An example of an account that could be included in an accrual adjustment for revenue is:...
An example of an account that could be included in an accrual adjustment for revenue is:
Multiple Choice
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Rent Receivable.
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Deferred Revenue.
Incorrect -
Interest Payable.
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Cash.
Homework Answers
Answer : Rent Receivables
Rent Receivables are the adjustment entry will made for the accrual rent Income . Adjustment Entry for this Rent Receivables are
Debit : Rent Receivables
Credit : Rent
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An example of an account that could be included in an accrual
adjustment for revenue is:...
An example of an account that could be included in an accrual adjustment for expense is:...
An example of an account that could be included in an accrual adjustment for expense is: Multiple Choice Income Tax Payable. Accounts Receivable. Prepaid Insurance. Incorrect Accumulated Depreciation.
help me with correct answers please 5) Adjusting entries often involve cash. 6) Adjusting entries are...
help me with correct answers please
5) Adjusting entries often involve cash. 6) Adjusting entries are typically prepared on a weekly basis. _7) Accumulated Depreciation appears on the balance sheet as a liability account. 1 8) Net Income is a specific account in a company's chart of accounts. 9) A net loss results when assets are greater than liabilities. T 10) Reporting 10) Reporting revenues when they are earned and expenses when they are incurred is called accrual basis accounting....
Which of these accounts would normally be affected by an adjustment? Multiple Choice Notes Payable. Equipment. Cash. Deferred Revenue.
Which of these accounts would normally be affected by an adjustment? Multiple Choice Notes Payable. Equipment. Cash. Deferred Revenue.
Colorado Rockers (CR) recognizes revenue when it records an asset for a related account receivable, rather...
Colorado Rockers (CR) recognizes revenue when it records an asset for a related account receivable, rather than when the account receivable is collected in cash. CR's practice is an example of: Multiple Choice Cash basis accounting. O The matching principle. O Accrual accounting. O Economic entity. The adjusted trial balance for Starbucks Electric Crane (SEC) Company at December 31, 2021, is presented below: Credit Debit 11,900 164,000 6,400 39,000 440,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation-equipment Accounts...
just need 1, 3, 7 One part of an adjustment is given below. Indicate the account...
just need 1, 3, 7
One part of an adjustment is given below. Indicate the account title for the other part of the adjustment Utilities Payable Interest Expense Rent Expense 1. Unearned Service Revenue is decreased. ✓ Accounts Receivable or Unearned Service Revenue Accumulated Depreciation Equipment 2. Prepaid Rent is decreased Unearned Service Revenue Interest Revenue 3. Accounts Receivable is increased. Service Revenue Depreciation Expense on equipment is increased. Accumulated Depreciation-Equipment 5. Utilities Expense is increased. Utilities Payable 4. 6....
Which of these accounts would normally be affected by an adjustment? Multiple Choice Notes Payable. Equipment....
Which of these accounts would normally be affected by an adjustment? Multiple Choice Notes Payable. Equipment. Cash. Deferred Revenue.
Aircraft Plane Builders (APB) sold a small passenger airplane for $980,000, receiving a a 12% note...
Aircraft Plane Builders (APB) sold a small passenger airplane for $980,000, receiving a a 12% note receivable instead of cash. The journal entry to record this sale would include a: Multiple Choice Credit to notes receivable. Credit to interest revenue. Debit to notes receivable. Credit to cash. Offshore International Leasing (OIL) received $55,200 for 12 months' rent in advance. How should OIL record this transaction? Multiple Choice 55,200 Cash Deferred rent revenue 55,200 Interest expense Interest payable 55,200 55,200 O...
The following account balances are taken from the December 31, 2019, financial statements of Tye Advertising...
The following account balances are taken from the December 31, 2019, financial statements of Tye Advertising Co. The company uses accrual basis accounting. Advertising Revenue $ 46, 482 Cash 41,516 Accounts Receivable 7,296 Interest Expense 2,299 Accounts Payable 5,000 Operating Expenses 37,460 Deferred Revenue 1,178 Equipment 18,048 Income Tax Expense 2,326 The following activities occurred in 2020: 1. Performed advertising services on account, $55,000. 2. Received cash payments on account, $10,400. 3. Received deposits from customers for advertising services to...
Porite Company recognizes revenue in the period in which it records an asset for the related...
Porite Company recognizes revenue in the period in which it records an asset for the related account receivable, rather than in the period in which the account receivable is collected in cash. Porite's practice is an example of: Multiple Choice Cash basis accounting. o The matching principle. o Accrual accounting. o o Economic entity.
The Goldsboro Athletic Club presented the following accrual basis statements at the end of 2009: Comparative...
The Goldsboro Athletic Club presented the following accrual basis statements at the end of 2009: Comparative Balance Sheets Cash Dues Receivable Rent Receivable Accrued Interest Receivable Prepaid Rent Supplies Investments Furniture and Fixtures Accumulated Depreciation December 31 2009 20x8 $8,875 $1,600 2,300 1,800 850 990 225 400 900 2,335 370 300 2,000 5,375 5,600 3,650 (1,120) (450) $20,000 $16.000 Accounts Payable (supplies only) Rent Payable Deferred Rent Dues Received in Advance Unearned Interest Accrued General Expenses Notes Payable Members' Equity...
help me with correct answers please
5) Adjusting entries often involve cash. 6) Adjusting entries are typically prepared on a weekly basis. _7) Accumulated Depreciation appears on the balance sheet as a liability account. 1 8) Net Income is a specific account in a company's chart of accounts. 9) A net loss results when assets are greater than liabilities. T 10) Reporting 10) Reporting revenues when they are earned and expenses when they are incurred is called accrual basis accounting....
Colorado Rockers (CR) recognizes revenue when it records an asset for a related account receivable, rather than when the account receivable is collected in cash. CR's practice is an example of: Multiple Choice Cash basis accounting. O The matching principle. O Accrual accounting. O Economic entity. The adjusted trial balance for Starbucks Electric Crane (SEC) Company at December 31, 2021, is presented below: Credit Debit 11,900 164,000 6,400 39,000 440,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation-equipment Accounts...
just need 1, 3, 7
One part of an adjustment is given below. Indicate the account title for the other part of the adjustment Utilities Payable Interest Expense Rent Expense 1. Unearned Service Revenue is decreased. ✓ Accounts Receivable or Unearned Service Revenue Accumulated Depreciation Equipment 2. Prepaid Rent is decreased Unearned Service Revenue Interest Revenue 3. Accounts Receivable is increased. Service Revenue Depreciation Expense on equipment is increased. Accumulated Depreciation-Equipment 5. Utilities Expense is increased. Utilities Payable 4. 6....
Aircraft Plane Builders (APB) sold a small passenger airplane for $980,000, receiving a a 12% note receivable instead of cash. The journal entry to record this sale would include a: Multiple Choice Credit to notes receivable. Credit to interest revenue. Debit to notes receivable. Credit to cash. Offshore International Leasing (OIL) received $55,200 for 12 months' rent in advance. How should OIL record this transaction? Multiple Choice 55,200 Cash Deferred rent revenue 55,200 Interest expense Interest payable 55,200 55,200 O...
The following account balances are taken from the December 31, 2019, financial statements of Tye Advertising Co. The company uses accrual basis accounting. Advertising Revenue $ 46, 482 Cash 41,516 Accounts Receivable 7,296 Interest Expense 2,299 Accounts Payable 5,000 Operating Expenses 37,460 Deferred Revenue 1,178 Equipment 18,048 Income Tax Expense 2,326 The following activities occurred in 2020: 1. Performed advertising services on account, $55,000. 2. Received cash payments on account, $10,400. 3. Received deposits from customers for advertising services to...
Porite Company recognizes revenue in the period in which it records an asset for the related account receivable, rather than in the period in which the account receivable is collected in cash. Porite's practice is an example of: Multiple Choice Cash basis accounting. o The matching principle. o Accrual accounting. o o Economic entity.
The Goldsboro Athletic Club presented the following accrual basis statements at the end of 2009: Comparative Balance Sheets Cash Dues Receivable Rent Receivable Accrued Interest Receivable Prepaid Rent Supplies Investments Furniture and Fixtures Accumulated Depreciation December 31 2009 20x8 $8,875 $1,600 2,300 1,800 850 990 225 400 900 2,335 370 300 2,000 5,375 5,600 3,650 (1,120) (450) $20,000 $16.000 Accounts Payable (supplies only) Rent Payable Deferred Rent Dues Received in Advance Unearned Interest Accrued General Expenses Notes Payable Members' Equity...
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