a. b. Each earns $800 per week for a five-day work week ending on Friday. c) Daystar Company is paid on May 25 for work done in the first two weeks of May. d. Expenses are a negative factor in the computation of net income. c. accrued The effect of this error is: A computer technician has installed the latest software updates, but you have not received an invoice or made payment. The following information has been assembled in order to prepare the required adjusting entries at December 31: Fiscal Technician I . All other trademarks and copyrights are the property of their respective owners. Purchased land for cash. Contract level IICA-2. Because collecting the adjustment data requires time, the adjusting entries are often. b) An entry to convert an asset to a liability. Under which circumstance would the veterinarian not adjust or cancel a fee for services? When you have accessed the documents, you can use the search tool in your Internet browser. d) Net income for Perfect Painting for 2018 is overstated. A) Assets and Expenses B) Liabilities and Dividends C) Revenues and Liabilities D) Owners' Equity and Dividends. Revenues B. C) Revenues will be understated, but assets will be ov, Which of the following accounts has a normal debit balance? d) Only if the accounting periods are equal in length. By writing-down a fixed asset's depreciable cost now, there is less depreciation expense to match against future revenues. Answered: Which of the following is most likely | bartleby This was the question investigated in the Journal of Experimental Social Psychology (Vol. Participants for the study were those who used a popular Web site for engaged couples. a) The entry to record depreciation. A debit to an expense and a credit to cash. b. 5. ra - A kzs nyelvvltozattal kapcsolatos, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Eric W. Noreen, Peter C. Brewer, Ray H Garrison. b. debit Insurance Expense, $1,500; credit Prepaid Insurance, $1,500 D. Geologists. Billing Flashcards | Quizlet D) Expenses. An entry to accrue uncollected revenueC. C) An entry to convert an asset to an expense. 2. the amount on hand. 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? Static friction is considered a self adjusting force because it wants to the objects to remain at rest and not move. b. 1) Recently, Bon Appetite Caf contracted and paid for a relatively expensive advertisement in Haute Cuisine magazine. a. assets Indicate also the type of financial statement. b) It decreases net income and decreases assets. The cost of insurance is considered an expense: Evenly over the term of the policy Adjusting entries are prepared: Current assets b. a) On January 1, Empire Company paid rent for six months on its office building. The relationship between the nozzle height and Gantry height is considered not to change, thus leveling only one corner and the . However, the following adjustments are necessary: office supplies used, $3,160; services performed for clients but not yet recorded or collected, $3,040; interest accrued on a note payable to bank, $3,640. January 31 falls on a Tuesday; salaries are paid on Friday of each week. Your chance of going to Disney World next year is 10%. Sweat gland b. Hairc. We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. 3. ANSWER Correct Option is Option B. B) An entry to accrue unpaid expenses. REGISTER TO BID: Registration at the auction finalizes each bidder's agreement to the terms and conditions of sale as stated in the Contract and any Addenda which are incorporated b. earned but the cash has not been received Current liabilities c. Investments d. Long-term liabilities e. Property, plant, a. a) An overstatement of assets and of net income offset by an understatement of owners' equity. This payment included interest charges of $6,300, $2,100 of which were applicable to the period from January 1 through January 10. Asset b. b) Depreciation a) An entry to accrue unpaid expenses. 1) Which of the following is considered an adjusting entry? c. theater tickets that were not sold for the current performance Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: YES Accumulated depreciation, salaries payable supplies and unearned rent NO frank kent, drawing land At the end of the current year, $23,570 of fees have been earned but have not been billed to clients. \text{From Income Statement:}&\textbf{2018}\\[2pt] c. the IRR. Accumulated depreciation a. c) As a liability on the balance sheet. The entry to record bad debts expense for the period. c) An asset. Skip. d. inventory, Which account would normally not require an adjusting entry? (a) Contracts resulting from sealed bidding shall be firm-fixed-price contracts or fixed-price contracts with economic price adjustment. '34_ Which of the following is not considered a basic type of adjusting a. Assets = Revenue + Expenses - Liabilities. a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. a) Debiting Wage Expense for $640 and crediting Wages Payable for $640. What type of account is Notes Payable? b. debit Gym Memberships Revenue; credit Unearned Gym Memberships c. Unearned Subscriptions Answered: Which of the following is most likely | bartleby Pages 3 Ratings 100% (13) 13 out of 13 people found this document helpful; Assets are transferred from one corporation to another. In previous chapter, we discussed the various factors that may influence P/E ratios. A GPA adjustment may occur under one of the following conditions: How to Calculate Your . c) The entry to record revenue earned but not yet received. Borders and boundaries The boundaries of adjustment disorder are not well defined in the current classifications. c. accrual b) Treats as material only those items that are greater than 2% or 3% of net income. Adjusting journal entries are a feature of accrual accounting as a result of revenue recognition and matching principles. Each book contained a certain number of coupons for video rentals. Which of the following is an example of accrued revenue? b. Underrecording debt. Adjustments are certain expenses which can directly reduce your total taxable income. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Legal Expense a. C) trend projections. Adjusting entries are needed: A. We level all printers as if everything is properly assembled, tightened, and adjusted. Assets, liabilities, and owner's equity. A. The accrual of an electricity bill for electricity used but not yet paid b. 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). Dentsply Sirona Reports Fourth Quarter and Full Year 2022 Results Employees earn a total of $12,800 per week. Which of the following accounts would likely be included in an accrual adjusting entry? b. a computer technician has been paid in advance to install software updates as they become available [ 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) The entry to record depreciation expense. The monthly rent is $6,000. Capital, assets c. Liability, expenses d. Assets, expenses e. Common stock, dividends, Which of the following are all temporary accounts? a) Prepaid expenses appear in the balance sheet. 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? c. debit Salaries Payable; credit Salaries Expense 1) Adjusting entries: d. contra asset, expense, The type of account and normal balance of Prepaid Insurance is The adjusting entry to record the depreciation of a building for the fiscal period is How is "materiality" defined in the conceptual framework? (a) Asset impairment charges can be used to raise future reported income. 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. b. 3. which of the following is not considered an adjustment? . c. Accumulated Depreciation 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? 33. d. net income or loss will not be determined, Adjusting entries always include 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. Assets = Liabilities + Common Stock + Dividends - Revenue - Expenses b. Listing current liabilities in order of maturity. An entry to accrue unpaid expenses An entry to convert an asset to an expense. b) The entry to pay salaries. c. dividend The entry to record this event is an example of an adjusting entry: b. an accrued liability b. asset During the current period 500 books were sold for $20,000, and this amount was credited to Unearned Rental Revenue. a. revenues and expenses are reported in the period in which cash is received or paid Your aunt recently received the annual report for a company in which she has invested. copyright 2003-2023 Homework.Study.com. 1) Which of the following is not a purpose of adjusting entries? 1) We can compare income of the current period with income of a previous period to determine whether the operating results are improving or declining: 31,2018$85,0002018700,000Dec. A) Equity. When recording an adjusting entry for a prepaid expense. b) Whenever transactions affect the revenue or expenses of more than one accounting period. Increase an asset; increase revenue. The accrual of an electricity bill for electricity used but not yet paid b. (4) Depreciation of office equipment is based on an estimated useful life of five years. Travis Barker Undergoes Surgery on Broken Finger: 'It's Painful' 3321 (a) and 41 U.S.C.3901 ). a. The company should make an adjusting entry: C. Liabilities, Identify the type of account for the following: Prepaid Insurance a. Expenses increase stockholders' equity. a) Debit Interest Expense $6,300. 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. When an automobile is being driven at vvv miles per hour, the average driver requires DDD feet of visibility to stop safely, where D=0.065v2+0.148vD=0.065 v^2+0.148 vD=0.065v2+0.148v. Interest Revenue Which of the following is not true regarding the asset-liability approach to defining accounting elements? Which of the following is considered to be unearned revenue? To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called 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. d) Expenses are a negative factor in the computation of net income. -Supplies used in March: $100. $2,000 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). 58) The computer monitoring of tracking signals and self-adjustment is referred to as. Which of the following is not considered a basic type of adjusting Question 7 options: a. snow removal services that have been paid for three months in advance Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Owner Capital a. b) $113,620. Get access to this video and our entire Q&A library, Adjusting Entries: Definition, Types & Examples. c. an accrued expense Contributed capital, retained earnings, and revenues. Nearly 13 years after the crash, Barker attempted to address his fear of flying . 6, expenses can be defined by which of the following? Since LMA does not enter the trachea, it is less stimulating. a. = 45/20 Which of the following is considered to be an accrued expense? Asset, Liability c. Liability, Liability d. Asset, Asset, Which of the following statements is true concerning all types of tax-free corporate reorganizations? Compute the dealerships sales price variance and sales volume variance for the month and classify each as favorable or unfavorable. a. a. c) Debit Accrued Interest Payable $6,300. a) In April, Daystar Company received payment from a customer for services that are performed in May. The above entry is not a basic type of adjusting entry. d) To be determined for all assets owned by a company. Owners' equity will be understated. $12,000 A) Application period 02-Mar-2023 to 17-Mar-2023. At the end of the period, it was determined that $15,000 worth of coupons had been used by customers to rent videos. b. net income or loss will always be overestimated These individuals were then invited to participate in an online survey in exchange for a $10 gift certificate. Adjustments include: Medical Savings Account, Form 8853 Educator Expenses (b) The entry to record the portion of fees received in advance, which have now been earned: $3,000. 1) Which of the following statements is not true regarding prepaid expenses? Asset b. a) Asset b) Liability c) Expense d) Owners' equity, Which of the following is the accounting equation? d. debit Dividends, $12,000; credit Cash, $12,000, The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed D) C. Assets - Liabilities - Dividends, Identify the type of account for the following: Equipment a. Adjusting entries always affect at least one revenue or expense account and one asset or liability account. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay. Accounts Receivable C. Engineers. The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms. 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? (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? Hillman Reports Fourth Quarter 2022 Results; Provides 2023 Guidance She has also heard that certain terms have special meanings in accounting relative to everyday use. Which of the following is not considered a basic type of adjusting entry a An. The accrued salaries were included in the first salary payment in November. 1) Which of the following is not an example of an adjusting entry? In order to be considered for the position, please attach the following: 1. b. debit Prepaid Rent, $24,000; credit Rent Expense, $8,000 Then you prepare a slip to deposit the checks accepted for payment. Ramona's Nursery purchased playground equipment on January 1 with an estimated useful life of six years. 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) As a part of the retained earnings. 1. . a. c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. 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. a. still on hand On February 3, Ron Brown was billed for an office visit. b) Liabilities a. net income or loss will always be underestimated c) Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. Also indicate whether the items in error will be overstated or understated. On June 30, 2018, the Esquire Company sold some merchandise to a customer for $30,000\$ 30,000$30,000. Increase an expense; increase a liability. 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. Which of the following is most likely not considered an adjusting entry? Statement of changes in owner equity C. Balance sheet 2. 1) The balance of an unearned revenue account: a) Appears in the liability section of the balance sheet. 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. Asset b. Begin the equity section with Contributed Capital + Retained Earnings. Solved Which of the following statements is correct? Select - Chegg Property, Plant, and Equipment; Accumulated Depreciation. User: 3/4 16/9 Weegy: 3/4 ? d) Net income. 21. Adjusting entries can be divided into the following four types. 1) During the last month of its fiscal year, Echo Lake Resort provided catering services for local business. B. b) Net income will be understated and total assets will be understated. 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. 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. d. Improperly expensing costs that should be capitalized. What category does capital belong to? a. a. revenues and expenses are reported in the period in which cash is received or paid b. revenues are reported on the income statement in the period in which they are earned c. accrual basis of accounting supports the matching concept e. Increase an expense; d, Which basic element of financial statements arises from peripheral or incidental transactions? $3,900 a. c. debit Prepaid Insurance, $11,000; credit Insurance Expense, $11,000 a) $5,120 after adjusting entries are posted but before financial statements are prepared. Current assets b. A) An entry to convert a liability to a revenue. b. d) Debit Rental Revenue $15,000 and credit Unearned Rental Revenue $15,000. Net income for January will be overstated. a. Asset b. Increase in assets b. d. debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000, The entry to adjust for the cost of supplies used during the accounting period is Internal auditors. D) trend smoothing. 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. Our LIMITER plug-in takes all the uncertainty out of limiting by analyzing your audio and making intelligent suggestions as to the best settings for your master. b. debit Depreciation Expense; credit Accumulated Depreciation. b. E) running sum of forecast errors (RFSE). Solved Which of the following would not be considered an - Chegg Unlike entries made . What amount of interest expense has accrued on the bank loan? (2) The company's pays all employees up-to-date each Friday. 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"). 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? a) Revenues, Expenses, and Capital b) Revenues, Expenses, and Withdrawals c) Assets, Liabilities, and Capital d) Assets, Liabilities, and Withdrawals. a. depreciation a. deferral Once a patient's account is in the hands of a_____agency, most offices will terminate the physician-patient relationship. a. theater tickets sold last month for yesterday's performance Which of the assets does not match with the correct contra account? Which of the following will occur if an adjusting entry to record an unrecorded receivable is NOT made? c) Prepaid expenses become expenses only as goods or services are used up. a) Expenses increase stockholders' equity. b) $4,000 is paid in January for equipment with a useful life of four years. PDF Table of Contents Unearned Rent 1,900 The correct term for the process of transferring amounts from a book of original entry to specific assets, liabilities, revenues, expenses, and stockholders' equity items is (select, Which of the following have debit balances? c. debit Salary Expense, $12,000; credit Salaries Payable, $12,000 Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Owner Withdrawals 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? c) Net income for Perfect Painting for 2018 is understated. b. c) $0 1) On the adjusted trial balance, retained earnings is: 1) The purpose of adjusting entries is to: Increase in assets and increase in net income. b. deferred a. records revenues when they are earned and expenses when they are paid Write offs - is not considered an adjustment. b. purchased Unearned revenue. B. What action should the veterinary office assistant take upon aging accounts receivable on March 1 of the same year? d. Increase an expense; decrease an asset. Current assets b. 1) Gamma Company adjusts its accounts at the end of each month. Revenues, liabilities, capital b. Important Terms: Please Read Before Bidding! a. a. depreciation of long-term physical assets. After the appropriate adjusting entry is recorded, the balance in the liability account Unearned Fees will: b) As a liability on the balance sheet. a) Only if a manual accounting system is used in both periods. Find the matrix products. 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. c) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? Chan, Which of the following transactions changes only the mix of assets and does not affect liabilities or stockholders' equity? d) $34,240. B. Assigning revenues to the periods in which they are earned. Adjusting entries are necessary because timing differences exist between when a revenue or expense is recognized and cash is received or paid. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay amounting to $6,800. \\ a. d. account basis, The cash basis of accounting records revenues and expenses when the cash is exchanged while the accrual basis of accounting An adjusting entry to convert an asset to expense consists of: c. Expenses decrease stockholders' equity.