Participants for the study were those who used a popular Web site for engaged couples. In order to be considered for the position, please attach the following: 1. c. Underrecording depreciation expense. Office Furniture Owner withdrawals Unearned Revenu. Decrease in liabilities and reduction in net income. Increase an asset; increase revenue. Echo Lake Resort has not yet received payment from the local business. B) decreases net income and increases liabilities. 1) The concept of materiality: b. Whenever an individual stops drinking, the BAL will ________________. c) To accrue an uncollected revenue. a. Accumulated depreciation a. What categories capital falls in: A. d. revenue, The unexpired insurance at the end of the fiscal period represents School Columbia College; Course Title ACCT 280; Type. d. revenues when the liability is no longer owed, Which of the following is considered to be unearned revenue? 1) Prepaid expenses appear: c) $112,400. Adjusting entries are necessary because timing differences exist between when a revenue or expense is recognized and cash is received or paid. d) $117,000. b) As a liability on the balance sheet. B) Which of the following would not cause the adjusted trial balance totals to be unequal? Consequently, it should not be used in patients at risk for aspiration (e.g., Gastroesophageal reflux disease [GERD], obesity, diabetes, etc.) c. Offsetting current liabilities against assets that, Which item below is not a current liability? d) Net income will be overstated and total assets will be overstated. Identify whether the following item would be classified on a balance sheet as a current liability, a long term-liability or something else: Salaries payable. At the end of the period, it was determined that $15,000 worth of coupons had been used by customers to rent videos. 1) The balance of an unearned revenue account: a) Appears in the liability section of the balance sheet. b. deferred Demand a reason for nonpayment. (1) A one-year bank loan of $720,000 at an annual interest rate of 12% had been obtained on December 1. Asset b. -Depreciation for the month of March: $2,300. The power of the exchange rate policy under the structural Adjustment programme are to discourage imports and promote agric d) In the period with the lower earnings. These are c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. Maturity dates of long-term debt c. Methods of amortizing intangibles d. Composition of plant assets, Fill in the blanks with the category of the expanded accounting equation (assets; liabilities; owner, capital; owner, withdrawals; revenues; expenses). (a) The entry to record depreciation: $3,000. Assets and Liabilities B. Become a Study.com member to unlock this answer! 1) The accountant for Perfect Painting forgot the following two adjustments at the end of 2018: b. Unearned Revenue 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) Debit Interest Expense $2,100 and credit Accrued Interest Payable $4,200. B) Whenever expenses are not paid in cash. D) trend smoothing. 1) Omega Company adjusts its accounts at the end of each month. Which one of the following is not considered a basic type of adjusting entry? b. snow removal services that have been provided but have not been billed or paid a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. The amount to be used for the appropriate adjusting entry is Norma Company records the payment by debiting Prepaid Rent $2,200 and crediting Cash $2,200. c) Assets = Liabilities + Paid-in Capital + Retained Earnings. $4,300 B) The asset-liability approach is arguably superior to the revenue-expens, Which of the following are NOT included in a postclosing trial balance? c. used a. Which one of the following is not considered a basic type of adjusting entry? A) Marketable Securities B) Equipment C) Prepaid Expenses D) Interest Receivable, Which of the following is a correct statement regarding the use of the modified approach for accounting for eligible infrastructure assets? Which type of probability (empirical, classical, subjective) is each of the following? After recording these adjustments, net income for March is: d. liability, Which of the following is an example of a prepaid expense? B. Use the following excerpts from Algona Companys financial statements to determine cash received from customers in 2018. a) The entry to record unpaid expenses. 1) Which of the following entries causes an immediate decrease in assets and in net income? B. Assigning revenues to the periods in which they are earned. Listing current liabilities according to amount. No adjusting entry should consist of: A debit to an expense and a credit to revenue. b. debit Cash; credit Salaries Payable d. the future value of cash flows. Listing current liabilities in order of maturity. 2. a. To ensure consistency and fairness to all applicants, please do not submit materials in addition to those requested. Payment at the time of service b. 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? Duty station Nairobi, Kenya. b) $41,160. 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. Asset b. For example: making changes to the workplace. Are they quantitative or qualitative in nature? c) Paid for. 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? Depreciation Expense. d) Are generally made daily. First created in 1917 when the U.S. was entering World War I, the debt ceiling has been raised by Congress (and occasionally the president, when authorized to do so by Congress) dozens of times since then. The monthly rent is $7,000. The customer is the director of a nearby animal shelter. b) The entry to record depreciation expense. b. a) In April, Daystar Company received payment from a customer for services that are performed in May. d. matching, The entry to adjust the accounts for salaries accrued at the end of the accounting period is C) decreases assets and increases liabilities. Chan, Which of the following transactions changes only the mix of assets and does not affect liabilities or stockholders' equity? Which of the following accounts normally has a debit balance? C) c. Salaries Payable c. common stock a. a. debit Unearned Gym Memberships; credit Gym Memberships Revenue 1) The accrual of interest on a note payable will: 1) Regal Real Estate, which maintains its accounts on the basis of a fiscal year ending June 30, began the management of an office building on June 15 for an agreed annual fee of $4,800. 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? Change in accounts receivable. (a) The entry to record depreciation expense. a) $110,800. b. (3) On December 1, rent on the office building had been paid for three months. c. the IRR. 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.) Adjustments include: Medical Savings Account, Form 8853 Educator Expenses (c) The entry to record the earned portion of rent received in. a. debit Insurance Expense, $1,800; credit Prepaid Insurance, $1,800 NOCCCD will not sponsor any visa applications. Liabilities and Revenues c. Expenses and Assets d. Liabilities and Retained Earnings, What type of account is Cash? c) The entry to declare a dividend distribution. Rent Revenue 1,900. a. debit Salaries Payable, $12,000; credit Cash, $12,000 Which is the best response? 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. b. c. Prepaid expenses, land, and accounts receivable. 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. 59) Which of the following is not a characteristic of trend projections? The cash payment for accrued expenses occurs __________ the adjusting entry to record the accrued expenses. d) Daystar Company receives payment in May for work to be performed in June and July. c. expenses in the period when they are paid The entry to record revenue earned but not yet received c. The entry to record the earned portion of rent recei. 24 Questions Show answers. c. revenue Assets = Liabilities + Common Stock + Dividends - Revenue - Expenses b. (b) Asset impa, Which of the following is considered in computing depreciation expense using the straight-line method? a) In the period in which they are earned. a) It is prepared before adjusting entries. The 6% rate is appropriate in this situation. Therefore, if an external force is applied, the static friction force will equal the magnitude of the external force, until it surpasses the threshold of motion. c. a computer technician has just signed an agreement with you regarding pricing for future work The cash payment for accrued revenues occurs __________ the adjusting entry to record the accrued revenue. The pet died and the family has complained about the effect of the treatment. A) The asset-liability approach focuses on the measurement of net assets. Which of the following is not an adjusting entry? c) $1,200 cash dividends are declared and paid. Which of the following basic elements of financial statements is more associated with the balance sheet than the income statement? Income statement B. a. assets, liabilities, owner's equity b. assets, drawing, expenses c. assets, revenues, expenses d. assets, liabilities, revenues, Which of the following statements is true? 1) Before any month-end adjustments are made, the net income of Russell Company is $38,000. Please state where each account should be placed? d) Materiality. Adjusting journal entries are a feature of accrual accounting as a result of revenue recognition and matching principles. Change from straight-line to sum-of-the-years'-digits method of depreciation. changing someone's working arrangements. d) Update the owners' equity account for the changes in owners' equity that had been recorded in revenue and expense accounts throughout the period. Which of the following entries causes an immediate decrease in assets and in profit? a) An exact calculation prepared by an appraiser. 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. c) Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. a) The entry to record the earned portion of rent received in advance. After adjusting entries are made for the items listed above, Russell Company's net income would be: d) Daystar Company receives payment in May for work to be performed in June and July. c. debit Salary Expense, $12,000; credit Salaries Payable, $12,000 (More) C) trend projections. Liabilities and Stockholders' Equity C. Revenues and Expenses D. Liabilities and Expenses, The adjusting entry to record an accrued expense is: a. Change in inventory. 1) On December 31, Louis Jeweler's made an adjusting entry to record $4,200 accrued interest payable on its mortgage. Where are the highest populations in Europe? This problem has been solved! C) A) Assets and Expenses B) Liabilities and Dividends C) Revenues and Liabilities D) Owners' Equity and Dividends. c) An overstatement of liabilities offset by an understatement of owners' equity. $3,500. 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? Debit Automobile $578 and credit Depreciation Expense $578. Revenue c. Stockholders' equity d. Liability, Which of the following accounts will appear on the company's income statement? e. None of the above. Which of the following is considered to be an accrued expense? b) Net income will be understated and total assets will be understated. a. c) Matching a) As a reduction to retained earnings. D) decreases owner's equity and assets. $13,011 (property, plant, equip - accumulated depreciation). Send Mr. Brown a friendly written reminder. Purchased land for cash. B) 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 .
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