Homework Answers
Answer : Accrued expenses are incurred but not yet paid or recorded for example interest due on 25th jan 2021 but year ended on 31st december. So on 31st December, 2020, Interest is accrued but not due because it get paid on 25th jan,2021
EXTRA : Option 1 Paid and recorded in asset account after they get used or consumed is Incorrect because accrued expense is unpaid expense but in option 1 paid word contradict the accrued word
Option 3 Paid and recorded in asset account before they get used or consumed is Incorrect because accrued expense is unpaid expense but in option 1 paid word contradict the accrued word. and accrued expense is a liabilty
Option 4 incurred and already paid is an example of expense not of accrued expense
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Accrued expenses are: O paid and recorded in an asset account after they are used or...
Accrued expenses are O a. paid and recorded in an asset account before they are used...
Accrued expenses are O a. paid and recorded in an asset account before they are used or consumed. O b. paid and recorded in an asset account after they are used or consumed. O c. incurred but not yet paid or recorded. O d. incurred and already paid or recorded.
Accrued expenses are A) paid and recorded in an asset account before they are used or...
Accrued expenses are A) paid and recorded in an asset account before they are used or consumed B) paid and recorded in an asset account after they are used or consumed C) incurred but not yet paid or recorded D) incurred and already paid or recorded
Prepaid expenses are: incurred and already paid or recorded. O paid and recorded in an asset...
Prepaid expenses are: incurred and already paid or recorded. O paid and recorded in an asset account after they are used or consumed. O incurred but not yet paid or recorded. O paid and recorded in an asset account before they are used or consumed.
Prepaid expenses are: incurred and already paid or recorded. O paid and recorded in an asset...
Prepaid expenses are: incurred and already paid or recorded. O paid and recorded in an asset account after they are used or consumed. O incurred but not yet paid or recorded. O paid and recorded in an asset account before they are used or consumed.
10. Expenses incurred but not yet paid or recorded are called a. prepaid expenses. accrued expenses....
10. Expenses incurred but not yet paid or recorded are called a. prepaid expenses. accrued expenses. c. interim expenses. d. unearned expenses PROBLEM 1 (20 PTS.) Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. 1. The owner, P. West, invests $40,000 in cash in starting a real estate office operating as a sole proprietorship. 2. Purchased supplies for $1,000 cash. 3. Purchased equipment for $15,000, paying $5,000...
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.
What are accrued expenses? Select one: a. advanced payment of cost incurred in the business. b....
What are accrued expenses? Select one: a. advanced payment of cost incurred in the business. b. recorded expenses that have been incurred, but not paid. c. unrecorded expenses that have incurred, but not paid or yet recognized.
Which of asset account is debited when expenses are paid in advance/before the benefit of the...
Which of asset account is debited when expenses are paid in advance/before the benefit of the expense is received? Operating expense Prepaid expense O Accounts Receivable Accounts Payable
a b. C d. Expenses paid in cash before they are used or consumed. The difference...
a b. C d. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation. A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent...
An adjusting entry to record an accrued revenue (like accounts receivable) involves: O a debit to...
An adjusting entry to record an accrued revenue (like accounts receivable) involves: O a debit to an asset account and a credit to a liability account O a debit to a revenue account and a credit to an asset account O a debit to a liability account and a credit to a revenue account a debit to an asset account and a credit to a revenue account QUESTION 14 Which of the following properly describes a deferral? O Cash is...
Accrued expenses are O a. paid and recorded in an asset account before they are used or consumed. O b. paid and recorded in an asset account after they are used or consumed. O c. incurred but not yet paid or recorded. O d. incurred and already paid or recorded.
Prepaid expenses are: incurred and already paid or recorded. O paid and recorded in an asset account after they are used or consumed. O incurred but not yet paid or recorded. O paid and recorded in an asset account before they are used or consumed.
Prepaid expenses are: incurred and already paid or recorded. O paid and recorded in an asset account after they are used or consumed. O incurred but not yet paid or recorded. O paid and recorded in an asset account before they are used or consumed.
10. Expenses incurred but not yet paid or recorded are called a. prepaid expenses. accrued expenses. c. interim expenses. d. unearned expenses PROBLEM 1 (20 PTS.) Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. 1. The owner, P. West, invests $40,000 in cash in starting a real estate office operating as a sole proprietorship. 2. Purchased supplies for $1,000 cash. 3. Purchased equipment for $15,000, paying $5,000...
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.
Which of asset account is debited when expenses are paid in advance/before the benefit of the expense is received? Operating expense Prepaid expense O Accounts Receivable Accounts Payable
a b. C d. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation. A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent...
An adjusting entry to record an accrued revenue (like accounts receivable) involves: O a debit to an asset account and a credit to a liability account O a debit to a revenue account and a credit to an asset account O a debit to a liability account and a credit to a revenue account a debit to an asset account and a credit to a revenue account QUESTION 14 Which of the following properly describes a deferral? O Cash is...
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