A. expenses and liabilities B. expenses and revenues C. revenues and liabilities D. expenses and assets, Which one of the following groups of accounts contains only assets? After the appropriate adjusting entry is recorded, the balance in the liability account Unearned Fees will: On a given Friday, the probability that Flight 277 to Chicago is on time is 23.7%. Asset b. a) Assets of Perfect Painting are overstated at December 31, 2018. 31,2018$85,0002018700,000Dec. a) In the period in which they are earned. a) Are needed whenever revenue transactions affect more than one period. Assets + Dividends + Expenses = Liabilities + Common Stock + Revenues c. Assets - Liabilities - Divide, Which of the following would be caused by recording an adjusting journal entry to recognize depreciation? 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. c. Interest Expense Proof of Bachelor's Degree in Counseling, Psychology, or related field. b) Assets = Liabilities - Owners' Equity. b) The entry to pay salaries. $3,900 In payment, Esquire agreed to accept a 6%6 \%6% note requiring the payment of interest and principal on March 31,2019 . c) An overstatement of liabilities offset by an understatement of owners' equity. a. debit Depreciation Expense; credit Building. The effect of this error is: The company's monthly rent is $700. c) Results in financial statements that are less useful to decision makers because many details have been omitted. c) Debit Unearned Rental Revenue $5,000 and credit Rental Revenue $5,000. The first payment is to be received on February 15. D) An entry to convert an asset to a liability. In fact, limiter faux pas are one of the easiest ways to undo a hard-earned mix. Current liabilities c. Investments d. Long-term liabilities e. Property, pla. b. Adjusting entries are necessary because timing differences exist between when a revenue or expense is recognized and cash is received or paid. 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? D) Please state where each account should be placed? Question 4 options: b. d) Materiality. Asset b. The accrual of an electricity bill for electricity used but not yet paid b. Sketch the graph of D(v)D(v)D(v). Accounts Receivable; Bad Debt Expense. b) $231,900. Debit Automobile $578 and credit Depreciation Expense $578. Cash, contributed capital, and retained earnings. Use the following account types to form the expanded accounting equation. Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. - bills for ads that appeared in prior month's local newspaper, - premium paid on a one-year insurance policy. c) Matching a) It increases expenses and does not affect assets. b. accrual to identify the kind of entry that would increase th, Which of the following types of accounts have a normal debit balance? These adjustments are discussed below. Which of the following accounts would likely be included in a deferral adjusting entry? Revenues, liabilities, capital b. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Legal Expense a. a. income statement b. statement of changes in owner equity c. balance sheet, Which of the following groups of accounts have a normal debit balance? 1) In which of the following situations would Daystar Company record unearned revenue in May? A. Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. After recording these adjustments, net income for March is: a. the required rate of return. Cash will be overstated at January 31. c) Debit Accrued Interest Payable $6,300. d) Matching. Your aunt recently received the annual report for a company in which she has invested. 1) Unearned revenue may also be called: As time passes, fixed assets other than land lose their capacity to provide useful services. C) The customer claims he can't pay today, but he hopes to be able to pay next month. Question 6 options: 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) The entry to record depreciation. As of January 31, Princess Company owes $500 to Butler Co. for equipment rented during January. Income statement B. Which ONE of the following items is NOT a type of stockholders' equity? a) Before financial statements and after a trial balance has been prepared. D. How is "materiality" defined in the conceptual framework? b. b. asset Our experts can answer your tough homework and study questions. 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. 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. 20/3 a) Assets and liabilities b) Assets and owners' equity c) Assets and expenses d) Assets and revenues. Position Number: CM-157-2022 Department: Fiscal Services Job Category: Time (Percent Time): Term (months/year): Current Work Schedule (days, hours): Monday-Thursday, 7:30am-5:00pm/Friday, 7:30am-11:00am Salary Range: A-69 Salary: A-69Steps 1 - 6: $4,386 - $5,598 monthly Shift Differential: Shift differential eligibility based on the current collective bargaining agreement. Contributed capital, retained earnings, and revenues. Increase an expense; increase a liability. Is the gift you purchased for that special someone really appreciated? 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. $2,000 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 . Assets and liabilities C. Common Stock and liabilities D. Owner, Capital and assets, Which of the following statements is true concerning all types of tax-free corporate reorganizations? At the end of the period, it was determined that $15,000 worth of coupons had been used by customers to rent videos. Assets = liabilities + stockholders' equity c. Assets = liabilities d. Assets = liabilities + retained earnings, Which of the following is not a change in accounting estimate? Assets = Revenue + Expenses - Liabilities. a) $5,120 a) Prepaid expenses appear in the balance sheet. b. net income or loss will always be overestimated No adjusting entry should consist of: A debit to an expense and a credit to revenue. 28. Listing current liabilities in order of maturity. c. used Farad, Inc., specializes in selling used trucks. b) Crediting Wage Expense for $640 and debiting Wages Payable for $640. FromBalanceSheetsAccountsReceivableFromIncomeStatement:SalesDec. She has also heard that certain terms have special meanings in accounting relative to everyday use. b. only balance sheet accounts c) The entry to declare a dividend distribution. Billing the patient for services and extending credit c. The use of outside collection services d. Bartering for services Click the card to flip Flashcards Learn Test Match Created by Nedina_Shavor Teacher 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. The entry to record the collection of accounts receivable c. The entry to record the purchase of equipment d. The entry to record bad debts expense for the period. (1) A one-year bank loan of $720,000 at an annual interest rate of 12% had been obtained on December 1. The balance in the Office Equipment account is $9,360; no change has occurred in the account during the year. a) Expenses increase stockholders' equity. 4. c) As a liability on the balance sheet. b) To apportion unearned revenue. b. liabilities a) Materiality In previous chapter, we discussed the various factors that may influence P/E ratios. a. Multiple Choice An entry to convert a liability to a revenue. The cash payment for accrued revenues occurs __________ the adjusting entry to record the accrued revenue. Which of the following is not considered a basic type of adjusting entry a An. Decrease in assets and reduction in net income. 3. a. a) The entry to record the earned portion of rent received in advance. C) b) Net income will be understated and total assets will be understated. Asset b. The following information has been assembled in order to prepare the required adjusting entries at December 31: Prepaid expenses are: Assets Accumulated Depreciation is: The depreciation expense recorded on an asset to date. Each book contained a certain number of coupons for video rentals. = 15 * 3/20 E) running sum of forecast errors (RFSE). B) adaptive smoothing. -Depreciation for the month of March: $2,300. d) Only if the accounting periods are equal in length. c. The concepts statements discuss the concept of "articulation" between financial statement elements. e. None of the above. d. matching, The entry to adjust the accounts for salaries accrued at the end of the accounting period is Listing current liabilities according to amount. C) An entry to convert. a. d) To record unearned revenue. c) In the period in which they are paid. Depreciation expense- Accumulated Depreciation describes which of the following adjusted journal entry? $3,200 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. Accounts Receivable 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. Beginning capital, capital contribution and withdrawals, and net income. after adjusting entries are posted but before financial statements are prepared. We level all printers as if everything is properly assembled, tightened, and adjusted. 1) Unearned revenue is: A) The asset-liability approach focuses on the measurement of net assets. Reasonable adjustments are changes an employer makes to remove or reduce a disadvantage related to someone's disability. b. deferral The adjusting entry does not record entry for converting an asset to a liability. 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 d) The entry to record accrued wages payable. Following the counterculture movement of the 1960s, misleading marketing campaigns promoting "alternative medicine" as being an effective "alternative" to biomedicine, and with changing social attitudes about not using chemicals, challenging the establishment and authority of any kind, sensitivity to giving equal measure to values and beliefs . The recognition of depreciation expense for the period c. The recognition of the used and unused portions of a prepaid rent d. The entry to record the collection of interest receivable $550. a) $227,700. A) 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. a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. C. Received $3,800 for fees earned. [1001][1562], [1652][1001]\left[\begin{array}{rr}-1 & 6 \\ 5 & 2\end{array}\right]\left[\begin{array}{ll}1 & 0 \\ 0 & 1\end{array}\right] c) Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. b) Liabilities c. Prepaid expenses, land, and accounts receivable. d) The entry to pay outstanding bills. a. 1) Unearned revenue appears: B) -Rental income accrued during March, tenant to pay in April: $800. Which of the following would not cause the adjusted trial balance totals to be unequal? Psychosocial adjustment in siblings of children with autism whose families were using a home-based, applied behavior analysis (ABA) program was compared to that of siblings in families who were not using any intensive autism intervention. a. 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? c) To accrue an uncollected revenue. d) Are generally made daily. 3321 (a) and 41 U.S.C.3901 ). \end{array} [ 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. b) $36,000. b) Realization principle a. expenses when their future economic value expires or is used up Increase in liabilities c. Decrease in assets d. Decrease in liabilities, An income statement does which of the following? 1) Gordy's Corp. has seven employees. c. $2,800 Which type of probability (empirical, classical, subjective) is each of the following? Assets and Revenues b. a) Assets of Perfect Painting are overstated at December 31, 2018. a. depreciation expense for each major class of asset b. balances of major classes of depreciable assets, by nature or function c. accumulated depreciation on, Which of the following is not acceptable treatment for the presentation of current liabilities?
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