Homework Answers
Equipment is an “ASSET” account. It is reported on the “LEFT” side of the accounting equation and is “INCREASED” when the equipment is purchased.
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Fill in the Blank Question eft/right) side of the Equipment is an) accounting equation and is...
fill in the blank question Fill in the Blank Question When financial statements are prepared, unexpired...
fill in the blank question
Fill in the Blank Question When financial statements are prepared, unexpired prepaid accounts are recorded as (expenses/assets/iabilities) and the expired portion of the prepaid account is reported as ain) (expense/asset liability). Confidence Level Rate your confidence to submit your answer Home
Several transactions are listed below, with the accounting equation stated to the right side of each....
Several transactions are listed below, with the accounting equation stated to the right side of each. Use the following identification codes to indicate the effects of each transaction on the accounting equation. Select answers in the space provided under the accounting equation. You need an identification code for each element of the accounting equation. An example is given before the first transaction. Assets Liabilities + Stockholders' Equity Example A stockholder invests in his new business by giving equipment valued at...
QUESTION 1 How would the accounting equation be effected by a business paying a creditor? O...
QUESTION 1 How would the accounting equation be effected by a business paying a creditor? O increase liability, increase equity O increase asset, increase liability O decrease asset decrease equity O decrease asset, decrease liability QUESTION 4 Prepaid rent is what type of account? O revenue O liability O expense asset QUESTION 5 Wages Payable is what type of account? O asset O expense liability O revenue
please fill boxes Adjustment for Depreciation The estimated amount of depreciation on equipment for the current...
please fill boxes
Adjustment for Depreciation The estimated amount of depreciation on equipment for the current year is $1,730. Journalize the adjusting entry to record the depreciation. If an amount box does not require an entry, leave it blank. Depreciation Expense 1,730 Accumulated Depreciation Equipment Feedback Check My Work Depreciation expense is the allocation of a fixed asset's cost over the period used. The fixed asset account is not touched or decreased when recording the expense. Check My Work (...
1. Which area of accounting aims at serving the needs of external users? A) Bookkeeping B)...
1. Which area of accounting aims at serving the needs of external users? A) Bookkeeping B) External auditing C) Management accounting D) Financial accounting 2. Which account appears on the After-Closing Trial Balance? A) Service revenue B) Share capital C) Dividends D) Insurance expense 3. Which of the following events is NOT a transaction that would be recorded in a company's accounting records? A) The purchase of equipment for cash B) The purchase of equipment on account C) The death...
Question 1 16 pts A company often pays insurance that will provide the company insurance coverage...
Question 1 16 pts A company often pays insurance that will provide the company insurance coverage for 6 months or longer. When the company pays for the insurance, the account that is debited is called a prepaid expense. This is an asset, not an expense. Why? It is the same as cash It will benefit the company in future periods, and therefore has not been used up It has been used up and should be an expense Question 2 17...
Fill in each blank so that the resulting statement is true Consider the equation 5x +...
Fill in each blank so that the resulting statement is true Consider the equation 5x + 2 =x-6. Squaring the left side and simplifying results in Squaring the right side and simplifying results in Squaring the left side and simplifying results in Squaring the right side and simplifying results in
[3 points each = ber 31, 2010, before any year-end adjustments, J.Tucker's Insurance Expense acco ce...
[3 points each = ber 31, 2010, before any year-end adjustments, J.Tucker's Insurance Expense acco ce of $1,800 and its Prepaid Insurance account had a balance of $5,000. It was determine $2,000 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for th would be: A) $1,800 B $2,000 $3,800 D) $5,000 2. When expenses for a reporting period exceed revenue for the period: A) Equity is reduced B) The company must borrow money to remain in...
Practice Multiple-Choice Questions 1. (LO 1) The effects on the basic accounting equation of perform ing...
Practice Multiple-Choice Questions 1. (LO 1) The effects on the basic accounting equation of perform ing services for cash are to: a. increase assets and decrease stockholders' equity. b. increase assets and increase stockholders' equity. c. increase assets and increase liabilities. d. increase liabilities and increase stockholders' equity. 2. (LO 1) Genesis Company buys a $900 machine on credit. This transaction will affect the: a. income statement only b. balance sheet only. c. income statement and retained earnings statement only....
Question 12 4 pts Which of the following is a correct accounting equation? Asset + Expense...
Question 12 4 pts Which of the following is a correct accounting equation? Asset + Expense + Common Stock= Liability + Revenue + Dividend Asset + Expense - Liability + Revenue - Dividend + Common stock Asset + Common Stock = Liability + Revenue + Expense Common Stock Asset=Liability + Expense - Revenue + Dividend - Common stock
fill in the blank question
Fill in the Blank Question When financial statements are prepared, unexpired prepaid accounts are recorded as (expenses/assets/iabilities) and the expired portion of the prepaid account is reported as ain) (expense/asset liability). Confidence Level Rate your confidence to submit your answer Home
Several transactions are listed below, with the accounting equation stated to the right side of each. Use the following identification codes to indicate the effects of each transaction on the accounting equation. Select answers in the space provided under the accounting equation. You need an identification code for each element of the accounting equation. An example is given before the first transaction. Assets Liabilities + Stockholders' Equity Example A stockholder invests in his new business by giving equipment valued at...
QUESTION 1 How would the accounting equation be effected by a business paying a creditor? O increase liability, increase equity O increase asset, increase liability O decrease asset decrease equity O decrease asset, decrease liability QUESTION 4 Prepaid rent is what type of account? O revenue O liability O expense asset QUESTION 5 Wages Payable is what type of account? O asset O expense liability O revenue
please fill boxes
Adjustment for Depreciation The estimated amount of depreciation on equipment for the current year is $1,730. Journalize the adjusting entry to record the depreciation. If an amount box does not require an entry, leave it blank. Depreciation Expense 1,730 Accumulated Depreciation Equipment Feedback Check My Work Depreciation expense is the allocation of a fixed asset's cost over the period used. The fixed asset account is not touched or decreased when recording the expense. Check My Work (...
1. Which area of accounting aims at serving the needs of external users? A) Bookkeeping B) External auditing C) Management accounting D) Financial accounting 2. Which account appears on the After-Closing Trial Balance? A) Service revenue B) Share capital C) Dividends D) Insurance expense 3. Which of the following events is NOT a transaction that would be recorded in a company's accounting records? A) The purchase of equipment for cash B) The purchase of equipment on account C) The death...
Question 1 16 pts A company often pays insurance that will provide the company insurance coverage for 6 months or longer. When the company pays for the insurance, the account that is debited is called a prepaid expense. This is an asset, not an expense. Why? It is the same as cash It will benefit the company in future periods, and therefore has not been used up It has been used up and should be an expense Question 2 17...
Fill in each blank so that the resulting statement is true Consider the equation 5x + 2 =x-6. Squaring the left side and simplifying results in Squaring the right side and simplifying results in Squaring the left side and simplifying results in Squaring the right side and simplifying results in
[3 points each = ber 31, 2010, before any year-end adjustments, J.Tucker's Insurance Expense acco ce of $1,800 and its Prepaid Insurance account had a balance of $5,000. It was determine $2,000 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for th would be: A) $1,800 B $2,000 $3,800 D) $5,000 2. When expenses for a reporting period exceed revenue for the period: A) Equity is reduced B) The company must borrow money to remain in...
Practice Multiple-Choice Questions 1. (LO 1) The effects on the basic accounting equation of perform ing services for cash are to: a. increase assets and decrease stockholders' equity. b. increase assets and increase stockholders' equity. c. increase assets and increase liabilities. d. increase liabilities and increase stockholders' equity. 2. (LO 1) Genesis Company buys a $900 machine on credit. This transaction will affect the: a. income statement only b. balance sheet only. c. income statement and retained earnings statement only....
Question 12 4 pts Which of the following is a correct accounting equation? Asset + Expense + Common Stock= Liability + Revenue + Dividend Asset + Expense - Liability + Revenue - Dividend + Common stock Asset + Common Stock = Liability + Revenue + Expense Common Stock Asset=Liability + Expense - Revenue + Dividend - Common stock
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