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a) Before financial statements and after a trial balance has been prepared. The 6% rate is appropriate in this situation. Which of the following should be disclosed in the Summary of Significant Accounting Policies? A. Updating liability and asset accounts to their proper balances. The entry to record the collection of accounts receivable c. The entry to record the purchase of equipment d. The entry to record bad debts expense for the period. B) Both revenues and assets will be overstated. Which of the following is NOT considered an epidermal appendage? Adjusting entries that convert assets to expenses: Some cash expenditures are made to obtain benefits for more than one accounting period. a. For the most part, is XOM's P/E ratio above or below that of its peers? This was the question investigated in the Journal of Experimental Social Psychology (Vol. Which of the following is not part of the balance sheet? 31,2017$105,000. c) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. Assets + liabilities = stockholders' equity b. a) A debit to Child Care Fees Receivable of $9,000. No more trying to get the same "feel" from a piece of paper or feeler gauge. a. Adjusting entries | University Quiz - Quizizz 2.4 - Life Insurance Policy Options and Riders, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, Principles of Managerial Finance, Global Edition, 1st Semester Final Review- Principles of Busi. (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. Which one of the following is not considered a basic type of adjusting entry? Become a Study.com member to unlock this answer! After the appropriate adjusting entry is recorded, the balance in the liability account Unearned Fees will: D. Revenue, liabilities, and capital. b. The following information has been assembled in order to prepare the required adjusting entries at December 31: Because collecting the adjustment data requires time, the adjusting entries are often. c. an accrued expense Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay amounting to $6,800. The lease requires monthly rent of $550, with 4 months paid in advance. Adjusting entries are necessary because timing differences exist between when a revenue or expense is recognized and cash is received or paid. 1) An adjusting entry involving recognition of accrued revenue is necessary at the end of March in which of the following situations? User: 3/4 16/9 Weegy: 3/4 ? A. Which one of the following is not considered a basic type of adjusting c. debit Rent Expense, $24,000; credit Prepaid Rent, $8,000 a. asset b. liability c. equity, Which of the following uncorrected errors would result in both assets and net income being overstated? Revenues, liabilities, capital b. Professional discounts -Fees earned in March that had been collected in advance: $3,600. a. earned and the cash has been received Valid Pupil Personnel Services Credential with academic school counseling emphasis is preferred. Debit Interest Expense $250. b) Liabilities Then you prepare a slip to deposit the checks accepted for payment. The cash account will always be affected by adjusting journal entries. 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"). c. Interest Expense c. debit Accounts Payable; credit Supplies Which is an example of asset overstatement fraud? 1) Unearned revenue appears: 58) The computer monitoring of tracking signals and self-adjustment is referred to as. 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. b) Decrease by $9,800. Dentsply Sirona Reports Fourth Quarter and Full Year 2022 Results Revenues b. d) Justifies ignoring the matching principle or the realization principle in certain circumstances. c. accrual basis of accounting supports the matching concept (Assume accrual basis accounting.) Explore the various types of adjusting journal entries, and examine how to do them. Which of the following is not accomplished by an adjusting entry? c. book value Increase in an asset and increase in a liability. B. Of the respondents, those who paid really high or really low prices for the ring were excluded, leaving a sample size of 33 respondents. 1) On December 31, Louis Jeweler's made an adjusting entry to record $4,200 accrued interest payable on its mortgage. a) On March 31, a major customer paid his bill for a consulting job completed in February. Asset b. Asset b. Expert Answer. a) Assets = Equities. 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. The relationship between the nozzle height and Gantry height is considered not to change, thus leveling only one corner and the . When preparing the financial statements for the year ended October 31, accrued salaries owed to employees for October 30 and 31 were omitted. NOCCCD will not sponsor any visa applications. c. Intangibles; Accumulated Amortization. b) Only an estimate. c) A credit to Child Care Fees Earned of $4,500. The prepaid insurance account had a balance of $3,000 at the beginning of the year. Which of the following may not be considered a "qualifying asset" under IAS 23? B. a) $110,800. 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) An overstatement of net income and an understatement of assets. a. assets b. liabilities c. gains d. expenses, What type of account is prepaid expense? B) d. recording of accrued revenue. 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. Also indicate whether the items in error will be overstated or understated. checks that have a "stop payment" order. Which of the following is not considered a basic type of adjusting entry?A. Decrease in an asset and decrease in a liability. Therefore, the credit to Supplies in the adjusting entry is for the amount of supplies Learn the definition of adjusting entries in accounting, and find examples. an agreement that has been signed for snow removal services for the next three months 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. c. Accumulated Depreciation c) Expenses decrease stockholders' equity. a. Generally accepted accounting principles require that companies use the ________ of accounting. It therefore provides a plausible reason as to why human trafficking charges are often dropped or why traffickers are often charged under related crimes, such as forcible confinement, extortion, etc. b) To apportion unearned revenue. b. 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? Write offs. The Web site's directory was searched for those with "average" American names (e.g., "John Smith," "Sara Jones"). A_____is a collection problem that requires immediate action because this individual has a balance due and has moved without leaving a forwarding address. b) Crediting Wage Expense for $640 and debiting Wages Payable for $640. Net income for January will be overstated. Note that the product can be found mentally, without the use of a calculator or pencil-and-paper calculations. c. $6,800 1) Videobusters, Inc. offered books of video rental coupons to its patrons at $40 per book. b. only balance sheet accounts a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. Adjusting Entries Examples (Step by Step Adjusting - WallStreetMojo A GPA adjustment may occur under one of the following conditions: How to Calculate Your . $13,011 (property, plant, equip - accumulated depreciation). $12,000 The adjusting entry to record interest that has accrued on a note payable to the bank will cause an immediate: The cost of insurance is considered an expense: Evenly over the term of the policy Adjusting entries are prepared: b. debit Depreciation Expense; credit Accumulated Depreciation. No support bed leveling aid. c. the cash account In previous chapter, we discussed the various factors that may influence P/E ratios. a) Expenses increase stockholders' equity. Accounting Ch. 3 Flashcards | Quizlet Sweat gland b. Hairc. 1) On the adjusted trial balance, retained earnings is: 1) The purpose of adjusting entries is to: d) A debit to Fees Receivable of $9,000. Accounts Receivable 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 is most likely not considered an adjusting entry? d. the future value of cash flows. $550. How is "materiality" defined in the conceptual framework? Assets are transferred from one corporation to another. What is the balance to be carried forward in the checkbook? Identify at least two of these examples. Not recording contingent liabilities. C) Can any of these factors explain why XOM's P/E ratio differs from its peers? If the balance of supplies at the start of the month was $900 and at the end of the month you had $350 on hand, the adjustment for Supplies would be: $450. b) As an asset on the balance sheet. Level ICS-10. 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 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. B. a. 1) Depreciation expense is: checks not accepted by the bank. b) Only if the same accountant prepares the income statement each period. 24 Questions Show answers. The Americans with Disabilities Act of 1990, a civil rights law, prohibits employers from discriminating against employees with disabilities. This answer has been confirmed as correct and helpful. Decrease in assets and reduction in net income. b. accrual Chan, Which of the following transactions changes only the mix of assets and does not affect liabilities or stockholders' equity? b. c. common stock d) Crediting Wage Expense for $4,480 and debiting Wages Payable for $4,480. c. Salaries Payable 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? The appropriate adjusting entry at the end of the period would be: d. at least one income statement account and one balance sheet account, Prepaid expenses are eventually expected to become b. records revenues and expenses when they are incurred A) Assets and Expenses B) Liabilities and Dividends C) Revenues and Liabilities D) Owners' Equity and Dividends. Depreciation on eligible infrastructure assets need not be recorded if the assets are being maintained at or abo, According to SFAC No. Current assets b. a. Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. b) The entry to pay salaries. Liability, Asset b. Which ONE of the following items is NOT a type of stockholders' equity? a) In the period in which they are earned. 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 January 31 falls on a Tuesday; salaries are paid on Friday of each week. c) It increases, Unearned revenue is what type of an account? Employees earn a total of $12,800 per week. Acute myocardial infarction, diabetes, cerebral atrophy, chronic obstructive pulmonary disease, end-stage renal disease, homocysteinemia, rheumatoid arthritis, stroke B. Diabetes . Indicate also the type of financial statement. 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? (5) Fees of $9,800 were earned during the month for clients who had paid in advance. c. contra asset, credit c. used b) Treats as material only those items that are greater than 2% or 3% of net income. 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. c) The entry to declare a dividend distribution. d) Are generally made daily. During the month, Farad sold 50 trucks at an average price of $9,000 each. 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? D) trend smoothing. Which of the following situations is not considered an adjustment? b. depreciation Indicate also the type of financial statement. -Supplies used in March: $300. a. debit to Wages Expense and a credit to Wages Payable c. debit to Accounts Receivable and a credit to Wages Expense d) Only if the accounting periods are equal in length. A) Both revenues and assets will be understated. Adjusting entries are necessary for the following items: 31,2018$85,0002018700,000Dec. c. debit Prepaid Insurance, $11,000; credit Insurance Expense, $11,000 Stock is exchanged with shareholders. ANSWER Correct Option is Option B. Answered: Which of the following is most likely | bartleby CHAPTER ONE. b. asset, debit $700 Explain. a. c) Income c. Prepaid expenses, land, and accounts receivable.