Homework Answers
1. This statement is true. Because the balance of debit as well as credit side will be increased by same amount so both sides will have a equal amount. Recording prepaid insurance will increase the asset side and recording account payable will increase the credit side. So trial balance will be matched.
2. This statement is wrong. Adjustment entries never affect cash balance. It always shows the actual cash available at the date of balance sheet
3. This statement is wrong because GAAP are set by FASB.
4. This statement is wrong because they are part of biological operation expense.
5. This statement is wrong because although cash and depreciation have a debit balance, dividends are short term liabilities and hence show a credit balance.
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Part V. True/False (5 points) For each question below, please mark if the statement is "True"...
un purchases office supplies at Office Depot, on account, fors NATE ACCOUNT 1717/2018 Depot, on account...
un purchases office supplies at Office Depot, on account, fors NATE ACCOUNT 1717/2018 Depot, on account for $700 on 1/17/2018. DEBIT CREDIT lases (and pays) for a magazine advertisement in Sports Illustrated Magazine on 1/20/2018, tom $2,000. The advertisement will run in the May issue. DATE ACCOUNT DEBIT CREDIT 1/2008 5. On 1/31/2018, John declares a dividend of $1,000. This dividend will be paid to the stockholders 2/13/2018. Provide the journal entry for 1/31/2018. DATE ACCOUNT / DEBIT CREDIT 11/31/2018...
Determine whether the following statements are true or false, then mark the appropriate multiple choice answer....
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TRUE OR FALSE PARTI TRUE OR FALSE QUESTION (20 Points) 1. T F Rent paid in...
TRUE OR FALSE
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Test W2: Rings, Integral Domains, ldeals Mark each of the following True (T) or False (F). points...
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Test W2: Rings, Integral Domains, ldeals Mark each of the following True (T) or False (F). points each 1....
un purchases office supplies at Office Depot, on account, fors NATE ACCOUNT 1717/2018 Depot, on account for $700 on 1/17/2018. DEBIT CREDIT lases (and pays) for a magazine advertisement in Sports Illustrated Magazine on 1/20/2018, tom $2,000. The advertisement will run in the May issue. DATE ACCOUNT DEBIT CREDIT 1/2008 5. On 1/31/2018, John declares a dividend of $1,000. This dividend will be paid to the stockholders 2/13/2018. Provide the journal entry for 1/31/2018. DATE ACCOUNT / DEBIT CREDIT 11/31/2018...
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.4 Government Role in the Economy Mark each statement as true or false. For any false answer, cross out the false part and write the correction in the box. Change - if false (1.5 points each) Statement T/F (2 points each) People agree on how the government should spend money The government plays a role in the establishment of and protection of property rights "Balancing the budget" means the government borrows more money than it makes Most controversial of government...
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