A. [ If you would like to come in, I would be happy to talk over the details and help with a payment plan that suits your budget." - is the best response. Your chance of going to Disney World next year is 10%. Then you prepare a slip to deposit the checks accepted for payment. Uploaded By ProfessorKnowledge3522. 20/3 B) Whenever expenses are not paid in cash. d) $900 is paid to an attorney for legal services rendered during the current year. The following information has been assembled in order to prepare the required adjusting entries at December 31: 1) Which of the following statements is not true regarding prepaid expenses? Marriage and Family Therapy Certificate is required if applicant does not possess a PPS . 1) Which of the following is not an example of an 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? d) $222,900. c. debit Accounts Payable; credit Supplies Identify where the following item would be reported in the financial statements. Skip. b) Liabilities of Perfect Painting are understated at December 31, 2018. Valid Pupil Personnel Services Credential with academic school counseling emphasis is preferred. a) A debit to Child Care Fees Receivable of $9,000. a. debit Salaries Payable, $12,000; credit Cash, $12,000 2. d) On January 1, Empire Company purchased delivery equipment with an estimated useful life of five years. 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. Our experts can answer your tough homework and study questions. The budget for the month was to sell 45 trucks at an average price of$9,500 each. 1) Which of the following would not be a proper application of the concept of materiality by Millridge Corporation? 1) Which statement is true about an adjusted trial balance? c) Expenses decrease stockholders' equity. b) An understatement of assets, net income, and owners' equity. Adjusting journal entries are a feature of accrual accounting as a result of revenue recognition and matching principles. Contract level IICA-2. c. $2,800 Net income for January will be overstated. The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . a. Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. C) Revenues will be understated, but assets will be ov, Which of the following accounts has a normal debit balance? Send Mr. Brown a friendly written reminder. a. an accrued asset 3. 33. C) 31,2017$105,000. it has The entry to record bad debts expense for the period. c. Expenses decrease stockholders' equity. Following the scary situation, the Blink-182 member chose to not fly again and traveled only by car, boat and train. 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. If the balance of supplies at the start of the month was $900 and at the end of the month you had $350 on hand, the adjustment for Supplies would be: $450. b) Deferred revenue. C. Received $3,800 for fees earned. The accrual of an electricity bill for electricity used but not yet paid The recognition of depreciation expense for the period The recognition of the used and unused portions of a prepaid rent The entry to record the collection of interest receivable Expert Solution b) Debit Rental Revenue $5,000 and credit Unearned Rental Revenue $5,000. Sketch the graph of D(v)D(v)D(v). b) $36,000. c) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. In order to be considered for the position, please attach the following: 1. 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. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay. c) Paid for. Under which circumstance would the veterinarian not adjust or cancel a fee for services? b. c. accrual basis Increase in liabilities and reduction in net income. d) The entry to pay outstanding bills. c) The entry to pay outstanding bills. Revenues, Liabilities, Owners' Equity b. The accrual of an electricity bill for electricity used but not yet paid b. d) A liability. Do nothing yet; Mr. Brown's account is current. Legislative reform is needed, to remove or widen the . (3) On December 1, rent on the office building had been paid for three months. For example: making changes to the workplace. c. debit Unearned Gym Memberships; credit Prepaid Gym Memberships Net income for January will be overstated. This month, the last day of the month falls on a Thursday. d. Improperly expensing costs that should be capitalized. a. debit Unearned Gym Memberships; credit Gym Memberships Revenue a. b) Net income will be understated and total assets will be understated. Each book contained a certain number of coupons for video rentals. c. debit Insurance Expense, $2,100; credit Prepaid Insurance, $2,100 d. matched, Which of the following is not a characteristic of the accrual basis of accounting? (b) The entry to record the portion of fees received in advance, which have now been earned: $3,000. 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 . d. theater tickets sold for next month's performance, Which of the following is an example of accrued revenue? Liabilities and Revenues c. Expenses and Assets d. Liabilities and Retained Earnings, What type of account is Cash? The three most common types of adjusting journal entries are accruals . d) The entry to pay outstanding bills. 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? 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? \text{From Income Statement:}&\textbf{2018}\\[2pt] a) In April, Daystar Company received payment from a customer for services that are performed in May. 31,2017AccountsReceivable$85,000$105,000FromIncomeStatement:2018Sales700,000\begin{array}{lrr} ($60,000 / 10 = $6,000 * 4 = $24,000; $60,000 - $24,000 = $36,000). Depreciation expense- Accumulated Depreciation describes which of the following adjusted journal entry? d) Materiality. b. debit Insurance Expense, $14,000; credit Prepaid Insurance, $14,000 a. debit Salaries Payable; credit Cash B. Assigning revenues to the periods in which they are earned. During the current period 500 books were sold for $20,000, and this amount was credited to Unearned Rental Revenue. Asset 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? (1). c. common stock 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"). d. market value. a. assets - bills for ads that appeared in prior month's local newspaper, - premium paid on a one-year insurance policy. c. $6,800 The adjusting entry does not record entry for converting an asset to a liability. b. an accrued liability d. Building, equipmen, Which of the following is an appropriate representation of the accounting equation? Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: At the end of the current year, $23,570 of fees have been earned but have not been billed to clients. a) Realization principle Assets = Revenue + Expenses - Liabilities. Liability, Asset b. Which of the following is a typical example of a current liability? C) An entry to convert. c) In the period in which they are paid. copyright 2003-2023 Homework.Study.com. b. records revenues and expenses when they are incurred Assets and Revenues b. Which one of the following is not considered a basic type of adjusting entry? Depreciation Expense. Where are the highest populations in Europe? a) Purchased. The effect of this error is: d. the future value of cash flows. a) Increase by $9,800. Accumulated depreciation a. A) Equity. After the appropriate adjusting entry is recorded, the balance in the liability account Unearned Fees will: c) As a liability on the balance sheet. A) When preparing the financial statements for the year ended October 31, accrued salaries owed to employees for October 30 and 31 were omitted. 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 is not a characteristic of the accrual basis of accounting? The entry to record revenue earned but not yet received c. The entry to record the earned portion of rent recei. the amount originally paid. B) b. deferral (1) A one-year bank loan of $720,000 at an annual interest rate of 12% had been obtained on December 1. The pet died and the family has complained about the effect of the treatment. a. Credit Interest Payable $2,500 C) The following information has been assembled in order to prepare the required adjusting entries at December 31: a. C) The entry to record depreciation expense. d) Balance sheet items are presented before income statement items. c. contra asset d) An overstatement of net income and an understatement of assets. (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? a. 1) Recently, Bon Appetite Caf contracted and paid for a relatively expensive advertisement in Haute Cuisine magazine. Question 5 options: b. asset, debit Income statement B. 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. a) The entry to record depreciation. A debit to an expense and a credit to cash. (2) The company's pays all employees up-to-date each Friday. c. revenue, asset B) Revenue. b) Midwood Consultants made payment in January for office rent for the first three months of the year. c. asset and one stockholders' equity account a) $24,000. If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n), When recording an adjusting entry for unearned revenue, a(n). a) An exact calculation prepared by an appraiser. b. Question 4 options: Which of the following is not an adjusting entry? a. a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. (4) Depreciation of office equipment is based on an estimated useful life of five years. b. revenues when services are performed 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. the amount on hand. c. Underrecording depreciation expense. a. This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. a . d) Matching. CINCINNATI, Feb. 23, 2023 (GLOBE NEWSWIRE) -- () (the "Company" or "Hillman"), a leading provider of hardware products and merchandising solutions, reported financial resu Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? d) Crediting Wage Expense for $4,480 and debiting Wages Payable for $4,480. b. depreciation b) Daystar Company completes a job for a customer in May; payment will be received in June. a. A: Accrued revenues are those which have been accrued but not yet paid. $4,300 b. 1) In which of the following situations would Daystar Company record unearned revenue in May? \text{Sales}&\text{700,000}\\ Farad, Inc., specializes in selling used trucks. CHAPTER ONE. When considered, this factor makes the offence of human trafficking difficult to prove. \text{Accounts Receivable}&\text{\$\hspace{5pt}85,000}&\text{\$\hspace{5pt}105,000}\\[20pt] Academic Standings and CGPAs from previous terms will not be considered or adjusted. Consequently, it should not be used in patients at risk for aspiration (e.g., Gastroesophageal reflux disease [GERD], obesity, diabetes, etc.) c) It increases, Unearned revenue is what type of an account? To see how XOM's P/E ratio stacks up to its peers, refer to Google Finance's Related Companies screen. e. None of the above. d) Midwood Consultants received payment in February for consulting services rendered in March. b) In the period with the higher earnings. 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 . 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. 1) Great Kids Co. began providing day care for the children of employees of a large corporation on January 15 for an agreed monthly fee of $9,000. b. accrual Which of the following statements is not true? a. stockholders' equity The adjusting entry required by Great Kids Co. on January 30 includes: Decrease in assets and reduction in net income. The account was debited for $32,500 for premiums on policies purchased during the year. a. deferral Borrowed $40,000 from First National Bank. The adjusting entry required on December 31 is The accrued salaries were included in the first salary payment in November. a. 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? -Fees earned in March that had been collected in advance: $3,600. 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 . Hypodermis d. Nails e. Sebaceous glands. Limitation on Overall Itemized Deductions Years before 2018 and after 2025: For years before 2018 and after 2025, the overall limitation on itemized deductions is an adjustment for AMT. 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. (a) Contracts resulting from sealed bidding shall be firm-fixed-price contracts or fixed-price contracts with economic price adjustment. Data gathered from parents, siblings and teachers indicated that siblings in ABA families experienced neither significant drawbacks nor benefits in terms of . How much is owed the employees for their wages? b) Consumed. Tax payers subject to the limitation subtract the limitation amount in calculating AMTI. What type of account is Notes Payable? d) Equal $9,800. 1) During the last month of its fiscal year, Echo Lake Resort provided catering services for local business. 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? The cash payment for accrued expenses occurs __________ the adjusting entry to record the accrued expenses. Which of the assets does not match with the correct contra account? \\ a. Employees earn a total of $12,800 per week. 31,2018Dec. a) Assets b) Liabilities c) Owner Equity d) Expenditures, In accounting, what is the meaning of capitalized? The balance in the Office Equipment account is $9,360; no change has occurred in the account during the year. b) An entry to convert an asset to a liability. Which of the following is not considered a basic type. 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, On February 3, Ron Brown was billed for an office visit. Identify at least two of these examples. The above entry is not a basic type of adjusting entry. b) Decrease by $9,800. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is 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. 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?

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