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. 1) Videobusters, Inc. offered books of video rental coupons to its patrons at $40 per book. Which of the following statements is incorrect? On February 3, Ron Brown was billed for an office visit. a. cash basis c. debit Salary Expense, $12,000; credit Salaries Payable, $12,000 The above entry is not a basic type of adjusting entry. (a) Contracts resulting from sealed bidding shall be firm-fixed-price contracts or fixed-price contracts with economic price adjustment. b) An entry to convert an asset to a liability. b) Liabilities of Perfect Painting are understated at December 31, 2018. Current liabilities c. Investments d. Long-term liabilities e. Property, plant, and equipment f. Which of the following is a section of the income statement? 1) Which of the following statements is not true regarding prepaid expenses? D. Geologists. Expenses increase stockholders' equity. A. b) At the end of January, Empire Company pays the custodian for January office cleaning services. Answered: Which of the following is most likely | bartleby b. d) The entry to convert liabilities to revenue. b. 1) Depreciation expense is: a) An exact calculation prepared by an appraiser. At the end of the period, it was determined that $15,000 worth of coupons had been used by customers to rent videos. 1) On December 31, Louis Jeweler's made an adjusting entry to record $4,200 accrued interest payable on its mortgage. B) Whenever expenses are not paid in cash. c) Prepaid expenses become expenses only as goods or services are used up. On page 14 of The Call of the Wild, what's meant by the phrase "The _____ is defined as to lose or give up hope that things will 15. Account Adjustments: Types, Purpose & Their Link to Financial 1) Which of the following is considered an adjusting entry? d . 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. 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. Following the scary situation, the Blink-182 member chose to not fly again and traveled only by car, boat and train. b) It decreases net income and decreases assets. PDF Table of Contents c) Only if each accounting period covered is a full year. A) Assets and Expenses B) Liabilities and Dividends C) Revenues and Liabilities D) Owners' Equity and Dividends. b. accounting income. d) Realization principle and matching principle. d) Ordered. commonly used. a. the same as correcting entries A large corporation is one having $1 million or more taxable income during any of its 3 preceding tax years. 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. 1) During the last month of its fiscal year, Echo Lake Resort provided catering services for local business. b) Consumed. a) Affects only items reported in the income statement. Which of the following is NOT considered an epidermal appendage? Data gathered from parents, siblings and teachers indicated that siblings in ABA families experienced neither significant drawbacks nor benefits in terms of . Which of the following groups are not considered a specialist by AICPA Professional Standards: A. Appraisers. Tax payers subject to the limitation subtract the limitation amount in calculating AMTI. 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? The budget for the month was to sell 45 trucks at an average price of$9,500 each. c) Assign revenues to the period in which they are received. a. debit Supplies Expense; credit Supplies Which one of the following is not considered a basic type of adjusting If Hot Bagel Co. estimates depreciation on an automobile to be $578 for the year, the company should make the following adjusting entry: c. Increase in an asset and increase in, The recognition of an expense may be accompanied by which of the following? The 6% rate is appropriate in this situation. 1) Which of the following is the accounting principle that governs the timing of revenue recognition? The amount to be used for the appropriate adjusting entry is If United Shipping makes monthly adjusting entries, which of the following is included as part of the March 31 adjusting entry? Supplies Increase an asset; increase revenue. c) As a liability on the balance sheet. (2) The company's pays all employees up to date each Friday. Accounts Receivable Which of the following is considered to be an accrued expense? Which of the following is not an adjusting entry? Net income for January will be overstated. Then, identify whether the item increases, '+', or decr, An unearned revenue account is usually considered to be a(n) A) Liability B) Asset C) Revenue D) Expense. Which is the best response? 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. A) c. debit Prepaid Insurance, $11,000; credit Insurance Expense, $11,000 d. debit Building; credit Depreciation Expense. On June 30, 2018, the Esquire Company sold some merchandise to a customer for $30,000\$ 30,000$30,000. Borrowed $40,000 from First National Bank. During the month, Farad sold 50 trucks at an average price of $9,000 each. c) The entry to pay outstanding bills. B) An entry to record revenue that has been earned but has not yet been billed to customers. c. $6,800 Accounts Receivable 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 financial statements will be accurate since the $500 does not have to be paid yet. 1. Adjusting entries are necessary for the following items: a. 31,2017$105,000. Indicate also the type of financial statement. Assets are transferred from one corporation to another. Part 16 - Types of Contracts | Acquisition.GOV c. Expenses decrease stockholders' equity. c. Intangibles; Accumulated Amortization. 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. DOC Chapter 05 Audit Evidence and Documentation - CPA Diary Description This is an X-Axis gantry bed leveler, the first of its kind. a. debit to Wages Expense and a credit to Wages Payable Account adjustments, also known as adjusting entries, are entries that are made in the general journal at the end of an accounting period to bring account balances up-to-date. B) Both revenues and assets will be overstated. 1) Which of the following would not be a proper application of the concept of materiality by Millridge Corporation? a. accounts receivable b. land c. plant and equipment d. natural resources, Which of the following group of accounts are increased with a debit? a. prepaid C. Assets, expenses, and withdrawals. 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. Capital, assets c. Liability, expenses d. Assets, expenses e. Common stock, dividends, Which of the following are all temporary accounts? Write offs - is not considered an adjustment. b. debit Salary Expense, $12,000; credit Dividends, $12,000 a. Asset b. Generally accepted accounting principles require that companies use the ________ of accounting. a) Only if a manual accounting system is used in both periods. The accrual of an electricity bill for electricity used but not yet paid b. What is the balance to be carried forward in the checkbook? Answered: Which of the following is most likely | bartleby 1) In which of the following situations would the largest amount be recorded as an expense of the current year? An entry to convert an asset to an expense. a. debit Insurance Expense, $1,800; credit Prepaid Insurance, $1,800 a. The report notes that the statements have been prepared in accordance with "generally accepted accounting principles." Interest Revenue Explain. \text{From Balance Sheets}&\textbf{Dec. 31, 2018}&\textbf{Dec. 31, 2017}\\[2pt] 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? This month, the last day of the month falls on a Thursday. a. deferral Changes to previously recorded entries of journal are referred to as adjusting entries. d) The entry to pay outstanding bills. a. debit Insurance Expense, $3,000; credit Prepaid Insurance, $3,000 d) $222,900. 1) Recently, Bon Appetite Caf contracted and paid for a relatively expensive advertisement in Haute Cuisine magazine. d. contra asset, expense, The type of account and normal balance of Prepaid Insurance is a. d) To record unearned revenue. $400 C) Revenues will be understated, but assets will be ov, Which of the following accounts has a normal debit balance? Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Fees Earned a. 1. c. $2,800 Asset b. This problem has been solved! D. Paid $4,000 for o, Which of the following is not considered a type of long-lived asset? A debit to a liability and a credit to cash. The entry to record bad debts expense for the period. 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. b. debit Insurance Expense, $14,000; credit Prepaid Insurance, $14,000 d) Debit Rental Revenue $15,000 and credit Unearned Rental Revenue $15,000. Asset b. AMT Adjustments Explained - AMT Advisor A) Both revenues and assets will be understated. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. A. d. contra asset, debit, Data for an adjusting entry described as "accrued wages, $2,020" requires a 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) A power generation plant that normally takes two years to construct. Net income for January will be overstated. B) Revenue. Sweat gland b. Hairc. Not recording contingent liabilities. d. Building, equipmen, Which of the following is an appropriate representation of the accounting equation? a) Services rendered. 2. Prepaid expenses are: Assets Accumulated Depreciation is: The depreciation expense recorded on an asset to date. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Owner Withdrawals a. The entry to record this event is an example of an adjusting entry: a) Are needed whenever revenue transactions affect more than one period. An adjusted trial balance is prepared based on the adjusting entries. a) Prepare the revenue and expense accounts for recording the revenue and expenses of the next accounting period. 35. Why or why not? Which of the following is not part of the balance sheet? Unearned revenue. a. debit Depreciation Expense; credit Building. c. The concepts statements discuss the concept of "articulation" between financial statement elements. b) Only if the same accountant prepares the income statement each period. The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. 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. 1) Omega Company adjusts its accounts at the end of each month. 6, expenses can be defined by which of the following? a. income statement account and one balance sheet account Echo Lake Resort has not yet received payment from the local business. a) In the period in which they are earned. A) Whenever revenue is not received in cash. Briefly summarize the meaning of this term and how it relates to an entity's financial statements. c) Net income for Perfect Painting for 2018 is understated. Prior to the adjusting process, accrued expenses have, Prior to the adjusting process, accrued revenue has, Deferred revenue is revenue that is As of January 31, Princess Company owes $500 to Butler Co. for equipment rented during January. C. Received $3,800 for fees earned. No more trying to get the same "feel" from a piece of paper or feeler gauge. By writing-down a fixed asset's depreciable cost now, there is less depreciation expense to match against future revenues. (3) On December 1, rent on the office building had been paid for four months. An adjusting entry to convert an asset to expense consists of: Change from straight-line to sum-of-the-years'-digits method of depreciation. E) running sum of forecast errors (RFSE). Which of the following expresses the key elements of the statement of owners' equity? -Depreciation for the month of March: $2,300. "The first examination will be $40 or $50, depending on how long the visit is. a. asset, credit Which of the following is not considered a basic type of adjusting entry? d) Expenses are a negative factor in the computation of net income. Of the respondents, those who paid really high or really low prices for the ring were excluded, leaving a sample size of 33 respondents. a) To record unrecorded expenses. after adjusting entries are posted but before financial statements are prepared. D) She seems nervous about it. The Web site's directory was searched for those with "average" American names (e.g., "John Smith," "Sara Jones"). What amount of interest expense has accrued on the bank loan? c. Prepaid expenses, land, and accounts receivable. a. 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? The following information has been assembled in order to prepare the required adjusting entries at December 31: ($4,800 / 12 = $400 * 1 / 2 = $200). d. net income or loss will not be determined, Adjusting entries always include b. debit Insurance Expense, $1,500; credit Prepaid Insurance, $1,500 INTRODUCTION. 1) An adjusting entry involving recognition of accrued revenue is necessary at the end of March in which of the following situations? c) Results in financial statements that are less useful to decision makers because many details have been omitted. Department/office AFR, KEMCO, Kenya MCO. An example of a contra-asset account is: What are accrual adjusting entries? | AccountingCoach 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. -Fees earned in March that had been collected in advance: $3,600. Credit Interest Payable $2,500 a. c) Debit Unearned Rental Revenue $5,000 and credit Rental Revenue $5,000. a) A debit to Child Care Fees Receivable of $9,000. a) Revenues, Expenses, and Capital b) Revenues, Expenses, and Withdrawals c) Assets, Liabilities, and Capital d) Assets, Liabilities, and Withdrawals. Contract level IICA-2. B. Adjusting entries that convert assets to expenses: Some cash expenditures are made to obtain benefits for more than one accounting period. Fiscal Technician I . As a result of these two omissions: 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. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2018 interest accrual, and the March 31, 2019 collection. Identify the type of account for the following: Unearned Revenue a. Each book contained a certain number of coupons for video rentals. c) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. c) The entry to record revenue earned but not yet received. 20/3 b) Only an estimate. c) Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. Which of the following is not considered a basic type of adjusting entry?A. Adjusting journal entries are a feature of accrual accounting as a result of revenue recognition and matching principles. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Land a. School Columbia College; Course Title ACCT 280; Type. A. Adjustments are certain expenses which can directly reduce your total taxable income. D) An entry to convert an asset to a liability. Assets are transferred from one corporation to another. 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? Rent expense amount b. Level ICS-10. a) Before financial statements and after a trial balance has been prepared. c. the IRR. a) Debiting Wage Expense for $640 and crediting Wages Payable for $640. Multiple Choice An entry to convert a liability to a revenue. b) Realization principle Travis Barker Undergoes Surgery on Broken Finger: 'It's Painful' A) An entry to convert a liability to a revenue. The appropriate adjusting entry at the end of the period would be: 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. After adjusting entries are made for the items listed above, Russell Company's net income would be: 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? b) Decrease by $9,800. 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. (1). 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? Expert Answer. c. The chance of rolling a 3 on two dice is 1/18. (c) The entry to record the earned portion of rent received in. Adjusting entry for accrued Q: Adjusting entries that need to be made in order to comply with accrual accounting concepts normally A: Adjusting entries are made by the management to maintain the accrual basis accounting system. b) A debit to Unearned Child Care Revenue of $4,500. The entry to record revenue earned but not yet received c. The entry to record the earned portion of rent recei. Which type of probability (empirical, classical, subjective) is each of the following? a. b) Depreciation Please state where each account should be placed? 1) On June 1, Norma Company signed a 12-month lease for warehouse space. which of the following is not considered an adjustment? C. Liabilities, Identify the type of account for the following: Prepaid Insurance a. Asset b. c) An overstatement of liabilities offset by an understatement of owners' equity. 20 Which of the following is not considered a basic type of adjusting Patient Billing and Collections-Chapter 18 Flashcards | Quizlet

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