Homework Answers
The journal entry to record interest accrued is debit interest expense and credit interest payable.
35) Expense
Option B.
36) Liability
Option D.
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Use the following information to answer the netto questions On December 31, 2011, Sal Company made...
29. The accountant for the Sean Company forgot to make an adjusting entry to record salaries...
29. The accountant for the Sean Company forgot to make an adjusting entry to record salaries camned but not paid to employees. The cllect of this error would An understatement of assets, net income, and owners' equity. An understatement of liabilities and an understatement of owners' equity. An overstatement of assets and of net income offset by an understatement of owners' equity. An overstatement of owner's equity and an understatement of liabilities None of the above 30 During 2011 Ethan...
Lune s on the balance sheet as of December 31, 2011 $4,300 $2,200 $4,600 $4,800 None...
Lune s on the balance sheet as of December 31, 2011 $4,300 $2,200 $4,600 $4,800 None of the above. of the following adjusting entries, which one results in an increase in liabilities? ay to record earned portion of rent previously received in advance from a tenant and initially recorded as a liability The entry to write off a portion of unexpired insurance initially recorded as an asset. The entry to record interest accrued on a note receivable. D. The entry...
5. At the end of its accounting period, December 31, 2012, May Corporation owed $1,000 for...
5. At the end of its accounting period, December 31, 2012, May Corporation owed $1,000 for property taxes which had not been recorded nor paid. Therefore, the 2012 adjusting entry should be which of the following? A. $1,000 credited to an expense account and debited to a liability account. B. $1,000 debited to an expense account and credited to an asset account. C. $1,000 credited to a liability account and debited to an expense account. D. $1,000 debited to a...
Mastering Adjusting Entries The following information relates to questions 31 and 32: CBA Co. uses accrual...
Mastering Adjusting Entries The following information relates to questions 31 and 32: CBA Co. uses accrual basis accounting. It collects $20,000 in December for a job and credits unearned revenue. By the end of December, its year end. CBA has completed 40% of the work. 31. How much revenue has CBA earned in December? a. $20,000 b. $12,000 c. $8,000 d. $0 32. Which accounts does CBA debit and credit in the adjusting journal entry on December 31? a. Unearned...
correct answer 6) To prepare the Trial Balance, select A) Company Center Company & Financials B)...
correct answer
6) To prepare the Trial Balance, select A) Company Center Company & Financials B) Reports Center Company & Financials C) Reports Center > Accountant & Taxes D) Company Center > Accountant & Taxes 7) Adjusting entries are used to: A) Close temporary accounts at year end B) Close permanent accounts at year-end C) Bring account balances up to date at year end D) All of the choices are correct 8) An accounting period may be: A) One quarter...
Adjusting Entries for Interest At December 31, 2011, Portland Corporation had two notes payable outstanding (notes...
Adjusting Entries for Interest At December 31, 2011, Portland Corporation had two notes payable outstanding (notes 1 and 2). At December 31, 2012, Portland also had two notes payable outstanding (notes 3 and 4). These notes are described below. Principal Amount Interest Rate Number of Days Date of note December 31, 2011 Note 1 November 25, 2011 Note 2 December 16, 2011 December 31, 2012 Note 3 December 11, 2012 Note 4 December 07, 2012 $29,000 18,800 896 996 17,400...
Give an example of a real account. Give an example of a nominal account. Why are...
Give an example of a real account. Give an example of a nominal account. Why are balance sheet accounts considered real and permanent? Why are income statement accounts considered nominal and temporary? Which account are dividends closed into? How would the proceeds received from the advance sale of nonrefundable tickets for a theatrical performance be reported in the seller’s financial statements before the performance? A. Revenue for the entire proceeds. B. Revenue to the extent of related costs expended. C....
Use the following information to answer the next four questions The adjusted account balances at December...
Use the following information to answer the next four questions The adjusted account balances at December 31, 2020 are as follows Accounts Cash Accounts Receivable Supplies Prepaid Insurance Building Accumulated Depreciation- Building Accounts Payable Owner's Capital Owner's Drawings Service Revenue Interest Revenue Depreciation Expense Insurance Expense Salaries and Wages Expense Supplies Expense Utilities Expense Totals Account Balances Debit Credis $9.000 25,000 7,000 3.000 350,000 50,000 66,000 245.000 20,000 160.000 29.000 36.000 25,000 44,000 12,000 19.000 550,000 550.000 21. The closing...
31) A business uses a credit to record: A) An increase in an expense account. B)...
31) A business uses a credit to record: A) An increase in an expense account. B) A decrease in an asset account. C) A decrease in an unearned revenue account. D) A decrease in a revenue account. E) A decrease in a capital account. 32) Identify the statement below that is correct: A) The left side of a T-account is the credit side. B) Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. C) The left...
On December 15 we performed $5,000 worth of service for a customer and immediately received $5,000...
On December 15 we performed $5,000 worth of service for a customer and immediately received $5,000 in cash. What is our revenue for December if we use the cash basis of accounting, assuming that this is the only transaction that affected both revenue and cash in December? $0 $2,500 $5,000 cannot be determined Flag this Question Question 2 4 pts Our employees worked the last two weeks of December. They will be paid in January. What account would we debit...
29. The accountant for the Sean Company forgot to make an adjusting entry to record salaries camned but not paid to employees. The cllect of this error would An understatement of assets, net income, and owners' equity. An understatement of liabilities and an understatement of owners' equity. An overstatement of assets and of net income offset by an understatement of owners' equity. An overstatement of owner's equity and an understatement of liabilities None of the above 30 During 2011 Ethan...
Lune s on the balance sheet as of December 31, 2011 $4,300 $2,200 $4,600 $4,800 None of the above. of the following adjusting entries, which one results in an increase in liabilities? ay to record earned portion of rent previously received in advance from a tenant and initially recorded as a liability The entry to write off a portion of unexpired insurance initially recorded as an asset. The entry to record interest accrued on a note receivable. D. The entry...
Mastering Adjusting Entries The following information relates to questions 31 and 32: CBA Co. uses accrual basis accounting. It collects $20,000 in December for a job and credits unearned revenue. By the end of December, its year end. CBA has completed 40% of the work. 31. How much revenue has CBA earned in December? a. $20,000 b. $12,000 c. $8,000 d. $0 32. Which accounts does CBA debit and credit in the adjusting journal entry on December 31? a. Unearned...
correct answer
6) To prepare the Trial Balance, select A) Company Center Company & Financials B) Reports Center Company & Financials C) Reports Center > Accountant & Taxes D) Company Center > Accountant & Taxes 7) Adjusting entries are used to: A) Close temporary accounts at year end B) Close permanent accounts at year-end C) Bring account balances up to date at year end D) All of the choices are correct 8) An accounting period may be: A) One quarter...
Adjusting Entries for Interest At December 31, 2011, Portland Corporation had two notes payable outstanding (notes 1 and 2). At December 31, 2012, Portland also had two notes payable outstanding (notes 3 and 4). These notes are described below. Principal Amount Interest Rate Number of Days Date of note December 31, 2011 Note 1 November 25, 2011 Note 2 December 16, 2011 December 31, 2012 Note 3 December 11, 2012 Note 4 December 07, 2012 $29,000 18,800 896 996 17,400...
Use the following information to answer the next four questions The adjusted account balances at December 31, 2020 are as follows Accounts Cash Accounts Receivable Supplies Prepaid Insurance Building Accumulated Depreciation- Building Accounts Payable Owner's Capital Owner's Drawings Service Revenue Interest Revenue Depreciation Expense Insurance Expense Salaries and Wages Expense Supplies Expense Utilities Expense Totals Account Balances Debit Credis $9.000 25,000 7,000 3.000 350,000 50,000 66,000 245.000 20,000 160.000 29.000 36.000 25,000 44,000 12,000 19.000 550,000 550.000 21. The closing...
31) A business uses a credit to record: A) An increase in an expense account. B) A decrease in an asset account. C) A decrease in an unearned revenue account. D) A decrease in a revenue account. E) A decrease in a capital account. 32) Identify the statement below that is correct: A) The left side of a T-account is the credit side. B) Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. C) The left...
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