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Calculator What effect will this adjusting journal entry have on the accounting records? 760 Supplies Expense...
Which of the following does not correctly describe an adjusting journal entry that debits supplies expense and...
Which of the following does not correctly describe an adjusting journal entry that debits supplies expense and credits supplies? The entry decreases net income and decreases stockholders' equity. The entry increases expenses and increases retained earnings. The entry increases expenses and decreases assets. The entry decreases net income and decreases assets.
If the following adjusting entry is omitted, what effect will it have on net income? 4,300...
If the following adjusting entry is omitted, what effect will it have on net income? 4,300 Depreciation Expense Accumulated Depreciation 4,300 O a. Net income will be understated by $4,300. O b. It will have no effect on net income. O c. Net income will be overstated by $8,600. O d. Net income will be overstated by $4,300. The adjusting entry to record accrued expenses O a. includes a debit to a payable account. O b. is the same journal...
Topic: You are a teacher for introductory financial accounting. You tell your students "Recording adjusting entries...
Topic: You are a teacher for introductory financial accounting. You tell your students "Recording adjusting entries is a critical step in the accounting cycle, and the two major classifications of adjusting entries are prepayments and accruals". Chris, one of the students in the class, says, "I don't understand". Required: 1. When do prepayments occur? When do accruals occur? 2. Describe the appropriate adjusting entry for (a) prepaid expenses, (c) deferred revenues. 3. What is the effect on (a)...
An adjusting entry debiting Supplies Expense and crediting Supplies is an example of adjusting an) a....
An adjusting entry debiting Supplies Expense and crediting Supplies is an example of adjusting an) a. prepaid expense. O b. deferred revenue. O c. prepaid revenue. O d. accrued expense.
You are a tut for introductory financial accounting. You tell your students "Recording adjusting entries is...
You are a tut for introductory financial accounting. You tell your students "Recording adjusting entries is a critical step in the accounting cycle, and the two major classifications of adjusting entries are prepayments and accruals". Chris, one of the students in the class, says, "I don't understand". 5. What is the effect on (a) net income (b) assets (c) liabilities (d) stockholders' equity of not recording a required adjusting entry for accruals? For each item, clearly indicate whether the...
1. Which of the following would be the adjusting journal entry to recognize earned but unpaid...
1. Which of the following would be the adjusting journal entry to recognize earned but unpaid wages for the period? a Dr. Wages Expense, Cr. Cash b Dr. Wages Payable, Cr. Cash c Dr. Wages Payable, Cr. Wages Expense d Dr. Wages Expense, Cr. Wages Payable 2. Which of the following would be the effect of a transaction to record the portion of prepaid rent that has expired in a period? a. increase Prepaid Rent, decrease Rent Expense b increase...
A business purchases $500 of office supplies on account. What is the effect on the accounting...
A business purchases $500 of office supplies on account. What is the effect on the accounting equation? A. Office Supplies increase and Accounts Payable decrease B. Office Supplies increase and Cash decreases C. Total assets increase and total liabilities decrease D. Office Supplies increase and Accounts Payable increase
If the following adjusting entry is omitted, what effect will it have on the financial statements?...
If the following adjusting entry is omitted, what effect will it have on the financial statements? 1,900 Unearned Rent Rent Revenue 1,900 a. Revenues will be overstated by $1,900. O b. There will be no effect on net income. c. There will be no effect on liabilities. d. Revenues will be understated by $1,900.
QUESTION 14 A company purchases supplies on account, what is the effect on the accounting equation?...
QUESTION 14 A company purchases supplies on account, what is the effect on the accounting equation? Assets decrease; equity increases Assets decrease; equity decreases Liabilities decrease; equity decreases Liabilities increase; equity increases Liabilities increase; assets increase 4 points QUESTION 15 Unearned revenues are: Revenues that have been earned and received in cash Revenues that have been earned but not yet collected in cash Liabilities created when a customer pays in advance for products or services before the revenue...
3) Cash Service Revenue Salaries Expense Accounts Payable C Retained Earnings Utilities Expense Accounts Receivable Common...
3) Cash Service Revenue Salaries Expense Accounts Payable C Retained Earnings Utilities Expense Accounts Receivable Common Stock Dividends How many of the above accounts have a normal debit balance? A) Six. C) Four D) Seven. 214) For a journal entry with only two lines, the following entry is valid: Increase in Revenue, Decrease in Expense A) True B) False 215) For a journal entry with only two lines, the following entry is valid Increase in Expense, Increase in Dividends. B)...
If the following adjusting entry is omitted, what effect will it have on net income? 4,300 Depreciation Expense Accumulated Depreciation 4,300 O a. Net income will be understated by $4,300. O b. It will have no effect on net income. O c. Net income will be overstated by $8,600. O d. Net income will be overstated by $4,300. The adjusting entry to record accrued expenses O a. includes a debit to a payable account. O b. is the same journal...
An adjusting entry debiting Supplies Expense and crediting Supplies is an example of adjusting an) a. prepaid expense. O b. deferred revenue. O c. prepaid revenue. O d. accrued expense.
If the following adjusting entry is omitted, what effect will it have on the financial statements? 1,900 Unearned Rent Rent Revenue 1,900 a. Revenues will be overstated by $1,900. O b. There will be no effect on net income. c. There will be no effect on liabilities. d. Revenues will be understated by $1,900.
3) Cash Service Revenue Salaries Expense Accounts Payable C Retained Earnings Utilities Expense Accounts Receivable Common Stock Dividends How many of the above accounts have a normal debit balance? A) Six. C) Four D) Seven. 214) For a journal entry with only two lines, the following entry is valid: Increase in Revenue, Decrease in Expense A) True B) False 215) For a journal entry with only two lines, the following entry is valid Increase in Expense, Increase in Dividends. B)...
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