Homework Answers
1. When is the adjusted trial balance prepared?
Answer : ( C ) After the adjusting general entries are journalised
2. what is the propose of the adjusted trial balance?
Answer : ( D ) to verify that the debits and credits balance
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need the answers to study for my actual exam. so i can write them
on a...
need the answers to study for my actual exam. so i can write them on a...
need the answers to study for my actual exam. so i can write
them on a flashcards. thank you! :)
Question 18 A credit balance in which of the following accounts would indicate a likely error? Fees Earned Salary Expense Janet James, Capital Accounts Payable Question 19 Which of the following entries records the payment of an account payable? debit Cash: credit Accounts Payable debit Accounts Receivable; credit Cash debit Cash; credit Supplies Expense O debit Accounts Payable; credit Cash...
need the answers to study for my actual exam. so i can write them on a...
need the answers to study for my actual exam. so i can write
them on a flashcards. thank you! :)
Question 16 Which group of accounts is comprised of only assets? Cash, Accounts Payable, Buildings Accounts Receivable, Revenue, Cash Prepaid Expenses, Buildings, Patents Unearned Revenues, Prepaid Expenses, Cash Question 17 Which of the following applications of the rules of debit and credit is true? decrease Prepaid Insurance with a credit and the normal balance is a credit increase Accounts Payable...
QUESTION 6 Financial Statements should be prepared After daily transactions have been recorded, but before adjusting...
QUESTION 6 Financial Statements should be prepared After daily transactions have been recorded, but before adjusting entries are posted. After closing entries are posted, but before deferral entries are journalized. After adjusting entries are posted, but before the post-closing trial balance is prepared. After all trial balances are prepared and closing entries are finalized. QUESTION 7 Following the Closing Journal Entries which of the following accounts must have zero balances? Allowance for Doubtful Accounts Salary and Wages Payable Accumulated Depreciation...
a. c. a. 1. The adjustments entered in the adjustments columns of a worksheet are not...
a. c. a. 1. The adjustments entered in the adjustments columns of a worksheet are not journalized. b. posted to the ledger but not journalized. not journalized until after the financial statements are prepared. d. journalized before the worksheet is completed. 2. The information for preparing a trial balance on a worksheet is obtained from financial statements. b. general ledger accounts. general journal entries. d. business documents. 3. After the adjusting entries are journalized and posted to the accounts in...
Which statement is incorrect concerning the adjusted trial balance?
Which statement is incorrect concerning the adjusted trial balance? An adjusted trial balance proves the equality of the total debit balances and the total credit balances in the ledger after all adjustments are made. The adjusted trial balance provides the primary basis for the preparation of financial statements. The adjusted trial balance lists the account balances in order of their magnitude. The adjusted trial balance is prepared after the adjusting entries have been journalized and posted.
13.Which of the following statements about an adjusted trial balance is not correct? A It is...
13.Which of the following statements about an adjusted trial balance is not correct? A It is prepared at the beginning of the year. B It is used to prepare financial statements. C It is prepared to ensure that total debits equals total credits D It is prepared after the adjusting journal entries have been made.
Test O more Tavoratore thanaTESTCON 1.45 Question 2 ( 2 Points 2 Points C Which if...
Test O more Tavoratore thanaTESTCON 1.45 Question 2 ( 2 Points 2 Points C Which if the following is NOT true about closing entries? A Closing entries move the balances of nominal accounts to the owner's capital account. Gold Chile B Closing entries are an optional step in the accounting cycle. C Closing entries are made later in the accounting cycle than adjusting entries. Lock Bro D Closing entries are made before the post-closing trial balance is prepared. Ad |...
Question 8 15 pts Match each definition with the appropriate term. An account that is paired...
Question 8 15 pts Match each definition with the appropriate term. An account that is paired with another account and acts to reduce.its book value. Choose) [Choose1 The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue A journal entry that transfers net income or loss to the Retained Earnings account [ Choose ] Deferral adjustment Income before income taxes...
I need help with this extensive accounting problem. My numbers are not adding up so I...
I need help with this extensive accounting problem. My numbers
are not adding up so I would like to see how the whole problem is
done as I cannot get the right answer due to each part affecting
the next.
de Accontns Packet Fxercise 4.7 (Comprehensive Exercise Hoosier Ine. Balance Sheet As of December 31,2017 Current Liabilities: Current Assets: 2,700 380,000 Accounts Payable 22,300 Interest Payable 3,000 Other Payable Accounts Receivable Supplies Prepaid Insurance Total Current Assets 2,500 9,000 Unearned...
References Knowledge Check 01 The adjusted trial balance is used to verify that total de Bts...
References Knowledge Check 01 The adjusted trial balance is used to verify that total de Bts equal total credits after account balances have been updated to reflect adjusting entries. True or False True False Financial statements are typically prepared before completing the adjusted trial balance. True or False True False Knowledge Check 01 The adjusted trial balance for Willow Company as of December 31 is presented below. Credit Debit $ 15,000 22,000 165,000 Cash Accounts Receivable Land Accounts Payable Common...
need the answers to study for my actual exam. so i can write
them on a flashcards. thank you! :)
Question 18 A credit balance in which of the following accounts would indicate a likely error? Fees Earned Salary Expense Janet James, Capital Accounts Payable Question 19 Which of the following entries records the payment of an account payable? debit Cash: credit Accounts Payable debit Accounts Receivable; credit Cash debit Cash; credit Supplies Expense O debit Accounts Payable; credit Cash...
need the answers to study for my actual exam. so i can write
them on a flashcards. thank you! :)
Question 16 Which group of accounts is comprised of only assets? Cash, Accounts Payable, Buildings Accounts Receivable, Revenue, Cash Prepaid Expenses, Buildings, Patents Unearned Revenues, Prepaid Expenses, Cash Question 17 Which of the following applications of the rules of debit and credit is true? decrease Prepaid Insurance with a credit and the normal balance is a credit increase Accounts Payable...
QUESTION 6 Financial Statements should be prepared After daily transactions have been recorded, but before adjusting entries are posted. After closing entries are posted, but before deferral entries are journalized. After adjusting entries are posted, but before the post-closing trial balance is prepared. After all trial balances are prepared and closing entries are finalized. QUESTION 7 Following the Closing Journal Entries which of the following accounts must have zero balances? Allowance for Doubtful Accounts Salary and Wages Payable Accumulated Depreciation...
a. c. a. 1. The adjustments entered in the adjustments columns of a worksheet are not journalized. b. posted to the ledger but not journalized. not journalized until after the financial statements are prepared. d. journalized before the worksheet is completed. 2. The information for preparing a trial balance on a worksheet is obtained from financial statements. b. general ledger accounts. general journal entries. d. business documents. 3. After the adjusting entries are journalized and posted to the accounts in...
Test O more Tavoratore thanaTESTCON 1.45 Question 2 ( 2 Points 2 Points C Which if the following is NOT true about closing entries? A Closing entries move the balances of nominal accounts to the owner's capital account. Gold Chile B Closing entries are an optional step in the accounting cycle. C Closing entries are made later in the accounting cycle than adjusting entries. Lock Bro D Closing entries are made before the post-closing trial balance is prepared. Ad |...
Question 8 15 pts Match each definition with the appropriate term. An account that is paired with another account and acts to reduce.its book value. Choose) [Choose1 The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue A journal entry that transfers net income or loss to the Retained Earnings account [ Choose ] Deferral adjustment Income before income taxes...
I need help with this extensive accounting problem. My numbers
are not adding up so I would like to see how the whole problem is
done as I cannot get the right answer due to each part affecting
the next.
de Accontns Packet Fxercise 4.7 (Comprehensive Exercise Hoosier Ine. Balance Sheet As of December 31,2017 Current Liabilities: Current Assets: 2,700 380,000 Accounts Payable 22,300 Interest Payable 3,000 Other Payable Accounts Receivable Supplies Prepaid Insurance Total Current Assets 2,500 9,000 Unearned...
References Knowledge Check 01 The adjusted trial balance is used to verify that total de Bts equal total credits after account balances have been updated to reflect adjusting entries. True or False True False Financial statements are typically prepared before completing the adjusted trial balance. True or False True False Knowledge Check 01 The adjusted trial balance for Willow Company as of December 31 is presented below. Credit Debit $ 15,000 22,000 165,000 Cash Accounts Receivable Land Accounts Payable Common...
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