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7. Which of the following reconciling items does not require a journal entry? a. NSF check...
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,...
If a company neglects to make an adjusting entry to record accrued interest expense, which of the following statements is/are true?
If a company neglects to make an adjusting entry to record accrued interest expense, which of the following statements is/are true?Group of answer choicesIncome from Operations will be overstatedLiabilities will be understated and Stockholders' Equity will be overstatedAssets will be understated and Stockholders' Equity will be understatedNet Income will be understatedBoth A and B are true
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause....
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause. A) the Capital account to be understated. B) net income to be overstated. C) Revenue to be understated. D) the Capital account to be overstated. 17. Which of the following accounts will NOT appear on the post-closing trial balance? A) Accounts Receivable B) Cash C) Accounts Payable D) Withdrawals 18. Which of the following could appear in an adjusting entry, closing entry, and reversing...
1. On 12/31/12, as part of the year-end adjusting journal entries, the Strickland Company accrues three...
1. On 12/31/12, as part of the year-end adjusting journal entries, the Strickland Company accrues three day's wages of $600 ($200 per day). The proper 12/31/12 closing entries are made. No reversing entry is made on 1/1/13. Strickland pays the weekly payroll of $1,000 on 1/2/13. The balance in the Wage Expense account after the 1/2/13 journal entry will be: Select one: a. $0 b. $400 c. $600 d. $1,000 e. $1,200 2. Which principle is most representative of the...
If the following adjusting entry is omitted, what effect will it have on net income? 4,300...
If the following adjusting entry is omitted, what effect will it have on net income? 4,300 Depreciation Expense Accumulated Depreciation 4,300 O a. Net income will be understated by $4,300. O b. It will have no effect on net income. O c. Net income will be overstated by $8,600. O d. Net income will be overstated by $4,300. The adjusting entry to record accrued expenses O a. includes a debit to a payable account. O b. is the same journal...
If the credit amount of an entry to record the payment of salaries was not posted,...
If the credit amount of an entry to record the payment of salaries was not posted, O A. expenses would be overstated O B. expenses would be understated O C. shareholders' equity would be understated O D. assets would be overstated
djusting Entries Section 2-ACCRUED REVENUE 1. Accrued revenue is: a. payment received for work completed b....
djusting Entries Section 2-ACCRUED REVENUE 1. Accrued revenue is: a. payment received for work completed b. revenue earned but not received a debit to cash d. с. a credit to cash 2. The journal entry to accrue $500 commissions' revenue is: Cash Commissions Revenue Commissions Revenue Cash Commissions Revenue a. 500 500 b. 500 500 с. 500 Accounts Receivable Accounts Receivable Commissions Revenue 500 d. 500 500 3. Several years ago, your calendar year company issued a $15,000 note at...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets Receivables, net of allowance for uncollectible accounts of $36,000 $462,000 During 2021, credit sales were $1,780,000, cash collections from customers $1,860,000, and $41,000 in accounts receivable were written off. In addition, $3,600 was collected from a customer whose account was written off...
During a maternity leave of the full-time bookkeeper, a temporary employee was involved in the following...
During a maternity leave of the full-time bookkeeper, a temporary employee was involved in the following transactions. 1. A payment by cheque for $480 to a repair shop for fixing the truck was debited to the Vehicles account and a credit to Cash. 2. A deposit for a collection on account of $1,000 was debited to Cash and credited to Service Revenue. 3. A cheque for $440 to pay for advertising expense was recorded as a Debit to Rent Expense...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 2% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of...
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause. A) the Capital account to be understated. B) net income to be overstated. C) Revenue to be understated. D) the Capital account to be overstated. 17. Which of the following accounts will NOT appear on the post-closing trial balance? A) Accounts Receivable B) Cash C) Accounts Payable D) Withdrawals 18. Which of the following could appear in an adjusting entry, closing entry, and reversing...
If the following adjusting entry is omitted, what effect will it have on net income? 4,300 Depreciation Expense Accumulated Depreciation 4,300 O a. Net income will be understated by $4,300. O b. It will have no effect on net income. O c. Net income will be overstated by $8,600. O d. Net income will be overstated by $4,300. The adjusting entry to record accrued expenses O a. includes a debit to a payable account. O b. is the same journal...
If the credit amount of an entry to record the payment of salaries was not posted, O A. expenses would be overstated O B. expenses would be understated O C. shareholders' equity would be understated O D. assets would be overstated
djusting Entries Section 2-ACCRUED REVENUE 1. Accrued revenue is: a. payment received for work completed b. revenue earned but not received a debit to cash d. с. a credit to cash 2. The journal entry to accrue $500 commissions' revenue is: Cash Commissions Revenue Commissions Revenue Cash Commissions Revenue a. 500 500 b. 500 500 с. 500 Accounts Receivable Accounts Receivable Commissions Revenue 500 d. 500 500 3. Several years ago, your calendar year company issued a $15,000 note at...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets Receivables, net of allowance for uncollectible accounts of $36,000 $462,000 During 2021, credit sales were $1,780,000, cash collections from customers $1,860,000, and $41,000 in accounts receivable were written off. In addition, $3,600 was collected from a customer whose account was written off...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 2% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of...
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At the Pinelands University Medical Center, clinics trials were
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XOR
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