Homework Answers
Correct answer : c. a liability and Expense Account
Explanation: If expenses incurred but not yet recorded than Expensse account will be debited and liability will be credited.
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Question 19 If an expense has been incurred but not yet recorded, then the end-of-period adjusting...
Question 6 incomplete answer Marked out of 1.00 P Flag question Adjusting Entries for each of...
Question 6 incomplete answer Marked out of 1.00 P Flag question Adjusting Entries for each of the following unrelated situations, prepare the necessary adjusting entry in general journal form a. Unrecorded depreciation on equipment is $1,850 b. The Supplies account has a balance of 54,000. Supplies on hand at the end of the period totaled $2,500. c. On the date for preparing financial statements, an estimated utilities expense of $610 has been incurred, but no utility bill has been received...
a. At year-end, salaries expense of $17,000 has been incurred by the company but is not...
a. At year-end, salaries expense of $17,000 has been incurred by the company but is not yet paid to employees. Salaries payable Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 b. At its December 31 year-end, the company owes $325 of interest on a line-of-credit loan. That interest will not be paid until...
Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general...
Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form a. Unrecorded depreciation on equipment is $1850 b. The Supplies account has a balance of $5,000. Supplies on hand at the end of the period totaled $2,500, c On the date for preparing financial statements, an estimated utilities expense of $550 has been incurred, but no utility bill has been received. d. On the first day of the current month, rent for...
Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general...
Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form: a. Unrecorded depreciation on equipment is $3,300. b. The Supplies account has a balance of $5,400. Supplies on hand at the end of the period totaled $3,400. c. On the date for preparing financial statements, an estimated utilities expense of $2,800 has been incurred, but no utility bill has been received. Use the Utilities Payable account. d. On the first day of...
Preparing and Journalizing Adjusting Entries For each of the following separate situations, prepare the necessary adjustments...
Preparing and Journalizing Adjusting Entries For each of the following separate situations, prepare the necessary adjustments (a) using the financial statement effects template and (b) in journal entry form. 1. Unrecorded depreciation on equipment is $1,220. 2. On the date for preparing financial statements, an estimated utilities expense of $780 has been incurred, but no utility bill has yet been received or paid. 3. On the first day of the current period, rent for four periods was paid and recorded...
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but...
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $500 of interest on a line of credit loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year end, the company holds a mortgage payable that has incurred $1,125 in annual interest that is...
5. At the end of its accounting period, December 31, 2012, May Corporation owed $1,000 for...
5. At the end of its accounting period, December 31, 2012, May Corporation owed $1,000 for property taxes which had not been recorded nor paid. Therefore, the 2012 adjusting entry should be which of the following? A. $1,000 credited to an expense account and debited to a liability account. B. $1,000 debited to an expense account and credited to an asset account. C. $1,000 credited to a liability account and debited to an expense account. D. $1,000 debited to a...
An adjusting entry to record an accrued revenue (like accounts receivable) involves: O a debit to...
An adjusting entry to record an accrued revenue (like accounts receivable) involves: O a debit to an asset account and a credit to a liability account O a debit to a revenue account and a credit to an asset account O a debit to a liability account and a credit to a revenue account a debit to an asset account and a credit to a revenue account QUESTION 14 Which of the following properly describes a deferral? O Cash is...
a. c. E3-3B. Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting...
a. c. E3-3B. Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form: Unrecorded depreciation on equipment is $1,850. b. The Supplies account has a balance of $5,000. Supplies on hand at the end of the period total $2.500. On the date for preparing financial statements, an estimated utilities expense of $550 has been incurred, but no utility bill has been received. d. On the first day of the current month, rent...
J e received P 1.200,000 from its students for the spring semester that recorded in Uncanned...
J e received P 1.200,000 from its students for the spring semester that recorded in Uncanned buition and Fees The term spans four months beginning on January 2 and the college spread the revenue evenly over the months of the term Asuming the college prepares adjustments monthly, what amount of tuition revenue should the college recognize on February 28? AP 300,000 BP 600,000 C.P 800,000 D.P 900,000 E.P 1.200.000 15. Unpaid water bill was not recorded. Which of the following...
Question 6 incomplete answer Marked out of 1.00 P Flag question Adjusting Entries for each of the following unrelated situations, prepare the necessary adjusting entry in general journal form a. Unrecorded depreciation on equipment is $1,850 b. The Supplies account has a balance of 54,000. Supplies on hand at the end of the period totaled $2,500. c. On the date for preparing financial statements, an estimated utilities expense of $610 has been incurred, but no utility bill has been received...
a. At year-end, salaries expense of $17,000 has been incurred by the company but is not yet paid to employees. Salaries payable Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 b. At its December 31 year-end, the company owes $325 of interest on a line-of-credit loan. That interest will not be paid until...
Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form a. Unrecorded depreciation on equipment is $1850 b. The Supplies account has a balance of $5,000. Supplies on hand at the end of the period totaled $2,500, c On the date for preparing financial statements, an estimated utilities expense of $550 has been incurred, but no utility bill has been received. d. On the first day of the current month, rent for...
Preparing and Journalizing Adjusting Entries For each of the following separate situations, prepare the necessary adjustments (a) using the financial statement effects template and (b) in journal entry form. 1. Unrecorded depreciation on equipment is $1,220. 2. On the date for preparing financial statements, an estimated utilities expense of $780 has been incurred, but no utility bill has yet been received or paid. 3. On the first day of the current period, rent for four periods was paid and recorded...
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $500 of interest on a line of credit loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year end, the company holds a mortgage payable that has incurred $1,125 in annual interest that is...
An adjusting entry to record an accrued revenue (like accounts receivable) involves: O a debit to an asset account and a credit to a liability account O a debit to a revenue account and a credit to an asset account O a debit to a liability account and a credit to a revenue account a debit to an asset account and a credit to a revenue account QUESTION 14 Which of the following properly describes a deferral? O Cash is...
a. c. E3-3B. Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form: Unrecorded depreciation on equipment is $1,850. b. The Supplies account has a balance of $5,000. Supplies on hand at the end of the period total $2.500. On the date for preparing financial statements, an estimated utilities expense of $550 has been incurred, but no utility bill has been received. d. On the first day of the current month, rent...
J e received P 1.200,000 from its students for the spring semester that recorded in Uncanned buition and Fees The term spans four months beginning on January 2 and the college spread the revenue evenly over the months of the term Asuming the college prepares adjustments monthly, what amount of tuition revenue should the college recognize on February 28? AP 300,000 BP 600,000 C.P 800,000 D.P 900,000 E.P 1.200.000 15. Unpaid water bill was not recorded. Which of the following...
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