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please provide the journal entry to use and which accounts
will be understated, overstated or no...
Please provide journal entries for the accounts used and if accounts will will be understated, overstated...
Please provide journal entries for the accounts used and if
accounts will will be understated, overstated or no effect for
assets, liabilities and net income.
9. Alpha recorded the prepayment of one year of rent as a debit to rent expense and a credit to accounts payable. Alpha failed to record an AJE at the end of the year when there were still two months of rent remaining in the lease. 10. Alpha failed to record the return of inventory...
what accounts will be understated and overstated? Please provide accounts used for this entry. repaid next...
what accounts will be understated and overstated?
Please provide accounts used for this entry.
repaid next year (ignore interest). 21. Alpha paid cash for one year of rent in the third month of the year but erroneously recorded it as cash paid to satisfy an account payable. Alpha also failed to record the required AJE for the rent used during the year. - -- maalinna dahit innline and credit to Cooh
please exaplain your answers and write by using journal entries 18. Alpha purchased equipment on credit...
please exaplain your answers and write by using journal
entries
18. Alpha purchased equipment on credit but did not record it. No payments were made during the year and no AJE was recorded for the depreciation on the equipment. 19. Alpha failed to record an AJE for interest earned on a note receivable. The interest won't be received until next year. 20. Alpha received cash from a bank but erroneously recorded it as a cash sale instead of a loan...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at year end. For each entry NOT MADE indicate the effect that each omitted AJE would have on the Wolverine's financial statements for the year ended 12/31/2019. Use O for overstated, U for understated, and NE for no effect. Organize your answer in tabular form, using the column headings shown below and provided in the worksheet titled "Part A, Question B." Example 0: At year...
1.Indicate the proper journal entry to record payment of a cash dividend previously declared: Select one:...
1.Indicate the proper journal entry to record payment of a cash dividend previously declared: Select one: a. Debit Cash, credit Dividend Payable b. Debit Dividends, credit Cash 2.A bookkeeper erroneously recorded a $7 accrual of wages payable using this journal entry: Sales Discount $7 Inventory $7 Indicate the effect of the error on Expenses, Assets, and Liabilities, respectively: Select one: a. No Error, Understated, No Error b. Overstated, No Error, Understated c. Understated, Understated, Understated d. No Error, No Error,...
Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a building in which it...
Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a building in which it leases office space to small businesses and professionals. During 2019, Greensboro Properties engaged in the following transactions: a. On March 1, Greensboro Properties pald $10,560 in advance to Patterson Insurance Company for 1 year of insurance beginning March 1, 2019. The full amount of ti prepayment was debited to prepaid insurance. b. On May 1, Greensboro Properties received $35,640 for 1 year's rent from...
financials: question: 2019 2018 Assets Current Assets: Cash Accounts Receivable Inventory Supplies Prepaid Rent Total Current...
financials:
question:
2019 2018 Assets Current Assets: Cash Accounts Receivable Inventory Supplies Prepaid Rent Total Current Assets Property, Plant and Equipment: Equipment Less: Accumulated Depreciation Property, Plant and Equipment, net Total Assets $475,326 28,355 436,200 85,321 20,322 1,045,524 $384,569 72,355 284,513 60,240 15,638 817,315 400,500 45,210 355,290 $1,400,814 332,680 35,291 297,389 $1,114,704 Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable Uneamed Revenue Income Taxes Payable Total Current Liabilities Long-term Debt Total Liabilities Stockholders' Equity Contributed Capital Retained Earings Total Stockholders'...
Please show what journal entries you would use and how assets, liabilities and net income are effected (understated,...
Please show what journal entries you would use and how assets,
liabilities and net income are effected (understated, overstated,
no effect). How is inventory taken into account?
$6,000 for 12 months of rent received from one of the tenants on October 1. 33. Alpha recorded a cash purchase of inventory (using the periodic inventory system) but erroneously recorded it as a debit to Supplies and a credit to Accounts Payable. The inventory was counted in ending inventory
Prepare the Adjusting Journal Entries (AJEs) that should be made on December 31, 2015, the end...
Prepare the Adjusting Journal Entries (AJEs) that should be made on December 31, 2015, the end of the accounting year, for each of the following independent situations. If no AJE is required, indicate “none.” Assume the firm only makes AJEs at the end of the accounting year. . In addition, identify the impact, if any, on the financial statements if you failed to make the appropriate AJE. Indicate NE for no impact, U for understatement, and O for overstatement. Use...
write down the journal entry that the company ACTUALLY MADE (shown on the right side of...
write down the journal entry that the company ACTUALLY MADE
(shown on the right side of the attached sheet) for each
error.
Write down the journal enrtry that the company SHOULD HAVE
made.
thank you!!
in the column headings in the table. Use the following symbols:0 = overstated, U = understated and NE no effect Total Revenue Total Expenses Net Income Total Assets Total Liabilities Error Owners' Equity a. Recorded a declared but unpaid dividend by debiting dividends and crediting...
Please provide journal entries for the accounts used and if
accounts will will be understated, overstated or no effect for
assets, liabilities and net income.
9. Alpha recorded the prepayment of one year of rent as a debit to rent expense and a credit to accounts payable. Alpha failed to record an AJE at the end of the year when there were still two months of rent remaining in the lease. 10. Alpha failed to record the return of inventory...
what accounts will be understated and overstated?
Please provide accounts used for this entry.
repaid next year (ignore interest). 21. Alpha paid cash for one year of rent in the third month of the year but erroneously recorded it as cash paid to satisfy an account payable. Alpha also failed to record the required AJE for the rent used during the year. - -- maalinna dahit innline and credit to Cooh
please exaplain your answers and write by using journal
entries
18. Alpha purchased equipment on credit but did not record it. No payments were made during the year and no AJE was recorded for the depreciation on the equipment. 19. Alpha failed to record an AJE for interest earned on a note receivable. The interest won't be received until next year. 20. Alpha received cash from a bank but erroneously recorded it as a cash sale instead of a loan...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at year end. For each entry NOT MADE indicate the effect that each omitted AJE would have on the Wolverine's financial statements for the year ended 12/31/2019. Use O for overstated, U for understated, and NE for no effect. Organize your answer in tabular form, using the column headings shown below and provided in the worksheet titled "Part A, Question B." Example 0: At year...
Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a building in which it leases office space to small businesses and professionals. During 2019, Greensboro Properties engaged in the following transactions: a. On March 1, Greensboro Properties pald $10,560 in advance to Patterson Insurance Company for 1 year of insurance beginning March 1, 2019. The full amount of ti prepayment was debited to prepaid insurance. b. On May 1, Greensboro Properties received $35,640 for 1 year's rent from...
financials:
question:
2019 2018 Assets Current Assets: Cash Accounts Receivable Inventory Supplies Prepaid Rent Total Current Assets Property, Plant and Equipment: Equipment Less: Accumulated Depreciation Property, Plant and Equipment, net Total Assets $475,326 28,355 436,200 85,321 20,322 1,045,524 $384,569 72,355 284,513 60,240 15,638 817,315 400,500 45,210 355,290 $1,400,814 332,680 35,291 297,389 $1,114,704 Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable Uneamed Revenue Income Taxes Payable Total Current Liabilities Long-term Debt Total Liabilities Stockholders' Equity Contributed Capital Retained Earings Total Stockholders'...
Please show what journal entries you would use and how assets,
liabilities and net income are effected (understated, overstated,
no effect). How is inventory taken into account?
$6,000 for 12 months of rent received from one of the tenants on October 1. 33. Alpha recorded a cash purchase of inventory (using the periodic inventory system) but erroneously recorded it as a debit to Supplies and a credit to Accounts Payable. The inventory was counted in ending inventory
write down the journal entry that the company ACTUALLY MADE
(shown on the right side of the attached sheet) for each
error.
Write down the journal enrtry that the company SHOULD HAVE
made.
thank you!!
in the column headings in the table. Use the following symbols:0 = overstated, U = understated and NE no effect Total Revenue Total Expenses Net Income Total Assets Total Liabilities Error Owners' Equity a. Recorded a declared but unpaid dividend by debiting dividends and crediting...
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