Homework Answers
Answer
D. Change any of the above
While adjusting a posted entry one can change any part of the entry which had been posted wrong in the beginning.
Add Answer to:
1. When you adjust a posted general journal entry, you can - a. change the date...
1. When posting from a journal to a ledger: A. The date column of the journal...
1. When posting from a journal to a ledger: A. The date column of the journal contains the date it was posted B. The date column of the ledger contains the date it was posted C. The post reference column of the journal contains the account number from the ledger D. The post reference column of the ledger contains the account number from the journal 2. Deferred Expenses have A. Not yet been recorded as expenses or paid B. Been...
JOURNAL ENTRY: 1) Record the entry to adjust to fair value on the date of sale....
JOURNAL ENTRY:
1) Record the entry to adjust to fair value on the date of
sale.
2) Record the sale of stock on January 2, 2022 for $112
million.
Required Information [The following information applies to the questions displayed below.] On January 2, 2021, Sanborn Tobacco Inc. bought 10% of Jackson Industry's capital stock for $91 million. Jackson Industry's net Income for the year ended December 31, 2021, was $121 million. The fair value of the shares held by Sanborn...
13. Atrial balance will NOT balance if A. a journal entry is posted twice. B. a...
13. Atrial balance will NOT balance if A. a journal entry is posted twice. B. a wrong amount is used in joumalizing C. incorrect account titles are used in journalizing. D. a journal entry is only partially posted 14. Which of the following statements regarding the periodic and perpetual inventory systems is correct? A. Inventory is updated after cach sale under the periodic method. B. Under the periodic method, the amount of inventory is not known until the end of...
Cambrian at Hanson 5. In SAGE 50 all transactions can be posted in the a. Payables...
Cambrian at Hanson 5. In SAGE 50 all transactions can be posted in the a. Payables Journal b. Payments Journal c. General Journal d. Receivables Journal 6. Which module shows a summary of company affairs a. Payables Module b. Company c. Dashboard d. Default Page 7. In order to cancel an entry posted in SAGE we need to a. Repost the entry b. Reverse and repost c. Reverse the entry DOOD DO d. Adjust the entry 8. HST/GST collected on...
Also the journal Entry to Eliminate depreciation for equipment and adjust its fair value A partial...
Also the journal Entry to Eliminate
depreciation for equipment and adjust its fair value
A partial statement of financial position of Blossom Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019): Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $280,000 80,000 $200,000 $125,000 45,000 80,000 Blossom uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its...
6. To change a stored recurring transaction - a. remove the stored entry and then re-enter...
6. To change a stored recurring transaction - a. remove the stored entry and then re-enter and store the changed transaction b. recall the stored entry, edit it and then store it again C. recall the stored entry, edit it and post it d. you cannot change an entry that is stored 7. When you adjust a general journal entry, Sage 50 - a. deletes the original entry and saves the correction b. always includes the original entry and the...
• Prepare the journal entry to adjust the be e journal entry to adjust the beginning...
• Prepare the journal entry to adjust the be e journal entry to adjust the beginning allowance for uncollectible accounts? 10-On June 13 of the current year, KT Factory sold merchandise to a customer for $10,000 w credit terms 2/10, n/30. The customer paid the full amount due on June 20. KT uses the grows method of accounting for cash discounts. • Prepare the appropriate journal entries for June 13 and June 20. 11-At the end of its first year...
2. In the receipts journal, once we select the customer we are not required to enter...
2. In the receipts journal, once we select the customer we are not required to enter - a. the payment amount b. the original amount c. the date of payment d. we need to enter all the above details 3. The purchases journal may be used for the following - a. credit or pay later purchase transactions b. purchase transactions paid by cash c. purchase transactions paid by cheque d. all of the above 4. To correct a general journal...
2nd Journal entry: Record the adjusting entry for situation a. 3rd Journal entry: Record the entry...
2nd Journal entry: Record the adjusting entry for situation
a.
3rd Journal entry: Record the entry necessary as a direct result
of the change in situation b.
4th Journal entry: Record the adjusting entry for situation
b.
5th Journal entry: Record the entry necessary as a direct result
of the change in situation c.
Described below are three independent and unrelated situations involving accounting changes. Each change occurs during 2021 before any adjusting entries or closing entries are prepared. a....
JOURNAL ENTRY:
1) Record the entry to adjust to fair value on the date of
sale.
2) Record the sale of stock on January 2, 2022 for $112
million.
Required Information [The following information applies to the questions displayed below.] On January 2, 2021, Sanborn Tobacco Inc. bought 10% of Jackson Industry's capital stock for $91 million. Jackson Industry's net Income for the year ended December 31, 2021, was $121 million. The fair value of the shares held by Sanborn...
13. Atrial balance will NOT balance if A. a journal entry is posted twice. B. a wrong amount is used in joumalizing C. incorrect account titles are used in journalizing. D. a journal entry is only partially posted 14. Which of the following statements regarding the periodic and perpetual inventory systems is correct? A. Inventory is updated after cach sale under the periodic method. B. Under the periodic method, the amount of inventory is not known until the end of...
Cambrian at Hanson 5. In SAGE 50 all transactions can be posted in the a. Payables Journal b. Payments Journal c. General Journal d. Receivables Journal 6. Which module shows a summary of company affairs a. Payables Module b. Company c. Dashboard d. Default Page 7. In order to cancel an entry posted in SAGE we need to a. Repost the entry b. Reverse and repost c. Reverse the entry DOOD DO d. Adjust the entry 8. HST/GST collected on...
Also the journal Entry to Eliminate
depreciation for equipment and adjust its fair value
A partial statement of financial position of Blossom Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019): Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $280,000 80,000 $200,000 $125,000 45,000 80,000 Blossom uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its...
6. To change a stored recurring transaction - a. remove the stored entry and then re-enter and store the changed transaction b. recall the stored entry, edit it and then store it again C. recall the stored entry, edit it and post it d. you cannot change an entry that is stored 7. When you adjust a general journal entry, Sage 50 - a. deletes the original entry and saves the correction b. always includes the original entry and the...
• Prepare the journal entry to adjust the be e journal entry to adjust the beginning allowance for uncollectible accounts? 10-On June 13 of the current year, KT Factory sold merchandise to a customer for $10,000 w credit terms 2/10, n/30. The customer paid the full amount due on June 20. KT uses the grows method of accounting for cash discounts. • Prepare the appropriate journal entries for June 13 and June 20. 11-At the end of its first year...
2. In the receipts journal, once we select the customer we are not required to enter - a. the payment amount b. the original amount c. the date of payment d. we need to enter all the above details 3. The purchases journal may be used for the following - a. credit or pay later purchase transactions b. purchase transactions paid by cash c. purchase transactions paid by cheque d. all of the above 4. To correct a general journal...
2nd Journal entry: Record the adjusting entry for situation
a.
3rd Journal entry: Record the entry necessary as a direct result
of the change in situation b.
4th Journal entry: Record the adjusting entry for situation
b.
5th Journal entry: Record the entry necessary as a direct result
of the change in situation c.
Described below are three independent and unrelated situations involving accounting changes. Each change occurs during 2021 before any adjusting entries or closing entries are prepared. a....
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