when unearned revenue is initially recorded as revenue , the adjusting entry has the following affect...
Homework Answers
Solution:
When unearned revenue is initially recorded as revenue, the adjusting entry has the affect on financial statement - "revenue increases and liabilities decrease"
Hence option b is correct.
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when unearned revenue is initially recorded as revenue , the
adjusting entry has the following affect...
A transaction has been recorded in the general journal of Deluty Company as follows: 600 Unearned...
A transaction has been recorded in the general journal of Deluty Company as follows: 600 Unearned revenue Consulting revenue 600 Which of the following describes the effect of this transaction on the company's financial statements? Multiple Choice Increases stockholders' equity Increases liabilities Decreases assets Which of the following describes the effect of this transaction on the company's financial statements? Multiple Choice Ο Increases stockholders' equity Ο Increases liabilities Ο Decreases assets Ο. Increases assets
l UCSLIUI LUI. PUILLS Unearned revenue is reported in the financial statements as: A revenue on...
l
UCSLIUI LUI. PUILLS Unearned revenue is reported in the financial statements as: A revenue on the balance sheet. O A liability on the balance sheet. An unearned revenue on the income statement. An asset on the balance sheet. A financing activity on the statement of cash flows. Question 19 (0.5 points) Net Income: Decreases equity. Represents the amount of assets owners put into a business. Equals assets minus liabilities. Is the excess of revenues over expenses. Represents owners' claims...
An adjusting entry debiting Unearned Rent and crediting Rent Revenue is an example of adjusting a(n)...
An adjusting entry debiting Unearned Rent and crediting Rent Revenue is an example of adjusting a(n) The following are line items from the vertical analysis of a balance sheet: 300% Amount Percent Total assets Total liabilities Total owner's equity Total liabilities and owner's equity 200% $300,000 $200,000 100,000 $300,000 100% 300% What needs to be changed on the statement?
6. On a worksheet, the unearned consulting revenue account has a $3,000 normal balance When preparing...
6. On a worksheet, the unearned consulting revenue account has a $3,000 normal balance When preparing the income statement columns on the worksheet, the unearned consulting revenue amount would be put into which column? a. Debit Income Statement b. Credit Income Statement c. Debit Balance Sheet d. Credit Balance Sheet 7. As you look at the bottom totals of the following worksheet, you see that it has not been completed. Does this company have a net income or a net...
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if...
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if omitted, will overstate or understate assets, liabilities, owner's equity, revenues, expenses, or net income. Indicate the amount and direction of the misstatement that would result if the end of period adjusting entry suggested by the transaction was omitted. Place your results in the table following the transactions and use (+) for overstate, (-) for understate, and (NE) for no effect. 1. Morrison purchased supplies...
In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following...
In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following situations: a. Office supplies on hand $100. b. Accrued revenues, $5,000. c. Accrued interest expense, $250. d. Depreciation, $800. e. Unearned revenue that has been carned, $550. Determine the effects on the income statement and balance sheet by identifying whether assets, liabilities, equity, revenue, and expenses are either overstated or understated. Use the following table. Adjustment a has been provided as an example, Adjustment...
Q.3 How does the year-end adjusting entry to recognize uncollectible accounts expense affect the elements of...
Q.3 How does the year-end adjusting entry to recognize uncollectible accounts expense affect the elements of the financial statements? Multiple Choice A. Increase total assets and decrease stockholders’ equity. B. Increase total liabilities and increase stockholders’ equity. C. Decrease total assets and decrease stockholders’ equity. D. Decrease total liabilities and increase stockholders’ equity.
QUESTION 37 Receiving payment of a portion of an accounts receivable will O A. not affect...
QUESTION 37 Receiving payment of a portion of an accounts receivable will O A. not affect total assets B. increase liabilities O C. decrease net income O D. increase stockholders' equity QUESTION 38 A revenue generally A. Increases assets and liabilities B. increases assets and decreases stockholders' equity C. leaves total assets unchanged O D. increases assets and stockholders' equity
Assuming unearned revenues are originally recorded in balance sheet accounts, the adjusting entry to record earning...
Assuming unearned revenues are originally recorded in balance sheet accounts, the adjusting entry to record earning of unearned revenue is: Multiple Choice Decrease a liability; increase revenue. Increase an expense; increase a liability. Increase an expense; decrease an asset. Increase an expense; decrease a liability. Increase an asset; increase revenue.
Which of the following does not correctly describe an adjusting journal entry that debits supplies expense and...
Which of the following does not correctly describe an adjusting journal entry that debits supplies expense and credits supplies? The entry decreases net income and decreases stockholders' equity. The entry increases expenses and increases retained earnings. The entry increases expenses and decreases assets. The entry decreases net income and decreases assets.
A transaction has been recorded in the general journal of Deluty Company as follows: 600 Unearned revenue Consulting revenue 600 Which of the following describes the effect of this transaction on the company's financial statements? Multiple Choice Increases stockholders' equity Increases liabilities Decreases assets Which of the following describes the effect of this transaction on the company's financial statements? Multiple Choice Ο Increases stockholders' equity Ο Increases liabilities Ο Decreases assets Ο. Increases assets
l
UCSLIUI LUI. PUILLS Unearned revenue is reported in the financial statements as: A revenue on the balance sheet. O A liability on the balance sheet. An unearned revenue on the income statement. An asset on the balance sheet. A financing activity on the statement of cash flows. Question 19 (0.5 points) Net Income: Decreases equity. Represents the amount of assets owners put into a business. Equals assets minus liabilities. Is the excess of revenues over expenses. Represents owners' claims...
An adjusting entry debiting Unearned Rent and crediting Rent Revenue is an example of adjusting a(n) The following are line items from the vertical analysis of a balance sheet: 300% Amount Percent Total assets Total liabilities Total owner's equity Total liabilities and owner's equity 200% $300,000 $200,000 100,000 $300,000 100% 300% What needs to be changed on the statement?
6. On a worksheet, the unearned consulting revenue account has a $3,000 normal balance When preparing the income statement columns on the worksheet, the unearned consulting revenue amount would be put into which column? a. Debit Income Statement b. Credit Income Statement c. Debit Balance Sheet d. Credit Balance Sheet 7. As you look at the bottom totals of the following worksheet, you see that it has not been completed. Does this company have a net income or a net...
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if omitted, will overstate or understate assets, liabilities, owner's equity, revenues, expenses, or net income. Indicate the amount and direction of the misstatement that would result if the end of period adjusting entry suggested by the transaction was omitted. Place your results in the table following the transactions and use (+) for overstate, (-) for understate, and (NE) for no effect. 1. Morrison purchased supplies...
In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following situations: a. Office supplies on hand $100. b. Accrued revenues, $5,000. c. Accrued interest expense, $250. d. Depreciation, $800. e. Unearned revenue that has been carned, $550. Determine the effects on the income statement and balance sheet by identifying whether assets, liabilities, equity, revenue, and expenses are either overstated or understated. Use the following table. Adjustment a has been provided as an example, Adjustment...
QUESTION 37 Receiving payment of a portion of an accounts receivable will O A. not affect total assets B. increase liabilities O C. decrease net income O D. increase stockholders' equity QUESTION 38 A revenue generally A. Increases assets and liabilities B. increases assets and decreases stockholders' equity C. leaves total assets unchanged O D. increases assets and stockholders' equity
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