Homework Answers
Solution:
An example of adjusting entry would not include "Recording the purchase of office supplies" because this is regular transaction and entry is not to adjust account at year end.
Hence 2nd option is correct.
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An example of an adjusting entry would not include: Multiple Choice O Recordi Recording interest earned...
14. Examples of adjusting entries could include all of the following except: A) Recording interest earned...
14. Examples of adjusting entries could include all of the following except: A) Recording interest earned on bank account balances. B) Recording the expiration of prepaid insurance. C) Recording unpaid taxes. D) Recording the purchase of office supplies.
1. Record the adjusting entry assuming that Derby records the purchase of office supplies by initially...
1. Record the adjusting entry assuming that Derby records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include the beginning balance and purchase of office supplies in the Office Supplies T-account. 2. Record the adjusting entry assuming that Derby records the purchase of office supplies by initially debiting an expense account. Post the adjusting entry to the Office Supplies and Supplies Expense...
The preparation of adjusting entries requires a debit entry to one account and a credit entry to another account
CP 3-1 The preparation of adjusting entries requires a debit entry to one account and a credit entry to another account. ABa. Insurance Expense b. Rent Earned c. Prepaid Rent d. Interest Payable e. Interest Receivable f. Fees Earned g. Unused Supplies h. Unearned Commissions Revenue i. Salaries Payablej. Depreciation Expense1. Commissions Earned 2. Supplies Expense 3. Salaries Expense 4. Unearned Fees 5. Accumulated Depreciation 6. Rent Expense 7. Prepaid Insurance 8. Interest Earned 9. Interest Expense 10. Unearned Rent Required: Match each account in column A with the appropriate account in column B
Multiple Choice Questions: 1) An example on an ACCRUAL journal entry is: A) Debit to Interest...
Multiple Choice Questions: 1) An example on an ACCRUAL journal entry is: A) Debit to Interest Expense and Credit to Interest Payable, because the expense has been incurred but it wasn't paid yet which creates a liability B) Debit to A/R and Credit to Service Revenue because the service has been provided and the customer already paid us in advance C) Debit to Salaries Expense and Credit to Salaries Payable, because the expense has been incurred and cash was paid...
MC Qu. 4-135 The purpose of recording an adjusting entry... The purpose of recording an adjusting...
MC Qu. 4-135 The purpose of recording an adjusting entry... The purpose of recording an adjusting entry for salaries and wages is to record wages: Multiple Choice incurred but not yet paid. paid during the accounting period. paid in the prior accounting period. to be incurred in the next accounting period.
Recording the purchase of supplies in a prepaid account would be an example of a(n): O...
Recording the purchase of supplies in a prepaid account would be an example of a(n): O A. deferred expense. OB. deferred revenue. O c. accrued expense. O D. accrued revenue.
Need help recording the adjustment entry for all of these transactions B (of 12) 8.33 points...
Need help recording the adjustment entry for all of these
transactions
B (of 12) 8.33 points a. On December 1, 2018, Wolverine receives $3,700 cash trom a company that is renting office space from Wolverine. The payment, representing rent for December and January, is purchases a oneyear property insurance policy on July 1, 2018, for $12.840. The payment is debited to Prepaid Insurance for the entire amount salaries of $2.700 for the month of December will be paid in early...
An example of an adjusting entry would include: a. Closing revenues to retained earnings b. Purchase...
An example of an adjusting entry would include: a. Closing revenues to retained earnings b. Purchase of office supplies on account (and remain unused). c. Interest owed on borrowed amounts. d. Collection of cash from customers. e. Dividend payments to stockholders. A company had the following transactions: 1. Receive cash in advance from customers, $400. 2. Provide services to customers on account, $500. 3. Pay cash for maintenance costs in the current period, $100. 4. Incur (but do not pay)...
1. Which of the following would be the adjusting journal entry to recognize earned but unpaid...
1. Which of the following would be the adjusting journal entry to recognize earned but unpaid wages for the period? a Dr. Wages Expense, Cr. Cash b Dr. Wages Payable, Cr. Cash c Dr. Wages Payable, Cr. Wages Expense d Dr. Wages Expense, Cr. Wages Payable 2. Which of the following would be the effect of a transaction to record the portion of prepaid rent that has expired in a period? a. increase Prepaid Rent, decrease Rent Expense b increase...
Prior to recording adjusting entries, the Office Supplies account had a $370 debit balance. A physical...
Prior to recording adjusting entries, the Office Supplies account had a $370 debit balance. A physical count of the supplies showed $111 of unused supplies available. The required adjusting entry is: Multiple Choice () Debit Office Supplies $259 and credit Office Supplies Expense $259, Doha Debit Office Supplies Expense $111 and credit Office Supplies $111. 0 O Debit Office Supplies $111 and credit Supplies Expense $259. 0 Debit Office Supplies $111 and credit Office Supplies Expense $111 0 O Debit...
1. Record the adjusting entry assuming that Derby records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include the beginning balance and purchase of office supplies in the Office Supplies T-account. 2. Record the adjusting entry assuming that Derby records the purchase of office supplies by initially debiting an expense account. Post the adjusting entry to the Office Supplies and Supplies Expense...
MC Qu. 4-135 The purpose of recording an adjusting entry... The purpose of recording an adjusting entry for salaries and wages is to record wages: Multiple Choice incurred but not yet paid. paid during the accounting period. paid in the prior accounting period. to be incurred in the next accounting period.
Recording the purchase of supplies in a prepaid account would be an example of a(n): O A. deferred expense. OB. deferred revenue. O c. accrued expense. O D. accrued revenue.
Need help recording the adjustment entry for all of these
transactions
B (of 12) 8.33 points a. On December 1, 2018, Wolverine receives $3,700 cash trom a company that is renting office space from Wolverine. The payment, representing rent for December and January, is purchases a oneyear property insurance policy on July 1, 2018, for $12.840. The payment is debited to Prepaid Insurance for the entire amount salaries of $2.700 for the month of December will be paid in early...
Prior to recording adjusting entries, the Office Supplies account had a $370 debit balance. A physical count of the supplies showed $111 of unused supplies available. The required adjusting entry is: Multiple Choice () Debit Office Supplies $259 and credit Office Supplies Expense $259, Doha Debit Office Supplies Expense $111 and credit Office Supplies $111. 0 O Debit Office Supplies $111 and credit Supplies Expense $259. 0 Debit Office Supplies $111 and credit Office Supplies Expense $111 0 O Debit...
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