The matching concept
The matching concept
A) requires that the dollar amount of debits equal the dollar amount of credits on a trial balance
B) determines that expenses related to revenue be reported at the same time the revenue is reported
C) addresses the relationship between the journal and the balance sheet
D) determines whether the normal balance of an account is a debit or credit
Homework Answers
The matching principle Ca determines whether the normal balance of an account is a debitor credit...
The matching principle Ca determines whether the normal balance of an account is a debitor credit requires that the dollar amount of debits equal the dollar amount of credits on a trebalance estates that the revenues and related expenses should be reported in the same period d. addresses the relationship between the journal and the balance sheet
QUESTION 5 The matching concept states that revenues O are reported when they are incurred. U...
QUESTION 5 The matching concept states that revenues O are reported when they are incurred. U are reported on the income statement at the same time expenses related to the revenues are repor O are reported on the income statement for the time period in which the revenue was earned. O can only be reported annually.
Which of the following statements about the unadjusted trial balance is not correct?
Which of the following statements about the unadjusted trial balance is not correct? You can assume that no errors were made In the recording of transactions if total debits equal total credits on the unadjusted trial balance A trial balance shows the ending balances obtained from the ledger Isted in either the debit or credit column. A trial balance lists every account name in one column, usually, in the order of assets, liabilities, stockholders' equity, revenues, and expenses A trial balance is an internal...
Must be done in Microsoft word!! The goal of this graded project is to create the...
Must be done in Microsoft word!! The goal of this graded project is to create the following financial statements for J & L Accounting, Inc.: n Balance sheet Income statement Statement of retained earnings Post-closing trial balance The following financial statements are provided from the prior accounting period for J & L Accounting, Inc.: a) Post-closing trial balance b) Balance sheet c) Income statement d) Statement of retained earnings J & L Accounting, Inc. Post-Closing Trial Balance December 31, 2014...
The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of...
The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31. a. Unrecorded depreciation on the trucks at the end of the year is $9,602 b. The total amount of accrued interest expense at year-end is $8,000. c. The cost of unused office supplies still available at year-end is $1,500. 1. Use the above information about the company's adjustments to complete a 10-column work sheet. 2a. Prepare the year-end closing entries for Dylan...
Sandler Company completed the following two transactions. The annual accounting period ends December 31. On December...
Sandler Company completed the following two transactions. The annual accounting period ends December 31. On December 31, calculated the payroll, which indicates gross earnings for wages ($450,000), payroll deductions for income tax ($47,000), payroll deductions for FICA ($39,000), payroll deductions for United Way ($5,900), employer contributions for FICA (matching), and state and federal unemployment taxes ($3,900). Employees were paid in cash, but payments for the corresponding payroll deductions have not been made and employer taxes have not yet been recorded....
On June 1, 2019, Jenna Davis opened the Leadership Coaching Agency DATE TRANSACTION June 1 Jenna...
On June 1, 2019, Jenna Davis opened the Leadership Coaching Agency DATE TRANSACTION June 1 Jenna Davis invested $40,Θ00 cash to start the business. 2 Issued Check 201 for $2,000 to pay the June rent for the office 3 Purchased desk and other office furniture for $12,ΘΘΘ from Lowe's Office Supply, Invoice 5103; issued Check 202 for a $2,000 down payment with the balance due in 30 days. 4 Issued Check 2Θ3 for $1,700 for supplies. 6 Performed services for...
Question 8 15 pts Match each definition with the appropriate term. An account that is paired...
Question 8 15 pts Match each definition with the appropriate term. An account that is paired with another account and acts to reduce.its book value. Choose) [Choose1 The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue A journal entry that transfers net income or loss to the Retained Earnings account [ Choose ] Deferral adjustment Income before income taxes...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,500 9,500 3,500 36,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,000 6,000 7,000 23,000 9,500 $53,500 $53,500 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $20,000, and on account, $65,000. 2. March 13 Collect on accounts receivable,...
Required information [The following information applies to the questions displayed below On October 29,...
Required information [The following information applies to the questions displayed below On October 29, 2016, Lobo Co. began operations by purchasing razors for resale. Lobo uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any nonworking razor. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $20 and its retail selling price is $75...
The matching principle Ca determines whether the normal balance of an account is a debitor credit requires that the dollar amount of debits equal the dollar amount of credits on a trebalance estates that the revenues and related expenses should be reported in the same period d. addresses the relationship between the journal and the balance sheet
QUESTION 5 The matching concept states that revenues O are reported when they are incurred. U are reported on the income statement at the same time expenses related to the revenues are repor O are reported on the income statement for the time period in which the revenue was earned. O can only be reported annually.
The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31. a. Unrecorded depreciation on the trucks at the end of the year is $9,602 b. The total amount of accrued interest expense at year-end is $8,000. c. The cost of unused office supplies still available at year-end is $1,500. 1. Use the above information about the company's adjustments to complete a 10-column work sheet. 2a. Prepare the year-end closing entries for Dylan...
On June 1, 2019, Jenna Davis opened the Leadership Coaching Agency DATE TRANSACTION June 1 Jenna Davis invested $40,Θ00 cash to start the business. 2 Issued Check 201 for $2,000 to pay the June rent for the office 3 Purchased desk and other office furniture for $12,ΘΘΘ from Lowe's Office Supply, Invoice 5103; issued Check 202 for a $2,000 down payment with the balance due in 30 days. 4 Issued Check 2Θ3 for $1,700 for supplies. 6 Performed services for...
Question 8 15 pts Match each definition with the appropriate term. An account that is paired with another account and acts to reduce.its book value. Choose) [Choose1 The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue A journal entry that transfers net income or loss to the Retained Earnings account [ Choose ] Deferral adjustment Income before income taxes...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,500 9,500 3,500 36,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,000 6,000 7,000 23,000 9,500 $53,500 $53,500 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $20,000, and on account, $65,000. 2. March 13 Collect on accounts receivable,...
Required information [The following information applies to the questions displayed below On October 29, 2016, Lobo Co. began operations by purchasing razors for resale. Lobo uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any nonworking razor. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $20 and its retail selling price is $75...
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