which of the following is not considered an adjustment?
C. Liabilities, Identify the type of account for the following: Prepaid Insurance a. Fiscal Technician I . An entry to convert an asset to a liability. Norma Company records the payment by debiting Prepaid Rent $2,200 and crediting Cash $2,200. ANSWER Correct Option is Option B. 1) An adjusting entry involving recognition of accrued revenue is necessary at the end of March in which of the following situations? $12,000 a) Increase by $9,800. The budget for the month was to sell 45 trucks at an average price of$9,500 each. Your brickwall limiter settings will make or break your master. This answer has been confirmed as correct and helpful. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. The above entry is not a basic type of adjusting entry. b. Prepaid Rent d . c. an accrued expense The following information has been assembled in order to prepare the required adjusting entries at December 31: 1) Which of the following entries causes an immediate decrease in assets and in net income? Send Mr. Brown a friendly written reminder. Liabilities and Stockholders' Equity C. Revenues and Expenses D. Liabilities and Expenses, The adjusting entry to record an accrued expense is: a. Which fraction has self adjusting force? A debit to an asset account and a credit to an expense account. Then, identify whether the item increases, '+', or decr, An unearned revenue account is usually considered to be a(n) A) Liability B) Asset C) Revenue D) Expense. a. The cash payment for accrued revenues occurs __________ the adjusting entry to record the accrued revenue. User: 3/4 16/9 Weegy: 3/4 ? c) Net income will be understated and total assets will be overstated. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. 20/3 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, Net income for January will be overstated. 33. The cash basis of accounting records revenues and expenses when the cash is exchanged, while the accrual basis of accounting, records revenues and expenses when they are incurred, at least one income statement account and one balance sheet account, Prepaid expenses are eventually expected to become, expenses when their future economic value expires or is used up. Accounts Receivable Marriage and Family Therapy Certificate is required if applicant does not possess a PPS . d. at least one income statement account and one balance sheet account, Prepaid expenses are eventually expected to become This was the question investigated in the Journal of Experimental Social Psychology (Vol. Which ONE of the following items is NOT a type of stockholders' equity? D. Revenue, liabilities, and capital. (a) Contracts resulting from sealed bidding shall be firm-fixed-price contracts or fixed-price contracts with economic price adjustment. 1 answer below . b) Accumulated depreciation should equal depreciation expense. Assets and Revenues b. Become a Study.com member to unlock this answer! 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. a) $110,800. e. None of these. = 15 ? 1) The accountant for the Grassroots Company failed to make an adjusting entry to record revenue earned but not yet billed to customers. B) Both revenues and assets will be overstated. Rent expense amount b. it has a. 57. The adjusting entry to record the depreciation of a building for the fiscal period is The 6% rate is appropriate in this situation. -Depreciation for the month of March: $4,300. (c) The entry to record the earned portion of rent received in. (Provide paragraph citations.) Use the following excerpts from Algona Companys financial statements to determine cash received from customers in 2018. a) Assets of Perfect Painting are overstated at December 31, 2018. Treasury stock b. Paid-in capital c. Retained earnings d. Accumulated other comprehensive income e. Accrued issuances, What will be the effect on the accounting equation, when payment is made to the creditor of the business? A large corporation is one having $1 million or more taxable income during any of its 3 preceding tax years. Which of the following expresses the key elements of the statement of owners' equity? Beginning capital, capital contribution and withdrawals, and net income. d. Improperly expensing costs that should be capitalized. d) $117,000. a) Affects only items reported in the income statement. (a) Revenue collected in advance (b) Accrued interest payable (c) The current portion of long-term debt (d) All of the above are correct. 35. b) A debit to Unearned Child Care Revenue of $4,500. 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? d. Accounts Receivable, If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n) Which of the following statements is not true? Why It Matters; 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements; 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions; 3.3 Define and Describe the Initial Steps in the Accounting Cycle; 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business . d. None of these choices would not cause the adjusted trial balance totals to be unequal. The customer is the director of a nearby animal shelter. c. used d. $6,400, Smokey Company purchases a one-year insurance policy on July 1 for $3,600. d) Balance sheet items are presented before income statement items. 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? Explore the various types of adjusting journal entries, and examine how to do them. (2) The company pays all employees up to date each Friday. d. records revenues and expenses when the company needs to apply for a loan, By matching revenue earned during the accounting period to related incurred expenses - Stockholders' equity is not affected. $4,300 The accrual of an electricity bill for electricity used but not yet paid b. c. debit Prepaid Insurance, $11,000; credit Insurance Expense, $11,000 Why or why not? c. expenses in the period when they are paid d. debit Prepaid Rent, $8,000; credit Rent Expense, $8,000, The balance in the office supplies account on January 1 was $7,000, supplies purchased during January were $3,000, and the supplies on hand at January 31 were $2,000. d. debit to Dividends and a credit to Wages Payable, Supplies are recorded as assets when purchased. The report notes that the statements have been prepared in accordance with "generally accepted accounting principles." (2) The company's pays all employees up to date each Friday. 1) Videobusters, Inc. offered books of video rental coupons to its patrons at $40 per book. c. accrued e. None of the above. b. revenues when services are performed d) Equal $9,800. She would like you to explain the meaning of terms she has come across related to accounting. 2. Liabilities assumed by a corporation on section 351 t. Which of the following groups of accounts have a normal credit balance? Payables a. 1) The concept of materiality: The adjusting entry required on December 31 is a. assets, liabilities, owner's equity b. assets, drawing, expenses c. assets, revenues, expenses d. assets, liabilities, revenues, Which of the following statements is true? The first payment is to be received on February 15. c) In the period in which they are paid. c. the IRR. checks that have a "stop payment" order. 3321 (a) and 41 U.S.C.3901 ). 1. The accrued salaries were included in the first salary payment in November. b) An understatement of assets, net income, and owners' equity. The balance in the Office Equipment account is $9,360; no change has occurred in the account during the year. The following information has been assembled in order to prepare the required adjusting entries at December 31: C) Only to correct errors in the initial recording of business transactions. 1) Prepaid expenses are: Go to the FASB website and access the FASB Concepts Statements and respond to the following items. c) The entry to declare a dividend distribution. $2,100 c. Intangibles; Accumulated Amortization. Credit Interest Payable $2,500 To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called On January 10, the mortgage payment was made. \text{Sales}&\text{700,000}\\ Internal auditors. c) The entry to record revenue earned but not yet received. Decrease in assets and reduction in net income. $700 c. correction of an error in the general journal. A change from expensing certain costs to capitalizing these costs du. The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . A) Capitalized means that an asset account is debited (increased) for the cost of an asset.B) Capitalized means that a liability account is credited (increased) for the cost of an asset.C) Capitalized mea, Entry to recognize depreciation expense incurred on equipment is recorded as: a. Before and after the puppies are born, each regular checkup will be $20. (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. a. the same as correcting entries 29. C) Gains. 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. 31,2018Dec. January 31 falls on a Tuesday; salaries are paid on Friday of each week. (1) A one-year bank loan of $720,000 at an annual interest rate of 12% had been obtained on December 1. (3) On December 1, rent on the office building had been paid for three months. a) Materiality Asset b. Debits 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? An entry to convert an asset to a liability D. An entry to convert a liability to a revenueE. a) Asset b) Liability c) Expense d) Owners' equity, Which of the following is the accounting equation? d) The entry to pay outstanding bills. b. debit Insurance Expense, $14,000; credit Prepaid Insurance, $14,000 She seems nervous about it. b) Consumed. Changes to previously recorded entries of journal are referred to as adjusting entries. c. debit Accounts Payable; credit Supplies b) $12,800 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. Asset b. b. debit Prepaid Rent, $24,000; credit Rent Expense, $8,000 The adjusting entry required at June 30 is: b) A debit to Management Fees Receivable for $200 and a credit to a revenue account for $200. Acute myocardial infarction, diabetes, cerebral atrophy, chronic obstructive pulmonary disease, end-stage renal disease, homocysteinemia, rheumatoid arthritis, stroke B. Diabetes . a) Purchased. d) An entry to convert a liability to a revenue. Which of the following accounts would likely be included in an accrual adjusting entry? a. 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). Asset b. Which is the best response? c) To prepare the revenue and expense accounts for recording transactions of the following period. Collection. a. D) Payment at the time of service b. Income statement B. An entry to accrue uncollected revenueC. B. Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. 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? 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 b. allocation of unearned revenue. c. $5,000 Assets C. Owner's equity D. Liabilities, Which one of the following disclosures is required by generally accepted accounting principles? Identify where the following item would be reported in the financial statements. In order to be considered for the position, please attach the following: 1. On January 25, Ramona's Nursery hired a college student to drive the minibus; the new employee is to begin work in February. School Columbia College; Course Title ACCT 280; Type. The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. Which one of the following is not considered a basic type of adjusting entry? a) The entry to record depreciation. c. The chance of rolling a 3 on two dice is 1/18. a) To record unrecorded expenses. 59) Which of the following is not a characteristic of trend projections? b) $36,000. c. Offsetting current liabilities against assets that, Which item below is not a current liability? Income statement B. d) To record unearned revenue. b) Debit Interest Expense $2,100 and debit Accrued Interest Payable $4,200. b. b) As an asset on the balance sheet. The adjustment for depreciation of $3,545 was journalized as debit to Depreciation Expense for $3,454 and a credit to Accumulated Depreciation of $3,545. c. theater tickets that were not sold for the current performance 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). Debit Interest Expense $250. d. matched, Which of the following is not a characteristic of the accrual basis of accounting? 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. A) An entry to convert a liability to a revenue. Current liabilities c. Investments d. Long-term liabilities e. Property, plant, a. (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.) 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? [1562][1001]. b) Realization principle c) A credit to Child Care Fees Earned of $4,500. What action should the veterinary office assistant take upon aging accounts receivable on March 1 of the same year? Academic Standings and CGPAs from previous terms will not be considered or adjusted. (b) The entry to record revenue earned but not yet received. 1) In which of the following situations would the largest amount be recorded as an expense of the current year? Which of the following is not true regarding the asset-liability approach to defining accounting elements? What amount of interest expense has accrued on the bank loan? b) An entry to convert an asset to a liability. c) $0 a. c. accumulation Asset b. Which of the following may not be considered a "qualifying asset" under IAS 23? 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. Interest Revenue Prior to the adjusting process, accrued expenses have, Prior to the adjusting process, accrued revenue has, Deferred revenue is revenue that is An entry to convert an asset to an expense. Revenue c. Stockholders' equity d. Liability, Which of the following accounts will appear on the company's income statement? b. purchased Under which circumstance would the veterinarian not adjust or cancel a fee for services? a. Basic type of adjusting entry includes recording entry to convert a liability to a revenue, to convert an asset to an expense, and in order to record accrued unpaid expenses. d. debit Building; credit Depreciation Expense. 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. a. 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. Not adjusting for shock in multivariate models that analyze the effect of empirical antibiotic therapy on mortality may lead to incorrect conclusions, and the importance of definin when shock is or is not an intermediate variable is clearer. a. The monthly rent is $6,000. a) On January 1, Empire Company paid rent for six months on its office building. B. 31,2018$85,0002018700,000Dec. Contract type International ICA. b. theater tickets sold yesterday on credit for yesterday's performance B) Revenue. On January 31, Ramona's Nursery paid the interest owed on a note payable for January. Purchased land for cash. c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. 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. Change in accounts receivable. b. debit Depreciation Expense; credit Accumulated Depreciation. b) The entry to pay salaries. The first payment is due on July 15. Which of the following is not considered a basic type of adjusting entry?A. c) Paid for. d) A liability. The following table shows the undergraduate grading system used at McMaster University with the equivalent 4.0 scale. Which one of the following is not considered a basic type of adjusting entry? Select the correct answer: The entry to record depletion expense A) decreases assets and liabilities. Your aunt recently received the annual report for a company in which she has invested. This payment included interest charges of $6,300, $2,100 of which were applicable to the period from January 1 through January 10. The financial statements will be accurate since the $500 does not have to be paid yet. a. records revenues when they are earned and expenses when they are paid Skip. 1) Under accrual accounting, salaries earned by employees but not yet paid should be expensed: Unearned revenue. 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. 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: (a) The entry to record depreciation expense. January 31 falls on a Tuesday; salaries are paid on Friday of each week. Change in accrued wa, Which one of the following types of liabilities is not currently recognized on balance sheets? a. Assets, liabilities, and owner's equity. a. expenses when their future economic value expires or is used up On June 30, 2018, the Esquire Company sold some merchandise to a customer for $30,000\$ 30,000$30,000. c) Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. d) $42,000. a) The entry to record the earned portion of rent received in advance. checks stamped "NSF." Assets = Liabilities + Common Stock + Dividends - Revenue - Expenses b. b. debit to Wages Payable and a credit to Wages Expense c) Debit Unearned Rental Revenue $5,000 and credit Rental Revenue $5,000. Identify the type of account for the following: Unearned Revenue a.
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