Homework Answers
Prepaid expenses are current assets and at the year end an adjusting entry is made where the prepaid expense is credited and the expense service used portion is debited as an expense.
For example, prepaid insurance is a current asset and at the year end insurance expense is debited and prepaid insurance is credited
Correct choice E (Decrease assets and increase expenses)
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Question 5 0.5 pts Year-end adjusting entries for prepaid expenses decrease expenses and increase assets. increase...
Adjusting entries to recognize current assets that have been consumed or expired: increase assets and increase...
Adjusting entries to recognize current assets that have been consumed or expired: increase assets and increase revenues. decrease assets and decrease expenses. decrease assets and increase expenses. decrease assets and increase liabilities
Question 5 (2 points) Debits: a) decrease both assets and expenses b) increase both assets and...
Question 5 (2 points) Debits: a) decrease both assets and expenses b) increase both assets and liabilities Oc) increase assets and decrease stockholders' equity O d) decrease both diviplends and liabilites.
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.
Question 1 25 pts Adjusting journal entries typically are recorded Daily At the end of the...
Question 1 25 pts Adjusting journal entries typically are recorded Daily At the end of the period Question 2 25 pts An Example of an adjusting Journal entry is Debit Cash and Credit Fees Earned Debit Unearned Fees and credit Fees Earned Question 3 25 pts An example of an adjusting journal entry is Debit prepaid insurance; credit Cash Debit Insurance Expense; Credit Prepaid Insurance Question 4 25 pts The entry Debit Supplies Expense Credit Supplies Achieves the following: Updates...
If expenses are paid in cash, then liabilities will decrease. assets will increase. assets will decrease....
If expenses are paid in cash, then liabilities will decrease. assets will increase. assets will decrease. stockholders' equity will increase. Save for Later
best answer explanation 5. Reversing entries are most commonly used in relation to year-end adjusting entries...
best answer explanation
5. Reversing entries are most commonly used in relation to year-end adjusting entries that a. allocate the expired portion of a depreciable asset to expense. b. amortize intangible assets. c. provide for bad debt expense. d. accrue interest revenue on notes receivable 6 Of the following adjusting entries, which one would cause an increase in assets at the end of the period? a. The entry to record the earned portion of rent received in advance b. The...
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)...
Amount Descriptions Decrease in accounts payable Decrease in accounts receivable Decrease in inventories Decrease in prepaid...
Amount Descriptions
Decrease in accounts payable
Decrease in accounts receivable
Decrease in inventories
Decrease in prepaid expenses
Decrease in salaries payable
Depreciation
Increase in accounts payable
Increase in accounts receivable
Increase in inventories
Increase in prepaid expenses
Increase in salaries payable
Net cash flow from operating activities
Net cash flow used for operating activities
Net income
Net loss
The net income reported on the income statement for the current year was $210,000. Depreciation recorded on equipment and a building amount...
Question 3 2 pts Bramble Corp. started the year with total assets of $318.000 and total...
Question 3 2 pts Bramble Corp. started the year with total assets of $318.000 and total liabilities of $258,000. During the year the business recorded $634,000 in revenues. $327,000 in expenses, and dividends of $62,000. The net income reported by Bramble Corp. for the year was 5187.000 $577,000. $245,000 $307,000 Question 2 2 pts If total assets increased by $51,000 and stockholders' equity decreased by $11,000 during a period of time, then total liabilities must change by what amount and...
Purchased office supplies on account. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's...
Purchased office supplies on account. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's equity increase assets increase; owner's equity decrease Indicate the effect of the following transaction on the elements of the accounting equation. Paid creditors, on account assets increase; liabilities increase assets decrease; liabilities decrease assets decrease; liabilities increase assets decrease; owner's equity increase Question 9 3 pts List of the entire group of accounts maintained by a business. general journal chart of accounts T-account accounting...
Question 5 (2 points) Debits: a) decrease both assets and expenses b) increase both assets and liabilities Oc) increase assets and decrease stockholders' equity O d) decrease both diviplends and liabilites.
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.
Question 1 25 pts Adjusting journal entries typically are recorded Daily At the end of the period Question 2 25 pts An Example of an adjusting Journal entry is Debit Cash and Credit Fees Earned Debit Unearned Fees and credit Fees Earned Question 3 25 pts An example of an adjusting journal entry is Debit prepaid insurance; credit Cash Debit Insurance Expense; Credit Prepaid Insurance Question 4 25 pts The entry Debit Supplies Expense Credit Supplies Achieves the following: Updates...
If expenses are paid in cash, then liabilities will decrease. assets will increase. assets will decrease. stockholders' equity will increase. Save for Later
best answer explanation
5. Reversing entries are most commonly used in relation to year-end adjusting entries that a. allocate the expired portion of a depreciable asset to expense. b. amortize intangible assets. c. provide for bad debt expense. d. accrue interest revenue on notes receivable 6 Of the following adjusting entries, which one would cause an increase in assets at the end of the period? a. The entry to record the earned portion of rent received in advance b. The...
Amount Descriptions
Decrease in accounts payable
Decrease in accounts receivable
Decrease in inventories
Decrease in prepaid expenses
Decrease in salaries payable
Depreciation
Increase in accounts payable
Increase in accounts receivable
Increase in inventories
Increase in prepaid expenses
Increase in salaries payable
Net cash flow from operating activities
Net cash flow used for operating activities
Net income
Net loss
The net income reported on the income statement for the current year was $210,000. Depreciation recorded on equipment and a building amount...
Question 3 2 pts Bramble Corp. started the year with total assets of $318.000 and total liabilities of $258,000. During the year the business recorded $634,000 in revenues. $327,000 in expenses, and dividends of $62,000. The net income reported by Bramble Corp. for the year was 5187.000 $577,000. $245,000 $307,000 Question 2 2 pts If total assets increased by $51,000 and stockholders' equity decreased by $11,000 during a period of time, then total liabilities must change by what amount and...
Purchased office supplies on account. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's equity increase assets increase; owner's equity decrease Indicate the effect of the following transaction on the elements of the accounting equation. Paid creditors, on account assets increase; liabilities increase assets decrease; liabilities decrease assets decrease; liabilities increase assets decrease; owner's equity increase Question 9 3 pts List of the entire group of accounts maintained by a business. general journal chart of accounts T-account accounting...
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