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. 1) Which of the following is not considered a basic type of adjusting entry? 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. 1) Which of the following would not be a proper application of the concept of materiality by Millridge Corporation? (b) Asset impa, Which of the following is considered in computing depreciation expense using the straight-line method? Cash, contributed capital, and retained earnings. CINCINNATI, Feb. 23, 2023 (GLOBE NEWSWIRE) -- () (the "Company" or "Hillman"), a leading provider of hardware products and merchandising solutions, reported financial resu c. book value C) Gains. 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. The adjusting entry to record interest that has accrued on a note payable to the bank will cause an immediate: B. Assigning revenues to the periods in which they are earned. c) Assets = Liabilities + Paid-in Capital + Retained Earnings. a. depreciation of long-term physical assets. Why or why not? Assets, liabilities, and owner's equity. c) The entry to record revenue earned but not yet received. 1) On December 31, Louis Jeweler's made an adjusting entry to record $4,200 accrued interest payable on its mortgage. c) To prepare the revenue and expense accounts for recording transactions of the following period. The adjusting entry required by Great Kids Co. on January 30 includes: How much is owed the employees for their wages? -Fees earned in March that had been collected in advance: $3,600. 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. a) Services rendered. c. contra asset For example: making changes to the workplace. Assets C. Owner's equity D. Liabilities, Which one of the following disclosures is required by generally accepted accounting principles? Purchased land for cash. -Depreciation for the month of March: $2,300. a. revenues and expenses are reported in the period in which cash is received or paid The adjusting entry required on December 31 is d. contra asset, expense, The type of account and normal balance of Prepaid Insurance is d. revenue, The unexpired insurance at the end of the fiscal period represents B. the amount on hand. an agreement that has been signed for snow removal services for the next three months a. a computer technician has installed the latest software updates and was paid on the same day Valid Pupil Personnel Services Credential with academic school counseling emphasis is preferred. When considered, this factor makes the offence of human trafficking difficult to prove. b) Only an estimate. The cash payment for accrued revenues occurs __________ the adjusting entry to record the accrued revenue. 2. 6, expenses can be defined by which of the following? d) Ordered. Doing so: A. Violates professional standards. Prepaid expenses. Asset b. b) Assets = Liabilities - Owners' Equity. a) Before financial statements and after a trial balance has been prepared. c) On January 1, Empire Company began delivery service for a large client who will pay at the end of a three-month period. A debit to a liability and a credit to cash. This payment included interest charges of $6,300, $2,100 of which were applicable to the period from January 1 through January 10. b. a computer technician has been paid in advance to install software updates as they become available b) The entry to record uncollected revenues. A) The asset-liability approach focuses on the measurement of net assets. Suppose Dr. Milton's checking account has a balance of $3,458.92. (a) A power generation plant that normally takes two years to construct. (a) The entry to record depreciation expense. d. contra asset, debit, Data for an adjusting entry described as "accrued wages, $2,020" requires a (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. C) Revenues will be understated, but assets will be ov, Which of the following accounts has a normal debit balance? Indicate also the type of financial statement. Listing current liabilities in order of maturity. C) trend projections. 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? 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 . 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. What type of account is Notes Payable? c) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. c. records revenues when cash is received and expenses when they are incurred Then you prepare a slip to deposit the checks accepted for payment. c) An entry to convert an asset to an expense. A) a) An overstatement of assets and of net income offset by an understatement of owners' equity. A. asset B. contra asset C. liability D. stockholder's equity E. contra stockholder's equity F. revenue, or expense, Which of the following is also referred to as debt? The District may choose to fill one or more positions from this recruitment within six (6) months. b. earned but the cash has not been received Please state where each account should be placed? Debit Interest Expense $250. A) d) $117,000. A. 6 2/3 c) Results in financial statements that are less useful to decision makers because many details have been omitted. However, it does not protect against aspiration. b. purchased 1) Unearned revenue is: B. a. deferral The relationship between the nozzle height and Gantry height is considered not to change, thus leveling only one corner and the . a. User: She worked really hard on the project. The Web site's directory was searched for those with "average" American names (e.g., "John Smith," "Sara Jones"). 1) During the last month of its fiscal year, Echo Lake Resort provided catering services for local business. b. asset, debit a. A. expenses and liabilities B. expenses and revenues C. revenues and liabilities D. expenses and assets, Which one of the following groups of accounts contains only assets? Gamma Company adjusts its accounts at the end of each month. b. an accrued liability Professional discounts Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Land a. C. Liabilities that are assumed when cash is also, Multiple Choice 1. Debit Accumulated Depreciation $578 and credit Depreciation Expense $578. 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? The balance in the Office Equipment account is $9,360; no change has occurred in the account during the year. c. The chance of rolling a 3 on two dice is 1/18. d. Inventory; Provision for Obsolescence. Which of the following is not considered a basic type of adjusting entry a An. C) A. Updating liability and asset accounts to their proper balances. - Stockholders' equity is not affected. She would like you to explain the meaning of terms she has come across related to accounting. INTRODUCTION. Assets c. Stockholders' equity d. Expenses e. Liabilities, Which of the following current asset or current liability accounts is not included in the computation of cash flows from operating activities? b) Crediting Wage Expense for $640 and debiting Wages Payable for $640. a. Which of the following is NOT one of the three ways medical services can be achieved? Data gathered from parents, siblings and teachers indicated that siblings in ABA families experienced neither significant drawbacks nor benefits in terms of . d. a computer technician has installed the latest software updates, but you have not received an invoice or made payment, Which one of the accounts below would likely be included in an accrual adjusting entry? Which of the following basic elements of financial statements is more associated with the balance sheet than the income statement? $2,000 b. accrual C) Assets = liabilities + stockholders' equity c. Assets = liabilities d. Assets = liabilities + retained earnings, Which of the following is not a change in accounting estimate? Your aunt recently received the annual report for a company in which she has invested. a. D. Paid $4,000 for o, Which of the following is not considered a type of long-lived asset? View the full answer copyright 2003-2023 Homework.Study.com. c) An asset. The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . 1) On the adjusted trial balance, retained earnings is: 1) The purpose of adjusting entries is to: 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? b. debit Prepaid Rent, $24,000; credit Rent Expense, $8,000 The note is to be repaid, with interest, in six months. a. b. What is the term for the basic tool of accounting, stated as Assets = Liabilities + Equity? a. d) The entry to convert liabilities to revenue. A. a. A) Revenues and Liabilities B) Owners' Equity and Assets C) Liabilities and Expenses D) Assets and Expenses, Which of the following is not a correct expression of the accounting equation? $700 d) Matching. b) Decrease by $9,800. c) Debit Accrued Interest Payable $6,300. 1) Gordy's Corp. has seven employees. This month, the last day of the month falls on a Thursday. Hardship circumstances a) An exact calculation prepared by an appraiser. c. accrual 1. d . Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? 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) d) Only if the accounting periods are equal in length.