I needed help with the blanks in B! :) Thanks
Homework Answers
a.
| Assets | Liabilities | Equity |
| 0 | 750 | -750 |
b. If the above transaction is not recorded at the end of the month, October expenses will be understated, liabilities will be understated, and net income will be overstated.
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I needed help with the blanks in B! :) Thanks
At the end of the October,...
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...
I am not sure how to fill this this out? Thanks! 5. At the end of...
I am not sure how to fill this this out? Thanks!
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 equaion to account for the wages that are owed? Assets Liabilities
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 The supplies account of ABC Corp....
I needed help with the blanks in B! :) 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 AR 600 Equity 600 b. If the above transaction is not recorded at the end of the...
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...
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...
Born of Frustration, Corp. provides services to its customers on account. Accrued revenue at the end...
Born of Frustration, Corp. provides services to its customers on account. Accrued revenue at the end of the annual accounting period totaled $6,250, but the firm forgot to make an adjusting entry for accrued revenue at the end of the accounting period. Which of the following is true about the period end financial statements? a. None of the answers given are correct. b. Liabilities will be overstated and Stockholders’ Equity will be understated. c. Liabilities will be understated and Stockholders’...
please explain I am trying to understand the concept for this problem not just to check...
please explain I am trying to
understand the concept for this problem not just to check my
answers. Thank you.
XYZ company has 6 employees. 3 employees earn $1,000 each per week, 2 employees earn $2,000 each per week and one employee that earns $3,000 per week. The company pays wages every Friday for work performed thru Friday. The employees work a five day work week. 12/31/21 is a Wednesday. 1.) Record the adjusting for 12/31/21. If the company fails...
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,...
3. Smith Company received a deposit for work in advance for $3,000 in May. a. Record...
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 Liabilities Equity 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 302 Assets Liabilities Equity C. If the above adjustment is not recorded at the end of the month, June...
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...
I am not sure how to fill this this out? Thanks!
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 equaion to account for the wages that are owed? Assets Liabilities
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
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 AR 600 Equity 600 b. If the above transaction is not recorded at the end of the...
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...
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...
please explain I am trying to
understand the concept for this problem not just to check my
answers. Thank you.
XYZ company has 6 employees. 3 employees earn $1,000 each per week, 2 employees earn $2,000 each per week and one employee that earns $3,000 per week. The company pays wages every Friday for work performed thru Friday. The employees work a five day work week. 12/31/21 is a Wednesday. 1.) Record the adjusting for 12/31/21. If the company fails...
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 Liabilities Equity 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 302 Assets Liabilities Equity C. If the above adjustment is not recorded at the end of the month, June...
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