When are adjusting entries made
Homework Answers
Adjustment entries are usually made on the last day of an accounting period. Accounting period could be a year, month or quarter. These are posted to follow the accrual method of accounting.
Examples are:-
1 Salary outstanding entry.
2.Prepaid insurance entry, etc
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What is the purpose of adjusting entries? When are they made? What are the four different...
What is the purpose of adjusting entries? When are they made? What are the four different categories of adjusting entries? Pick one type of adjusting entry and provide an example for your classmates of something you have experienced in your own life.
The maturity date of a note is when adjusting journal entries are made. at the company’s...
The maturity date of a note is
when adjusting journal entries are made.
at the company’s year end.
the period of time from the note’s issue date to its due
date.
the day the note must be repaid.
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly Credit Debit...
Prepare the adjusting entries at March 31, assuming that
adjusting entries are made quarterly
Credit Debit $4,800 5,760 40,000 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $13,440 32,000 19,840 96,000 0 22,400 An analysis of the accounts shows the following 1. 2. 3 The equipment depreciates $448 per month. Half of the unearned rent revenue was earned during the quarter. Interest of $640 is accrued on the notes...
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.
The ledger of Splish Brothers Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared CreditDebitSupplies$8,100Prepaid insurance9,720Equipment67,500Accumulated Depreciation-Equipment$22,680Notes Payable54,000Unearned Rent Revenue33,480Rent Revenue162,000Interest Expense0Salaries and Wages Expense37,800An analysis of the accounts shows the following 1. The equipment depreciates $756 per month 2. Half of the uneared rent revenue was earned during the quarter 3. Interest of $1,080 is accrued on the notes payable 4. Supplies on hand total $2,295. 5. Insurance expires at the rate of $1,080 per...
Certain adjusting entries made at the end of an accounting period are reversed at the beginning...
Certain adjusting entries made at the end of an accounting
period are reversed at the beginning of the following period.
Required:
Analyze the following four adjusting entries made on December 31,
and determine whether a reversing entry is needed.
Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period Required: Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed. Date DebitCredit...
prepare adjusting entries at March 31, assuming that adjusting entries are made quarterly. Disaussions View Policies...
prepare adjusting entries at March 31, assuming that
adjusting entries are made quarterly.
Disaussions View Policies Current Attempt in Progress Conferences Collaborations The ledger of Carla Vista Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared. WileyPLUS Support Debit Credit Prepaid Insurance $12,600 Supplies 2,700 Equipment 31,250 Accumulated Depreciation-Equipment $8,000 Notes Payable 21,000 Unearned Rent Revenue 9,600 Rent Revenue 61,000 Interest Expense Salaries and Wages Expense 13,000 An...
Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly. (If no...
Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly. (If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) Debit Credit No. Date Account Titles and Explanation 1. July 31 2. July 31 3 July 31 4. July 31 5. July 31 July 31 7. July 31 The ledger of Kingbird, Inc....
In the Accrual Method of Accounting: 10. Adjusting entries have to be made that would not...
In the Accrual Method of Accounting: 10. Adjusting entries have to be made that would not have to be done in a Cash System You record a revenue when you earn it not when you are paid for it Gives you a better idea of your future financial position than the Cash Method All of the above. а. b. С. d.
What is the difference between adjusting entries and correcting entries? A. Both adjusting entries and correcting...
What is the difference between adjusting entries and correcting entries? A. Both adjusting entries and correcting entries are a planned part of the accounting process. B. Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise when necessary to correct errors. C. Both adjusting entries and correcting entries are not a planned part of the accounting process. D. Correcting entries are a planned part of the accounting process, adjusting entries are not planned...
Current Attempt in Progress At the end of 2020, Concord Corporation made four adjusting entries for...
Current Attempt in Progress At the end of 2020, Concord Corporation made four adjusting entries for the following items: 1. Depreciation expense, $25500. 2. Expired insurance, $2230 (originally recorded as prepaid insurance.) 3. Interest payable, $5700. 4. Rent receivable, $10100. In the normal situation, to facilitate subsequent entries, the adjusting entry or entries that may be reversed is (are) Entry No. 2, No. 3 and No. 4. Entry No. 3 and No. 4. Entry No. 3 only. Entry No. 4...
What is the purpose of adjusting entries? When are they made? What are the four different categories of adjusting entries? Pick one type of adjusting entry and provide an example for your classmates of something you have experienced in your own life.
The maturity date of a note is
when adjusting journal entries are made.
at the company’s year end.
the period of time from the note’s issue date to its due
date.
the day the note must be repaid.
Prepare the adjusting entries at March 31, assuming that
adjusting entries are made quarterly
Credit Debit $4,800 5,760 40,000 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $13,440 32,000 19,840 96,000 0 22,400 An analysis of the accounts shows the following 1. 2. 3 The equipment depreciates $448 per month. Half of the unearned rent revenue was earned during the quarter. Interest of $640 is accrued on the notes...
Certain adjusting entries made at the end of an accounting
period are reversed at the beginning of the following period.
Required:
Analyze the following four adjusting entries made on December 31,
and determine whether a reversing entry is needed.
Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period Required: Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed. Date DebitCredit...
prepare adjusting entries at March 31, assuming that
adjusting entries are made quarterly.
Disaussions View Policies Current Attempt in Progress Conferences Collaborations The ledger of Carla Vista Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared. WileyPLUS Support Debit Credit Prepaid Insurance $12,600 Supplies 2,700 Equipment 31,250 Accumulated Depreciation-Equipment $8,000 Notes Payable 21,000 Unearned Rent Revenue 9,600 Rent Revenue 61,000 Interest Expense Salaries and Wages Expense 13,000 An...
Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly. (If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) Debit Credit No. Date Account Titles and Explanation 1. July 31 2. July 31 3 July 31 4. July 31 5. July 31 July 31 7. July 31 The ledger of Kingbird, Inc....
In the Accrual Method of Accounting: 10. Adjusting entries have to be made that would not have to be done in a Cash System You record a revenue when you earn it not when you are paid for it Gives you a better idea of your future financial position than the Cash Method All of the above. а. b. С. d.
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