After Net Income or Loss is entered on the end-of-period spreadsheet, the debit column total must...
After Net Income or Loss is entered on the end-of-period spreadsheet, the debit column total must equal the credit column total for the Balance Sheet pair of columns. True or false?
Homework Answers
| TRUE |
| After Net Income or Loss is entered on the end-of-period spreadsheet, the debit column total must equal the credit column total for the Balance Sheet pair of columns. |
| If the debit column does not equal the credit column total for the Balance Sheet pair of columns, some error has been made in the end-of-period spreadsheet |
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After Net Income or Loss is entered on the end-of-period
spreadsheet, the debit column total must...
Appendix: Completing an end-of-period spreadsheet List (a) through (j) in the order they would be performed...
Appendix: Completing an end-of-period spreadsheet List (a) through (j) in the order they would be performed in preparing and completing an end-of-period spreadsheet. a. Add the Debit and Credit columns of the Unadjusted Trial Balance columns of the spreadsheet to verify that the totals are equal. b. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to verify that the totals are eq c. Add or deduct adjusting entry data to trial...
For each scenario, calculate the net income/loss, identify if it is net income or loss, and...
For each scenario, calculate the net income/loss, identify if it is net income or loss, and finalize the totals for the Income Statement and Balance Sheet columns. SMART TOUCH LEARNING Worksheet December 31, 2016 Unadjusted Trial Balance Income Statement Adjustments Adiusted Trial Balance Balance Sheet Account Names Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Total 46,400 46,400 7,600 7,600 41,100 41,100 11,000 14,300 30,100 26,800 Total SMART TOUCH LEARNING Worksheet December 31, 2016 Unadjusted Trial Balance Income...
EX 4-23 Completing an end-of-period spreadsheet Account Title Alert Security Services Co. End-of-Period Spreadsheet For the...
EX 4-23 Completing an end-of-period spreadsheet Account Title Alert Security Services Co. End-of-Period Spreadsheet For the Year Ended October 31, 2018 Adjusted Income Statement Trial Balance Debit Credit Debit Credit 12 103 Balance Sheet Debit Credit 12 103 50 210 210 Cash Accounts Receivable Supplies Prepaid Insurance Land Equipment Accumulated Depr.-Equipment Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Insurance Expense Utilities Expense Supplies Expense Depreciation Expense-Equipment Miscellaneous Expense Totals Net Income (loss)...
After all of the account balances have been extended to the Balance Sheet columns of the...
After all of the account balances have been extended to the Balance Sheet columns of the end-of-period spreadsheet, the totals of the debit and credit columns show debits of $27,181 and credits of $38,582. This indicates that The amounts are out of balance and need to be corrected The company has a net income of $11,401 for the period. The company has a net loss of $11,401 for the period. Neither net income or loss can be calculated because it...
pur Daniel's end-of-period spreadsheet at the end of July has $4,950 in the Balance Sheet Credit column for Accu...
pur Daniel's end-of-period spreadsheet at the end of July has $4,950 in the Balance Sheet Credit column for Accumulated Depreciation. The end-of-period spreadsheet at the end of August has $7,600 in the Balance Sheet Credit column for Accumulated Depreciation. What is the amount of the depreciation expense adjustment for the month of August? O $7,600 O $4,950 $2,650 $12,550 Accrued fees earned but not recorded at August 31 are $25,750. Which of the following is comect for the tree entry...
QUESTION 4 5 points Which of the following is not true? The balances in the Income...
QUESTION 4 5 points Which of the following is not true? The balances in the Income Statement debit column are expenses. The net income or net loss from the Income Statement columns is entered in the Balance Sheet & Statement of Owner's Equity columns. The difference between the totals of the Income Statement columns is net income or net loss. The balances in the Income Statement credit column are revenues. The balances in the Income Statement credit column are unearned...
Activity 4.a-Calculating Net Income/Loss on Income Statement & Balance Sheet/Equity For each scenario, calculate the net...
Activity 4.a-Calculating Net Income/Loss on Income Statement & Balance Sheet/Equity For each scenario, calculate the net income/loss, identify if it is net income or loss, and finalize the totals for the Income State Balance Sheet columns. SMART TOUCH LEARNING Worksheet December 31, 2016 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Names Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Total 54,800 54800 8,600 8,600 47,800 47.800 12.900 16,700 34,900 31,100 INe Total 16700...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit Credit Debit Credit 48,000 Balance Sheet Debit Credit 48,000 18,000 18,000 6,000 57,000 6,000 57,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 18,000 25,000 6,000 30,000 3,000 18,000 25,000 6,000 30,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000...
8,Daniel's end-of-period spreadsheet at the end of July has $4,950 in the Balance Sheet Credit column...
8,Daniel's end-of-period spreadsheet at the end of July has $4,950 in the Balance Sheet Credit column for Accumulated Depreciation. The end-of-period spreadsheet at the end of August has $7,600 in the Balance Sheet Credit column for Accumulated Depreciation. What is the amount of the depreciation expense adjustment for the month of August? X$12,550 b. $7,600 c. $4,950x d. $2,650x 9. Prepaid insurance is reported on the balance sheet as a a. current asset b. fixed asset XCurrent liability d. long-term...
1/8, Daniel's end-of-period spreadsheet at the end of July has SASSOn the Balance Sheet Credit column...
1/8, Daniel's end-of-period spreadsheet at the end of July has SASSOn the Balance Sheet Credit column for Accumulated Depreciation. The end-of-period spreadsheet at the end of August has $2.600 in the Balance Sheet Credit column for Accumulated Depreciation. What is the amount of the depreciation expense adjustment for the month of August? $12,550 b. $7,600 c. $4,950% d. $2,650 9. Prepaid insurance is reported on the balance sheet as a a. current asset b. fixed asset current liability d. long-term...
Appendix: Completing an end-of-period spreadsheet List (a) through (j) in the order they would be performed in preparing and completing an end-of-period spreadsheet. a. Add the Debit and Credit columns of the Unadjusted Trial Balance columns of the spreadsheet to verify that the totals are equal. b. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to verify that the totals are eq c. Add or deduct adjusting entry data to trial...
For each scenario, calculate the net income/loss, identify if it is net income or loss, and finalize the totals for the Income Statement and Balance Sheet columns. SMART TOUCH LEARNING Worksheet December 31, 2016 Unadjusted Trial Balance Income Statement Adjustments Adiusted Trial Balance Balance Sheet Account Names Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Total 46,400 46,400 7,600 7,600 41,100 41,100 11,000 14,300 30,100 26,800 Total SMART TOUCH LEARNING Worksheet December 31, 2016 Unadjusted Trial Balance Income...
EX 4-23 Completing an end-of-period spreadsheet Account Title Alert Security Services Co. End-of-Period Spreadsheet For the Year Ended October 31, 2018 Adjusted Income Statement Trial Balance Debit Credit Debit Credit 12 103 Balance Sheet Debit Credit 12 103 50 210 210 Cash Accounts Receivable Supplies Prepaid Insurance Land Equipment Accumulated Depr.-Equipment Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Insurance Expense Utilities Expense Supplies Expense Depreciation Expense-Equipment Miscellaneous Expense Totals Net Income (loss)...
After all of the account balances have been extended to the Balance Sheet columns of the end-of-period spreadsheet, the totals of the debit and credit columns show debits of $27,181 and credits of $38,582. This indicates that The amounts are out of balance and need to be corrected The company has a net income of $11,401 for the period. The company has a net loss of $11,401 for the period. Neither net income or loss can be calculated because it...
pur Daniel's end-of-period spreadsheet at the end of July has $4,950 in the Balance Sheet Credit column for Accumulated Depreciation. The end-of-period spreadsheet at the end of August has $7,600 in the Balance Sheet Credit column for Accumulated Depreciation. What is the amount of the depreciation expense adjustment for the month of August? O $7,600 O $4,950 $2,650 $12,550 Accrued fees earned but not recorded at August 31 are $25,750. Which of the following is comect for the tree entry...
QUESTION 4 5 points Which of the following is not true? The balances in the Income Statement debit column are expenses. The net income or net loss from the Income Statement columns is entered in the Balance Sheet & Statement of Owner's Equity columns. The difference between the totals of the Income Statement columns is net income or net loss. The balances in the Income Statement credit column are revenues. The balances in the Income Statement credit column are unearned...
Activity 4.a-Calculating Net Income/Loss on Income Statement & Balance Sheet/Equity For each scenario, calculate the net income/loss, identify if it is net income or loss, and finalize the totals for the Income State Balance Sheet columns. SMART TOUCH LEARNING Worksheet December 31, 2016 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Names Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Total 54,800 54800 8,600 8,600 47,800 47.800 12.900 16,700 34,900 31,100 INe Total 16700...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit Credit Debit Credit 48,000 Balance Sheet Debit Credit 48,000 18,000 18,000 6,000 57,000 6,000 57,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 18,000 25,000 6,000 30,000 3,000 18,000 25,000 6,000 30,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000...
8,Daniel's end-of-period spreadsheet at the end of July has $4,950 in the Balance Sheet Credit column for Accumulated Depreciation. The end-of-period spreadsheet at the end of August has $7,600 in the Balance Sheet Credit column for Accumulated Depreciation. What is the amount of the depreciation expense adjustment for the month of August? X$12,550 b. $7,600 c. $4,950x d. $2,650x 9. Prepaid insurance is reported on the balance sheet as a a. current asset b. fixed asset XCurrent liability d. long-term...
1/8, Daniel's end-of-period spreadsheet at the end of July has SASSOn the Balance Sheet Credit column for Accumulated Depreciation. The end-of-period spreadsheet at the end of August has $2.600 in the Balance Sheet Credit column for Accumulated Depreciation. What is the amount of the depreciation expense adjustment for the month of August? $12,550 b. $7,600 c. $4,950% d. $2,650 9. Prepaid insurance is reported on the balance sheet as a a. current asset b. fixed asset current liability d. long-term...
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