Homework Answers
Accrued expenses are recorded in the books when it is incurred but not yet paid. Due to this reason the accrued are shown as Current Liabilities in the Statement of Financial position. After the accrued expenses are paid then the adjusting entry is passed which credits cash/bank and debits the current liability(accrued expenses a/c),
So Option C is answer
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Accrued expenses are O a. paid and recorded in an asset account before they are used...
Accrued expenses are A) paid and recorded in an asset account before they are used or...
Accrued expenses are A) paid and recorded in an asset account before they are used or consumed B) paid and recorded in an asset account after they are used or consumed C) incurred but not yet paid or recorded D) incurred and already paid or recorded
Accrued expenses are: O paid and recorded in an asset account after they are used or...
Accrued expenses are: O paid and recorded in an asset account after they are used or consumed. O incurred but not yet paid or recorded. O paid and recorded in an asset account before they are used or consumed. O incurred and already paid or recorded.
Prepaid expenses are: incurred and already paid or recorded. O paid and recorded in an asset...
Prepaid expenses are: incurred and already paid or recorded. O paid and recorded in an asset account after they are used or consumed. O incurred but not yet paid or recorded. O paid and recorded in an asset account before they are used or consumed.
Prepaid expenses are: incurred and already paid or recorded. O paid and recorded in an asset...
Prepaid expenses are: incurred and already paid or recorded. O paid and recorded in an asset account after they are used or consumed. O incurred but not yet paid or recorded. O paid and recorded in an asset account before they are used or consumed.
10. Expenses incurred but not yet paid or recorded are called a. prepaid expenses. accrued expenses....
10. Expenses incurred but not yet paid or recorded are called a. prepaid expenses. accrued expenses. c. interim expenses. d. unearned expenses PROBLEM 1 (20 PTS.) Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. 1. The owner, P. West, invests $40,000 in cash in starting a real estate office operating as a sole proprietorship. 2. Purchased supplies for $1,000 cash. 3. Purchased equipment for $15,000, paying $5,000...
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.
a b. C d. Expenses paid in cash before they are used or consumed. The difference...
a b. C d. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation. A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent...
Which of asset account is debited when expenses are paid in advance/before the benefit of the...
Which of asset account is debited when expenses are paid in advance/before the benefit of the expense is received? Operating expense Prepaid expense O Accounts Receivable Accounts Payable
What are accrued expenses? Select one: a. advanced payment of cost incurred in the business. b....
What are accrued expenses? Select one: a. advanced payment of cost incurred in the business. b. recorded expenses that have been incurred, but not paid. c. unrecorded expenses that have incurred, but not paid or yet recognized.
5. d. $5,120 Toole Company had the following transactions during 2020: Sales of $4,200 on account...
5. d. $5,120 Toole Company had the following transactions during 2020: Sales of $4,200 on account Collected $2,600 for services to be performed in 2021 Paid $1,630 cash in salaries Purchased airline tickets for $450 in December for a trip to take place in 2021 What is Toole's 2020 net income using cash basis accounting? a $520. b. $970 c. $4,720. d. $5,170 Adjusting entries are required a because some costs expire with the passage of time and have not...
Accrued expenses are: O paid and recorded in an asset account after they are used or consumed. O incurred but not yet paid or recorded. O paid and recorded in an asset account before they are used or consumed. O incurred and already paid or recorded.
Prepaid expenses are: incurred and already paid or recorded. O paid and recorded in an asset account after they are used or consumed. O incurred but not yet paid or recorded. O paid and recorded in an asset account before they are used or consumed.
Prepaid expenses are: incurred and already paid or recorded. O paid and recorded in an asset account after they are used or consumed. O incurred but not yet paid or recorded. O paid and recorded in an asset account before they are used or consumed.
10. Expenses incurred but not yet paid or recorded are called a. prepaid expenses. accrued expenses. c. interim expenses. d. unearned expenses PROBLEM 1 (20 PTS.) Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. 1. The owner, P. West, invests $40,000 in cash in starting a real estate office operating as a sole proprietorship. 2. Purchased supplies for $1,000 cash. 3. Purchased equipment for $15,000, paying $5,000...
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.
a b. C d. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation. A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent...
Which of asset account is debited when expenses are paid in advance/before the benefit of the expense is received? Operating expense Prepaid expense O Accounts Receivable Accounts Payable
5. d. $5,120 Toole Company had the following transactions during 2020: Sales of $4,200 on account Collected $2,600 for services to be performed in 2021 Paid $1,630 cash in salaries Purchased airline tickets for $450 in December for a trip to take place in 2021 What is Toole's 2020 net income using cash basis accounting? a $520. b. $970 c. $4,720. d. $5,170 Adjusting entries are required a because some costs expire with the passage of time and have not...
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