Homework Answers
Solution 1:
True, Accruals are types of adjusting entries that accumulate during a period when amount were previously unrecorded. The two specific types of adjustments are accrued revenues and accrued expenses
Solution 2:
True, Deferrals are prepaid expenses and revenue accounts that have delayed recognition until they have been used or earned. This recognition may not occur until the end of a period or future period.
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1. Accruals are types of adjusting entries that accumulate during a period when amounts were previously...
Describe the two main types of adjusting entries (deferrals and accruals), and give at least 1...
Describe the two main types of adjusting entries (deferrals and accruals), and give at least 1 example of EACH of the 2 types. (ie, You should have 2 complete journal entries – 1 deferral entry, and 1 accrual entry – Be sure to have a debit account and a credit account with amounts in your entry) . Explain what an Unadjusted Trial Balance is, and the relationship between the Unadjusted Trial Balance, adjusting journal entries, and the Adjusted Trial Balance....
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...
Of the six typical adjusting journal entries found in chapter three and described in a previous...
Of the six typical adjusting journal entries found in chapter three and described in a previous discussion, which of the six is likely to have the largest financial impact of a company's income statement? When we look a major corporation like Disney, General Motors or Federal Express, one of the AJES (adjusting journal entries) will have financial impact likely in the hundreds of million dollars. Which of the six is likely to have the largest financial impact of a company's...
1. What is the purpose of adjusting entries? 2. Name the four general types of adjustments....
1. What is the purpose of adjusting entries? 2. Name the four general types of adjustments. 3. Give three examples of accrued expenses. 4. Briefly explain why it is difficult for accountants to determine whether or not revenue has been earned if the sales process is not complete. 5. Give an example of business or industry where customers usually pay for the product or service in advance. 6. What type of account is unearned revenue? 7. When should a company...
We have learned about four types of adjustments: (1) prepaid expenses, (2) unearned revenues, (3) accrued...
We have learned about four types of adjustments: (1) prepaid expenses, (2) unearned revenues, (3) accrued revenues, and (4) accrued expenses. Select one specific adjusting entry that falls under one of the four types, enter it in the subject box, and post the following: 1. A description of the adjustment and why it is necessary. 2. Provide an example of the transaction; include the debit and credit, with dates and amounts in the proper journal entry format. 3. In your replies...
Topic: You are a teacher for introductory financial accounting. You tell your students "Recording adjusting entries...
Topic: You are a teacher for introductory financial accounting. You tell your students "Recording adjusting entries is a critical step in the accounting cycle, and the two major classifications of adjusting entries are prepayments and accruals". Chris, one of the students in the class, says, "I don't understand". Required: 1. When do prepayments occur? When do accruals occur? 2. Describe the appropriate adjusting entry for (a) prepaid expenses, (c) deferred revenues. 3. What is the effect on (a)...
03 Discussion Question We have learned about four types of adjustments: (1) prepaid expenses, (2) unearned...
03 Discussion Question We have learned about four types of adjustments: (1) prepaid expenses, (2) unearned revenues, (3) accrued revenues, and (4) accrued expenses. Select one specific adjusting entry that falls under one of the four types, enter it in the subject box, and post the following: 1. A description of the adjustment and why it is necessary. 2. Provide an example of the transaction; include the debit and credit, with dates and amounts in the proper journal entry format....
We have learned about four types of adjustments: (1) prepaid expenses, (2) unearned revenues, (3) accrued...
We have learned about four types of adjustments: (1) prepaid expenses, (2) unearned revenues, (3) accrued expenses, and (4) accrued revenues. Select one specific adjusting entry that falls under one of the four types and post the following: 1. A description of the adjustment and why it is necessary. 2. Provide an example of the transaction; include the debit and credit, with dates and amounts. In order to receive full credit for your post you must reply to another students...
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...
correct answer 1) Types of adjusting entries include all of the following except: A) Accrued Expenses...
correct answer
1) Types of adjusting entries include all of the following except: A) Accrued Expenses B) Accrued Cash C) Accrued Revenues D) Prepaid Items 2) The order of the steps in the accounting cycle includes: A) Adjusted Trial Balance, financial reports, adjusting entries, Trial Balance B) Adjusted Trial Balance, adjusting entries, financial reports, Trial Balance C) Trial Balance, adjusting entries, Adjusted Trial Balance, financial reports D) Trial Balance, financial reports, adjusting entries, Adjusted Trial Balance 3) If a count...
Of the six typical adjusting journal entries found in chapter three and described in a previous discussion, which of the six is likely to have the largest financial impact of a company's income statement? When we look a major corporation like Disney, General Motors or Federal Express, one of the AJES (adjusting journal entries) will have financial impact likely in the hundreds of million dollars. Which of the six is likely to have the largest financial impact of a company's...
03 Discussion Question We have learned about four types of adjustments: (1) prepaid expenses, (2) unearned revenues, (3) accrued revenues, and (4) accrued expenses. Select one specific adjusting entry that falls under one of the four types, enter it in the subject box, and post the following: 1. A description of the adjustment and why it is necessary. 2. Provide an example of the transaction; include the debit and credit, with dates and amounts in the proper journal entry format....
We have learned about four types of adjustments: (1) prepaid expenses, (2) unearned revenues, (3) accrued expenses, and (4) accrued revenues. Select one specific adjusting entry that falls under one of the four types and post the following: 1. A description of the adjustment and why it is necessary. 2. Provide an example of the transaction; include the debit and credit, with dates and amounts. In order to receive full credit for your post you must reply to another students...
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...
correct answer
1) Types of adjusting entries include all of the following except: A) Accrued Expenses B) Accrued Cash C) Accrued Revenues D) Prepaid Items 2) The order of the steps in the accounting cycle includes: A) Adjusted Trial Balance, financial reports, adjusting entries, Trial Balance B) Adjusted Trial Balance, adjusting entries, financial reports, Trial Balance C) Trial Balance, adjusting entries, Adjusted Trial Balance, financial reports D) Trial Balance, financial reports, adjusting entries, Adjusted Trial Balance 3) If a count...
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