Homework Answers
Add Answer to:
Classifying Types of Adjustments Classify the following items as (a) accrued revenue, (b) accrued expense, (c)...
EX 3-1 Classifying types of adjustments Obj. 1,2,3 Classify the following items as (a) accrued revenue,...
EX 3-1 Classifying types of adjustments Obj. 1,2,3 Classify the following items as (a) accrued revenue, (b) accrued expense, (c) unearned revenue, or (d) prepaid expense: 1. A two-year premium paid on insurance policy. 2. Fees earned but not yet received. 3. Fees received but not yet earned. 4. Salary owed but not yet paid. 5. Subscriptions received in advance by a magazine publisher. 6. Supplies on hand. 7. Taxes owed but payable in the following period. 8. Utilities owed...
Classify the following items as: (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or (4)...
Classify the following items as: (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or (4) accrued revenue. a. Fees received but not yet earned. b. Fees earned but not yet received. C. Paid premium on a one-year insurance policy. d. Property tax owed to be paid beginning of next year. Accrued expense Accrued revenue Prepaid expense Unearned revenu
5a. Assume that the August 31 transaction for Cindy Getman's cash withdrawal should have been $10,000....
5a. Assume that the August 31 transaction for Cindy Getman's cash withdrawal should have been $10,000. As a result, the unadjusted trial balance in (4) would still balance. 5b. Assume that the August 31 transaction for Cindy Getman's cash withdrawal should have been $10,000. Journalize the correcting entry. If an amount box does not require an entry, leave it blank. General Journal Page 19 Date Description Post. Ref. Debit Credit 2019 Aug. 31 5c. Assume that the August 31 transaction...
Types of Adjustments (each worth I point) Match the statements below with the appropriate terms by...
Types of Adjustments (each worth I point) Match the statements below with the appropriate terms by entering the appropriate letter code in the spaces provided. A. Prepaid Expenses B. Unearned Revenues C. Accrued Revenues D. Accrued Expenses 1. Revenue not earned but money collected in advance. 2. Supplies that will be used in the next month. 3. An expense incurred but not yet paid or recorded. 4. Revenue earned but money not collected. 5. An expense not yet incurred but...
Classify the following adjusting entries as involving prepaid expenses, unearned revenues, accrued expenses, or accrued revenues....
Classify the following adjusting entries as involving prepaid expenses, unearned revenues, accrued expenses, or accrued revenues. a. To record rent expense incurred but not yet paid. | b. To record cash received from gift card sales. c. To record service revenues performed but not yet billed (nor recorded). d. To record expiration of prepaid rent. e. To record supplies used as supplies expense.
For each of the following separate situations, prepare the necessary adjustments in journal entry form. 1....
For each of the following separate situations, prepare the necessary adjustments in journal entry form. 1. Unrecorded depreciation on equipment is $610. 2. On the date for preparing financial statements, an estimated utilities expense of $390 has been incurred, but no utility bill has yet been received or paid. 3. On the first day of the current period, rent for four periods was paid and recorded as a $2,800 debit to Prepaid Rent and a $2,800 credit to Cash. 4....
Q on 5 Not complete and out of 10.00P Gestion Preparing Accounting Adjustments Powall Photomake Company,...
Q on 5 Not complete and out of 10.00P Gestion Preparing Accounting Adjustments Powall Photomake Company, a commercial photography studio, completed its first year of operations on December 31. Account balances before year-end adjustments follow no adjustments have been made to the accounts at any time during the year. Assume that all balances are normal 100 Accounts Payable 4,060 Accounts Receivable 3.800 Unearned Photographers 2.600 Prepaid Rent 12,600 Common 20.000 Prepaid insurance 2.570 Photography Tees Earned 34,450 supplies 4.250 We...
Preparing Accounting Transactions and Adjustments Sloan Company has the following account balances at December 31, the...
Preparing Accounting Transactions and Adjustments Sloan Company has the following account balances at December 31, the end of its fiscal year (all accounts have normal balances). $1,680 61,320 4.788 Prepaid advertising Wages expense Prepaid insurance Unearned service fees Service fees earned Rental income 7.560 121,800 6.860 a. Prepare Sloan Company's accounting adjustments at December 31 using journal entries and the following additional information. 1. Prepaid advertising at December 31 is $1,120. 2. Unpaid wages earned by employees in December are...
Preparing and Journalizing Adjusting Entries For each of the following separate situations, prepare the necessary adjustments...
Preparing and Journalizing Adjusting Entries For each of the following separate situations, prepare the necessary adjustments (a) using the financial statement effects template and (b) in journal entry form. 1. Unrecorded depreciation on equipment is $1,220. 2. On the date for preparing financial statements, an estimated utilities expense of $780 has been incurred, but no utility bill has yet been received or paid. 3. On the first day of the current period, rent for four periods was paid and recorded...
a. Unrecorded depreciation on equipment is $800. b. The Supplies account has a balance of $3,100....
a. Unrecorded depreciation on equipment is $800. b. The Supplies account has a balance of $3,100. Supplies on hand at the end of the period totaled $1,200. c. On the date for preparing financial statements, an estimated utilities expense of $425 has been incurred, but no utility bill has been received. d. On the first day of the current month, rent for four months was paid and recorded as a $2,800 debit to Prepaid Rent and a $2,800 credit to...
EX 3-1 Classifying types of adjustments Obj. 1,2,3 Classify the following items as (a) accrued revenue, (b) accrued expense, (c) unearned revenue, or (d) prepaid expense: 1. A two-year premium paid on insurance policy. 2. Fees earned but not yet received. 3. Fees received but not yet earned. 4. Salary owed but not yet paid. 5. Subscriptions received in advance by a magazine publisher. 6. Supplies on hand. 7. Taxes owed but payable in the following period. 8. Utilities owed...
Classify the following items as: (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or (4) accrued revenue. a. Fees received but not yet earned. b. Fees earned but not yet received. C. Paid premium on a one-year insurance policy. d. Property tax owed to be paid beginning of next year. Accrued expense Accrued revenue Prepaid expense Unearned revenu
5a. Assume that the August 31 transaction for Cindy Getman's cash withdrawal should have been $10,000. As a result, the unadjusted trial balance in (4) would still balance. 5b. Assume that the August 31 transaction for Cindy Getman's cash withdrawal should have been $10,000. Journalize the correcting entry. If an amount box does not require an entry, leave it blank. General Journal Page 19 Date Description Post. Ref. Debit Credit 2019 Aug. 31 5c. Assume that the August 31 transaction...
Types of Adjustments (each worth I point) Match the statements below with the appropriate terms by entering the appropriate letter code in the spaces provided. A. Prepaid Expenses B. Unearned Revenues C. Accrued Revenues D. Accrued Expenses 1. Revenue not earned but money collected in advance. 2. Supplies that will be used in the next month. 3. An expense incurred but not yet paid or recorded. 4. Revenue earned but money not collected. 5. An expense not yet incurred but...
Classify the following adjusting entries as involving prepaid expenses, unearned revenues, accrued expenses, or accrued revenues. a. To record rent expense incurred but not yet paid. | b. To record cash received from gift card sales. c. To record service revenues performed but not yet billed (nor recorded). d. To record expiration of prepaid rent. e. To record supplies used as supplies expense.
Q on 5 Not complete and out of 10.00P Gestion Preparing Accounting Adjustments Powall Photomake Company, a commercial photography studio, completed its first year of operations on December 31. Account balances before year-end adjustments follow no adjustments have been made to the accounts at any time during the year. Assume that all balances are normal 100 Accounts Payable 4,060 Accounts Receivable 3.800 Unearned Photographers 2.600 Prepaid Rent 12,600 Common 20.000 Prepaid insurance 2.570 Photography Tees Earned 34,450 supplies 4.250 We...
Preparing Accounting Transactions and Adjustments Sloan Company has the following account balances at December 31, the end of its fiscal year (all accounts have normal balances). $1,680 61,320 4.788 Prepaid advertising Wages expense Prepaid insurance Unearned service fees Service fees earned Rental income 7.560 121,800 6.860 a. Prepare Sloan Company's accounting adjustments at December 31 using journal entries and the following additional information. 1. Prepaid advertising at December 31 is $1,120. 2. Unpaid wages earned by employees in December are...
Preparing and Journalizing Adjusting Entries For each of the following separate situations, prepare the necessary adjustments (a) using the financial statement effects template and (b) in journal entry form. 1. Unrecorded depreciation on equipment is $1,220. 2. On the date for preparing financial statements, an estimated utilities expense of $780 has been incurred, but no utility bill has yet been received or paid. 3. On the first day of the current period, rent for four periods was paid and recorded...
a. Unrecorded depreciation on equipment is $800. b. The Supplies account has a balance of $3,100. Supplies on hand at the end of the period totaled $1,200. c. On the date for preparing financial statements, an estimated utilities expense of $425 has been incurred, but no utility bill has been received. d. On the first day of the current month, rent for four months was paid and recorded as a $2,800 debit to Prepaid Rent and a $2,800 credit to...
Most questions answered within 3 hours.
-
What is the temperature of 100.0 grams of chlorine gas in a
55.0-L container at 800....
asked 4 minutes ago -
POLITICAL SCIENCE: Is members of the House of Representatives
responsive to public opinion?
asked 4 minutes ago -
The following information is available for two samples selected
from independent normally distributed populations. Population A:...
asked 6 minutes ago -
Hello, I have questions on Matlab. Let's say that I have an
equation. Signal x(t)= cos(2*pi*10*t)...
asked 1 hour ago -
choose a radioactive isotope used in healthcare or another field
and report on how your isotope...
asked 36 minutes ago -
Balance the following half-reactions in acidic solution,
identify the oxidation states of the metal atoms, and...
asked 33 minutes ago -
describe
three ways that industrialized agriculture can impact human
health?
asked 49 minutes ago -
A resistor and capacitor are connected in series to a power
supply of 50 Volts. The...
asked 44 minutes ago -
(20
10Ne) (72 37Rb) (16 8O) (11 5B) why isotope of Rb is most unstable?
is...
asked 41 minutes ago -
A firm will pay a dividend of $2.01 next year. The dividend is
expected to grow...
asked 48 minutes ago -
The Bureau of Labor Statistics divides the adult population into
four categories: employed, underemployed, unemployed, and...
asked 1 hour ago -
Question 29 Which of the following is not needed in order to
prepare a statement of...
asked 1 hour ago