Homework Answers
| When financial statements are prepared, unexpired prepaid accounts are recorded as Assets | |||||||
| and the expired portion of the prepaid account is reported as an expense. | |||||||
| Journal Entry that we pass to show any prepaid accounts is: | Prepaid Rent/ Insurance | ||||||
| To Cash | |||||||
| Adjusting Entry that we pass to show expiration of prepayment is: | Rent/ Insurance Expense | ||||||
| To Prepaid Rent/ Insurance | |||||||
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Fill in the Blank Question When financial statements are prepared, unexpired...
Fill in the Blank Question Supplies are (assets/expenses/iabilities) until they are used. When they are used...
Fill in the Blank Question Supplies are (assets/expenses/iabilities) until they are used. When they are used up, their costs are reported as (assets/expenses/liabilities). Confidence Level Rate your confidence to submit your answer. High Medium Low
Mastery Problem: The Adjusting Process. Unadjusted Financial Statements These financial statements were prepared from the unadjusted...
Mastery Problem: The Adjusting Process. Unadjusted Financial Statements These financial statements were prepared from the unadjusted trial balance. Cole Designs Inc. Income Statement For the Year Ended December 31, 20Y3 Fees earned $69,400 Wages expense (44,600) Net income $24,800 Cole Designs Inc. Balance Sheet December 31, 20Y3 Assets Cash Accounts receivable Supplies Prepaid insurance Office equipment Total assets Liabilities Unearned fees Stockholders' Equity $4,250 31,800 3,650 4,600 11,000 $55,300 $10,100 Chapter 3 Quiz Calculator $10,100 Unearned fees Stockholders' Equity Common...
Fill in the Blank Question eft/right) side of the Equipment is an) accounting equation and is...
Fill in the Blank Question eft/right) side of the Equipment is an) accounting equation and is asset/liability/expense) account. It is reported on the increased/decreased) when equipment is purchased,
57. A company issued financial statements for the year ended December 31, but failed to include...
57. A company issued financial statements for the year ended December 31, but failed to include the following adjusting entries A Accrued interest revenue eamed of $1 200 8 Depreciation expense of $4,000. C. Portion of prepaid insurance expired an asset) used $1,100. D. Accrued taxes of $3,200. E Revenues of $5,200originally recorded as uneamed, have been earned by the end of the year Determine the correct amounts for the December 31 financial statements by completing the following table: Assets...
Fill in the Blank Question Prepaid accounts are (assets/liabilities) that represent prepayments of future expenses and...
Fill in the Blank Question Prepaid accounts are (assets/liabilities) that represent prepayments of future expenses and are increased with a (debit/credit).
Question 3 Fill in the blank with the best choice below: The principle states that assets...
Question 3 Fill in the blank with the best choice below: The principle states that assets are initially recorded at the amounts paid or obligated to pay to acquire the assets revenue recognition matching expense cost liability - TH the all I eate thi hành án
Question 2 Fill in the blank with the best choice below: Asset, dividend, and expense accounts...
Question 2 Fill in the blank with the best choice below: Asset, dividend, and expense accounts have normal credit balances prepaid revenues О О О О О contra account balances unearned revenues normal debit balances
Indicate whether each of the following would be reported in the financial statements as a (a)...
Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, or (e) expense: 1. Truck Current Asset 2. Accumulated Depreciation Property, Plant, and Equipment 3. Telephone Expense Expense 4. Fees Earned Revenue 5. Wages Payable Current Liability Current Asset 6. Prepaid Insurance 7. Office Supplies 8. Dining Expense Property, Plant, and Equipment Expense Current Liability 9. Unearned Rent Beachside Realty rents condominiums...
Mason Company has prepared consolidated financial statements for the current year and is now gathering information...
Mason Company has prepared consolidated financial statements for the current year and is now gathering information in connection with the following five operating segments it has identified Company Total Вooks Travel Finance Computers Маps 439 Sales to outside parties Intersegment sales Interest income-external $1,669 $163 $ 730 337 0 35 50 152 0 511 274 119 71 0 0 0 48 Interest income-intersegment loans 0 0 0 158 158 1,433 Assets 3,610 240 282 360 1,295 Operating expenses Expenses-intersegment sales...
Question 2 Classify each account type (asset, liability, equity, revenue or expense), and identify which financial...
Question 2 Classify each account type (asset, liability, equity, revenue or expense), and identify which financial statement it would be reported on: Account Account Type Financial Statement 1. Land 2. 3. 4. 5. 6. Cost of Goods Sold Prepaid Expenses Common Shares Sales Revenue Long Term Debt Accounts Receivable Salary Expense Accounts Payable Dividends 7. 8. 9. 10.
Fill in the Blank Question Supplies are (assets/expenses/iabilities) until they are used. When they are used up, their costs are reported as (assets/expenses/liabilities). Confidence Level Rate your confidence to submit your answer. High Medium Low
Mastery Problem: The Adjusting Process. Unadjusted Financial Statements These financial statements were prepared from the unadjusted trial balance. Cole Designs Inc. Income Statement For the Year Ended December 31, 20Y3 Fees earned $69,400 Wages expense (44,600) Net income $24,800 Cole Designs Inc. Balance Sheet December 31, 20Y3 Assets Cash Accounts receivable Supplies Prepaid insurance Office equipment Total assets Liabilities Unearned fees Stockholders' Equity $4,250 31,800 3,650 4,600 11,000 $55,300 $10,100 Chapter 3 Quiz Calculator $10,100 Unearned fees Stockholders' Equity Common...
Fill in the Blank Question eft/right) side of the Equipment is an) accounting equation and is asset/liability/expense) account. It is reported on the increased/decreased) when equipment is purchased,
57. A company issued financial statements for the year ended December 31, but failed to include the following adjusting entries A Accrued interest revenue eamed of $1 200 8 Depreciation expense of $4,000. C. Portion of prepaid insurance expired an asset) used $1,100. D. Accrued taxes of $3,200. E Revenues of $5,200originally recorded as uneamed, have been earned by the end of the year Determine the correct amounts for the December 31 financial statements by completing the following table: Assets...
Fill in the Blank Question Prepaid accounts are (assets/liabilities) that represent prepayments of future expenses and are increased with a (debit/credit).
Question 3 Fill in the blank with the best choice below: The principle states that assets are initially recorded at the amounts paid or obligated to pay to acquire the assets revenue recognition matching expense cost liability - TH the all I eate thi hành án
Question 2 Fill in the blank with the best choice below: Asset, dividend, and expense accounts have normal credit balances prepaid revenues О О О О О contra account balances unearned revenues normal debit balances
Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, or (e) expense: 1. Truck Current Asset 2. Accumulated Depreciation Property, Plant, and Equipment 3. Telephone Expense Expense 4. Fees Earned Revenue 5. Wages Payable Current Liability Current Asset 6. Prepaid Insurance 7. Office Supplies 8. Dining Expense Property, Plant, and Equipment Expense Current Liability 9. Unearned Rent Beachside Realty rents condominiums...
Mason Company has prepared consolidated financial statements for the current year and is now gathering information in connection with the following five operating segments it has identified Company Total Вooks Travel Finance Computers Маps 439 Sales to outside parties Intersegment sales Interest income-external $1,669 $163 $ 730 337 0 35 50 152 0 511 274 119 71 0 0 0 48 Interest income-intersegment loans 0 0 0 158 158 1,433 Assets 3,610 240 282 360 1,295 Operating expenses Expenses-intersegment sales...
Question 2 Classify each account type (asset, liability, equity, revenue or expense), and identify which financial statement it would be reported on: Account Account Type Financial Statement 1. Land 2. 3. 4. 5. 6. Cost of Goods Sold Prepaid Expenses Common Shares Sales Revenue Long Term Debt Accounts Receivable Salary Expense Accounts Payable Dividends 7. 8. 9. 10.
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