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Incurred but unpaid expenses that are recorded during the adjustment process with debit to an expense and a credit to a liability are called Accrued Expenses.
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Incurred but unpaid expenses that are recorded during the adjusting process with a debit to an...
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 unearned revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries. (1) Record the yearly depreciation expense for equipment. (2) Accrue utilities expense. (3) Adjust the Unearned Services Revenue account to recognize earned revenue. 23 For each of the adjusting entries (1). (2), and (3), indicate the account to be debited and the account to...
The correct adjusting entry for accrued and unpaid employee salaries of $9,900 on December 31 is:...
The correct adjusting entry for accrued and unpaid employee salaries of $9,900 on December 31 is: Multiple Choice points 8 01:51:50 O Debit Salary Expense, $9,900; credit Salaries Payable, $9,900. O Debit Salary Expense, $9,900; credit Fees Earned, $9,900. O Debit Salary Expense, $9,900; credit Cash, $9,900. O Debit Salaries Payable, $9,900; credit Salary Expense, $9,900. O Debit Salary Expense, $9,900; credit Prepaid Salary, $9,900.
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...
5. The system of preparing financial statements based on recognizing revenues when the cabin when the...
5. The system of preparing financial statements based on recognizing revenues when the cabin when the cash is paid is called: A Accrual basis accounting. C. Revenue recognition accounting. B. Operating cycle accounting. D. Cash basis accounting. 6. The primary difference between deferred and accrued expenses is that deferred expenses have: A Been incurred and accrued expenses have not B. Not been incurred and accrued expenses have been incurred C Been recorded and accrued expenses have not been incurred D....
Classify the following adjusting entries as involving prepaid expenses, unearned revenues, accrued expenses, or accrued revenues....
Classify the following adjusting entries as involving prepaid expenses, unearned revenues, accrued expenses, or accrued revenues. a. To record rent expense incurred but not yet paid. | b. To record cash received from gift card sales. c. To record service revenues performed but not yet billed (nor recorded). d. To record expiration of prepaid rent. e. To record supplies used as supplies expense.
Earned but uncollected revenues are recorded during the adjusting process with a credit to a revenue...
Earned but uncollected revenues are recorded during the adjusting process with a credit to a revenue account and a debit to an expense account True or False True False
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly Credit Debit...
Prepare the adjusting entries at March 31, assuming that
adjusting entries are made quarterly
Credit Debit $4,800 5,760 40,000 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $13,440 32,000 19,840 96,000 0 22,400 An analysis of the accounts shows the following 1. 2. 3 The equipment depreciates $448 per month. Half of the unearned rent revenue was earned during the quarter. Interest of $640 is accrued on the notes...
Use the following to answer question 7: Fat Possum's $80,000. During the year, the business recorded...
Use the following to answer question 7: Fat Possum's $80,000. During the year, the business recorded $210,000 in revenues, $140,000 in expenses, Service Shop started the year with total assets of $110,000 and total liabilities of and owner drawings of $20,000. 7. Owner's equity at the end of the year was A) $30,000. B) $80,000. C) $100,000. D) $120,000. 8. Misra Company compiled the following financial information as of December 31, 2011 Revenues Owner's Capital (1/1/11) Equipment $170,000 70,000 40,000...
please answer 5 to 13 A Mothe r s Calendar year D Days 2 The 12...
please answer 5 to 13
A Mothe r s Calendar year D Days 2 The 12 month period that when t h e A Fiscal yet B Calendar year Natural buyer DA Courtney Compa ched November 1, 2018 ad avea The December 11, 2018 A debit interest Expense and credit interest Payable. 2.700C debut interest Expense and credit ne w 450 B ebineres Expense and credit Interest Payable 675 D. debitere Expenser 4 Adjusting entries Affect only income utement CAffect...
1. Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when Unrecorded...
1. Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when Unrecorded interest accrued on savings bonds is $488. Property taxes incurred but not paid or recorded amount to $976. 3. Unearned service revenue of $4,880 was collected in advance. By year end $854 was still unearned. Prepaid insurance had a $915 debit balance prior to adjustment. By year end, 60 percent was still unexpired. 5. Salaries incurred by year end but not yet paid or...
During the year, a company recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries. (1) Record the yearly depreciation expense for equipment. (2) Accrue utilities expense. (3) Adjust the Unearned Services Revenue account to recognize earned revenue. 23 For each of the adjusting entries (1). (2), and (3), indicate the account to be debited and the account to...
The correct adjusting entry for accrued and unpaid employee salaries of $9,900 on December 31 is: Multiple Choice points 8 01:51:50 O Debit Salary Expense, $9,900; credit Salaries Payable, $9,900. O Debit Salary Expense, $9,900; credit Fees Earned, $9,900. O Debit Salary Expense, $9,900; credit Cash, $9,900. O Debit Salaries Payable, $9,900; credit Salary Expense, $9,900. O Debit Salary Expense, $9,900; credit Prepaid Salary, $9,900.
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...
5. The system of preparing financial statements based on recognizing revenues when the cabin when the cash is paid is called: A Accrual basis accounting. C. Revenue recognition accounting. B. Operating cycle accounting. D. Cash basis accounting. 6. The primary difference between deferred and accrued expenses is that deferred expenses have: A Been incurred and accrued expenses have not B. Not been incurred and accrued expenses have been incurred C Been recorded and accrued expenses have not been incurred D....
Classify the following adjusting entries as involving prepaid expenses, unearned revenues, accrued expenses, or accrued revenues. a. To record rent expense incurred but not yet paid. | b. To record cash received from gift card sales. c. To record service revenues performed but not yet billed (nor recorded). d. To record expiration of prepaid rent. e. To record supplies used as supplies expense.
Earned but uncollected revenues are recorded during the adjusting process with a credit to a revenue account and a debit to an expense account True or False True False
Prepare the adjusting entries at March 31, assuming that
adjusting entries are made quarterly
Credit Debit $4,800 5,760 40,000 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $13,440 32,000 19,840 96,000 0 22,400 An analysis of the accounts shows the following 1. 2. 3 The equipment depreciates $448 per month. Half of the unearned rent revenue was earned during the quarter. Interest of $640 is accrued on the notes...
Use the following to answer question 7: Fat Possum's $80,000. During the year, the business recorded $210,000 in revenues, $140,000 in expenses, Service Shop started the year with total assets of $110,000 and total liabilities of and owner drawings of $20,000. 7. Owner's equity at the end of the year was A) $30,000. B) $80,000. C) $100,000. D) $120,000. 8. Misra Company compiled the following financial information as of December 31, 2011 Revenues Owner's Capital (1/1/11) Equipment $170,000 70,000 40,000...
please answer 5 to 13
A Mothe r s Calendar year D Days 2 The 12 month period that when t h e A Fiscal yet B Calendar year Natural buyer DA Courtney Compa ched November 1, 2018 ad avea The December 11, 2018 A debit interest Expense and credit interest Payable. 2.700C debut interest Expense and credit ne w 450 B ebineres Expense and credit Interest Payable 675 D. debitere Expenser 4 Adjusting entries Affect only income utement CAffect...
1. Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when Unrecorded interest accrued on savings bonds is $488. Property taxes incurred but not paid or recorded amount to $976. 3. Unearned service revenue of $4,880 was collected in advance. By year end $854 was still unearned. Prepaid insurance had a $915 debit balance prior to adjustment. By year end, 60 percent was still unexpired. 5. Salaries incurred by year end but not yet paid or...
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