Homework Answers
All temporary accounts i.e accounts of revenues and expenses are closed at the end of the accounting period. Thus, all revenues and expenses accounts are zeroed out after the annual financial statements are prepared.
Thus, Rent revenue, Fees earned and Miscellaneous expense will be zeroed.
First option is correct.
Permanent account i.e accounts of assets, liabilities and equity are not zeroed.
Kindly comment if you need further assistance. Thanks
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Question 15 2 points Which of the following account groups are zeroed out after the annual...
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Question 1
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Question 3
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Question 5
Which of the following pairs of accounts could not appear in the same adjusting entry? Salaries Payable and Salaries Expense Interest Income and Interest Expense Fees Earned and Unearned Fees Rent Expense and Prepaid Rent On which financial statement will Income Summary be shown? no financial statement retained earnings statement balance sheet х income statement For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Account Title...
QUESTION 15 Match each of the following accounts with its proper account group from groups listed...
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charts of account Instructions On December 31, the following data were accumulated for preparing the adjusting...
charts
of account
Instructions On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty: • The supplies account balance on December 31 is $5,640. The supplies on hand on December 31 are $1.445. . The unearned rent account balance on December 31 is $5,400 representing the receipt of an advance payment on December 1 of four months' rent from tenants. • Wages accrued but not paid at December 31 are $2,125 • Fees earned...
Centre Construction Company Adjusted Trial Balance December 31, 2020 US Dollar Debit Credit $ 59.400 $...
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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...
Instructions On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham...
Instructions On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty • The supplies account balance on December 31 is $1,375. The supplies on hand on December 31 are $280. • The unearned rent account balance on December 31 is 89,000 representing the receipt of an advance payment on December 1 of four months' rent from tenants. . Wages accrued but not paid at December 31 are $3.220. • Fees earned but unbilled at...
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Greenport Island Company Adjusted Trial Balance December 31, 2020 US Dollar Debit Credit $ 23,000 $...
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The unadjusted trial balance of PS Music as of July 31, 2016, along with the adjustment...
The unadjusted trial balance of PS Music as of July 31, 2016,
along with the adjustment data for the two months ended July 31,
2016, are shown in Chapter 3. Based upon the adjustment data, the
following adjusted trial balance was prepared:
PS Music
ADJUSTED TRIAL BALANCE
July 31, 2016
ACCOUNT TITLE
DEBIT
CREDIT
1
Cash
9,945.00
2
Accounts Receivable
4,150.00
3
Supplies
275.00
4
Prepaid Insurance
2,475.00
5
Office Equipment
7,500.00
6
Accumulated Depreciation-Office Equipment
50.00
7
Accounts Payable...
Question 1
Question 2
Question 3
Question 4
Question 5
Which of the following pairs of accounts could not appear in the same adjusting entry? Salaries Payable and Salaries Expense Interest Income and Interest Expense Fees Earned and Unearned Fees Rent Expense and Prepaid Rent On which financial statement will Income Summary be shown? no financial statement retained earnings statement balance sheet х income statement For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Account Title...
QUESTION 15 Match each of the following accounts with its proper account group from groups listed below. Unearned Rent Prepaid Insurance Fees Earned a. Assets b. Liabilities c. Stockholders' Equity d. Revenue e. Expenses Patents Dividends QUESTION 16 Match the following items to the financial statement where they can be found. (Hint: Some of the items can be found on more Click Save and Submit to save and submit. Click Save All Answers to save all answers.
charts
of account
Instructions On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty: • The supplies account balance on December 31 is $5,640. The supplies on hand on December 31 are $1.445. . The unearned rent account balance on December 31 is $5,400 representing the receipt of an advance payment on December 1 of four months' rent from tenants. • Wages accrued but not paid at December 31 are $2,125 • Fees earned...
Centre Construction Company Adjusted Trial Balance December 31, 2020 US Dollar Debit Credit $ 59.400 $ 27,000 $ 405,000 $ 129,600 $ 850,000 $ 180,900 $ 400,000 $ 121,500 $ 25,000 $ 230,000 $ 875,000 $ 43,200 $ 108,000 Accounts Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation - Equipment Building Cash Common Stock Depreciation Expense Dividends Equipment Fees Earned Interest Expense Insurance Expense Interest Payable Land Miscellaneous Expense Notes Payable Prepaid Insurance Expense Rent Expense Retained Earnings Sales...
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...
Instructions On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty • The supplies account balance on December 31 is $1,375. The supplies on hand on December 31 are $280. • The unearned rent account balance on December 31 is 89,000 representing the receipt of an advance payment on December 1 of four months' rent from tenants. . Wages accrued but not paid at December 31 are $3.220. • Fees earned but unbilled at...
Stream Time Company Adjusted Trial Balance December 31, 2020 US Dollar Debit Credit $ 39,000 $ 23,500 $ 67,000 $ 89,000 $315,700 $ 88,000 $ 526,000 $ 31,600 $ 11,000 $ 112,000 $ 312,200 $ 9,000 $ 20,300 Accounts Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation - Equipment Building Cash Common Stock Depreciation Expense Dividends Equipment Fees Earned Interest Expense Insurance Expense Interest Payable Land Miscellaneous Expense Notes Payable Prepaid Insurance Expense Rent Expense Retained Earnings Sales Revenue...
Greenport Island Company Adjusted Trial Balance December 31, 2020 US Dollar Debit Credit $ 23,000 $ 10,000 $ 156,000 $ 50,000 $ 520,000 $ 69,700 $ 420,000 $ 47,000 $ 16,000 $ 195,000 $ 421,200 $ 18.000 $ 41,600 Accounts Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation - Equipment Building Cash Common Stock Depreciation Expense Dividends Equipment Fees Earned Interest Expense Insurance Expense Interest Payable Land Miscellaneous Expense Notes Payable Prepaid Insurance Expense Rent Expense Retained Earnings Sales...
The unadjusted trial balance of PS Music as of July 31, 2016,
along with the adjustment data for the two months ended July 31,
2016, are shown in Chapter 3. Based upon the adjustment data, the
following adjusted trial balance was prepared:
PS Music
ADJUSTED TRIAL BALANCE
July 31, 2016
ACCOUNT TITLE
DEBIT
CREDIT
1
Cash
9,945.00
2
Accounts Receivable
4,150.00
3
Supplies
275.00
4
Prepaid Insurance
2,475.00
5
Office Equipment
7,500.00
6
Accumulated Depreciation-Office Equipment
50.00
7
Accounts Payable...
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