Homework Answers
Question 7
Supplies used = $3,500 - $1,100
= $2,400
The answer is Debit supplies expense for $2,400 and credit supplies for $2,400
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Question 8
The answer is Stockholder's equity to be understated.
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Question 7 0.5 pts A corporation began the period with $3,500 of supplies on hand and...
A company uses accrual-basis accounting. Shortly before the end of the current year, the company earned...
A company uses accrual-basis accounting. Shortly before the end of the current year, the company earned $1,000 by providing services to a customer but the customer does not pay the company until the following year. Nothing is recorded regarding these events, including year-end adjusting entries. This omission would cause the company’s current year Group of answer choices liabilities to be understated. revenues to be overstated. retained earnings to be overstated. assets to be overstated. stockholders' equity to be understated.
Question 10 0.5 pts A corporation's depreciation in the current year is $800. The company's accountant...
Question 10 0.5 pts A corporation's depreciation in the current year is $800. The company's accountant recorded the year-end adjusting entry for depreciation as a debit to depreciation expense for $800 and a credit to cash for $800. The company's net income and total assets will be correctly stated. O net income and total assets will be overstated by $800. net income will be correctly stated but total assets will be overstated by $800. net income and total assets will...
Question 10 0.5 pts If a company fails to adjust its unearned rent revenue pccount at...
Question 10 0.5 pts If a company fails to adjust its unearned rent revenue pccount at year-end, what effect will this have on that month's financial statements? Liabilities will be overstated and revenues will be understated. Assets will be overstated and revenues will be understated. Liabilities will be understated and revenues will be understated. Liabilities will be understated and net income will be overstates. Assets will be understated and revenues will be understated.
4) Accrual-basis accounting means that transactions that change a companys financial statements are recorded in the...
4) Accrual-basis accounting means that transactions that change a companys financial statements are recorded in the periods in which the events occur: a. only if cash is exchanged b. even if cash was not exchanged c. only if cash is not exchanged 5) Interest of $600 has accrued on a note payable. What is the necessary adjusting entry to record this interest? Debit Credit If this adjustment is not made, the following are overstated, understated, or not impacted: Assets: Revenue:...
Question 30 incorrect Mark 0.00 out of 1.00 P Flag question Edit Question The accountant at...
Question 30 incorrect Mark 0.00 out of 1.00 P Flag question Edit Question The accountant at Bewildered Company recorded the purchase of $1,200 of supplies for cash as a debit to Supplies for $1.200 and a credit to Accounts Payable for 51,200. Determine the effect of this error on the accounting equation of Bewildered Company Select one: A. Total Liabilities will be understated by 51,200 B. Total Equity would be overstated by $1,200 C. Total Equity would be understated by...
Question 9 0.5 pts The year-end trial balance for Garnet & Gold Corporation appears as follows:...
Question 9 0.5 pts The year-end trial balance for Garnet & Gold Corporation appears as follows: Garnet & Gold Corporation Trial Balance December 31 Debit Credit Cash $ 300 500 60 140 4,000 Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Unearned Revenues Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense $ 800 300 1,000 1,400 3,000 1,000 500 $ 6,500 $ 6,500 If, at year-end, supplies on hand were $20, the company should record...
6- SELECT THE BEST ANSWER The policy at Sheffield Corp. is to expense all office supplies...
6- SELECT THE BEST ANSWER The policy at Sheffield Corp. is to expense all office supplies at the time of purchase. On the last day of the accounting period, there are $1170 of unused office supplies on hand and the balance of supplies expense is $3710. What should the accountant do? Nothing, company policy says to expense supplies when purchased. Debit Supplies and credit Supplies Expense for $1170. Convince management to change its policy to avoid problems in the future....
1) Complete the below table listing Debit and Credit rules: C- E L- A- E- D...
1) Complete the below table listing Debit and Credit rules: C- E L- A- E- D R- 2) The Revenue Recognition Principle says that companies recognize revenue when (when the is satisfied). It does not matter when is received (it could be before, during, or after). You should match with revenues when the company makes efforts to generate those revenues. 3) Accrual-basis accounting means that transactions that change a company's financial statements are recorded in the periods in which the...
On January 7, a corporation purchased supplies of $1,200. At the end of the month it...
On January 7, a corporation purchased supplies of $1,200. At the end of the month it was determined that the supplies at the end of the period was only $200. What is the ADJUSTING entry that should be recorded as a result of this information? Debit supplies; credit supplies expense Debit supplies expense; credit Supplies Debit accounts receivable; credit Supplies expense Debit supplies ; credit cash Adjusting journal entries are divided into two main categories. What are these called? Depreciation...
A company started the year with 5600 of supplies. During the year the company parchased an...
A company started the year with 5600 of supplies. During the year the company parchased an additional $1,300 of supplies There were $900 of supples on hand at the end of the year An adusting enty prepared at the end of the accounting period includes a OA. debit to Supplies for $700. O B debit to Supplies Expense for $300 C. debit to Supplies for $900 ○ D. debit to Supplies Expense for $1,000
Question 10 0.5 pts A corporation's depreciation in the current year is $800. The company's accountant recorded the year-end adjusting entry for depreciation as a debit to depreciation expense for $800 and a credit to cash for $800. The company's net income and total assets will be correctly stated. O net income and total assets will be overstated by $800. net income will be correctly stated but total assets will be overstated by $800. net income and total assets will...
Question 10 0.5 pts If a company fails to adjust its unearned rent revenue pccount at year-end, what effect will this have on that month's financial statements? Liabilities will be overstated and revenues will be understated. Assets will be overstated and revenues will be understated. Liabilities will be understated and revenues will be understated. Liabilities will be understated and net income will be overstates. Assets will be understated and revenues will be understated.
4) Accrual-basis accounting means that transactions that change a companys financial statements are recorded in the periods in which the events occur: a. only if cash is exchanged b. even if cash was not exchanged c. only if cash is not exchanged 5) Interest of $600 has accrued on a note payable. What is the necessary adjusting entry to record this interest? Debit Credit If this adjustment is not made, the following are overstated, understated, or not impacted: Assets: Revenue:...
Question 30 incorrect Mark 0.00 out of 1.00 P Flag question Edit Question The accountant at Bewildered Company recorded the purchase of $1,200 of supplies for cash as a debit to Supplies for $1.200 and a credit to Accounts Payable for 51,200. Determine the effect of this error on the accounting equation of Bewildered Company Select one: A. Total Liabilities will be understated by 51,200 B. Total Equity would be overstated by $1,200 C. Total Equity would be understated by...
Question 9 0.5 pts The year-end trial balance for Garnet & Gold Corporation appears as follows: Garnet & Gold Corporation Trial Balance December 31 Debit Credit Cash $ 300 500 60 140 4,000 Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Unearned Revenues Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense $ 800 300 1,000 1,400 3,000 1,000 500 $ 6,500 $ 6,500 If, at year-end, supplies on hand were $20, the company should record...
6- SELECT THE BEST ANSWER The policy at Sheffield Corp. is to expense all office supplies at the time of purchase. On the last day of the accounting period, there are $1170 of unused office supplies on hand and the balance of supplies expense is $3710. What should the accountant do? Nothing, company policy says to expense supplies when purchased. Debit Supplies and credit Supplies Expense for $1170. Convince management to change its policy to avoid problems in the future....
1) Complete the below table listing Debit and Credit rules: C- E L- A- E- D R- 2) The Revenue Recognition Principle says that companies recognize revenue when (when the is satisfied). It does not matter when is received (it could be before, during, or after). You should match with revenues when the company makes efforts to generate those revenues. 3) Accrual-basis accounting means that transactions that change a company's financial statements are recorded in the periods in which the...
A company started the year with 5600 of supplies. During the year the company parchased an additional $1,300 of supplies There were $900 of supples on hand at the end of the year An adusting enty prepared at the end of the accounting period includes a OA. debit to Supplies for $700. O B debit to Supplies Expense for $300 C. debit to Supplies for $900 ○ D. debit to Supplies Expense for $1,000
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