16. Adjusting entries are needed to correctly measure the (a) ending balance in the cash account;...
16. Adjusting entries are needed to correctly measure the _______
(a) ending balance in the cash account; (b) net income (loss) on the income statement; (net income (loss) on the balance sheet; (d) beginning balance in the Cash account.
17. What's the normal balance of Retained Earnings?
(a) credit balance (b) debit balance (c) none of the above.
18. GAAP is currently formulated by the
(a) SEC (b) FASB (C) IMA (d) AICPA (e) PCAOB.
19. which of the following entries will be necessary to close the Insurance Expense account at the end of the year?
(a) debit Insurance Expense and credit Income Summary (b) debit Insurance Expense and credit Common stock (c) debit Retained Earnings and credit Insurance Expense (d) debit Income Summary and credit Insurance Expense.
20. An accrued revenue is revenue
(a) incurred but not paid (b)incurred but not received (c) incurred and received (d) received but not incurred (e) not reasonably estimable.
21. Which of the following is a permanent account?
(a) accumulated depreciation (b) dividends distributed (c) depreciation expenses (d) sales returns and allowances (e) none of the above.
22. Accounting is the information system that
(a) measures business activities (b) communicates the results to decision makers (c) processes information into reports (d) Al1 of the above.
23. Which of the following item will not appear in the income statement?
(a) net loss (b) revenues (c) retained earnings (d) depreciation expense (e) sales discounts and allowances.
24. The following is the adjusted trial balance for Becker
Homework Answers
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16. Adjusting entries are needed to correctly measure the (a) ending balance in the cash account;...
Question 11 Our unearned revenue account had a credit balance of $5,000 before adjusting entries were...
Question 11 Our unearned revenue account had a credit balance of $5,000 before adjusting entries were recorded. On December 31, we determined that $3,000 of the $5,000 had been earned during the current year. What account and amount would we debit when we record this adjusting entry in the general journal? Group of answer choices unearned revenue, $2,000 service revenue, $2,000 unearned revenue, $3,000 service revenue, $3,000 Question 121 pts On December 31, we had accrued taxes of $6,000. What...
1. The use of reversing entries is: a) required b) required whenever adjusting entries are omitted...
1. The use of reversing entries is: a) required b) required whenever adjusting entries are omitted c)optional d)optional unless computerized accounting systems are used 2. Which of the following accounts should be closed to Income Summary at the end of the fiscal year? a) Service Revenue b) Equipment c) Prepaid Insurance d) Unearned Rent 3. After all of the account balances have been extended to the Balance Sheet columns of the ned-of-period spreadsheet, the totals of the debit and credit...
Ayayai Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $10,800...
Ayayai Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $10,800 112 Accounts Receivable 8,800 157 Equipment 16,000 158 Accumulated Depreciation-Equip. $7.200 201 Accounts Payable 4,400 208 Unearned Rent Revenue 2.400 311 Common Stock 19,900 320 Retained Earnings 26,000 332 Dividends 16,300 400 Service Revenue 64,100 429 Rent Revenue 6,400 711 Depreciation Expense 7,600 726 Salaries and Wages Expense 55,800 732 Utilities Expense 15,100 $130,400 $130,400 Post to the Retained Earnings and Income Summary accounts....
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON,...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON, INC. Adjusted Trial Balance December 31 Debit Credit Cash $4,000 Accounts Receivable 8,000 Prepaid Insurance 3,600 Equipment 75,000 Accum. Depreciation. - Equipment $12,500 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Cash Dividends 7,000 Service Fees Earned 101,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 12,900 Insurance Expense 1,800 Depreciation expense 8,000 Income Tax Expense 8,300 Income Tax Payable 8,800 Totals $171,400...
Su Suur Closing Entries The adjusted trial balance shown below is for Bayou, Inc., at December...
Su Suur Closing Entries The adjusted trial balance shown below is for Bayou, Inc., at December 31: BAYOU, INC. Adjusted Trial Balance December 31 Debit Credit Cash $3,500 Accounts Receivable 8,000 Prepaid Insurance 3,600 Office Equipment 72,000 Accum. Depreciation. - Equipment $12,000 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Dividends 5,000 Service Fees Earned 97,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 13,400 Insurance Expense 1,800 Depreciation expense - Equipment 8,000 Income Tax Expense 8,800 Income Tax...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON,...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON, INC. Adjusted Trial Balance December 31 Debit Credit Cash $4,000 Accounts Receivable 8,000 Prepaid Insurance 3,600 Equipment 75,000 Accum. Depreciation - Equipment $12.500 Accounts Payable 600 Common Stock 30.000 Retained Earnings 14,100 Cash Dividends 7.000 Service Fees Earned 101,200 Miscellaneous Income 4.200 Salaries Expense 42.800 Rent Expense 12.900 Insurance Expense 1.800 Depreciation expense 8.000 Income Tax Expense 8,300 Income Tax Payable 8.800 Totals $171,400...
The Retained earnings account has a credit balance of $44.000 before closing entries are made
The Retained earnings account has a credit balance of $44,000 before closing entries are made. Total revenues for the period are $62,200, total expenses are $43,300, and dividends are $11,800. What is the correct closing entry for the expense accounts? Multiple Choice Debit Income Summary $43,300; credit Retained earnings $43,300. Credit Expense accounts $43,300; debit Retained earnings $43,300. Debit Income Summary $43.300: credit Expense accounts $43.300. Debit Expense accounts $43,300; credit Income Summary $43,300. Debit Expense accounts $44,000; credit Retained eamings $44,000.
Prongnorn Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $8,700...
Prongnorn Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $8,700 112 Accounts Receivable 8,900 157 Equipment 16,300 158 Accumulated Depreciation-Equip. $7,000 4,100 201 Accounts Payable 208 Unearned Rent Revenue 1,900 311 Common Stock 20,200 320 Retained Earnings 25,600 332 Dividends 15,000 400 Service Revenue 63,500 429 Rent Revenue 6.700 711 Depreciation Expense 8,800 726 Salaries and Wages Expense 55,800 732 Utilities Expense 15,500 $129,000 $129.000 July 31 Service Revenue 63,500 Rent Revenue 6,700 Income...
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total...
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts? Multiple Choice Debit Expense accounts $53,000; credit Retained earnings $53,000. Debit Income Summary $47,800, credit Expense accounts $47,800. Debit Income Summary $47,800; credit Retained earnings $47,800. Credit Expense accounts $47,800, debit Retained earnings $47,800. Debit Expense accounts $47,800; credit Income Summary $47,800.
Trial balance Account Titles Debit Credit Cash $ 95,430 Accounts Receivable $ 6,000 Prepaid Rent $ &n
Trial balance
Account Titles
Debit
Credit
Cash
$
95,430
Accounts Receivable
$
6,000
Prepaid Rent
$
25,000
Prepaid Insurance
$
2,700
Prepaid Supplies
$
120
Equipment
$ 400,000
Accumulated Depreciation
$
3,250
Accounts Payable
$
970
Accrued Interest
$
1,400
Accrued Salaries
$
550
Unearned Rental Revenue
$
1,950
Notes Payable
$ 350,000
Capital Stock-Mike
$
80,000
Capital Stock-Julie
$
80,000
Dividend
$
4,000
Retained Earnings
$
-
Rental Revenue
$
46,100
Salaries Expense
$
19,950
Rent Expense
$
5,000...
Ayayai Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $10,800 112 Accounts Receivable 8,800 157 Equipment 16,000 158 Accumulated Depreciation-Equip. $7.200 201 Accounts Payable 4,400 208 Unearned Rent Revenue 2.400 311 Common Stock 19,900 320 Retained Earnings 26,000 332 Dividends 16,300 400 Service Revenue 64,100 429 Rent Revenue 6,400 711 Depreciation Expense 7,600 726 Salaries and Wages Expense 55,800 732 Utilities Expense 15,100 $130,400 $130,400 Post to the Retained Earnings and Income Summary accounts....
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON, INC. Adjusted Trial Balance December 31 Debit Credit Cash $4,000 Accounts Receivable 8,000 Prepaid Insurance 3,600 Equipment 75,000 Accum. Depreciation. - Equipment $12,500 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Cash Dividends 7,000 Service Fees Earned 101,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 12,900 Insurance Expense 1,800 Depreciation expense 8,000 Income Tax Expense 8,300 Income Tax Payable 8,800 Totals $171,400...
Su Suur Closing Entries The adjusted trial balance shown below is for Bayou, Inc., at December 31: BAYOU, INC. Adjusted Trial Balance December 31 Debit Credit Cash $3,500 Accounts Receivable 8,000 Prepaid Insurance 3,600 Office Equipment 72,000 Accum. Depreciation. - Equipment $12,000 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Dividends 5,000 Service Fees Earned 97,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 13,400 Insurance Expense 1,800 Depreciation expense - Equipment 8,000 Income Tax Expense 8,800 Income Tax...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON, INC. Adjusted Trial Balance December 31 Debit Credit Cash $4,000 Accounts Receivable 8,000 Prepaid Insurance 3,600 Equipment 75,000 Accum. Depreciation - Equipment $12.500 Accounts Payable 600 Common Stock 30.000 Retained Earnings 14,100 Cash Dividends 7.000 Service Fees Earned 101,200 Miscellaneous Income 4.200 Salaries Expense 42.800 Rent Expense 12.900 Insurance Expense 1.800 Depreciation expense 8.000 Income Tax Expense 8,300 Income Tax Payable 8.800 Totals $171,400...
Prongnorn Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $8,700 112 Accounts Receivable 8,900 157 Equipment 16,300 158 Accumulated Depreciation-Equip. $7,000 4,100 201 Accounts Payable 208 Unearned Rent Revenue 1,900 311 Common Stock 20,200 320 Retained Earnings 25,600 332 Dividends 15,000 400 Service Revenue 63,500 429 Rent Revenue 6.700 711 Depreciation Expense 8,800 726 Salaries and Wages Expense 55,800 732 Utilities Expense 15,500 $129,000 $129.000 July 31 Service Revenue 63,500 Rent Revenue 6,700 Income...
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts? Multiple Choice Debit Expense accounts $53,000; credit Retained earnings $53,000. Debit Income Summary $47,800, credit Expense accounts $47,800. Debit Income Summary $47,800; credit Retained earnings $47,800. Credit Expense accounts $47,800, debit Retained earnings $47,800. Debit Expense accounts $47,800; credit Income Summary $47,800.
Trial balance
Account Titles
Debit
Credit
Cash
$
95,430
Accounts Receivable
$
6,000
Prepaid Rent
$
25,000
Prepaid Insurance
$
2,700
Prepaid Supplies
$
120
Equipment
$ 400,000
Accumulated Depreciation
$
3,250
Accounts Payable
$
970
Accrued Interest
$
1,400
Accrued Salaries
$
550
Unearned Rental Revenue
$
1,950
Notes Payable
$ 350,000
Capital Stock-Mike
$
80,000
Capital Stock-Julie
$
80,000
Dividend
$
4,000
Retained Earnings
$
-
Rental Revenue
$
46,100
Salaries Expense
$
19,950
Rent Expense
$
5,000...
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