received Stock is exchanged with shareholders. (2) The company's pays all employees up-to-date each Friday. a) An overstatement of assets and of net income offset by an understatement of owners' equity. d) Daystar Company receives payment in May for work to be performed in June and July. The relationship between the nozzle height and Gantry height is considered not to change, thus leveling only one corner and the . d) Daystar Company receives payment in May for work to be performed in June and July. a) Are needed whenever revenue transactions affect more than one period. B) An entry to record revenue that has been earned but has not yet been billed to customers. b) $36,000. Do nothing yet; Mr. Brown's account is current. Asset b. Which of the following expresses the key elements of the statement of owners' equity? If the December 31 adjusting entry for the interest accrual is not prepared, by how much will income before income taxes be over- or understated in 2018 and 2019 . c. contra asset The entry to record bad debts expense for the period. 1. Which of the following is not considered a basic type of adjusting entry?A. Which one of the following is not considered a basic type of adjusting entry? Question 14 options: b) Debit Rental Revenue $5,000 and credit Unearned Rental Revenue $5,000. Change from straight-line to sum-of-the-years'-digits method of depreciation. Change in accounts receivable. 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 . Adjusting entries, also known as adjusting journal entries (AJE), are the entries made in a business firm's accounting journals to adapt or update the revenues and expenses accounts according to the accrual principle and the matching concept of accounting. Which of the following is not considered a basic type of adjusting c. Underrecording depreciation expense. c. The concepts statements discuss the concept of "articulation" between financial statement elements. c. debit Accounts Payable; credit Supplies c. $2,800 C) Gains. c. $6,800 MARH22.docx - Question 1 Which of the following are considered the c. debit to Accounts Receivable and a credit to Wages Expense b. a. an accrued asset a) Assets Data gathered from parents, siblings and teachers indicated that siblings in ABA families experienced neither significant drawbacks nor benefits in terms of . C. Assigning expenses to the periods in which they are incurred. Office Furniture Owner withdrawals Unearned Revenu. b) Debit Interest Expense $2,100 and debit Accrued Interest Payable $4,200. 28. B. (4) Depreciation of office equipment is based on an estimated useful life of five years. When you have accessed the documents, you can use the search tool in your Internet browser. (More) (a) Revenue collected in advance (b) Accrued interest payable (c) The current portion of long-term debt (d) All of the above are correct. Expenses increase stockholders' equity. The fee for delivery is $500. The correct term for the process of transferring amounts from a book of original entry to specific assets, liabilities, revenues, expenses, and stockholders' equity items is (select, Which of the following have debit balances? Identify the type of account for the following: Unearned Revenue a. a) Before financial statements and after a trial balance has been prepared. These are (2) The company's pays all employees up to date each Friday. The entry to record this event is an example of an adjusting entry: b. accrual . a) Income. If no adjustment is made for this item at January 31, how will Princess's financial statements be affected? B) The asset-liability approach is arguably superior to the revenue-expens, Which of the following are NOT included in a postclosing trial balance? The customer is unemployed and homeless. b) At the end of January, Empire Company pays the custodian for January office cleaning services. b. Statement of changes in owner equity C. Balance sheet 2. Suppose Dr. Milton's checking account has a balance of $3,458.92. 1) Which of the following statements is not true regarding prepaid expenses? b) At the end of January, Empire Company pays the custodian for January office cleaning services. b. depreciation To ensure consistency and fairness to all applicants, please do not submit materials in addition to those requested. An adjusting entry to convert an asset to expense consists of: 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 Prior to the adjusting process, accrued expenses have, Prior to the adjusting process, accrued revenue has, Deferred revenue is revenue that is c) Debit Unearned Rental Revenue $5,000 and credit Rental Revenue $5,000. (Solved) - 1. Which of the following may not be considered a b. 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? A. Explain. (c) The entry to record the earned portion of rent received in. c) Net income for Perfect Painting for 2018 is understated. What are the variables of interest? a) Debiting Wage Expense for $640 and crediting Wages Payable for $640. c) $38,000. c. common stock 33. 1) Unearned revenue is: Insurance Expense theater tickets sold for next month's performance. Why or why not? If United Shipping makes monthly adjusting entries, which of the following is included as part of the March 31 adjusting entry? Unlike entries made . Adjusting entries can be divided into the following four types. User: She worked really hard on the project. After the appropriate adjusting entry is recorded, the balance in the liability account Unearned Fees will: c) Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. PDF Table of Contents Hospital Tap Water as a Source of Stenotrophomonas Maltophilia 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? c) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. a. Give Mr. Brown a tactful collection call. c) Depreciation Increase in liabilities and reduction in net income. a) A debit to Child Care Fees Receivable of $9,000. Increase in assets and increase in net income. commonly used. c) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. a) Assets of Perfect Painting are overstated at December 31, 2018. Why It Matters; 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements; 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions; 3.3 Define and Describe the Initial Steps in the Accounting Cycle; 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business . d) $900 is paid to an attorney for legal services rendered during the current year. Which type of probability (empirical, classical, subjective) is each of the following? b. accounting income. Doing so: A. Violates professional standards. Also indicate whether the items in error will be overstated or understated. Which of the following may not be considered a "qualifying asset" under IAS 23? 1) Gordy's Corp. has seven employees. The account was debited for $32,500 for premiums on policies purchased during the year. D. On January 10, the mortgage payment was made. 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? In ICD-10, adjustment disorder is classified under 'Neurotic, stress-related and somatoform disorders' (code F43.2), unlike DSM-IV-TR where is it is not classified under any particular group. $4,300 -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. Current assets b. b) An expense. 31,2018$85,0002018700,000Dec. 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. a. Liabilities, expenses, and assets. Createyouraccount. An entry to convert an asset to a liability. a) On March 31, a major customer paid his bill for a consulting job completed in February. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is c) Matching a. the same as correcting entries 20 Which of the following is not considered a basic type of adjusting Which fraction has self adjusting force? d) Debit Rental Revenue $15,000 and credit Unearned Rental Revenue $15,000. Economic Sanctions and Anti-Money Laundering Developments: 2022 Year in Question 7 options: Farad, Inc., specializes in selling used trucks. This month, the last day of the month falls on a Thursday. a. accounts receivable b. land c. plant and equipment d. natural resources, Which of the following group of accounts are increased with a debit? For the most part, is XOM's P/E ratio above or below that of its peers? b. debit Gym Memberships Revenue; credit Unearned Gym Memberships -Supplies used in March: $100. Current assets b. Where are the highest populations in Europe? 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. 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. Asset b. d) Balance sheet items are presented before income statement items. Asset b. b. Unearned Revenue c. book value FromBalanceSheetsAccountsReceivableFromIncomeStatement:SalesDec. d) Only if the accounting periods are equal in length. Capital, assets c. Liability, expenses d. Assets, expenses e. Common stock, dividends, Which of the following are all temporary accounts? 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? 1) Depreciation expense is: a) An exact calculation prepared by an appraiser. C) Revenues will be understated, but assets will be ov, Which of the following accounts has a normal debit balance? Adjustments are certain expenses which can directly reduce your total taxable income. An entry to convert an asset to a liability D. An entry to convert a liability to a revenueE. A. In payment, Esquire agreed to accept a 6%6 \%6% note requiring the payment of interest and principal on March 31,2019 . d. $6,400, Smokey Company purchases a one-year insurance policy on July 1 for $3,600. Prepaid expenses. The adjusting entry required on December 31 is List of Disabilities Covered Under ADA | UpCounsel 2023 Adjustment disorder considered | Advances in - Cambridge Core Assets = Revenue + Expenses - Liabilities. The first payment is due on July 15. (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? e. Increase an expense; d, Which basic element of financial statements arises from peripheral or incidental transactions? 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"). Participants for the study were those who used a popular Web site for engaged couples. Go to the FASB website and access the FASB Concepts Statements and respond to the following items. B) If $400 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is 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. Important Terms: Please Read Before Bidding! a) An exact calculation prepared by an appraiser. a) Revenues, Expenses, and Capital b) Revenues, Expenses, and Withdrawals c) Assets, Liabilities, and Capital d) Assets, Liabilities, and Withdrawals. a. debit Supplies Expense; credit Supplies b. a) As a reduction to retained earnings. 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. These items are not included as Itemized Deductions and can be entered independently. 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? Your brickwall limiter settings will make or break your master. a) The entry to record depreciation. $3,900 C) An entry to convert an asset to an expense. The accrued salaries were included in the first salary payment in November. 2 Which of the following is most likely not considered an adjusting Application period 02-Mar-2023 to 17-Mar-2023. d. matching, The entry to adjust the accounts for salaries accrued at the end of the accounting period is 1) Recently, Bon Appetite Caf contracted and paid for a relatively expensive advertisement in Haute Cuisine magazine. b. earned but the cash has not been received The Web site's directory was searched for those with "average" American names (e.g., "John Smith," "Sara Jones"). (3) On December 1, rent on the office building had been paid for four months. c. expenses in the period when they are paid Which of the following is not considered an epidermal -Depreciation for the month of March: $4,300. b. debit Salary Expense, $12,000; credit Dividends, $12,000 Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Owner Capital a. a. debit Insurance Expense, $1,800; credit Prepaid Insurance, $1,800 d) Only if the accounting periods are equal in length. a. a) Transactions involving small dollar amounts are not recorded in Millridge's accounting records. Which of the following is not an adjusting entry? Which of the following accounts would likely be included in a deferral adjusting entry? d. revenues when the liability is no longer owed, Which of the following is considered to be unearned revenue? A large corporation is one having $1 million or more taxable income during any of its 3 preceding tax years. Indicate also the type of financial statement. Adjusting entries are recorded to make adjustments to all general ledger and subsidiary-ledger accounts to reflect the true & correct value at the end of the fiscal reporting period. Question : 52) Which of the following not considered to be one - ScholarOn 57. d. net income or loss will not be determined, Adjusting entries always include Solved Which of the following is not considered a basic type - Chegg (4) Depreciation of office equipment is based on an estimated useful life of six years. Net income for January will be overstated. On January 25, Ramona's Nursery hired a college student to drive the minibus; the new employee is to begin work in February. d. required for the next accounting period, The cost of office supplies to be used in future periods is ordinarily shown on the balance sheet as a(n) The cash basis of accounting records revenues and expenses when the cash is exchanged, while the accrual basis of accounting, records revenues and expenses when they are incurred, at least one income statement account and one balance sheet account, Prepaid expenses are eventually expected to become, expenses when their future economic value expires or is used up. 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. The balance in the Office Equipment account is $9,360; no change has occurred in the account during the year. 1. - Stockholders' equity is not affected. (1) A one-year bank loan of $720,000 at an annual interest rate of 12% had been obtained on December 1. Sweat gland b. Hairc. After recording these adjustments, net income for March is: b) Generally fall into one of two categories. -Fees earned in March that had been collected in advance: $2,600. Current liabilities c. Investments d. Long-term liabilities e. Property, plant, a. Write offs. What categories capital falls in: A. Adjusting entries part 4 | Other Quiz - Quizizz 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. Each earns $800 per week for a five-day work week ending on Friday. A: Accrued revenues are those which have been accrued but not yet paid. Advanced Limiting Techniques - Mastering The Mix d. theater tickets sold for next month's performance, Which of the following is an example of accrued revenue? Adjusting journal entries are a feature of accrual accounting as a result of revenue recognition and matching principles. Which of the following is not considered a basic type of adjusting entry a An. (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. The cash account will always be affected by adjusting journal entries. Which of the following is a typical example of a current liability? c. The adjustment for prepaid insurance was omitted. Accumulated depreciation a. a) As income on the income statement. Identify where the following item would be reported in the financial statements. 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. c. Salaries Payable D) Liability c. Equity d. Revenue e. Expense, Which of the following entries causes an immediate decrease in assets and stockholders' equity? b) Depreciation The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms. Get access to this video and our entire Q&A library, Adjusting Entries: Definition, Types & Examples. d. debit Salaries Expense; credit Salaries Payable, The supplies account had a balance of $4,400 at the beginning of the year and was debited during the year for $2,400, representing the total of supplies purchased during the year. $3,600 b. theater tickets sold yesterday on credit for yesterday's performance 83) Which of the following isnotconsidered an end-of-period adjusting entry?A) The entry to record the portion of unexpired insurance which has become expense during the period. Decrease in an asset and decrease in a liability. 1) On the adjusted trial balance, retained earnings is: 1) The purpose of adjusting entries is to: c. theater tickets that were not sold for the current performance b. net income or loss will always be overestimated Indicate which items will be erroneously stated, because of failure to correct the initial error, on (a) the income statement for the month of November and (b) the balance sheet as of November 30. checks stamped "NSF." During the current period 500 books were sold for $20,000, and this amount was credited to Unearned Rental Revenue. (a) The entry to record depreciation expense. Contract type International ICA. An entry to accrue unpaid expenses An entry to convert an asset to an expense. b) The entry to pay salaries. -Rental income accrued during March, tenant to pay in April: $900. Which of the following is not accomplished by an adjusting entry? c) As an asset on the balance sheet. d. Building, equipmen, Which of the following is an appropriate representation of the accounting equation? 1) The accountant for Perfect Painting forgot the following two adjustments at the end of 2018:
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