all pull down options have the options of these answers: (ANSWER WITH ONE OF THESE 3 FOR A-D)
-The error will overstate revenues and understate liabilities.
-This error will understate expenses and understate liabilities.
-The error will overstate expenses and understate liabilities.
Homework Answers
a. This error will understate expenses and understate liabilities.
b. This error will understate assets and understate revenue.
c. This error will overstate liabilities and understate revenue.
d. This error will understate expenses and overstate assets.
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all pull down options have the options of these answers: (ANSWER
WITH ONE OF THESE 3...
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if...
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if omitted, will overstate or understate assets, liabilities, owner's equity, revenues, expenses, or net income. Indicate the amount and direction of the misstatement that would result if the end of period adjusting entry suggested by the transaction was omitted. Place your results in the table following the transactions and use (+) for overstate, (-) for understate, and (NE) for no effect. 1. Morrison purchased supplies...
Can someone please explain to me in words why Thanks! Part 3 Assume that Soze's accountant...
Can someone please explain to me in words
why
Thanks!
Part 3 Assume that Soze's accountant had forgotten to make the two adjusting entries proceeded to create financial statements using the incomplete, incorrect data. How wou omissions affect the following accounts overstate, understate, or no elect Forgetting that the Cargo insurance expired makes: expenser more enten guneler het insurare en pre-peal ismerce ED Revenues 2 Expenses Net income unelertreterly over Assets Undercotelyover Liabilities no effect Owners equity vurderetettel wer statel...
CV 3.1 Chapter 3 Canvas Homework: What happens when you don't record Adjusting Journal Entries? Idle...
CV 3.1 Chapter 3 Canvas Homework: What happens when you don't record Adjusting Journal Entries? Idle Bay, Inc forgot to record the following adjusting entries for the year 1) They didn't recognize $10,000 in earned revenue that had been paid in was correctly recorded as Unearned Revenue when the cash was received. 2) They didn't adjust for $2,000 in office supplies used during the year. 3) They didn't accrue $7,000 in unpaid salary expense that had been incurred as of...
The ledger of Monty Corp.on July 31, 2022, includes the following selected accounts before adjusting entries...
The ledger of Monty Corp.on July 31, 2022, includes the following selected accounts before adjusting entries have been prepared. Credit Supplies Prepaid Rent Buildings Accumulated Depreciation-Buildings Unearned Service Revenue Debit $ 31,200 4,680 325,000 $182,000 14,950 An analysis of the company's accounts shows the following 1. 2. 3. 4. 5. Supplies on hand at the end of the month totaled $24,180, The balance in Prepaid Rent represents 4 months of rent costs. Employees were owed $4,030 related to unpaid and...
E3.13 (LO 2. 3) The ledger of Armour Lake Lumber Supply on July 31, 2020, includes...
E3.13 (LO 2. 3) The ledger of Armour Lake Lumber Supply on July 31, 2020, includes the selected accounts below before adjusting entries have been prepared. Prepare adjusting entries from selected account data. Debit Credit Notes Payable $ 20,00 0 Supplies $ 24,00 0 Prepaid Rent 3,600 Buildings 250,000 Accumulated Depreciation Buildings 140,000 Unearned Service Revenue 11,500 An analysis of the company's accounts shows the following. • 1. The notes payable pays interest at a rate of 6% per year....
on a trial balance there is Montering Correction of Accounting Errors Section 4-CORRECTING CURRENT PERIOD ACCRUAL...
on a trial balance there is
Montering Correction of Accounting Errors Section 4-CORRECTING CURRENT PERIOD ACCRUAL ERRORS 1. If you accrue expenses of $130 instead of S1 So, the financial statements will overstate assets and understate expenses b. understate prepaid expenses c. understate both liabilities and expenses d. overstate liabilities 2. On November 1, 20X4, ComCo debits Cash and credits Notes Payable for $20,000 for note maturing May 1, 20X5. At that time, ComCo must repay the entire $20,000 plus...
thank you. thumbs up! Exercise 3-13 The ledger of Armour Lake Lumber Supply on July 31,...
thank you. thumbs up!
Exercise 3-13 The ledger of Armour Lake Lumber Supply on July 31, 2020, includes the selected accounts below before adjusting entries have been prepared. Debit Credit $20,000 Notes Payable Supplies Prepaid Rent Buildings Accumulated Depreciation Buildings Unearned Service Revenue $24,000 3,600 250,000 $140,000 11,500 An analysis of the company's accounts shows the following. 1. The notes payable pays interest at a rate of 6% per year. 2. Supplies on hand at the end of the month...
these are super short questions please answer all!! Disney ESPN Yahoo! Apple Google Bing Google PeopleSoft...
these are super short questions please answer all!!
Disney ESPN Yahoo! Apple Google Bing Google PeopleSoft Management Hea... GG Supre... Men's Whi... Nike.com.. Azize ilk B... Stadium ... Kuzey Gun... HBO Max CH 3 Hom... eBook Cengage Show Me How cen Calculator Adjusting Entry for Accrued Fees At the end of the current year, $8,490 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. Accounts Receivable 8,490...
For each of the following four separate cases, prepare adjusting entries required of financial statements for...
For each of the following four separate cases, prepare adjusting entries required of financial statements for the year ended December 31,2018. (Assume the prepaid expenses are initially recorded in asset accounts and that fees collected in advance of work are initially recorded as liabilities). A. Wages of $9,000 are earned by workers but not paid as of December 31,2018. B.The office supplies account had a $480 debit balance on Decemeber 31,2017. During 2018 $5,349 of office supplies are purchased. A...
P3-41. Preparing an Unadjusted Trial Balance and Adjustments SnapShot Company, a commercial photography studio, has just...
P3-41. Preparing an Unadjusted Trial Balance and Adjustments SnapShot Company, a commercial photography studio, has just completed its first full year of operations on December 31, 2018. General ledger account balances before year-end adjustments follow; no adjusting entries have been made to the accounts at any time during the year. Assume that all balances are normal. Cash........ . . . . . . Accounts receivable....... Prepaid rent ..................... Prepaid insurance................. Supplies ............... Equipment ...................... $ 2,150 3,800 12,600 2,970 4,250...
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if omitted, will overstate or understate assets, liabilities, owner's equity, revenues, expenses, or net income. Indicate the amount and direction of the misstatement that would result if the end of period adjusting entry suggested by the transaction was omitted. Place your results in the table following the transactions and use (+) for overstate, (-) for understate, and (NE) for no effect. 1. Morrison purchased supplies...
Can someone please explain to me in words
why
Thanks!
Part 3 Assume that Soze's accountant had forgotten to make the two adjusting entries proceeded to create financial statements using the incomplete, incorrect data. How wou omissions affect the following accounts overstate, understate, or no elect Forgetting that the Cargo insurance expired makes: expenser more enten guneler het insurare en pre-peal ismerce ED Revenues 2 Expenses Net income unelertreterly over Assets Undercotelyover Liabilities no effect Owners equity vurderetettel wer statel...
CV 3.1 Chapter 3 Canvas Homework: What happens when you don't record Adjusting Journal Entries? Idle Bay, Inc forgot to record the following adjusting entries for the year 1) They didn't recognize $10,000 in earned revenue that had been paid in was correctly recorded as Unearned Revenue when the cash was received. 2) They didn't adjust for $2,000 in office supplies used during the year. 3) They didn't accrue $7,000 in unpaid salary expense that had been incurred as of...
The ledger of Monty Corp.on July 31, 2022, includes the following selected accounts before adjusting entries have been prepared. Credit Supplies Prepaid Rent Buildings Accumulated Depreciation-Buildings Unearned Service Revenue Debit $ 31,200 4,680 325,000 $182,000 14,950 An analysis of the company's accounts shows the following 1. 2. 3. 4. 5. Supplies on hand at the end of the month totaled $24,180, The balance in Prepaid Rent represents 4 months of rent costs. Employees were owed $4,030 related to unpaid and...
E3.13 (LO 2. 3) The ledger of Armour Lake Lumber Supply on July 31, 2020, includes the selected accounts below before adjusting entries have been prepared. Prepare adjusting entries from selected account data. Debit Credit Notes Payable $ 20,00 0 Supplies $ 24,00 0 Prepaid Rent 3,600 Buildings 250,000 Accumulated Depreciation Buildings 140,000 Unearned Service Revenue 11,500 An analysis of the company's accounts shows the following. • 1. The notes payable pays interest at a rate of 6% per year....
on a trial balance there is
Montering Correction of Accounting Errors Section 4-CORRECTING CURRENT PERIOD ACCRUAL ERRORS 1. If you accrue expenses of $130 instead of S1 So, the financial statements will overstate assets and understate expenses b. understate prepaid expenses c. understate both liabilities and expenses d. overstate liabilities 2. On November 1, 20X4, ComCo debits Cash and credits Notes Payable for $20,000 for note maturing May 1, 20X5. At that time, ComCo must repay the entire $20,000 plus...
thank you. thumbs up!
Exercise 3-13 The ledger of Armour Lake Lumber Supply on July 31, 2020, includes the selected accounts below before adjusting entries have been prepared. Debit Credit $20,000 Notes Payable Supplies Prepaid Rent Buildings Accumulated Depreciation Buildings Unearned Service Revenue $24,000 3,600 250,000 $140,000 11,500 An analysis of the company's accounts shows the following. 1. The notes payable pays interest at a rate of 6% per year. 2. Supplies on hand at the end of the month...
these are super short questions please answer all!!
Disney ESPN Yahoo! Apple Google Bing Google PeopleSoft Management Hea... GG Supre... Men's Whi... Nike.com.. Azize ilk B... Stadium ... Kuzey Gun... HBO Max CH 3 Hom... eBook Cengage Show Me How cen Calculator Adjusting Entry for Accrued Fees At the end of the current year, $8,490 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. Accounts Receivable 8,490...
P3-41. Preparing an Unadjusted Trial Balance and Adjustments SnapShot Company, a commercial photography studio, has just completed its first full year of operations on December 31, 2018. General ledger account balances before year-end adjustments follow; no adjusting entries have been made to the accounts at any time during the year. Assume that all balances are normal. Cash........ . . . . . . Accounts receivable....... Prepaid rent ..................... Prepaid insurance................. Supplies ............... Equipment ...................... $ 2,150 3,800 12,600 2,970 4,250...
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