Homework Answers
If prepaid expenses are not adjusted, they will be overstated and the expenses actually incurred understated. This will lead to an overstatement of net income.
Thus the answer is d)
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If the adjustment for prepaid expenses is not recorded a. assets will be understated. ob. expenses...
If the adjustment for depreciation is not recorded a. assets are understated. O b. net income...
If the adjustment for depreciation is not recorded a. assets are understated. O b. net income is overstated. c. net income is correctly stated. O d. revenues are overstated.
If the prepaid expenses adjustment was not made, Select one: a. liability will be overstated, equity...
If the prepaid expenses adjustment was not made, Select one: a. liability will be overstated, equity understated and expenses understated. b. assets understated, equity understated and expenses overstated. c. assets overstated, equity overstated, and expenses understated. d. assets understated, equity understated and expenses understated.
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...
A company recorded the $19,000 adjusting entry for the expiration of prepaid rent by debiting revenues...
A company recorded the $19,000 adjusting entry for the expiration of prepaid rent by debiting revenues and crediting liabilities $19,000. Expenses are $38,000 understated $19,000 understated $19,000 overstated $38,000 overstated correctly stated
19. A company recorded the $14,000 adjusting entry for the expiration of prepaid rent by debiting...
19. A company recorded the $14,000 adjusting entry for the expiration of prepaid rent by debiting revenues and crediting liabilities for $14,000. Total assets are $14,000 understated $14,000 overstated $28,000 overstated $28,000 understated correctly stated
A company recorded the $36,000 adjusting entry for the earning of rent received in advance by...
A company recorded the $36,000 adjusting entry for the earning of rent received in advance by debiting expenses and crediting assets $36,000. Net income is $72,000 understated B. $36,000 understated C. $36,000 overstated $72,000 overstated correctly stated
If the Prepaid Insurance account is NOT adjusted: assets will be overstated and expenses will be...
If the Prepaid Insurance account is NOT adjusted: assets will be overstated and expenses will be understated. O assets will be overstated and expenses will be overstated. O assets will be understated and expenses will be understated. assets will be understated and expenses will be overstated.
If the accrued revenues adjustment was not made, Select one: a. liabilities will be understated, equity...
If the accrued revenues adjustment was not made, Select one: a. liabilities will be understated, equity overstated, and revenues understated. b. assets will be understated, equity understated and revenue understated. c. assets will be overstated, equity overstated, and revenues understated. d. liabilities will be overstated, equity understated and revenues understated.
hdking the adjusting Entries, indicate status of the accounts before adjustment (overstated or understated). Income Statement...
hdking the adjusting Entries, indicate status of the accounts before adjustment (overstated or understated). Income Statement Balance Sheet Prepaid Expenses Unearned Revenue Accrued Revenue Accrued Expenses
Wang Company accumulates the following adjustment data at December 31. For each item, indicate the (1)...
Wang Company accumulates the following adjustment data at December 31. For each item, indicate the (1) type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (2) the status of the accounts before adjustment (overstated or understated). (Enter your answers in alphabetical order.) (1) Type of Adjustment (2) Accounts Before Adjustment (a) Services performed but unbilled totals $600. Accrued Revenues Assets Understated Revenues Understated (b) Store supplies of $160 are on hand. The supplies account shows a...
If the adjustment for depreciation is not recorded a. assets are understated. O b. net income is overstated. c. net income is correctly stated. O d. revenues are overstated.
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...
A company recorded the $19,000 adjusting entry for the expiration of prepaid rent by debiting revenues and crediting liabilities $19,000. Expenses are $38,000 understated $19,000 understated $19,000 overstated $38,000 overstated correctly stated
19. A company recorded the $14,000 adjusting entry for the expiration of prepaid rent by debiting revenues and crediting liabilities for $14,000. Total assets are $14,000 understated $14,000 overstated $28,000 overstated $28,000 understated correctly stated
A company recorded the $36,000 adjusting entry for the earning of rent received in advance by debiting expenses and crediting assets $36,000. Net income is $72,000 understated B. $36,000 understated C. $36,000 overstated $72,000 overstated correctly stated
If the Prepaid Insurance account is NOT adjusted: assets will be overstated and expenses will be understated. O assets will be overstated and expenses will be overstated. O assets will be understated and expenses will be understated. assets will be understated and expenses will be overstated.
hdking the adjusting Entries, indicate status of the accounts before adjustment (overstated or understated). Income Statement Balance Sheet Prepaid Expenses Unearned Revenue Accrued Revenue Accrued Expenses
Wang Company accumulates the following adjustment data at December 31. For each item, indicate the (1) type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (2) the status of the accounts before adjustment (overstated or understated). (Enter your answers in alphabetical order.) (1) Type of Adjustment (2) Accounts Before Adjustment (a) Services performed but unbilled totals $600. Accrued Revenues Assets Understated Revenues Understated (b) Store supplies of $160 are on hand. The supplies account shows a...
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