Gamma Company adjusts its accounts at the end of each month. Our experts can answer your tough homework and study questions. '34_ Which of the following is not considered a basic type of adjusting c) The entry to record revenue earned but not yet received. c) A credit to Child Care Fees Earned of $4,500. B) Revenue. a. How is "materiality" defined in the conceptual framework? Payment at the time of service b. b. Unearned Revenue The practice's bank statement shows canceled checks. (c) The entry to record the earned portion of rent received in. d) Balance sheet items are presented before income statement items. She seems nervous about it. Asset b. 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 a) On March 31, a major customer paid his bill for a consulting job completed in February. (4) Depreciation of office equipment is based on an estimated useful life of five years. Which of the following should be disclosed in the Summary of Significant Accounting Policies? -Fees earned in March that had been collected in advance: $3,600. 1) Gordy's Corp. has seven employees. b) Liabilities of Perfect Painting are understated at December 31, 2018. d) Crediting Wage Expense for $4,480 and debiting Wages Payable for $4,480. copyright 2003-2023 Homework.Study.com. Which of the following is not considered a basic type of adjusting entry?A. Definition of Accrual Adjusting Entries Accrual adjusting entries or simply accruals are one of three types of adjusting entries which are prepared at the end of an accounting period so that a company's financial statements will comply with the accrual method of accounting. a) Affects only items reported in the income statement. d. rarely needed in large companies, Adjusting entries affect at least one We level all printers as if everything is properly assembled, tightened, and adjusted. a. ERIC - EJ962764 - Applied Behavior Analysis Programs for Autism 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 . 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. Identify where the following item would be reported in the financial statements. \text{Sales}&\text{700,000}\\ b. purchased Inform Mr. Brown that his account will go to a collection agency if it remains unpaid by the 25th. 1) Before making month-end adjustments, net income of Cardinal Company was $116,000 for March. b) Correct errors made during the accounting period. b) An understatement of assets, net income, and owners' equity. On February 3, Ron Brown was billed for an office visit. b) Debit Interest Expense $2,100 and debit Accrued Interest Payable $4,200. View the full answer Whenever an individual stops drinking, the BAL will ________________. Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? Send Mr. Brown a friendly written reminder. Liability, Asset b. A_____is a collection problem that requires immediate action because this individual has a balance due and has moved without leaving a forwarding address. a. asset b. liability c. equity, Which of the following uncorrected errors would result in both assets and net income being overstated? e. None of these. Adjusting entries that convert assets to expenses: Some cash expenditures are made to obtain benefits for more than one accounting period. 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. She would like you to explain the meaning of terms she has come across related to accounting. a) An exact calculation prepared by an appraiser. No more trying to get the same "feel" from a piece of paper or feeler gauge. a. a. revenues and expenses are reported in the period in which cash is received or paid Increase in liabilities and reduction in net income. 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? Answered: Which of the following is most likely | bartleby Suppose Dr. Milton's checking account has a balance of $3,458.92. b. a computer technician has been paid in advance to install software updates as they become available Employees earn a total of $12,800 per week. d) Materiality. Collection. Duty station Nairobi, Kenya. d) As a part of the retained earnings. Learn the definition of adjusting entries in accounting, and find examples. Assets and Revenues b. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Fees Earned a. B. The budget for the month was to sell 45 trucks at an average price of$9,500 each. c. net income or loss will be properly reported on the income statement c. Increase in an asset and increase in, The recognition of an expense may be accompanied by which of the following? 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? a) The entry to record depreciation. What is considered an adjustment to income? - Support Insurance Expense Give Mr. Brown a tactful collection call. Increase in assets b. a. an increase in liabilities b. decrease in liabilities c. decrease in revenue d. increase in assets, Inventory held by a business is a(an) __________ and when sold becomes a(an) __________. B) The asset-liability approach is arguably superior to the revenue-expens, Which of the following are NOT included in a postclosing trial balance? a) Increase by $9,800. b. Labour TraffickingEven in Canada | Max Bell School of Public Policy Travis Barker Undergoes Surgery on Broken Finger: 'It's Painful' Because collecting the adjustment data requires time, the adjusting entries are often. UNOPS Jobs | Vacancy - Finance Manager B. She has also heard that certain terms have special meanings in accounting relative to everyday use. A. asset B. contra asset C. liability D. stockholder's equity E. contra stockholder's equity F. revenue, or expense, Which of the following is also referred to as debt? d) An overstatement of net income and an understatement of assets. d) $222,900. b. depreciation 1) Depreciation expense is: D) Expenses. 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. B) To ensure consistency and fairness to all applicants, please do not submit materials in addition to those requested. The District may choose to fill one or more positions from this recruitment within six (6) months. b. asset, debit Each earns $800 per week for a five-day work week ending on Friday. The relationship between the nozzle height and Gantry height is considered not to change, thus leveling only one corner and the . Which of the following is not considered a basic type of adjusting 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? b) An entry to convert an asset to a liability. 1. However, it does not protect against aspiration. finding a different way to do something. a. debit Rent Expense, $8,000; credit Prepaid Rent, $8,000 What categories capital falls in: A. a. the same as correcting entries b. needed to bring accounts up to date and match revenue and expense Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. Description This is an X-Axis gantry bed leveler, the first of its kind. B) $4,300 a) Assets = Equities. User: 3/4 16/9 Weegy: 3/4 ? a. b) The entry to pay salaries. b. revenue and the dividends account b. accrual a. depreciation b) Crediting Wage Expense for $640 and debiting Wages Payable for $640. b. debit Prepaid Rent, $24,000; credit Rent Expense, $8,000 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? Which of the assets does not match with the correct contra account? a) A debit to Child Care Fees Receivable of $9,000. Hillman Reports Fourth Quarter 2022 Results; Provides 2023 Guidance a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. a) Assets and liabilities b) Assets and owners' equity c) Assets and expenses d) Assets and revenues. Question 4 options: d. prepaid expenses, The adjusting entry for gym memberships earned that were previously recorded in the unearned gym memberships account is Liabilities assumed by a corporation on section 351 t. Which of the following groups of accounts have a normal credit balance? c) Matching checks not accepted by the bank. c. debit Rent Expense, $24,000; credit Prepaid Rent, $8,000 The Web site's directory was searched for those with "average" American names (e.g., "John Smith," "Sara Jones"). a. Payables a. Your brickwall limiter settings will make or break your master. Explore the various types of adjusting journal entries, and examine how to do them. d. Cash, The balance in the prepaid rent account before adjustment at the end of the year is $32,000, which represents four months' rent paid on December 1. b. asset, contra liability \text{From Balance Sheets}&\textbf{Dec. 31, 2018}&\textbf{Dec. 31, 2017}\\[2pt] Cash will be overstated at January 31. d. at least one income statement account and one balance sheet account, Prepaid expenses are eventually expected to become d) An entry to convert a liability to a revenue. The adjusting entry required at June 30 is: b) A debit to Management Fees Receivable for $200 and a credit to a revenue account for $200. a) The entry to record depreciation. Which of the following is not accomplished by an adjusting entry? The first payment is to be received on February 15. b) As an asset on the balance sheet. 1) The concept of materiality: Adjustments are certain expenses which can directly reduce your total taxable income. Adjustment disorder considered | Advances in - Cambridge Core Expert Answer. A) 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? b. earned but the cash has not been received 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? Before and after the puppies are born, each regular checkup will be $20. c. accrual basis Which of the following situations is not considered an adjustment? c. Offsetting current liabilities against assets that, Which item below is not a current liability? c. common stock a. an accrued asset e. None of the above. - Net income increases. Answered: Which of the following is most likely | bartleby Cash, contributed capital, and retained earnings. Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms. 2. d. Increase an expense; decrease an asset. c) Prepaid expenses become expenses only as goods or services are used up. d. recording of accrued revenue. D) The cash account will always be affected by adjusting journal entries. Adjusting journal entries are a feature of accrual accounting as a result of revenue recognition and matching principles.
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