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= 15 ? a. expenses when their future economic value expires or is used up (a) The entry to record depreciation expense. d) The entry to pay outstanding bills. a) The entry to record depreciation. c) Assets = Liabilities + Paid-in Capital + Retained Earnings. C. Engineers. 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. Payment at the time of service b. Please state where each account should be placed? Which of the following is most likely not considered an adjusting entry? b. accounting income. Assets are transferred from one corporation to another. c. debit Salaries Payable; credit Salaries Expense Which of the following is not true regarding the asset-liability approach to defining accounting elements? c. not earned and the cash has not been received What is the balance to be carried forward in the checkbook? Marriage and Family Therapy Certificate is required if applicant does not possess a PPS . (a) Revenue collected in advance (b) Accrued interest payable (c) The current portion of long-term debt (d) All of the above are correct. 1) Adjusting entries: b) Correct errors made during the accounting period. b. net income or loss will always be overestimated Generally accepted accounting principles require that companies use the ________ of accounting. b. asset, contra liability c) Income 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"). A. (4) Depreciation of office equipment is based on an estimated useful life of five years. What amount of interest expense has accrued on the bank loan? c. Increase in an asset and increase in, The recognition of an expense may be accompanied by which of the following? 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. A: Accrued revenues are those which have been accrued but not yet paid. January 31 falls on a Tuesday; salaries are paid on Friday of each week. a. Become a Study.com member to unlock this answer! On June 30, 2018, the Esquire Company sold some merchandise to a customer for $30,000\$ 30,000$30,000. a) Liabilities and expenses increase; stockholders' equity decrease b) Assets and stockholde, Indicate the type of Deferred Tax account created by Accrued Expenses and Prepaid Expenses, respectively: a. Which ONE of the following items is NOT a type of stockholders' equity? (a) Contracts resulting from sealed bidding shall be firm-fixed-price contracts or fixed-price contracts with economic price adjustment. A. Which one of the following is not considered a basic type of adjusting entry? 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 . b. Underrecording debt. 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) A credit to Child Care Fees Earned of $4,500. Employees earn a total of $12,800 per week. b. revenue and the dividends account 35. A. Owners' Equity, Assets c. Liability, Expenses d. Assets, Expenses, Which of the following is a definition of expenses that clearly represents an asset-liability approach? Revenues, liabilities, capital b. 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. debit Depreciation Expense; credit Accumulated Depreciation. These adjustments are discussed below. a. c. Prepaid expenses, land, and accounts receivable. $550. Identify where the following item would be reported in the financial statements. This payment included interest charges of $6,300, $2,100 of which were applicable to the period from January 1 through January 10. The three most common types of adjusting journal entries are accruals . $3,200 Which of the following may not be considered a "qualifying asset" under IAS 23? c) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. D. Geologists. c. $5,000 Assets + liabilities = stockholders' equity b. 1. d) $117,000. Following the scary situation, the Blink-182 member chose to not fly again and traveled only by car, boat and train. All rights reserved. INTRODUCTION. (4) Depreciation of office equipment is based on an estimated useful life of five years. User: 3/4 16/9 Weegy: 3/4 ? The company should make an adjusting entry: a. What is the term for the basic tool of accounting, stated as Assets = Liabilities + Equity? Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of $27,804 million and Accumulated Depreciation of $14,793 million. D) d) On January 1, Empire Company purchased delivery equipment with an estimated useful life of five years. a. debit Salaries Payable, $12,000; credit Cash, $12,000 b. debit Salary Expense, $12,000; credit Dividends, $12,000 b) The entry to record depreciation expense. b) $113,620. The accrued salaries were included in the first salary payment in November. the amount originally paid. d) Net income will be overstated and total assets will be overstated. Advanced Limiting Techniques. Revenues and expenses B. d) Only if the accounting periods are equal in length. b. debit Stockholders' Equity; credit Supplies Which of the following expresses the key elements of the statement of owners' equity? a) Services rendered. d) Balance sheet items are presented before income statement items. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Land a. d. contra asset, expense, The type of account and normal balance of Prepaid Insurance is When you have accessed the documents, you can use the search tool in your Internet browser. b) The entry to record depreciation expense. It was most recently raised . Consequently, it should not be used in patients at risk for aspiration (e.g., Gastroesophageal reflux disease [GERD], obesity, diabetes, etc.) Each book contained a certain number of coupons for video rentals. 1) On the adjusted trial balance, retained earnings is: 1) The purpose of adjusting entries is to: a) The entry to record the earned portion of rent received in advance. What action should the veterinary office assistant take upon aging accounts receivable on March 1 of the same year? Identify where the following item would be reported in the financial statements. Adjusting entries are necessary for the following items: Borders and boundaries The boundaries of adjustment disorder are not well defined in the current classifications. C. Assets - Liabilities - Dividends, Identify the type of account for the following: Equipment a. Which of the following is an example of accrued revenue? c) $112,400. b. allocation of unearned revenue. d) Ordered. 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? a. unearned revenue b. stock dividend distributable c. the currently maturing proportion of long-term debt d. trade accounts payable, What types of account balances are increased by debits? Explore the various types of adjusting journal entries, and examine how to do them. c. Salaries Payable Net income for January will be overstated. What reasonable adjustments are. or in longer cases. Statement of changes in owner equity C. Balance sheet 2. On January 31, Ramona's Nursery paid the interest owed on a note payable for January. The customer is the director of a nearby animal shelter. Office Furniture Owner withdrawals Unearned Revenu. 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.) Indicate also the type of financial statement. 21. Which of the following is considered to be unearned revenue? Assets = Revenue + Expenses - Liabilities. b. ($60,000 / 10 = $6,000 * 4 = $24,000; $60,000 - $24,000 = $36,000). The United Shipping Co. borrowed $25,000 at 12% interest on March 1, 2018. 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? c) Matching The financial statements will be accurate since the $500 does not have to be paid yet. c. debit Accumulated Depreciation; credit Depreciation Expense. b) Treats as material only those items that are greater than 2% or 3% of net income. This tool is intended to be used as a guide only. d) $34,240. Give Mr. Brown a tactful collection call. \text{Accounts Receivable}&\text{\$\hspace{5pt}85,000}&\text{\$\hspace{5pt}105,000}\\[20pt] b) Liabilities of Perfect Painting are understated at December 31, 2018. A debit to an expense and a credit to an asset account. 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. B. Ramona's Nursery purchased playground equipment on January 1 with an estimated useful life of six years. Indicate also the type of financial statement. Tax payers subject to the limitation subtract the limitation amount in calculating AMTI. The above entry is not a basic type of adjusting entry. a) Prepaid expenses appear in the balance sheet. d) Update the owners' equity account for the changes in owners' equity that had been recorded in revenue and expense accounts throughout the period. A debit to an asset account and a credit to an expense account. If United Shipping makes monthly adjusting entries, which of the following is included as part of the March 31 adjusting entry? a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. 1) Depreciation expense is: 1) Adjusting entries help achieve the goals of accrual accounting by applying which two accounting principles? 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? 1) Which of the following is the accounting principle that governs the timing of revenue recognition? 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. Which of the following statements is incorrect? Valid Pupil Personnel Services Credential with academic school counseling emphasis is preferred. Accounts Receivable; Bad Debt Expense. Unearned Rent 1,900 c. net income or loss will be properly reported on the income statement d) Debit Interest Expense $2,100 and credit Accrued Interest Payable $4,200. $700 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. (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? D) An entry to convert an asset to a liability. Income statement B. Income statement B. The note is to be repaid, with interest, in six months. a. Before and after the puppies are born, each regular checkup will be $20. (3) On December 1, rent on the office building had been paid for three months. a) In the period in which they are earned. (a) Asset impairment charges can be used to raise future reported income. 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 . Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay. Which type of probability (empirical, classical, subjective) is each of the following? b) Expenses have normal debit balances. b. deferred B) Both revenues and assets will be overstated. Of the respondents, those who paid really high or really low prices for the ring were excluded, leaving a sample size of 33 respondents. Property, Plant, and Equipment; Accumulated Depreciation. d. revenue, The unexpired insurance at the end of the fiscal period represents b. accrual changing someone's working arrangements. Net income for January will be overstated. Which of the following will occur if an adjusting entry to record an unrecorded receivable is NOT made? (5) Fees of $9,800 were earned during the month for clients who had paid in advance. 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. A) Equity. She would like you to explain the meaning of terms she has come across related to accounting. 1) Shop supplies are expensed when: 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? d) To be determined for all assets owned by a company. 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? a. A) - Stockholders' equity is not affected. c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. The following information has been assembled in order to prepare the required adjusting entries at December 31: Accounts Receivable Increase in liabilities and reduction in net income. theater tickets sold for next month's performance. Question 1 Which of the following are considered the original "chronic eight" conditions from the 2008 Risk Adjustment Data Technical Assistance for Medicare Advantage Organizations Participation Guide? Which of the following is not considered a basic type of adjusting entry?