I needed help with the blanks in B! :) Thanks
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I needed help with the blanks in B! :) Thanks
The supplies account of ABC Corp....
4. The supplies account of ABC Corp. on December 31 shows a balance of $4,000. An...
4. The supplies account of ABC Corp. on December 31 shows a balance of $4,000. An actual count of the supplies shows the balance is $3,400. a. What should be recorded to the accounting equation to adjust the balance in the supplies account to properly reflect the balance at December 31? Assets Liabilities Equity b. If the above transaction is not recorded at the end of the month, December assets will be expenses will be and net income will be...
I am not sure how to fill this this out? Thanks! The supplies account of ABC...
I am not sure how to fill this this out? Thanks!
The supplies account of ABC Corp. on December 31 shows a balance of $4,000. An actual count of the supplies shows the balance is $3,400. 4. What should be recorded to the accounting equation to adjust the balance in the supplies account to properly reflect the balance at December 31? a. Assets Liabilities Equity
2. if above transaction is not recovered at the end of the month december assets will...
2. if above transaction is not recovered at the end of the month
december assets will be (over or understated), expenses will be
(over or understated) and net income will be (over or
understated)
this question has two parts. in the first part, make sure to use
plus or minus to indicate whether the amount goes up or down and
label the account ie "accounts recieveable +500 <--this is an
examples not the right answer)
The supplies account of ABC...
Clicker Assignment: Ch. 4 Clicker questions will be asked in class based on your completion of...
Clicker Assignment: Ch. 4 Clicker questions will be asked in class based on your completion of this preparation guide. Example in class question: What is the answer to Question 2? You will not have time to complete this guide in class! 1. The revenue recognition principle states that companies recognize revenue in the accounting period in which 2. List the two subcategories of deferral accounts and the two subcategories of accrual accounts: and Deferrals: Accruals: and 3. Smith Company received...
I needed help with the blanks in B! :) Thanks At the end of the October,...
I needed help with the blanks in B! :) Thanks
At the end of the October, XYZ Corp. owes employee wages of $750, but hasn't paid them (they will be paid in Nov.) 5. a. What should be recorded to the accounting equation to account for the wages that are owed? Assets Liabilities 750 Equity b. If the above transaction is not recorded at the end of the month, October expenses will be liabilities will be (indicate understated or overstated...
I needed help with c! Thanks :) 3. Smith Company received a deposit for work in...
I needed help with c! Thanks :)
3. Smith Company received a deposit for work in advance for $3,000 in May a. Record the transaction for this deposit received in May. Assets Cash 3000 Liabilities Unearned Revenues Equity 3000 b. During the month of June, some work was completed and $700 can now be recorded as revenue. What adjustment should be recorded to the accounting equation to properly state the accounts at June 30 (include account and dollar amount)? Assets...
5. At the end of the October, XYZ Corp. owes employee wages of $750, but hasn't...
5. At the end of the October, XYZ Corp. owes employee wages of $750, but hasn't paid them (they will be paid in Nov.) a. What should be recorded to the accounting equation to account for the wages that are owed? Assets Liabilities Equity b. If the above transaction is not recorded at the end of the month, October expenses will be liabilities will be and net income will be (indicate understated or overstated for all three) 6. On March...
Questions 6-9. DIRECTIONS: Answer Questions 6 through 9 based on the information below. ng December 31...
Questions 6-9. DIRECTIONS: Answer Questions 6 through 9 based on the information below. ng December 31 Assume that you are assigned to prepare an Audit Report Summary on the L Com The L Company uses the accrual method and has an accounting year ending Decembe The bookkeeper of the company has made the following errors: 1. A $1,500 collection from a customer was received on December 29, 2017, but recorded until the date of its deposit in the bank, January...
The Office Supplies account had a $480 debit balance at the beginning of the year. During...
The Office Supplies account had a $480 debit balance at the beginning of the year. During the year, $4,885 of office supplies are purchased. A physical count of supplies at December 31 shows $539 of supplies available. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $3,000 of unexpired insurance benefits remain at December 31. The company has earned (but not recorded) $600 of interest revenue for the...
a. The Supplies account has a $600 debit balance to start the year. No supplies were...
a. The Supplies account has a $600 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $260 of supplies remaining. Supplies Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. b. The Supplies account has an $1,550 debit balance to start the year....
4. The supplies account of ABC Corp. on December 31 shows a balance of $4,000. An actual count of the supplies shows the balance is $3,400. a. What should be recorded to the accounting equation to adjust the balance in the supplies account to properly reflect the balance at December 31? Assets Liabilities Equity b. If the above transaction is not recorded at the end of the month, December assets will be expenses will be and net income will be...
I am not sure how to fill this this out? Thanks!
The supplies account of ABC Corp. on December 31 shows a balance of $4,000. An actual count of the supplies shows the balance is $3,400. 4. What should be recorded to the accounting equation to adjust the balance in the supplies account to properly reflect the balance at December 31? a. Assets Liabilities Equity
2. if above transaction is not recovered at the end of the month
december assets will be (over or understated), expenses will be
(over or understated) and net income will be (over or
understated)
this question has two parts. in the first part, make sure to use
plus or minus to indicate whether the amount goes up or down and
label the account ie "accounts recieveable +500 <--this is an
examples not the right answer)
The supplies account of ABC...
Clicker Assignment: Ch. 4 Clicker questions will be asked in class based on your completion of this preparation guide. Example in class question: What is the answer to Question 2? You will not have time to complete this guide in class! 1. The revenue recognition principle states that companies recognize revenue in the accounting period in which 2. List the two subcategories of deferral accounts and the two subcategories of accrual accounts: and Deferrals: Accruals: and 3. Smith Company received...
I needed help with the blanks in B! :) Thanks
At the end of the October, XYZ Corp. owes employee wages of $750, but hasn't paid them (they will be paid in Nov.) 5. a. What should be recorded to the accounting equation to account for the wages that are owed? Assets Liabilities 750 Equity b. If the above transaction is not recorded at the end of the month, October expenses will be liabilities will be (indicate understated or overstated...
I needed help with c! Thanks :)
3. Smith Company received a deposit for work in advance for $3,000 in May a. Record the transaction for this deposit received in May. Assets Cash 3000 Liabilities Unearned Revenues Equity 3000 b. During the month of June, some work was completed and $700 can now be recorded as revenue. What adjustment should be recorded to the accounting equation to properly state the accounts at June 30 (include account and dollar amount)? Assets...
5. At the end of the October, XYZ Corp. owes employee wages of $750, but hasn't paid them (they will be paid in Nov.) a. What should be recorded to the accounting equation to account for the wages that are owed? Assets Liabilities Equity b. If the above transaction is not recorded at the end of the month, October expenses will be liabilities will be and net income will be (indicate understated or overstated for all three) 6. On March...
Questions 6-9. DIRECTIONS: Answer Questions 6 through 9 based on the information below. ng December 31 Assume that you are assigned to prepare an Audit Report Summary on the L Com The L Company uses the accrual method and has an accounting year ending Decembe The bookkeeper of the company has made the following errors: 1. A $1,500 collection from a customer was received on December 29, 2017, but recorded until the date of its deposit in the bank, January...
a. The Supplies account has a $600 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $260 of supplies remaining. Supplies Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. b. The Supplies account has an $1,550 debit balance to start the year....
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