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 not considered an adjustment? -Fees earned in March that had been collected in advance: $2,600. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Owner Capital a. theater tickets sold for next month's performance. $550. B. Assigning revenues to the periods in which they are earned. . Which of the following statements is incorrect? B) B. d) A liability. B) Debit Automobile $578 and credit Depreciation Expense $578. Despite the fact that the ad will appear in Haute Cuisine three months after the end of Bon Appetite Caf's current fiscal year, the Caf's accountant recorded the disbursement to advertising expense. a. Each earns $800 per week for a five-day work week ending on Friday. a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. The following table shows the undergraduate grading system used at McMaster University with the equivalent 4.0 scale. Reasonable adjustments at work - Acas Assets = Liabilities + Common Stock + Dividends - Revenue - Expenses b. c) The entry to declare a dividend distribution. Which of the following expresses the key elements of the statement of owners' equity? A debit to an expense and a credit to an asset account. c. used Which of the following is not considered a basic type of adjusting entry a An. An entry to convert an asset to a liability D. An entry to convert a liability to a revenueE. a) Debiting Wage Expense for $640 and crediting Wages Payable for $640. c. accrual c. debit Accounts Payable; credit Supplies b) Only if the same accountant prepares the income statement each period. 28. d. $8,000, Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $14,000 and unexpired insurance of $3,000, for the fiscal year ending on April 30? a) Assets, expenses, and withdraws b) Assets, liabilities, and revenues c) Expense, assets, and capital d) Withdrawals, liabilities, and capital, Which one of the following represents the expanded basic accounting equation? a. net income or loss will always be underestimated c) Assets = Liabilities + Paid-in Capital + Retained Earnings. Rent Revenue 1,900. Which of the following is not considered an end of period adjusting c) Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. Change in accrued wa, Which one of the following types of liabilities is not currently recognized on balance sheets? 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? 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 The Debt Ceiling in 2023: An In-Depth Analysis of Government Debt 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. c) Prepaid expenses become expenses only as goods or services are used up. c. a computer technician has just signed an agreement with you regarding pricing for future work Interest Revenue 1) On June 1, Norma Company signed a 12-month lease for warehouse space. Which ONE of the following items is NOT a type of stockholders' equity? 3321 (a) and 41 U.S.C.3901 ). $12,000 C) Which of the following may not be considered a "qualifying asset" under IAS 23? chapter 4 Flashcards | Quizlet No adjusting entry should consist of: A debit to an expense and a credit to revenue. b) Treats as material only those items that are greater than 2% or 3% of net income. 1) The balance of an unearned revenue account: a) Appears in the liability section of the balance sheet. A. c. theater tickets that were not sold for the current performance a. the same as correcting entries (More) d) As a part of the retained earnings. d) Justifies ignoring the matching principle or the realization principle in certain circumstances. a) $44,200. Which of the following is considered to be unearned revenue? d. revenue and one stockholders' equity account, The term used to describe an expense that has not been paid and has not yet been recognized in the accounts by a routine entry is 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, d) Net income. d) To record unearned revenue. d. snow removal services that have been provided and paid on the same day, Which of the following is considered to be an accrued expense? List of Disabilities Covered Under ADA | UpCounsel 2023 a) The entry to record depreciation. $3,500. In previous chapter, we discussed the various factors that may influence P/E ratios. On a given Friday, the probability that Flight 277 to Chicago is on time is 23.7%. b. debit Cash; credit Salaries Payable a) The entry to record the earned portion of rent received in advance. a. revenue, expense b. liability, asset c. asset, liability d. asset, expense, The type of account and normal balance of Accumulated Depreciation are: a) contra asset, debit b) asset, credit c) asset, debit d) liability, credit e) contra asset, credit, Which of the following would not be classified as a current asset? Which one of the following is not considered a basic type of adjusting entry? b) Realization principle c) Paid for. DOC Chapter 05 Audit Evidence and Documentation - CPA Diary (If you click "Add or remove columns," you will find that you can obtain comparisons of a number of key statistics for either the most recent year or quarter.) 31,2018$85,0002018700,000Dec. Unearned Rent 1,900 c. the IRR. c. debit Salaries Payable; credit Salaries Expense Accumulated Depreciation. Borders and boundaries The boundaries of adjustment disorder are not well defined in the current classifications. Static friction is considered a self adjusting force because it wants to the objects to remain at rest and not move. 1) Which of the following is the accounting principle that governs the timing of revenue recognition? The District may choose to fill one or more positions from this recruitment within six (6) months. b. Underrecording debt. b) Crediting Wage Expense for $640 and debiting Wages Payable for $640. b. deferred c) Expenses decrease stockholders' equity. 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). Each book contained a certain number of coupons for video rentals. We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. Our experts can answer your tough homework and study questions. The following information has been assembled in order to prepare the required adjusting entries at December 31: 1) Gordy's Corp. has seven employees. c. optional under generally accepted accounting principles a) Revenues, Expenses, and Capital b) Revenues, Expenses, and Withdrawals c) Assets, Liabilities, and Capital d) Assets, Liabilities, and Withdrawals. Depreciation on eligible infrastructure assets need not be recorded if the assets are being maintained at or abo, According to SFAC No. Can any of these factors explain why XOM's P/E ratio differs from its peers? January 31 falls on a Tuesday; salaries are paid on Friday of each week. b. Proof of Bachelor's Degree in Counseling, Psychology, or related field. The amount to be used for the appropriate adjusting entry is Debit Depreciation Expense $578 and credit Automobile $578. a. historical cost An adjusted trial balance is prepared based on the adjusting entries. c. debit Salary Expense, $12,000; credit Salaries Payable, $12,000 b. liabilities Change from straight-line to sum-of-the-years'-digits method of depreciation. 1) Before making month-end adjustments, net income of Bobwhite Company was $232,000 for March. d. Unearned Rent, Which of the following accounts would likely be included in a deferral adjusting entry? b. The note is to be repaid, with interest, in six months. b. asset a. debit Unearned Gym Memberships; credit Gym Memberships Revenue c) Unexpired revenue. C) d) On January 1, Empire Company purchased delivery equipment with an estimated useful life of five years. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. [1562][1001]. Adjusting entries | University Quiz - Quizizz c) $0 Asset b. 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. Echo Lake Resort has not yet received payment from the local business. a. summarizes the changes in retained earnings for a specific period of time b. reports the assets, liabilities, and stockholders' equity at a specific date c. presents the revenues and expenses for a speci, What categories does commissions fall in: A. checks that have been paid by at the bank and charged to the depositor's account. To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called The Web site's directory was searched for those with "average" American names (e.g., "John Smith," "Sara Jones"). As time passes, fixed assets other than land lose their capacity to provide useful services. The first payment is to be received on February 15. Hardship circumstances All rights reserved. c. The chance of rolling a 3 on two dice is 1/18. She has also heard that certain terms have special meanings in accounting relative to everyday use. 33. (b) An expensive private jet that can be purchased from a local vendor. 1) During the last month of its fiscal year, Echo Lake Resort provided catering services for local business. The monthly rent is $7,000. the amount of the trial balance. Asset b. a) Assets b. Prepaid Rent c) Net income will be understated and total assets will be overstated. Under which circumstance would the veterinarian not adjust or cancel a fee for services? a) It is prepared before adjusting entries. A debit to an asset account and a credit to an expense account. 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. ANSWER Correct Option is Option B. Adjustments include: Medical Savings Account, Form 8853 Educator Expenses d. matched, Which of the following is not a characteristic of the accrual basis of accounting? Insurance Expense A debit to a liability and a credit to cash. b. accounting income. At the end of the period, it was determined that $15,000 worth of coupons had been used by customers to rent videos. $2,000 b) An expense. Expenses have normal debit balances. a) An entry to accrue unpaid expenses. Which of the following is not considered a basic type of adjusting It was most recently raised . Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. c. net income or loss will be properly reported on the income statement Write offs. 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. An adjusting journal entry is usually made at the end of an accounting period to recognize an income or expense in the period that it is incurred. Indicate which items will be erroneously stated, because of the error, on (A) the income statement for the year and (B) the balance sheet as of October 31. c) In the period in which they are paid. c) Matching Liability c. Equity d. Revenue e. Expense, Which of the following entries causes an immediate decrease in assets and stockholders' equity? a) $1,800 is paid in January for a two-year fire insurance policy. c. an accrued expense a) Prepare the revenue and expense accounts for recording the revenue and expenses of the next accounting period. 1) Depreciation expense is: c) Debit Unearned Rental Revenue $5,000 and credit Rental Revenue $5,000. a) In the period in which they are earned. b) Correct errors made during the accounting period. 20 Which of the following is not considered a basic type of adjusting Whenever an individual stops drinking, the BAL will ________________. Use the following account types to form the expanded accounting equation. D. An entry to convert an asset to a liability. Revenues b. Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? 59) Which of the following is not a characteristic of trend projections? Change in accounts receivable. Asset b. b. revenues are reported on the income statement in the period in which they are earned CINCINNATI, Feb. 23, 2023 (GLOBE NEWSWIRE) -- () (the "Company" or "Hillman"), a leading provider of hardware products and merchandising solutions, reported financial resu The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is When you have accessed the documents, you can use the search tool in your Internet browser. Employees earn a total of $12,800 per week. Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. b. asset, debit d) Balance sheet items are presented before income statement items. d. revenue, The unexpired insurance at the end of the fiscal period represents In payment, Esquire agreed to accept a 6%6 \%6% note requiring the payment of interest and principal on March 31,2019 . Data gathered from parents, siblings and teachers indicated that siblings in ABA families experienced neither significant drawbacks nor benefits in terms of . Internal auditors. d) Expenses. d . exam ch11 Flashcards | Quizlet d. not earned but the cash has been received, Adjusting entries are b) As a liability on the balance sheet. Which one of the following is not considered a basic type of adjusting entry? a) Debit Interest Expense $6,300. Adjustments are certain expenses which can directly reduce your total taxable income. b) $4,000 is paid in January for equipment with a useful life of four years. b) Assets = Liabilities - Owners' Equity. d. recording of accrued revenue. c. contra asset, credit d. Accounts Receivable, If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n) b) The entry to record depreciation expense. The 6% rate is appropriate in this situation. 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? Accounts Receivable 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. c) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. 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. checks not accepted by the bank. d) Crediting Wage Expense for $4,480 and debiting Wages Payable for $4,480. 1) Recently, Bon Appetite Caf contracted and paid for a relatively expensive advertisement in Haute Cuisine magazine. a. debit Rent Expense, $8,000; credit Prepaid Rent, $8,000 a. earned and the cash has been received d) $222,900. b) Net income will be understated and total assets will be understated. $13,011 (property, plant, equip - accumulated depreciation). 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. 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? Stock is exchanged with shareholders. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. d. net income or loss will not be determined, Adjusting entries always include A) Equity. 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. 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). b) Consumed. Which of the following will occur if an adjusting entry to record an unrecorded receivable is NOT made? 1. An entry to accrue uncollected revenueC. Travis Barker Undergoes Surgery on Broken Finger: 'It's Painful' (Solved) - 1. Which of the following may not be considered a c. accumulation 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. 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. a. debit Depreciation Expense; credit Building. C) The entry to record depreciation expense. b. Unearned Revenue 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. She seems nervous about it. c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. The monthly rent is $6,000. 1. a. 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? Question : 52) Which of the following not considered to be one - ScholarOn Which of the following is not an adjusting entry? d. Increase an expense; decrease an asset. 1) Adjusting entries help achieve the goals of accrual accounting by applying which two accounting principles? -Rental income accrued during March, tenant to pay in April: $800. Which of the following accounts would likely be included in a deferral adjusting entry? c) As a liability on the balance sheet. 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 Which of the following would not cause the adjusted trial balance totals to be unequal? commonly used. c. revenue, asset a. We level all printers as if everything is properly assembled, tightened, and adjusted. Createyouraccount. Sweat gland b. Hairc. (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. c) The entry to declare a dividend distribution. Which of the following is not a type of adjusting entry? This problem has been solved!