a) An entry to accrue unpaid expenses. c. Intangibles; Accumulated Amortization. Change in amortization period for an intangible asset. c. debit Accounts Payable; credit Supplies 1) Depreciation expense is: d) $34,240. A debit to an expense and a credit to an asset account. \text{Accounts Receivable}&\text{\$\hspace{5pt}85,000}&\text{\$\hspace{5pt}105,000}\\[20pt] d) The entry to pay outstanding bills. c. Expenses decrease stockholders' equity. d. contra asset, debit, Data for an adjusting entry described as "accrued wages, $2,020" requires a c. Accumulated Depreciation d) As an expense on the income statement. a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. a) Assets d) Daystar Company receives payment in May for work to be performed in June and July. Current assets b. 21. Under which circumstance would the veterinarian not adjust or cancel a fee for services? A debit to a liability and a credit to cash. b. an accrued liability Adjustments include: Medical Savings Account, Form 8853 Educator Expenses a. b) Only an estimate. The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. Advanced Limiting Techniques. 1) The concept of materiality: b) As an asset on the balance sheet. The relationship between the nozzle height and Gantry height is considered not to change, thus leveling only one corner and the . 1. Change in inventory. The entry to record depreciation expense b. b. deferred Current liabilities c. Investments d. Long-term liabilities e. Property, pla. Level ICS-10. What are the variables of interest? This payment included interest charges of $6,300, $2,100 of which were applicable to the period from January 1 through January 10. a) Assets of Perfect Painting are overstated at December 31, 2018. d. debit Supplies; credit Stockholders' Equity, Buster Industries pays weekly salaries of $30,000 on Friday for a five-day week ending on that day. Adjusting entries are necessary for the following items: a. stockholders' equity b) $12,800 a) As a reduction to retained earnings. providing equipment, services or support. Debits (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. The entry to record this event is an example of an adjusting entry: a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. 1) Which of the following is considered an adjusting entry? 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. b. 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 appropriate adjusting entry at the end of the period would be: A. Updating liability and asset accounts to their proper balances. 1. Select the correct answer: The entry to record depletion expense A) decreases assets and liabilities. Of the respondents, those who paid really high or really low prices for the ring were excluded, leaving a sample size of 33 respondents. Compute the dealerships sales price variance and sales volume variance for the month and classify each as favorable or unfavorable. the amount originally paid. At the end of June, what should be the balance of Norma's Prepaid Rent account? d) A liability. Accumulated depreciation a. Not recording contingent liabilities. B) Whenever expenses are not paid in cash. Which of the following is most likely not considered an adjusting entry? a) Materiality c) A credit to Child Care Fees Earned of $4,500. Learn the definition of adjusting entries in accounting, and find examples. (4) Depreciation of office equipment is based on an estimated useful life of six years. a. depreciation of long-term physical assets. theater tickets sold for next month's performance. a) $110,800. b) Depreciation a. a. assets c. net income or loss will be properly reported on the income statement January 31 falls on a Tuesday; salaries are paid on Friday of each week. Unearned revenue. Revenues and expenses B. c) The entry to record revenue earned but not yet received. B. Description This is an X-Axis gantry bed leveler, the first of its kind. Your aunt recently received the annual report for a company in which she has invested. What action should the veterinary office assistant take upon aging accounts receivable on March 1 of the same year? Define debit and credit and explain how assets, liabilities, common stock, retained earnings, revenues, expenses, and dividends are affected (increased or decreased) by debits and credits. The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms. C) The entry to record depreciation expense. 1. b) At the end of January, Empire Company pays the custodian for January office cleaning services. The District may choose to fill one or more positions from this recruitment within six (6) months. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Legal Expense a. b. revenues when services are performed d) $222,900. The accrual of an electricity bill for electricity used but not yet paid b. d) Matching. Demand a reason for nonpayment. c) An entry to convert an asset to an expense. d. the future value of cash flows. This tool is intended to be used as a guide only. Change in accounts receivable. 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? b. Which of the following entries causes an immediate decrease in assets and in profit? 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 type of probability (empirical, classical, subjective) is each of the following? The monthly rent is $6,000. Duration Open ended subject to satisfactory performance and the availability of funds. A) The asset-liability approach focuses on the measurement of net assets. 6 2/3 Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of $27,804 million and Accumulated Depreciation of $14,793 million. c) Unexpired revenue. Which of the following is not considered a basic type. c) Net income for Perfect Painting for 2018 is understated. checks stamped "NSF." $13,011 (property, plant, equip - accumulated depreciation). (a) The entry to record depreciation: $3,000. C. Assigning expenses to the periods in which they are incurred. c) To prepare the revenue and expense accounts for recording transactions of the following period. Then you prepare a slip to deposit the checks accepted for payment. User: 3/4 16/9 Weegy: 3/4 ? 1) Before any month-end adjustments are made, the net income of Russell Company is $38,000. What amount of interest expense has accrued on the bank loan? b) Only if the same accountant prepares the income statement each period. Write offs. (2) The company's pays all employees up to date each Friday. Identify at least two of these examples. d) To be determined for all assets owned by a company. B) Data gathered from parents, siblings and teachers indicated that siblings in ABA families experienced neither significant drawbacks nor benefits in terms of . d. not earned but the cash has been received, Adjusting entries are c. an accrued expense a) The entry to record unpaid expenses. Adjusting entries are necessary for the following items: d) Debit Rental Revenue $15,000 and credit Unearned Rental Revenue $15,000. a. an accrued asset As time passes, fixed assets other than land lose their capacity to provide useful services. c. accrual basis The monthly rent is $7,000. This was the question investigated in the Journal of Experimental Social Psychology (Vol. 29. 1) The balance of an unearned revenue account: a) Appears in the liability section of the balance sheet. d) Balance sheet items are presented before income statement items. Which of the following expresses the key elements of the statement of owners' equity? a) Services rendered. a. Asset b. Rent expense amount b. Your chance of going to Disney World next year is 10%. b) A debit to Unearned Child Care Revenue of $4,500. Asset b. A) The three most common types of adjusting journal entries are accruals . C) Only to correct errors in the initial recording of business transactions. After recording these adjustments, net income for March is: 31,2018Dec. (b) The entry to record the portion of fees received in advance, which have now been earned: $3,000. We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. d. prepaid expenses, The adjusting entry for gym memberships earned that were previously recorded in the unearned gym memberships account is To ensure consistency and fairness to all applicants, please do not submit materials in addition to those requested. The adjusting entry on December 31 is Contract type International ICA. Which of the following accounts normally has a debit balance? a) Increase by $9,800. d. Unearned Rent, Which of the following accounts would likely be included in a deferral adjusting entry? d) On January 1, Empire Company purchased delivery equipment with an estimated useful life of five years. a) The entry to record depreciation. b) Correct errors made during the accounting period. Asset, Liability c. Liability, Liability d. Asset, Asset, Which of the following statements is true concerning all types of tax-free corporate reorganizations? An adjusted trial balance is prepared based on the adjusting entries. An adjusting entry to convert an asset to expense consists of: Accumulated Depreciation. c) To accrue an uncollected revenue. Valid Pupil Personnel Services Credential with academic school counseling emphasis is preferred. Which of the following is not true regarding the asset-liability approach to defining accounting elements? the amount expired. The following information has been assembled in order to prepare the required adjusting entries at December 31: c) In the period in which they are paid. (a) A power. 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 . Department/office AFR, KEMCO, Kenya MCO. c. correction of an error in the general journal. finding a different way to do something. b. Depreciation on eligible infrastructure assets need not be recorded if the assets are being maintained at or abo, According to SFAC No. Revenues b. C. Assets - Liabilities - Dividends, Identify the type of account for the following: Equipment a. c. accrual 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 C) An entry to convert. b) Prepaid expenses represent assets. d) Ordered. Which of the following basic elements of financial statements is more associated with the balance sheet than the income statement? c. debit Prepaid Insurance, $11,000; credit Insurance Expense, $11,000 c) The entry to pay outstanding bills. a. the same as correcting entries 1) An adjusting entry involving recognition of accrued revenue is necessary at the end of March in which of the following situations? a) In the period in which they are earned. 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. C) decreases assets and increases liabilities. a. cash basis 1) Which of the following is considered an adjusting entry? Identify where the following item would be reported in the financial statements. The pet died and the family has complained about the effect of the treatment. 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. c. common stock 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. debit Prepaid Rent, $24,000; credit Rent Expense, $8,000 \text{Sales}&\text{700,000}\\ d. Inventory; Provision for Obsolescence. . A debit to an expense and a credit to cash. = 15 * 3/20 answer choices Debit unearned revenue; credit revenue Debit insurance expense; credit pre-paid insurance Debit cash; credit unearned revenue Debit wages expense; credit wages payable Question 6 120 seconds Q. c) Debit Accrued Interest Payable $6,300. As a result of these two omissions: 2. b. b. debit Cash; credit Salaries Payable