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The net income reported on the income statement is $58,000. However, adjusting entries have not been...
AG Name: 14. What effect will this adjustment have on the counting to Unearned Revenge Fees...
AG Name: 14. What effect will this adjustment have on the counting to Unearned Revenge Fees camed a. b. c. d. Increase net income Increase revenues reported for the period Decrease liabilities All of these are true. m The net income reported on the income statement is 558,000. However, adjusting entries at the end of the period for supplies expense of $2,200 and scrued salaries of $1.300 N corrected, is a. $56,700 b. $58,000 c. $55,800 d. $54,500 16. Which...
Assume that a firm reports net income of $70,000 prior to making adjusting entries for the...
Assume that a firm reports net income of $70,000 prior to making adjusting entries for the following items: expired rent, $5,000: depreciation expense, $6,200, and supplies used, $1,600. Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income? Net income will be overstated understated
28 Journalizing adjusting entries and analyzing their effect on the income statement The following data at...
28 Journalizing adjusting entries and analyzing their effect on the income statement The following data at July 31, 2018, are given for RCO: a. Depreciation, $600. b. Prepaid rent expires, $200. c. Interest expense accrued, $700. d. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $8,000. The Adju e. Unearned revenue earned, $1,000. f. Office supplies used, $150. Requirements 1. Journalize the adjusting entries needed on July 31, 2018. 2. Suppose the adjustments made in...
Problem 5-4A Adjusting entries and multi-step income statement—perpetual CHECK FIGURES: 1. Income statement columns = $529,310;...
Problem 5-4A Adjusting entries and multi-step income statement—perpetual CHECK FIGURES: 1. Income statement columns = $529,310; 2. Profit = $5,025 Information from the unadjusted trial balance of Jumbo's on December 31, 2017, the end of the annual accounting period, is as follows: Debit Credit Cash 8,100 Accounts receivable 22,665 Merchandise inventory 34,600 Store supplies 2,415 Office supplies 775 Prepaid insurance 3,255 Equipment 74,490 Accumulated depreciation, equipment 13,655 Accounts payable 8,000 Salaries payable 0.0 Sally Fowler, capital 168,965 Sally Fowler, withdrawals...
Assuming that the books have not been closed, what are the adjusting entries necessary at December...
Assuming that the books have
not been closed, what are the adjusting entries necessary at
December 31, 2018? (Ignore income tax considerations.)
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts.)
A partial trial balance of Ayayai Corporation is as follows on December 31, 2018. Dr. Cr. $2,600 $1,300 5,000 Supplies Salaries and wages payable Interest Receivable...
LO E3-33B. (Learning Objectives 1, 3: Journalizing adjusting entries and analyzing their effects on net income;...
LO E3-33B. (Learning Objectives 1, 3: Journalizing adjusting entries and analyzing their effects on net income; comparing accrual and cash basis) An accountant made the following adjustments at December 31, the end of the accounting period: a. Prepaid insurance, beginning, €800. Payments for insurance during the period, €2,500. Prepaid insurance, ending, €1.400. b. Interest revenue accrued, €1,200. c. Unearned service revenue, beginning. €1,500. Unearned service revenue, ending, €600. d. Depreciation, €4,700. e. Employees' salaries owed for three days of a...
Assume that a firm reports net income of $79.000 prior to making adusting entries for the...
Assume that a firm reports net income of $79.000 prior to making adusting entries for the following items expired rent. $5.900 depreciation expense. 57100, and supplies used $2.500 Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income? Net income will be
Jilian Carter was preparing the adjusting journal entries for Jilian’s Java, a business that uses accrual...
Jilian Carter was preparing the adjusting journal entries for Jilian’s Java, a business that uses accrual accounting, in order to prepare an adjusted trial balance and financial statements. She knew that $610 of salaries related to the current accounting period had accrued but wouldn’t be paid until the next period. Jilian thought that simply not including the adjustment for these salaries would mean that salaries expense would be lower and reported net income would be higher than it would have...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
Aeroplane Insurance Agency prepares mon income statement for the month of June onthly financial statements. Presented...
Aeroplane Insurance Agency prepares mon income statement for the month of June onthly financial statements. Presented below is an the month of June that is correct based on the information considered. AEROPLANE INSURANCE AGENCY Income Statement For the Month Ended June 30 Revenues 800 Sales revenue $35,000 Expenses Salaries and wages expense...... $6,000 Rent expense 4,200 Depreciation expense...... 2,800 Advertising expense.. Total expenses... 13.800 Net income ........... $21,200 Additional Data: When the income statement was prepared, the company accountant neglected...
AG Name: 14. What effect will this adjustment have on the counting to Unearned Revenge Fees camed a. b. c. d. Increase net income Increase revenues reported for the period Decrease liabilities All of these are true. m The net income reported on the income statement is 558,000. However, adjusting entries at the end of the period for supplies expense of $2,200 and scrued salaries of $1.300 N corrected, is a. $56,700 b. $58,000 c. $55,800 d. $54,500 16. Which...
Assume that a firm reports net income of $70,000 prior to making adjusting entries for the following items: expired rent, $5,000: depreciation expense, $6,200, and supplies used, $1,600. Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income? Net income will be overstated understated
28 Journalizing adjusting entries and analyzing their effect on the income statement The following data at July 31, 2018, are given for RCO: a. Depreciation, $600. b. Prepaid rent expires, $200. c. Interest expense accrued, $700. d. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $8,000. The Adju e. Unearned revenue earned, $1,000. f. Office supplies used, $150. Requirements 1. Journalize the adjusting entries needed on July 31, 2018. 2. Suppose the adjustments made in...
Assuming that the books have
not been closed, what are the adjusting entries necessary at
December 31, 2018? (Ignore income tax considerations.)
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts.)
A partial trial balance of Ayayai Corporation is as follows on December 31, 2018. Dr. Cr. $2,600 $1,300 5,000 Supplies Salaries and wages payable Interest Receivable...
LO E3-33B. (Learning Objectives 1, 3: Journalizing adjusting entries and analyzing their effects on net income; comparing accrual and cash basis) An accountant made the following adjustments at December 31, the end of the accounting period: a. Prepaid insurance, beginning, €800. Payments for insurance during the period, €2,500. Prepaid insurance, ending, €1.400. b. Interest revenue accrued, €1,200. c. Unearned service revenue, beginning. €1,500. Unearned service revenue, ending, €600. d. Depreciation, €4,700. e. Employees' salaries owed for three days of a...
Assume that a firm reports net income of $79.000 prior to making adusting entries for the following items expired rent. $5.900 depreciation expense. 57100, and supplies used $2.500 Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income? Net income will be
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
Aeroplane Insurance Agency prepares mon income statement for the month of June onthly financial statements. Presented below is an the month of June that is correct based on the information considered. AEROPLANE INSURANCE AGENCY Income Statement For the Month Ended June 30 Revenues 800 Sales revenue $35,000 Expenses Salaries and wages expense...... $6,000 Rent expense 4,200 Depreciation expense...... 2,800 Advertising expense.. Total expenses... 13.800 Net income ........... $21,200 Additional Data: When the income statement was prepared, the company accountant neglected...
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