She has also heard that certain terms have special meanings in accounting relative to everyday use. c. The chance of rolling a 3 on two dice is 1/18. Emotional Intelligence - a Possible Predictor of Performance or Success 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? b) The entry to record uncollected revenues. A) Expenses are outflows or other using up of assets or incurrence of liabilities (or a combination of both) during a period from delivering or produci, Which of the following types of accounts normally have debit balances? 1) Which of the following is not a purpose of adjusting entries? Liabilities and Revenues c. Expenses and Assets d. Liabilities and Retained Earnings, What type of account is Cash? Which of the following is considered to be an accrued expense? Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Land a. 45, 2009). b) Debit Interest Expense $2,100 and debit Accrued Interest Payable $4,200. b) Daystar Company completes a job for a customer in May; payment will be received in June. 1) An asset purchased on January 1, 2015 for $60,000 that has an estimated life of 10 years will have a book value on December 31, 2018 of: d) Prepaid expenses are shown in a special section of the income statement. c) An entry to convert an asset to an expense. During the month, Farad sold 50 trucks at an average price of $9,000 each. 4. Solved Which of the following statements is correct? Select - Chegg Answered: Which of the following is incorrect | bartleby a. debit Depreciation Expense; credit Building. 1. a) $227,700. . 1) The accountant for Perfect Painting forgot the following two adjustments at the end of 2018: Each earns $800 per week for a five-day work week ending on Friday. \text{Accounts Receivable}&\text{\$\hspace{5pt}85,000}&\text{\$\hspace{5pt}105,000}\\[20pt] Which of the following is NOT one of the three ways medical services can be achieved? After recording these adjustments, net income for March is: a. a. 3321 (a) and 41 U.S.C.3901 ). d) As a part of the retained earnings. 1. B) An entry to record revenue that has been earned but has not yet been billed to customers. Beginning capital, capital contribution and withdrawals, and net income. d. $6,400, Smokey Company purchases a one-year insurance policy on July 1 for $3,600. The adjusting entry required on December 31 is b) Depreciation a) Assets of Perfect Painting are overstated at December 31, 2018. a. a. (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. (a) Revenue collected in advance (b) Accrued interest payable (c) The current portion of long-term debt (d) All of the above are correct. As a result of these two omissions: c. optional under generally accepted accounting principles January 31 falls on a Tuesday; salaries are paid on Friday of each week. d) $2,560, 1) Which of the following accounting principles is concerned with offsetting revenue with the expenses incurred in producing that revenue? 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? ($4,800 / 12 = $400 * 1 / 2 = $200). The company should make an adjusting entry: Prepaid expenses are: Assets Accumulated Depreciation is: The depreciation expense recorded on an asset to date. An entry to accrue unpaid expenses An entry to convert an asset to an expense. Following the scary situation, the Blink-182 member chose to not fly again and traveled only by car, boat and train. an agreement that has been signed for snow removal services for the next three months c. Decrease a liability; increase revenue. a. cash basis a) Before financial statements and after a trial balance has been prepared. A change from expensing certain costs to capitalizing these costs du. (Provide paragraph citations.) 1) Which of the following statements is not true regarding prepaid expenses? a) Prepare the revenue and expense accounts for recording the revenue and expenses of the next accounting period. a. prepaid d. matched, Which of the following is not a characteristic of the accrual basis of accounting? 1) On June 1, Norma Company signed a 12-month lease for warehouse space. Accrued salaries owed to employees for October 30 and 31 are not considered in preparing the financial statements for the year ended October 31. (a) Contracts resulting from sealed bidding shall be firm-fixed-price contracts or fixed-price contracts with economic price adjustment. Solved Which of the following is not considered a basic type - Chegg If United Shipping makes monthly adjusting entries, which of the following is included as part of the March 31 adjusting entry? c) Unexpired revenue. Tax payers subject to the limitation subtract the limitation amount in calculating AMTI. c) Prepaid expenses become expenses only as goods or services are used up. 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. Then you prepare a slip to deposit the checks accepted for payment. c. debit Accounts Payable; credit Supplies (2) The company's pays all employees up-to-date each Friday. b. d. rarely needed in large companies, Adjusting entries affect at least one The cash account will always be affected by adjusting journal entries. 1) Omega Company adjusts its accounts at the end of each month. Using accrual accounting, revenue is recorded and reported only, Using accrual accounting, expenses are recorded and reported only, The accounting principle upon which deferrals and accruals are based is. Demand a reason for nonpayment. d) Prepaid expenses are shown in a special section of the income statement. An adjusting entry to convert an asset to expense consists of: Which of the following is NOT considered an epidermal appendage? $3,600 a) The entry to record depreciation. Skip. b. accounting income. Therefore, the credit to Supplies in the adjusting entry is for the amount of supplies a) Net income will be overstated and total assets will be understated. 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? A) a. debit Salaries Payable; credit Cash A. (a) The entry to record depreciation: $3,000. Which of the following is not considered a basic type of adjusting entry?A. d. prepaid expenses, The adjusting entry for gym memberships earned that were previously recorded in the unearned gym memberships account is 1 answer below . c. Intangibles; Accumulated Amortization. a) Realization principle d) An overstatement of net income and an understatement of assets. Owners' equity will be understated. What categories capital falls in: A. Income statement B. Debit Depreciation Expense $578 and credit Automobile $578. Fair value adjustment-trading a. Which of the following is not a type of adjusting entry? a. stockholders' equity 58) The computer monitoring of tracking signals and self-adjustment is referred to as. 3D file Manual Bed Leveling Sensor3D printable model to downloadCults A GPA adjustment may occur under one of the following conditions: How to Calculate Your . A) exponential smoothing. When recording this mortgage payment, the accountant should: d. inventory, Which account would normally not require an adjusting entry? What reasonable adjustments are. a. debit Salaries Payable, $12,000; credit Cash, $12,000 a. The Web site's directory was searched for those with "average" American names (e.g., "John Smith," "Sara Jones"). a) In April, Daystar Company received payment from a customer for services that are performed in May. 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? 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: Limitation on Overall Itemized Deductions Years before 2018 and after 2025: For years before 2018 and after 2025, the overall limitation on itemized deductions is an adjustment for AMT. c) Revenue accounts and expense accounts should not appear on the adjusted trial balance. 1) On the adjusted trial balance, retained earnings is: 1) The purpose of adjusting entries is to: a) Debiting Wage Expense for $640 and crediting Wages Payable for $640. a. 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? c. debit Unearned Gym Memberships; credit Prepaid Gym Memberships The following table shows the undergraduate grading system used at McMaster University with the equivalent 4.0 scale. c. dividend 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. c. contra asset, credit a. C. Received $3,800 for fees earned. Begin the equity section with Contributed Capital + Retained Earnings. b) The entry to record depreciation expense. a. income statement account and one balance sheet account Human Resources Specialist at North Orange County Community College (1) A one-year bank loan of $720,000 at an annual interest rate of 6% had been obtained on December 1. c) Daystar Company is paid on May 25 for work done in the first two weeks of May. Your chance of going to Disney World next year is 10%. Accounts Receivable -Supplies used in March: $100. Liability, Asset b. c) Paid for. NOCCCD will not sponsor any visa applications. d. debit to Dividends and a credit to Wages Payable, Supplies are recorded as assets when purchased. (4) Depreciation of office equipment is based on an estimated useful life of five years. d) Midwood Consultants received payment in February for consulting services rendered in March. Identify where the following item would be reported in the financial statements. Liabilities assumed by a corporation on section 351 t. Which of the following groups of accounts have a normal credit balance? 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. a) $1,800 is paid in January for a two-year fire insurance policy. c) Matching c. book value a. c. $2,800 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 debit to an expense and a credit to cash. c. Prepaid expenses, land, and accounts receivable. The adjusting entry does not record entry for converting an asset to a liability. checks that have a "stop payment" order. If Hot Bagel Co. estimates depreciation on an automobile to be $578 for the year, the company should make the following adjusting entry: Which one of the following is not considered a basic type of adjusting entry? c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. Adjusting entries are needed: A. Assets and liabilities C. Common Stock and liabilities D. Owner, Capital and assets, Which of the following statements is true concerning all types of tax-free corporate reorganizations? 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. Are they quantitative or qualitative in nature? a) An exact calculation prepared by an appraiser. Sweat gland b. Hairc. An example of a contra-asset account is: c) Assign revenues to the period in which they are received. (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? Debit Interest Expense $250. c. $6,800 To ensure consistency and fairness to all applicants, please do not submit materials in addition to those requested. 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. High School Counselor at Highlands Community Charter School Insurance Expense b. 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. d) As an expense on the income statement. All rights reserved. The first payment is to be received on February 15. b. revenues when services are performed As of January 31, Princess Company owes $500 to Butler Co. for equipment rented during January. A. Revenues, Liabilities, Owners' Equity b. Liabilities and Stockholders' Equity C. Revenues and Expenses D. Liabilities and Expenses, The adjusting entry to record an accrued expense is: a. What category does capital belong to? Where are the highest populations in Europe? a) As a reduction to retained earnings. If no adjusting entry is made, how will this year's financial statements of Bon Appetite Caf be affected? Valid Pupil Personnel Services Credential with academic school counseling emphasis is preferred. D. Paid $4,000 for o, Which of the following is not considered a type of long-lived asset? b) The entry to pay salaries. c) $60,000. 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 B) The asset-liability approach is arguably superior to the revenue-expens, Which of the following are NOT included in a postclosing trial balance? b. debit Gym Memberships Revenue; credit Unearned Gym Memberships c. expenses in the period when they are paid b) $36,000. Adjusting entries | University Quiz - Quizizz 1. (c) The entry to record the earned portion of rent received in. b) Treats as material only those items that are greater than 2% or 3% of net income. Prepaid expenses. Which of the following is NOT considered to be a symptom of reverse culture shock? a. The adjusting entry required by Great Kids Co. on January 30 includes: Increase in assets b. B) c) Depreciation (b) An expensive private jet that can be purchased from a local vendor. Identify at least two of these examples. 1) Which of the following is considered an adjusting 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. Which of the following is most likely not considered an adjusting entry? Economic Sanctions and Anti-Money Laundering Developments: 2022 Year in Indicate also the type of financial statement. a. Asset, Liability c. Liability, Liability d. Asset, Asset, Which of the following statements is true concerning all types of tax-free corporate reorganizations? Dentsply Sirona Reports Fourth Quarter and Full Year 2022 Results (1) A one-year bank loan of $720,000 at an annual interest rate of 6% had been obtained on December 1. B. the amount originally paid. Decrease in liabilities and reduction in net income. 1) Under accrual accounting, salaries earned by employees but not yet paid should be expensed: d. Increase an expense; decrease an asset. Changes to previously recorded entries of journal are referred to as adjusting entries. Each book contained a certain number of coupons for video rentals. a. Change from straight-line to sum-of-the-years'-digits method of depreciation. b. Prepaid Rent $550. c. debit Rent Expense, $24,000; credit Prepaid Rent, $8,000 c) The entry to declare a dividend distribution. C. Liabilities, Identify the type of account for the following: Prepaid Insurance a. ERIC - EJ962764 - Applied Behavior Analysis Programs for Autism A) An entry to convert a liability to a revenue. (Assume accrual basis accounting.) Which of the following may not be considered a "qualifying asset" under IAS 23? c. The adjustment for prepaid insurance was omitted. -Rental income accrued during March, tenant to pay in April: $800. The customer is the director of a nearby animal shelter. b) Realization principle d. contra asset, expense, The type of account and normal balance of Prepaid Insurance is d) To be determined for all assets owned by a company. Increase in liabilities and reduction in net income. Assets are transferred from one corporation to another. c) Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. 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"). Assets and Revenues b. The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . Expert Answer. Payables a. 2 Which of the following is most likely not considered an adjusting commonly used. a. equipment allocation c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. Assets + Dividends + Expenses = Liabilities + Common Stock + Revenues c. Assets - Liabilities - Divide, Which of the following would be caused by recording an adjusting journal entry to recognize depreciation? D. Fiscal Technician I at Mount San Antonio College | EDJOIN Billing Flashcards | Quizlet d. None of these choices would not cause the adjusted trial balance totals to be unequal. B. An entry to convert an asset to a liability D. An entry to convert a liability to a revenueE. a. debit Rent Expense, $8,000; credit Prepaid Rent, $8,000 Contract type International ICA. a) Services rendered. Accounting chapter 3 Flashcards | Quizlet a) Assets and liabilities b) Assets and owners' equity c) Assets and expenses d) Assets and revenues. 1) Which of the following entries causes an immediate decrease in assets and in net income? Which of the following frictional force is self adjusting? Change in amortization period for an intangible asset. MARH22.docx - Question 1 Which of the following are considered the d. debit Prepaid Insurance, $1,800; credit Cash, $1,800, Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. 1) Recently, Bon Appetite Caf contracted and paid for a relatively expensive advertisement in Haute Cuisine magazine. 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. income statement b. statement of changes in owner equity c. balance sheet, Which of the following groups of accounts have a normal debit balance?