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C) Only to correct errors in the initial recording of business transactions. The first payment is due on July 15. -Rental income accrued during March, tenant to pay in April: $800. a) On January 1, Empire Company paid rent for six months on its office building. Which of the following would not be considered an adjusting entry? Credit Interest Payable $2,500 a) Transactions involving small dollar amounts are not recorded in Millridge's accounting records. 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. c. debit Rent Expense, $24,000; credit Prepaid Rent, $8,000 study, we stated that the presence of shock was evaluated " when the blood samples were obtained for culture (early shock) " [2, p. 194], which means . E) running sum of forecast errors (RFSE). c) Daystar Company is paid on May 25 for work done in the first two weeks of May. B) a) In the period in which they are earned. a) Liabilities and expenses increase; stockholders' equity decrease b) Assets and stockholde, Indicate the type of Deferred Tax account created by Accrued Expenses and Prepaid Expenses, respectively: a. a. equipment allocation Level ICS-10. An entry to accrue unpaid expenses B. Change from straight-line to sum-of-the-years'-digits method of depreciation. = 15 * 3/20 c. accumulation Adjusting entries are necessary for the following items: d) Expenses. b. deferral basis 1) Which of the following would not be a proper application of the concept of materiality by Millridge Corporation? 1. Employees earn a total of $12,800 per week. d. None of these choices would not cause the adjusted trial balance totals to be unequal. c. accrual basis of accounting supports the matching concept Generally accepted accounting principles require that companies use the ________ of accounting. The accrued salaries were included in the first salary payment in November. CHAPTER ONE. 1) In which of the following situations would the largest amount be recorded as an expense of the current year? c. revenue This payment included interest charges of $6,300, $2,100 of which were applicable to the period from January 1 through January 10. c. an accrued expense PDF Table of Contents The monthly rent is $7,000. c. accrued a. debit Unearned Gym Memberships; credit Gym Memberships Revenue b) Decrease by $9,800. A. The following information has been assembled in order to prepare the required adjusting entries at December 31: B) An entry to record revenue that has been earned but has not yet been billed to customers. A) exponential smoothing. 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. An entry to convert an asset to a liability. The cash payment for accrued expenses occurs __________ the adjusting entry to record the accrued expenses. b) To apportion unearned revenue. a) Debiting Wage Expense for $640 and crediting Wages Payable for $640. -Fees earned in March that had been collected in advance: $3,600. b. debit Gym Memberships Revenue; credit Unearned Gym Memberships Valid Pupil Personnel Services Credential with academic school counseling emphasis is preferred. Which of the following is an example of accrued revenue? b) Net income will be understated and total assets will be understated. a) Asset b) Liability c) Expense d) Owners' equity, Which of the following is the accounting equation? Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? [1562][1001]. Which of the following is not considered a basic type of adjusting entry a An. a. only income statement accounts 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 2. In order to be considered for the position, please attach the following: 1. Createyouraccount. Your aunt recently received the annual report for a company in which she has invested. c. Salaries Payable Which ONE of the following items is NOT a type of stockholders' equity? The following table shows the undergraduate grading system used at McMaster University with the equivalent 4.0 scale. Decrease in liabilities and reduction in net income. d. market value. By writing-down a fixed asset's depreciable cost now, there is less depreciation expense to match against future revenues. Your brickwall limiter settings will make or break your master. c. theater tickets that were not sold for the current performance b) Realization principle The cost of insurance is considered an expense: Evenly over the term of the policy Adjusting entries are prepared: d) The entry to pay outstanding bills. The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. Which of the following accounts would likely be included in an accrual adjusting entry? a. debit Supplies Expense; credit Supplies c. $5,000 it has 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? c. correction of an error in the general journal. Asset, Liability c. Liability, Liability d. Asset, Asset, Which of the following statements is true concerning all types of tax-free corporate reorganizations? If Hot Bagel Co. estimates depreciation on an automobile to be $578 for the year, the company should make the following adjusting entry: 1) Gordy's Corp. has seven employees. The customer is unemployed and homeless. Which of the following would not cause the adjusted trial balance totals to be unequal? Collection. (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? c) An entry to convert an asset to an expense. a. debit Insurance Expense, $1,800; credit Prepaid Insurance, $1,800 On a given Friday, the probability that Flight 277 to Chicago is on time is 23.7%. b) Accumulated depreciation should equal depreciation expense. $13,011 (property, plant, equip - accumulated depreciation). 57. b) An expense. d. recording of accrued revenue. a. During the month, Farad sold 50 trucks at an average price of $9,000 each. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. d) $117,000. See all questions asked by natashavale1025. a. an accrued asset b) Expenses have normal debit balances. Application period 02-Mar-2023 to 17-Mar-2023. The amount to be used for the appropriate adjusting entry is B. Adjusting Journal Entries in Accrual Accounting 1) Before making month-end adjustments, net income of Bobwhite Company was $232,000 for March. b. deferral Which of the following frictional force is self adjusting? (a) Contracts resulting from sealed bidding shall be firm-fixed-price contracts or fixed-price contracts with economic price adjustment. snow removal services that have been provided but have not been billed or paid. How much is owed the employees for their wages? The cash payment for accrued revenues occurs __________ the adjusting entry to record the accrued revenue. Which of the following is not considered an epidermal b) $231,900. b) Only an estimate. Accumulated depreciation a. d) The entry to record accrued wages payable. d. at least one income statement account and one balance sheet account, Prepaid expenses are eventually expected to become a. Which of the following accounts would likely be included in a deferral adjusting entry? 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? 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. B. 1) On June 1, Norma Company signed a 12-month lease for warehouse space. b) Midwood Consultants made payment in January for office rent for the first three months of the year. A) An entry to convert a liability to a revenue. Hospital Tap Water as a Source of Stenotrophomonas Maltophilia b) $113,620. a) $44,200. The Web site's directory was searched for those with "average" American names (e.g., "John Smith," "Sara Jones"). Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay amounting to $6,800. (b) The entry to record revenue earned but not yet received. Is the gift you purchased for that special someone really appreciated? The prepaid insurance account had a balance of $3,000 at the beginning of the year. Which is the best response? UNOPS Jobs | Vacancy - Finance Manager The adjusting entry required by Great Kids Co. on January 30 includes: a) Prepare the revenue and expense accounts for recording the revenue and expenses of the next accounting period. Debit Accumulated Depreciation $578 and credit Depreciation Expense $578. c) Assets = Liabilities + Paid-in Capital + Retained Earnings. Legislative reform is needed, to remove or widen the . a. stockholders' equity In ICD-10, adjustment disorder is classified under 'Neurotic, stress-related and somatoform disorders' (code F43.2), unlike DSM-IV-TR where is it is not classified under any particular group. b) Prepaid expenses represent assets. 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. When considered, this factor makes the offence of human trafficking difficult to prove. (pdf) Introduction Congress is fast approaching the need to take action on the nation's statutory debt limit, often referred to as the debt ceiling. Asset b. 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? -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. B) Whenever expenses are not paid in cash. Accounting chapter 3 Flashcards | Quizlet 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? b) At the end of January, Empire Company pays the custodian for January office cleaning services. d. prepaid expenses, The adjusting entry for gym memberships earned that were previously recorded in the unearned gym memberships account is WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. 1) Which statement is true about an adjusted trial balance? A: Accrued revenues are those which have been accrued but not yet paid. 400 A) Supplies expense 400 Supplies 400 B) Depreciation expense 400 Accumulated depreciation 400 C) Wage expense 400 Cash 400 D) Insurance expense 400 Prepaid insurance. Labour TraffickingEven in Canada | Max Bell School of Public Policy Which of the following is not considered a basic type of adjusting 1) Before making month-end adjustments, net income of Cardinal Company was $116,000 for March. a. Income statement B. d) Net income for Perfect Painting for 2018 is overstated. 1) Which of the following is not considered a basic type of adjusting entry? c) Net income will be understated and total assets will be overstated. 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? (b) Contracts negotiated under part 15 may be of any type or combination of types that will promote the Government's interest, except as restricted in this part (see 10 U.S.C. Revenues and expenses B. Question 4 options: Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Owner Capital a. $3,500. 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? The financial statements will be accurate since the $500 does not have to be paid yet. Asset b. A. Updating liability and asset accounts to their proper balances. Indicate also the type of financial statement. Before and after the puppies are born, each regular checkup will be $20. c) Net income for Perfect Painting for 2018 is understated. Pages 3 Ratings 100% (13) 13 out of 13 people found this document helpful; commonly used. No support bed leveling aid. 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. c. Decrease a liability; increase revenue. exam ch11 Flashcards | Quizlet b. contra asset 6, expenses can be defined by which of the following? a. b) Liabilities of Perfect Painting are understated at December 31, 2018. 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? $3,600 No adjusting entry should consist of: A debit to an expense and a credit to revenue. c) Debit Unearned Rental Revenue $5,000 and credit Rental Revenue $5,000. 45, 2009). (b) An expensive private jet that can be purchased from a local vendor. FromBalanceSheetsDec. Our experts can answer your tough homework and study questions. b. debit Salary Expense, $12,000; credit Dividends, $12,000 a. (1) A one-year bank loan of $720,000 at an annual interest rate of 12% had been obtained on December 1. A. 58) The computer monitoring of tracking signals and self-adjustment is referred to as. 1) On the adjusted trial balance, retained earnings is: 1) The purpose of adjusting entries is to: to identify the kind of entry that would increase th, Which of the following types of accounts have a normal debit balance? D) On February 3, Ron Brown was billed for an office visit. Ramona's Nursery purchased playground equipment on January 1 with an estimated useful life of six years. A. She seems nervous about it. a. failure to adjust Unearned Revenue to recognize revenue earned b. failure to record depreciation for the year c. failure to accrue interest payable d, Which of the following statements best describes tax results to a shareholder in a section 351 transaction when liabilities on property transferred to the corporation are assumed by the corporation? B) adaptive smoothing. b. accounting income. Use the following account types to form the expanded accounting equation. Asset b. Liability c. Equity d. Revenue e. Expense, Which of the following entries causes an immediate decrease in assets and stockholders' equity? B. Assigning revenues to the periods in which they are earned. C) a. 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: c. Offsetting current liabilities against assets that, Which item below is not a current liability? Not recording contingent liabilities. Unearned Rent 1,900 c. optional under generally accepted accounting principles 1) Which of the following situations does not require Empire Company to record an adjusting entry at the end of January? When you have accessed the documents, you can use the search tool in your Internet browser. Identify at least two of these examples. b) The entry to record depreciation expense. c. debit Salaries Payable; credit Salaries Expense 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). 1) Videobusters, Inc. offered books of video rental coupons to its patrons at $40 per book. The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. NOCCCD will not sponsor any visa applications. a) An exact calculation prepared by an appraiser. d) Crediting Wage Expense for $4,480 and debiting Wages Payable for $4,480. Changes to previously recorded entries of journal are referred to as adjusting entries. Data gathered from parents, siblings and teachers indicated that siblings in ABA families experienced neither significant drawbacks nor benefits in terms of . checks not accepted by the bank. a. asset, credit [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] In previous chapter, we discussed the various factors that may influence P/E ratios. b) The entry to record uncollected revenues. c. The adjustment for prepaid insurance was omitted. c. Unearned Subscriptions - Net income increases. 21. Human Resources Specialist at North Orange County Community College a. the required rate of return. changing someone's working arrangements. Identify the type of account for the following: Unearned Revenue a. a) Assets and liabilities b) Assets and owners' equity c) Assets and expenses d) Assets and revenues. B) b. accrual An entry to accrue unpaid expenses An entry to convert an asset to an expense. d) The entry to convert liabilities to revenue. Change in accounts receivable. 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 . a. records revenues when they are earned and expenses when they are paid Current assets b. b) Assets = Liabilities - Owners' Equity. b. a. cash basis Rent expense amount b. a) Expenses increase stockholders' equity. Professional discounts a) Affects only items reported in the income statement. a) Assets of Perfect Painting are overstated at December 31, 2018. Economic Sanctions and Anti-Money Laundering Developments: 2022 Year in d. matched, Which of the following is not a characteristic of the accrual basis of accounting? 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? Adjustments include: Medical Savings Account, Form 8853 Educator Expenses C) Gains. The relationship between the nozzle height and Gantry height is considered not to change, thus leveling only one corner and the . Give Mr. Brown a tactful collection call. d) On January 1, Empire Company purchased delivery equipment with an estimated useful life of five years. (1). How is "materiality" defined in the conceptual framework? d. debit Prepaid Insurance, $1,800; credit Cash, $1,800, Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. This tool is intended to be used as a guide only. d) $222,900. (Assume accrual basis accounting.) the amount of the trial balance. Expenses have normal debit balances. d. Building, equipmen, Which of the following is an appropriate representation of the accounting equation? Learn the definition of adjusting entries in accounting, and find examples. c) The entry to declare a dividend distribution. ANSWER Correct Option is Option B. D. Revenue, liabilities, and capital. Adjusting entries are necessary because timing differences exist between when a revenue or expense is recognized and cash is received or paid. b) Crediting Wage Expense for $640 and debiting Wages Payable for $640. d. Expenses are a negative factor in the computation of net income. A) D. An entry to convert an asset to a liability. Identify where the following item would be reported in the financial statements. 35. "The first examination will be $40 or $50, depending on how long the visit is. Which of the following basic elements of financial statements is more associated with the balance sheet than the income statement? Which of the following is not accomplished by an adjusting entry? This was the question investigated in the Journal of Experimental Social Psychology (Vol. 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.