Homework Answers
Answer : True
Explanation
Adjusting Entries used to update account at the end of an accounting period .because we can update amounts already recorded in accounting record.and include events that had occured but not yet recorded.
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Adjusting entries are used to update accounts at the end of an accounting period. O O...
QUESTION 7 The preparation of adjusting entries at the end of a period is required: O...
QUESTION 7 The preparation of adjusting entries at the end of a period is required: O A. To provide for the correct recognition of income and expenses for the period B. O O O C. To ensure that cash inflows and cash outflows are accurately measured To correct only the errors made during the year in the accounts To eliminate the need for closing entries to be made in the accounts D.
Part of accrual accounting depends upon recording entries at the end of the accounting period. O...
Part of accrual accounting depends upon recording entries at the end of the accounting period. O A. adjusting OB. debit O C. revenue OD. expense
Certain adjusting entries made at the end of an accounting period are reversed at the beginning...
Certain adjusting entries made at the end of an accounting
period are reversed at the beginning of the following period.
Required:
Analyze the following four adjusting entries made on December 31,
and determine whether a reversing entry is needed.
Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period Required: Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed. Date DebitCredit...
1. Accruals are types of adjusting entries that accumulate during a period when amounts were previously...
1. Accruals are types of adjusting entries that accumulate during a period when amounts were previously unrecorded. The two specific types of adjustments are accrued revenues and accrued expenses. True False 2. Deferrals are prepaid expenses and revenue accounts that have delayed recognition until they have been used or earned. This recognition may not occur until the end of a period or future period. True False
Adjustments to expense accounts at the end of the accounting period are made to adhere to...
Adjustments to expense accounts at the end of the accounting period are made to adhere to accrual accounting principles, specifically the ______ principle. true or false
Journalize the adjusting entries for the following adjustments at March 31, the end of the accounting...
Journalize the adjusting entries for the following adjustments at March 31, the end of the accounting period, omitting explanations. (Record debits first, then credits. Exclude explanations from any journal entries.) (Click the icon to view the transactions.) est a. Employoe salaries owed for Monday through Thursday of a five-day workweek, $8,000. Journal Entry Accounts Date Debit Credit Mar Choose from any list or enter any number in the input fields and then click Check Answer. 4 parts remaining Clear All...
Credit PR 4-3A T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet OBJ....
Credit PR 4-3A T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet OBJ. 2,3 The unadjusted trial balance of Epicenter Laundry at June 30, 2019, the end of the fiscal year, follows: Epicenter Laundry Unadjusted Trial Balance June 30, 2019 Debit Balances Balances Cash....... 11,000 Laundry Supplies ............. 21,500 Prepaid Insurance............. 9,600 Laundry Equipment........... 232,600 125,400 Accumulated Depreciation ....... 11,800 Accounts Payable.......... 105,600 Sophie Perez, Capital.... 10,000 Sophie Perez, Drawing.. 232,200 Laundry Revenue .......... 125,200 Wages Expense...............
Discuss why closing entries are prepared at the end of the accounting period. How are the...
Discuss why closing entries are prepared at the end of the accounting period. How are the accounts affected?
best answer explanation 5. Reversing entries are most commonly used in relation to year-end adjusting entries...
best answer explanation
5. Reversing entries are most commonly used in relation to year-end adjusting entries that a. allocate the expired portion of a depreciable asset to expense. b. amortize intangible assets. c. provide for bad debt expense. d. accrue interest revenue on notes receivable 6 Of the following adjusting entries, which one would cause an increase in assets at the end of the period? a. The entry to record the earned portion of rent received in advance b. The...
Which of the following is not a characteristic of adjusting entries? Multiple Choice Allow for proper...
Which of the following is not a characteristic of adjusting entries? Multiple Choice Allow for proper recognition of revenues and expenses. Are recorded at the end of the accounting period. О O Reduce the balances of revenue, expense, and dividend accounts to zero. Are part of accrual-basis accounting.
QUESTION 7 The preparation of adjusting entries at the end of a period is required: O A. To provide for the correct recognition of income and expenses for the period B. O O O C. To ensure that cash inflows and cash outflows are accurately measured To correct only the errors made during the year in the accounts To eliminate the need for closing entries to be made in the accounts D.
Part of accrual accounting depends upon recording entries at the end of the accounting period. O A. adjusting OB. debit O C. revenue OD. expense
Certain adjusting entries made at the end of an accounting
period are reversed at the beginning of the following period.
Required:
Analyze the following four adjusting entries made on December 31,
and determine whether a reversing entry is needed.
Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period Required: Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed. Date DebitCredit...
1. Accruals are types of adjusting entries that accumulate during a period when amounts were previously unrecorded. The two specific types of adjustments are accrued revenues and accrued expenses. True False 2. Deferrals are prepaid expenses and revenue accounts that have delayed recognition until they have been used or earned. This recognition may not occur until the end of a period or future period. True False
Journalize the adjusting entries for the following adjustments at March 31, the end of the accounting period, omitting explanations. (Record debits first, then credits. Exclude explanations from any journal entries.) (Click the icon to view the transactions.) est a. Employoe salaries owed for Monday through Thursday of a five-day workweek, $8,000. Journal Entry Accounts Date Debit Credit Mar Choose from any list or enter any number in the input fields and then click Check Answer. 4 parts remaining Clear All...
Credit PR 4-3A T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet OBJ. 2,3 The unadjusted trial balance of Epicenter Laundry at June 30, 2019, the end of the fiscal year, follows: Epicenter Laundry Unadjusted Trial Balance June 30, 2019 Debit Balances Balances Cash....... 11,000 Laundry Supplies ............. 21,500 Prepaid Insurance............. 9,600 Laundry Equipment........... 232,600 125,400 Accumulated Depreciation ....... 11,800 Accounts Payable.......... 105,600 Sophie Perez, Capital.... 10,000 Sophie Perez, Drawing.. 232,200 Laundry Revenue .......... 125,200 Wages Expense...............
best answer explanation
5. Reversing entries are most commonly used in relation to year-end adjusting entries that a. allocate the expired portion of a depreciable asset to expense. b. amortize intangible assets. c. provide for bad debt expense. d. accrue interest revenue on notes receivable 6 Of the following adjusting entries, which one would cause an increase in assets at the end of the period? a. The entry to record the earned portion of rent received in advance b. The...
Which of the following is not a characteristic of adjusting entries? Multiple Choice Allow for proper recognition of revenues and expenses. Are recorded at the end of the accounting period. О O Reduce the balances of revenue, expense, and dividend accounts to zero. Are part of accrual-basis accounting.
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