Homework Answers
Answer:
Option D i.e. Assets would be overstated.
The credit amount of entry to record payment of salaries would be Cash. If the credit amount of this entry is not posted, the effect of cash payment is not recorded which would overstate assets.
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If the credit amount of an entry to record the payment of salaries was not posted,...
1.Indicate the proper journal entry to record payment of a cash dividend previously declared: Select one:...
1.Indicate the proper journal entry to record payment of a cash dividend previously declared: Select one: a. Debit Cash, credit Dividend Payable b. Debit Dividends, credit Cash 2.A bookkeeper erroneously recorded a $7 accrual of wages payable using this journal entry: Sales Discount $7 Inventory $7 Indicate the effect of the error on Expenses, Assets, and Liabilities, respectively: Select one: a. No Error, Understated, No Error b. Overstated, No Error, Understated c. Understated, Understated, Understated d. No Error, No Error,...
A credit to a Liability account was posted as a credit to an Expense account. This...
A credit to a Liability account was posted as a credit to an Expense account. This error would cause: A. Expenses to be overstated. B. Assets to be overstated. C. Liabilities to be understated. D. Liabilities to be overstated.
The entry to record expired insurance is omitted. This error causes Select one: a. assets to...
The entry to record expired insurance is omitted. This error causes Select one: a. assets to be overstated. b. expenses to be overstated. c. liabilities to be overstated. d. liabilities to be understated. e. an increase in liabilities on the balance sheet.
7. Which of the following reconciling items does not require a journal entry? a. NSF check...
7. Which of the following reconciling items does not require a journal entry? a. NSF check b. Deposit in transit c. Bank service charge d. Bank collection of note receivable 8. A cash budget helps control cash by a. helping to determine whether additional cash is available for investments or new financing is needed. b. ensuring accurate cash records. c. developing a plan for increasing sales. d. all of the above. 9. Accounts Receivable has a debit balance of $2,400,...
A credit to an Asset account was posted as a credit to the Revenue account. This...
A credit to an Asset account was posted as a credit to the Revenue account. This error would cause: A.liabilities to be overstated. B.capital to be understated. C.revenue to be overstated. D.Both A and C are correct.
If a company neglects to make an adjusting entry to record accrued interest expense, which of the following statements is/are true?
If a company neglects to make an adjusting entry to record accrued interest expense, which of the following statements is/are true?Group of answer choicesIncome from Operations will be overstatedLiabilities will be understated and Stockholders' Equity will be overstatedAssets will be understated and Stockholders' Equity will be understatedNet Income will be understatedBoth A and B are true
Is this correct? In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries...
Is this correct?
In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following situations: O (Click to view the adjusting entries.) Determine the effects on the income statement and balance sheet by identifying whether assets, liabilities, equity, revenue, and expenses are either overstated or understated. Use the following table. Adjustment a has been provided as an example. Begin by determining the effects for adjusting entries b. and c. and then determine the effects for...
29. The accountant for the Sean Company forgot to make an adjusting entry to record salaries...
29. The accountant for the Sean Company forgot to make an adjusting entry to record salaries camned but not paid to employees. The cllect of this error would An understatement of assets, net income, and owners' equity. An understatement of liabilities and an understatement of owners' equity. An overstatement of assets and of net income offset by an understatement of owners' equity. An overstatement of owner's equity and an understatement of liabilities None of the above 30 During 2011 Ethan...
15) The entry to record the payment of an interim dividend includes a: A) Debit to...
15) The entry to record the payment of an interim dividend includes a: A) Debit to Interim dividend payable C) Credit to Bank B) Credit to Interim dividend payable D) both A and C 16) Recoverable amount is defined as: A) the higher of an asset's fair value less costs to sell and its value in use B) the lower of an asset's carrying amount and its book value C) the higher of an asset's carrying amount and its book...
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer....
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer. The payment was for four months of services (4x $12,000 - $48,000) which XYZ will provide to the customer starting on June 1, 2020. On June 1, 2020 XYZ made the following entry in its accounting system. Cash 48,000 Uņearned Revenue 48,000 If XYZ has not made any other entry related to this advance payment, and on June 30, 2020 fails to make the...
7. Which of the following reconciling items does not require a journal entry? a. NSF check b. Deposit in transit c. Bank service charge d. Bank collection of note receivable 8. A cash budget helps control cash by a. helping to determine whether additional cash is available for investments or new financing is needed. b. ensuring accurate cash records. c. developing a plan for increasing sales. d. all of the above. 9. Accounts Receivable has a debit balance of $2,400,...
Is this correct?
In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following situations: O (Click to view the adjusting entries.) Determine the effects on the income statement and balance sheet by identifying whether assets, liabilities, equity, revenue, and expenses are either overstated or understated. Use the following table. Adjustment a has been provided as an example. Begin by determining the effects for adjusting entries b. and c. and then determine the effects for...
29. The accountant for the Sean Company forgot to make an adjusting entry to record salaries camned but not paid to employees. The cllect of this error would An understatement of assets, net income, and owners' equity. An understatement of liabilities and an understatement of owners' equity. An overstatement of assets and of net income offset by an understatement of owners' equity. An overstatement of owner's equity and an understatement of liabilities None of the above 30 During 2011 Ethan...
15) The entry to record the payment of an interim dividend includes a: A) Debit to Interim dividend payable C) Credit to Bank B) Credit to Interim dividend payable D) both A and C 16) Recoverable amount is defined as: A) the higher of an asset's fair value less costs to sell and its value in use B) the lower of an asset's carrying amount and its book value C) the higher of an asset's carrying amount and its book...
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer. The payment was for four months of services (4x $12,000 - $48,000) which XYZ will provide to the customer starting on June 1, 2020. On June 1, 2020 XYZ made the following entry in its accounting system. Cash 48,000 Uņearned Revenue 48,000 If XYZ has not made any other entry related to this advance payment, and on June 30, 2020 fails to make the...
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