Homework Answers
Correct answer:
Option(3) income statement and balance sheet is the correct answer. Because an adjusting entry when it is made has a two effect one effect is shown on the income statement and another effect is shown on balanace sheet.
Incorrect answers:
Option(1) income statement only is an incorrect answer because adjusting entry is shown on the income statement and on balanace sheet.
Option(2) income statement and owner's equity is an incorrect answer because adjusting entry is not shown on the income statement and owner's equity but it is shown on the income statement and on balanace sheet.
Option(4) affect closing entries is an incorrect option because adjusting entry has two effect one is on the income statement and another is on balanace sheet.
So correct answer is option (3)
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A debit and credit from an adjusting entry affects which one of the following statements? balance...
An adjusting entry: affects a balance sheet account and an income statement account. affects two income...
An adjusting entry: affects a balance sheet account and an income statement account. affects two income statement accounts. affects two balance sheet accounts. O is always a compound entry.
7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accu...
7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accumulated Depreciation account. D) the Depreciation Expense account. 8) An adjusting entry is completed: A) at the beginning of the accounting period. B) at the end of the accounting period. C) when the balance sheet is prepared. D) when accounts need to be balanced in the ledger. 9) Prior to recording adjusting entries, the Office Supplies account had a $359...
Which of the following is TRUE about adjusting entries? Select one: a. Adjusting entries can sometimes...
Which of the following is TRUE about adjusting entries? Select one: a. Adjusting entries can sometimes involve the Cash account. b. Adjusting entries only involve balance sheet accounts. c. Adjusting entries only involve income statement accounts. O d. Adjusting entries always involve a balance sheet account and an income statement account
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200...
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200 of prepaid insurance 31. When closing entries are made: A. All ledger accounts are closed to start the new accounting period. B. All temporary counts are closed but not the permanent accounts. C. All real accounts are closed but not the nominal accounts D. All permanent accounts are closed but not the nominal accounts 32. Closing the temporary accounts at the end of each...
Show the effect, if any, of the transaction entry or adjusting entry on the appropriate balance...
Show the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by selecting the amount and indicating whether it is an addition (+) or a subtraction (-). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity. In some cases. only one column may be affected because all of the specific accounts affected by the transaction are...
New Translate Web... 2 23 59 On July 31, 2020 Baker completed a $1,500 service job...
New Translate Web... 2 23 59 On July 31, 2020 Baker completed a $1,500 service job for a customer. The customer did not pay cash for the job when it was completed the customer will pay for the job on August 15, 2020. It was late in the day when the job was completed and Baker's accounting department did not have time to invoice the customer for the $1,500 completed job, If Baker did not make the July 31 adjusting...
QUESTION Z Amortization is a term which means the same as Depreciation. Which of the following...
QUESTION Z Amortization is a term which means the same as Depreciation. Which of the following standards discourages but does NOT restrict the use of the term "Amortization" on depreciable assets? IFRS OCICA O ASPE GAAP QUESTION 8 Adjusting entries are needed O never if you are reporting on an annual basis. o every time financial statements are prepared. o every time cash is received. o every time expenses are incurred or revenue is performed. Click Save and Sub ....
If the beginning balance of the Accumulated Depreciation Equipment account is $10,000 and an adjusting journal...
If the beginning balance of the Accumulated Depreciation Equipment account is $10,000 and an adjusting journal entry is recorded for depreciation on the equipment for $2,500, the balance of the accumulated depreciation account after the entry is recorded will be Once the adjusted trial balance is balanced, it can be used to prepare O a. the dassified balance sheet and the income statement only. b. the classified balance sheet only. 1 c. the income statement, the statement of owner's equity,...
Exercise 3-20A Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries...
Exercise 3-20A Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7) (GL) On January 1, 2021, Red Flash Photography had the following balances: Cash, $20,000; Supplies, $8,800; Land, $68,000; Deferred Revenue, $5,800; Common Stock $58,000; and Retained Earnings, $33,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $ 28,000. 2. May 20 Provide services to customers for cash, $ 43,000, and...
Which of the following illustrates how a cash dividend affects a company’s financial statements? Balance Sheet...
Which of the following illustrates how a cash dividend affects a
company’s financial statements?
Balance Sheet Income Statement Statement Assets=Liab+Equity Rev.-Exp.= Net Inc. n a Cash Flow n'a n'a n'a n'a a. +OA -OA -FA n/a C. n a n a n/a na
An adjusting entry: affects a balance sheet account and an income statement account. affects two income statement accounts. affects two balance sheet accounts. O is always a compound entry.
7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accumulated Depreciation account. D) the Depreciation Expense account. 8) An adjusting entry is completed: A) at the beginning of the accounting period. B) at the end of the accounting period. C) when the balance sheet is prepared. D) when accounts need to be balanced in the ledger. 9) Prior to recording adjusting entries, the Office Supplies account had a $359...
Which of the following is TRUE about adjusting entries? Select one: a. Adjusting entries can sometimes involve the Cash account. b. Adjusting entries only involve balance sheet accounts. c. Adjusting entries only involve income statement accounts. O d. Adjusting entries always involve a balance sheet account and an income statement account
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200 of prepaid insurance 31. When closing entries are made: A. All ledger accounts are closed to start the new accounting period. B. All temporary counts are closed but not the permanent accounts. C. All real accounts are closed but not the nominal accounts D. All permanent accounts are closed but not the nominal accounts 32. Closing the temporary accounts at the end of each...
Show the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by selecting the amount and indicating whether it is an addition (+) or a subtraction (-). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity. In some cases. only one column may be affected because all of the specific accounts affected by the transaction are...
New Translate Web... 2 23 59 On July 31, 2020 Baker completed a $1,500 service job for a customer. The customer did not pay cash for the job when it was completed the customer will pay for the job on August 15, 2020. It was late in the day when the job was completed and Baker's accounting department did not have time to invoice the customer for the $1,500 completed job, If Baker did not make the July 31 adjusting...
QUESTION Z Amortization is a term which means the same as Depreciation. Which of the following standards discourages but does NOT restrict the use of the term "Amortization" on depreciable assets? IFRS OCICA O ASPE GAAP QUESTION 8 Adjusting entries are needed O never if you are reporting on an annual basis. o every time financial statements are prepared. o every time cash is received. o every time expenses are incurred or revenue is performed. Click Save and Sub ....
If the beginning balance of the Accumulated Depreciation Equipment account is $10,000 and an adjusting journal entry is recorded for depreciation on the equipment for $2,500, the balance of the accumulated depreciation account after the entry is recorded will be Once the adjusted trial balance is balanced, it can be used to prepare O a. the dassified balance sheet and the income statement only. b. the classified balance sheet only. 1 c. the income statement, the statement of owner's equity,...
Exercise 3-20A Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7) (GL) On January 1, 2021, Red Flash Photography had the following balances: Cash, $20,000; Supplies, $8,800; Land, $68,000; Deferred Revenue, $5,800; Common Stock $58,000; and Retained Earnings, $33,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $ 28,000. 2. May 20 Provide services to customers for cash, $ 43,000, and...
Which of the following illustrates how a cash dividend affects a
company’s financial statements?
Balance Sheet Income Statement Statement Assets=Liab+Equity Rev.-Exp.= Net Inc. n a Cash Flow n'a n'a n'a n'a a. +OA -OA -FA n/a C. n a n a n/a na
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