Homework Answers
Part 1
| Situation 1 | Projected is completed results in revenue will be increased and accounts receivable (asset) is also increased. | A, E |
| Situation 2 | Gift card is redeemed results in revenue will be increased and differed revenue (liability) is also increased. | A,D |
| Situation 3 | Sport equipment is used results in depreciation (expense) will be increased and Assets is also decreased. | B, F |
| Situation 4 | Advertising expense is accrued results in advertising expense (expense) will be increased and accrued payable (liability) is also decreased. | B, C |
Part 2
| Situation 1 | Payment of supplies purchase is already made. The adjusting entry for supplies used is considered as Deferral adjustment. | Deferral adjustment |
| Situation 2 | Interest is accrued but will be paid at the future. The adjusting entry for accrue interest is considered as Accrual adjustment. | Accrual adjustment |
| Situation 3 | Salaries and wages is accrued but will be paid at the future. The adjusting entry for accrue salaries and wages is considered as accrual adjustment. | Accrual adjustment |
| Situation 4 | Amount is not billed and collected. Advertising revenue is accrued but will be received at the future. The adjusting entry for accrue advertising revenue is considered as accrual adjustment. | Accrual adjustment |
| Situation 5 | Cash receipts for gift redeemed is already received when the company sold the gift cards. The adjusting entry for gift redeemed is considered as Deferral adjustment. | Deferral adjustment |
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Match each situation below to two applicable reasons that require an adjustment to be made. A....
Match each situation below to two applicable reasons that require an adjustment to be made. Revenue...
Match each situation below to two applicable reasons that require an adjustment to be made. Revenue has been generated. Expense has been incurred. Liability has been incurred. Liability has been fulfilled. Asset has been acquired. Asset has been used up. Situation Reasons 1. IBM completed a consulting project for the CDC to simulate the spread of contagious viruses and will be paid next month. 2. This month Apple, Inc., redeemed iTunes gift cards that had been issued last month. A,...
x T13-3 (similar to) Question Help Starry Surveillance Services had the following adjustments as of the...
x T13-3 (similar to) Question Help Starry Surveillance Services had the following adjustments as of the end of the year. i (Click the icon to view the adjustments.) 0 More Info 6. 7. For each situation, indicate which category of adjustment (deferral or accrual) is described. Journalize the adjusting entry needed. 6. For each situation, indicate which category of adjustment (deferral or accrual) is described. Adjustment Category of adjustment deferral a. Equipment depreciation was $1,900. b. $1,600 of advertising expense...
please reply in same format. Startech Surveillance Services had the following adjustments as of the end...
please reply in same format.
Startech Surveillance Services had the following adjustments as of the end of the year. (Click the icon to view the adjustments.) 6. For each situation, indicate which category of adjustment (deferral or accrual) is described. 7. Journalize the adjusting entry needed. More Info a. Equipment depreciation was $1,300. b. $800 of advertising expense was incurred but not paid. (Use Advertising Payable.) c. Office Supplies on hand at the end of the year totaled $475. The...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Supplies for office use were purchased during the year for $520, of which $110 remained on hand (unused) at year-end. Interest of $260 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. At year-end, salaries and wages payable of $3,700 had not...
2. Listed below are three reasons why a transaction would not yield a revenue. Match each...
2. Listed below are three reasons why a transaction would not yield a revenue. Match each of the reasons to the transaction it properly describes. Transaction ces Reason This transaction changed the form of an asset from a receivable to cash. Total assets were not increased (revenue was recognized when the services were originally provided) This transaction brought in cash (increased assets), but it also increased a liability by the same amount (no goods or services were provided to generate...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $740, of which $220 remained on hand (unused) at year-end. 2. Interest of $370 on a note receivable was eamed at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Prepare the adjusting journal entries for the following transactions (If no entry is required for a...
Prepare the adjusting journal entries for the following transactions (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) 1. Supplies for office use were purchased during the year for $680, of which $190 remained on hand (unused) at year-end. 2. Interest of $340 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $640, of which $170 remained on hand (unused) at year-end. 2. Interest of $320 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
1. Prepare the adjusting journal entries for the following transactions. (If no entry is required for...
1. Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Supplies for office use were purchased during the year for $560, of which $130 remained on hand (unused) at year-end. Interest of $280 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. At year-end, salaries and wages payable of $3,900 had...
X Х T13-3 (similar to) * More Info Startech Surveillance Services had the follow (Click the...
X Х T13-3 (similar to) * More Info Startech Surveillance Services had the follow (Click the icon to view the adjustments.) a. Equipment depreciation was $1,300 6. For each situation, indicate which categor b. $600 of advertising expense was incurred but not paid. (Use Advertising Payable.) 7. Journalize the adjusting entry needed. c. Office Supplies on hand at the end of the year totaled $400. The beginning balance of Office Supplies was $700. (Assume no office supplies were purchased during...
x T13-3 (similar to) Question Help Starry Surveillance Services had the following adjustments as of the end of the year. i (Click the icon to view the adjustments.) 0 More Info 6. 7. For each situation, indicate which category of adjustment (deferral or accrual) is described. Journalize the adjusting entry needed. 6. For each situation, indicate which category of adjustment (deferral or accrual) is described. Adjustment Category of adjustment deferral a. Equipment depreciation was $1,900. b. $1,600 of advertising expense...
please reply in same format.
Startech Surveillance Services had the following adjustments as of the end of the year. (Click the icon to view the adjustments.) 6. For each situation, indicate which category of adjustment (deferral or accrual) is described. 7. Journalize the adjusting entry needed. More Info a. Equipment depreciation was $1,300. b. $800 of advertising expense was incurred but not paid. (Use Advertising Payable.) c. Office Supplies on hand at the end of the year totaled $475. The...
2. Listed below are three reasons why a transaction would not yield a revenue. Match each of the reasons to the transaction it properly describes. Transaction ces Reason This transaction changed the form of an asset from a receivable to cash. Total assets were not increased (revenue was recognized when the services were originally provided) This transaction brought in cash (increased assets), but it also increased a liability by the same amount (no goods or services were provided to generate...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $740, of which $220 remained on hand (unused) at year-end. 2. Interest of $370 on a note receivable was eamed at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Prepare the adjusting journal entries for the following transactions (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) 1. Supplies for office use were purchased during the year for $680, of which $190 remained on hand (unused) at year-end. 2. Interest of $340 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $640, of which $170 remained on hand (unused) at year-end. 2. Interest of $320 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
X Х T13-3 (similar to) * More Info Startech Surveillance Services had the follow (Click the icon to view the adjustments.) a. Equipment depreciation was $1,300 6. For each situation, indicate which categor b. $600 of advertising expense was incurred but not paid. (Use Advertising Payable.) 7. Journalize the adjusting entry needed. c. Office Supplies on hand at the end of the year totaled $400. The beginning balance of Office Supplies was $700. (Assume no office supplies were purchased during...
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