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Those are the options for all the above blanks. Please explain
your answers as well, thank...
A bookkeeper erroneously recorded the accrual of revenue using this journa Sales Discount Depreciation Expense The...
A bookkeeper erroneously recorded the accrual of revenue using this journa Sales Discount Depreciation Expense The effect of this error on Total Expenses and Total Assets (respectively Select one: a. No Error, Understated Ob. Overstated, Understated c. No Error, No Error Od. Understated, No Error e. Understated, Understated The Vlasik Company declared an $8 cash dividend and recorded this journal entry (assume the amount is accurate, but not necessarily the accounts): Unearned Revenue Prepaid Insurance 58 Indicate the effect of...
I needed help with the blanks in B! :) Thanks At the end of the October,...
I needed help with the blanks in B! :) Thanks
At the end of the October, XYZ Corp. owes employee wages of $750, but hasn't paid them (they will be paid in Nov.) 5. a. What should be recorded to the accounting equation to account for the wages that are owed? Assets Liabilities 750 Equity b. If the above transaction is not recorded at the end of the month, October expenses will be liabilities will be (indicate understated or overstated...
please asap i have 15 minutes Effects of Errors on Financial Statements The accountant for Healthy...
please asap i have 15 minutes
Effects of Errors on Financial Statements The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($20,230) and (b) accrued wages (54,350). Indicate the effect of each error, considered individually, on the income statement for the current year ended July 31. Also indicate the effect of each error on the July 31 balance sheet. Enter all amounts as positive numbers. Enter...
I needed help with the blanks in B! :) Thanks The supplies account of ABC Corp....
I needed help with the blanks in B! :) Thanks
The supplies account of ABC Corp. on December 31 shows a balance of $4,000. An actual count of the supplies shows the balance is $3,400. 4. What should be recorded to the accounting equation to adjust the balance in the supplies account to properly reflect the balance at December 31? a. Assets Liabilities AR 600 Equity 600 b. If the above transaction is not recorded at the end of the...
Page 1 of 3 ACCT 201 Spring Semester Preparation for Mid-Term Exam The exam has 9 questions, SOLV...
Page 1 of 3 ACCT 201 Spring Semester Preparation for Mid-Term Exam The exam has 9 questions, SOLVE THE QUESTIONS 1. ABC adopts the (15 marks) plus a 1 mark bonus question. Here are 13 questions to help you prepare for the exam accounting practice whereby all external transactions involving prepaid expenses are initially debited to the ount. if the company fails to adjust any one of these accounts for the current year what will be the effect on (1)...
Fonda Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of...
Fonda Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its ph 31, 2041, Fonda incorrectly counted its inventory as $452,500 instead of the correct amount of $425,500. a. State the effects of the error on the December 31, 2041, balance sheet of Fonda Motorcycle Shop. Balance Sheet Items Amount Inventory Understated/Overstated Overstated Overstated Current Assets Total Assets Overstated Stockholders' Equity Overstated b. State the effects of the error on the income statement of...
Effects of Errors on Financial Statements The accountant for Healthy Life Company, a medical services consulting...
Effects of Errors on Financial Statements The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($34,900) and (b) accrued wages ($12,770). Indicate the effect of each error, considered individually, on the income statement for the current year ended July 31. Also indicate the effect of each error on the July 31 balance sheet. Enter all amounts as positive numbers. Enter "0" in those spaces where there...
Please help with correct answer and explaination if possible, thx!(: 4. The accountant for Monroe Company...
Please help with correct answer and explaination if possible,
thx!(:
4. The accountant for Monroe Company mistakenly omitted the adjusting entry to record accrued fees of $2,000 for services provided to customers and not yet billed. Indicate the effect of the error on the income statement and the balance sheet by inserting "overstated" or "understated" in the space provided. If an item is not affected, leave the space blank. Assets Liabilities Stockholders Equity Revenues Expenses Net Income I 5. What...
Madison River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking...
Madison River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 2018, Madison incorrectly counted its inventory as $772,230 instead of the correct amount of $795,400. Enter all amounts as positive numbers. a. State the effects of the error on the December 31, 20Y8, balance sheet of Madison River Supply. Balance Sheet Items Understated/Overstated Amount Inventory Current Assets Total Assets Stockholders' Equity b. State the effects of the...
Exercise 3-53 (Algorithmic) Adjusting Entries Reynolds Computer Service offers data processing services to retail clothing stores....
Exercise 3-53 (Algorithmic) Adjusting Entries Reynolds Computer Service offers data processing services to retail clothing stores. The following data have been collected to aid in the preparation of adjusting entries for Reynolds Computer Service for 2019: a. Computer equipment was purchased from IBM in 2016 at a cost of $540,000. Annual depreciation is $125,900. b. A fire insurance policy for a 2-year period beginning September 1, 2019, was purchased from Good Hands Insurance Company for $12,000 cash. The entire amount...
A bookkeeper erroneously recorded the accrual of revenue using this journa Sales Discount Depreciation Expense The effect of this error on Total Expenses and Total Assets (respectively Select one: a. No Error, Understated Ob. Overstated, Understated c. No Error, No Error Od. Understated, No Error e. Understated, Understated The Vlasik Company declared an $8 cash dividend and recorded this journal entry (assume the amount is accurate, but not necessarily the accounts): Unearned Revenue Prepaid Insurance 58 Indicate the effect of...
I needed help with the blanks in B! :) Thanks
At the end of the October, XYZ Corp. owes employee wages of $750, but hasn't paid them (they will be paid in Nov.) 5. a. What should be recorded to the accounting equation to account for the wages that are owed? Assets Liabilities 750 Equity b. If the above transaction is not recorded at the end of the month, October expenses will be liabilities will be (indicate understated or overstated...
please asap i have 15 minutes
Effects of Errors on Financial Statements The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($20,230) and (b) accrued wages (54,350). Indicate the effect of each error, considered individually, on the income statement for the current year ended July 31. Also indicate the effect of each error on the July 31 balance sheet. Enter all amounts as positive numbers. Enter...
I needed help with the blanks in B! :) Thanks
The supplies account of ABC Corp. on December 31 shows a balance of $4,000. An actual count of the supplies shows the balance is $3,400. 4. What should be recorded to the accounting equation to adjust the balance in the supplies account to properly reflect the balance at December 31? a. Assets Liabilities AR 600 Equity 600 b. If the above transaction is not recorded at the end of the...
Page 1 of 3 ACCT 201 Spring Semester Preparation for Mid-Term Exam The exam has 9 questions, SOLVE THE QUESTIONS 1. ABC adopts the (15 marks) plus a 1 mark bonus question. Here are 13 questions to help you prepare for the exam accounting practice whereby all external transactions involving prepaid expenses are initially debited to the ount. if the company fails to adjust any one of these accounts for the current year what will be the effect on (1)...
Fonda Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its ph 31, 2041, Fonda incorrectly counted its inventory as $452,500 instead of the correct amount of $425,500. a. State the effects of the error on the December 31, 2041, balance sheet of Fonda Motorcycle Shop. Balance Sheet Items Amount Inventory Understated/Overstated Overstated Overstated Current Assets Total Assets Overstated Stockholders' Equity Overstated b. State the effects of the error on the income statement of...
Effects of Errors on Financial Statements The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($34,900) and (b) accrued wages ($12,770). Indicate the effect of each error, considered individually, on the income statement for the current year ended July 31. Also indicate the effect of each error on the July 31 balance sheet. Enter all amounts as positive numbers. Enter "0" in those spaces where there...
Please help with correct answer and explaination if possible,
thx!(:
4. The accountant for Monroe Company mistakenly omitted the adjusting entry to record accrued fees of $2,000 for services provided to customers and not yet billed. Indicate the effect of the error on the income statement and the balance sheet by inserting "overstated" or "understated" in the space provided. If an item is not affected, leave the space blank. Assets Liabilities Stockholders Equity Revenues Expenses Net Income I 5. What...
Madison River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 2018, Madison incorrectly counted its inventory as $772,230 instead of the correct amount of $795,400. Enter all amounts as positive numbers. a. State the effects of the error on the December 31, 20Y8, balance sheet of Madison River Supply. Balance Sheet Items Understated/Overstated Amount Inventory Current Assets Total Assets Stockholders' Equity b. State the effects of the...
Exercise 3-53 (Algorithmic) Adjusting Entries Reynolds Computer Service offers data processing services to retail clothing stores. The following data have been collected to aid in the preparation of adjusting entries for Reynolds Computer Service for 2019: a. Computer equipment was purchased from IBM in 2016 at a cost of $540,000. Annual depreciation is $125,900. b. A fire insurance policy for a 2-year period beginning September 1, 2019, was purchased from Good Hands Insurance Company for $12,000 cash. The entire amount...
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