Homework Answers
Correct answer-----Are recorded at the end of accounting period for revenue earned because cash has already been received.
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Deferred revenue are the cash received from customers in advance for which goods are not transferred or services are but yet rendered. This revenue is recorded at the month end or year end or at any time when adjusting entries are made .
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Deferred revenues: a. At the end of one accounting period often result in cash receipts from...
Accrued revenues: Multiple Choice At the end of one accounting period result in cash receipts in...
Accrued revenues: Multiple Choice At the end of one accounting period result in cash receipts in a future period. At the end of one accounting period often result in cash payments in the next period. Are also called unearned revenues. Are recorded at the end of an accounting period because cash has already been received for revenues earned. Are listed on the balance sheet as liabilities.
Deferred expenses at the end of one accounting period are expected to result in cash payments...
Deferred expenses at the end of one accounting period are expected to result in cash payments in a future period. True False
True or False 1. Adjusting entries result in a better matching of revenues and expenses. 2....
True or False 1. Adjusting entries result in a better matching of revenues and expenses. 2. Accrued expenses are expenses not yet paid during the period but are owed and not yet recorded. 3. Accrued Revenue is revenue that has not yet been earned and not yet received nor recorded at the end of the period. 4. Liabilities are the owner's rights and claims to the property (assets) of a business. 5. The balance sheet is a financial statement that...
What are accrued revenues? Select one: a. recorded revenues that haven't been earned and for which...
What are accrued revenues? Select one: a. recorded revenues that haven't been earned and for which cash has yet to be received. b. advanced payment of revenues earned c. unrecorded revenues that haven't been recognized and for which cash has yet to be received. d. advanced receipt of future services provided
Explain the difference between accrual basis accounting and cash basis accounting. Accrual basis accounting reports revenues...
Explain the difference between accrual basis accounting and cash basis accounting. Accrual basis accounting reports revenues and expenses when cash is received or paid Cash basis accounting reports revenues and expenses in the period in which a service has been performed when cash is received or paid in the period in which a service has been performed
Which one of the following is an example of a deferred revenue? a.Cash is received prior...
Which one of the following is an example of a deferred revenue? a.Cash is received prior to providing the services to customers. b.Sales are made to customers on credit. c.Cash sales are made to customers. d.Interest has been earned by a bank deposit, but it has not been recorded.
5. d. $5,120 Toole Company had the following transactions during 2020: Sales of $4,200 on account...
5. d. $5,120 Toole Company had the following transactions during 2020: Sales of $4,200 on account Collected $2,600 for services to be performed in 2021 Paid $1,630 cash in salaries Purchased airline tickets for $450 in December for a trip to take place in 2021 What is Toole's 2020 net income using cash basis accounting? a $520. b. $970 c. $4,720. d. $5,170 Adjusting entries are required a because some costs expire with the passage of time and have not...
During the year, a company recorded prepayments of expenses in asset accounts, and cash receipts of...
During the year, a company recorded prepayments of expenses in asset accounts, and cash receipts of uneamed revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries (1) Accrue salaries expense (2) Adjust the Uneared Services Revenue account to recognize earned revenue (3) Record services revenue eamed for which cash will be received the following period. through For each of the adjusting entries (1), (2), and (3. indicate the account to...
Required information CC5-1 Accounting for Cash Receipts, Purchases, and Cash Payments and Reconciling Items (LO 5-3,...
Required information CC5-1 Accounting for Cash Receipts, Purchases, and Cash Payments and Reconciling Items (LO 5-3, LO 5-4, LO 5-5) [The following information applies to the questions displayed below.) Nicole's Getaway Spa (NGS) continues to grow and develop. Nicole is now evaluating a computerized accounting system and needs your help in understanding how source documents inform accounting processes. She also needs some help reconciling NGS's bank account CC5-1 Part 1 Required: 1. For each source information shown below, prepare the...
The Accounting Cycle – End of the period: followings are the accounts and balances that appear...
The Accounting Cycle – End of the period: followings are the accounts and balances that appear in the unadjusted trial balance for Just Like Fred Astaire (aka ‘Fred’) dance studio as of 9/30/2019. Assume all accounts have their normal debit or credit balance: Account: Amount: Account: Amount: Cash $18,944 Retained Earnings $41,392 Accounts Receivable (A/R) $15,088 Service Revenue $89,430 Prepaid Rent $10,100 Advertising Expense $12,550 Equipment $37,920 Wages Expense $48,000 Accumulated Depreciation-Equipment $16,195 Utilities Expense $2,775 Accounts Payable (A/P) $5,901...
Deferred expenses at the end of one accounting period are expected to result in cash payments in a future period. True False
Explain the difference between accrual basis accounting and cash basis accounting. Accrual basis accounting reports revenues and expenses when cash is received or paid Cash basis accounting reports revenues and expenses in the period in which a service has been performed when cash is received or paid in the period in which a service has been performed
5. d. $5,120 Toole Company had the following transactions during 2020: Sales of $4,200 on account Collected $2,600 for services to be performed in 2021 Paid $1,630 cash in salaries Purchased airline tickets for $450 in December for a trip to take place in 2021 What is Toole's 2020 net income using cash basis accounting? a $520. b. $970 c. $4,720. d. $5,170 Adjusting entries are required a because some costs expire with the passage of time and have not...
During the year, a company recorded prepayments of expenses in asset accounts, and cash receipts of uneamed revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries (1) Accrue salaries expense (2) Adjust the Uneared Services Revenue account to recognize earned revenue (3) Record services revenue eamed for which cash will be received the following period. through For each of the adjusting entries (1), (2), and (3. indicate the account to...
Required information CC5-1 Accounting for Cash Receipts, Purchases, and Cash Payments and Reconciling Items (LO 5-3, LO 5-4, LO 5-5) [The following information applies to the questions displayed below.) Nicole's Getaway Spa (NGS) continues to grow and develop. Nicole is now evaluating a computerized accounting system and needs your help in understanding how source documents inform accounting processes. She also needs some help reconciling NGS's bank account CC5-1 Part 1 Required: 1. For each source information shown below, prepare the...
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