Homework Answers
| a.) | Assets | Liabilities | Equity |
| -600 | -600 | ||
| * 600 ( 4,000 - 3,400 ) |
| b.) |
If the above transaction is not recorded at the end of the month, December assets will be Overstated, expenses will be Understated and Net Income will be Overstated. |
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4. The supplies account of ABC Corp. on December 31 shows a balance of $4,000. An...
I needed help with the blanks in B! :) Thanks The supplies account of ABC Corp....
I needed help with the blanks in B! :) Thanks
The supplies account of ABC Corp. on December 31 shows a balance of $4,000. An actual count of the supplies shows the balance is $3,400. 4. What should be recorded to the accounting equation to adjust the balance in the supplies account to properly reflect the balance at December 31? a. Assets Liabilities AR 600 Equity 600 b. If the above transaction is not recorded at the end of the...
I am not sure how to fill this this out? Thanks! The supplies account of ABC...
I am not sure how to fill this this out? Thanks!
The supplies account of ABC Corp. on December 31 shows a balance of $4,000. An actual count of the supplies shows the balance is $3,400. 4. What should be recorded to the accounting equation to adjust the balance in the supplies account to properly reflect the balance at December 31? a. Assets Liabilities Equity
2. if above transaction is not recovered at the end of the month december assets will...
2. if above transaction is not recovered at the end of the month
december assets will be (over or understated), expenses will be
(over or understated) and net income will be (over or
understated)
this question has two parts. in the first part, make sure to use
plus or minus to indicate whether the amount goes up or down and
label the account ie "accounts recieveable +500 <--this is an
examples not the right answer)
The supplies account of ABC...
Clicker Assignment: Ch. 4 Clicker questions will be asked in class based on your completion of...
Clicker Assignment: Ch. 4 Clicker questions will be asked in class based on your completion of this preparation guide. Example in class question: What is the answer to Question 2? You will not have time to complete this guide in class! 1. The revenue recognition principle states that companies recognize revenue in the accounting period in which 2. List the two subcategories of deferral accounts and the two subcategories of accrual accounts: and Deferrals: Accruals: and 3. Smith Company received...
5. At the end of the October, XYZ Corp. owes employee wages of $750, but hasn't...
5. At the end of the October, XYZ Corp. owes employee wages of $750, but hasn't paid them (they will be paid in Nov.) a. What should be recorded to the accounting equation to account for the wages that are owed? Assets Liabilities Equity b. If the above transaction is not recorded at the end of the month, October expenses will be liabilities will be and net income will be (indicate understated or overstated for all three) 6. On March...
Wang Company accumulates the following adjustment data at December 31. For each item, indicate the (1)...
Wang Company accumulates the following adjustment data at December 31. For each item, indicate the (1) type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (2) the status of the accounts before adjustment (overstated or understated). (Enter your answers in alphabetical order.) (1) Type of Adjustment (2) Accounts Before Adjustment (a) Services performed but unbilled totals $600. Accrued Revenues Assets Understated Revenues Understated (b) Store supplies of $160 are on hand. The supplies account shows a...
Cortina Company accumulates the following adjustment data at December 31. Indicate (1) the type of adjustment...
Cortina Company accumulates the following adjustment data at December 31. Indicate (1) the type of adjustment (prepaid expense, accrued revenue, and so on) and (2) the status of the accounts before adjustment (overstated or understated). (Enter your answers in alphabetical order.) (1 (2) Accounts Before Adjustment Item (a) Type of Adjustment T Prepaid Expenses A Supplies of $400 are on hand. Supplies account shows $1,600 balance. Assets Overstated T Expenses Understated 4 (b) Services performed but unbilled total $700. Accrued...
In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset)...
In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset) account for the amount of supplies used up during the year. As a result of this error: Select one: O a. Liabilities are understated b. 2018 profit is overstated, the balance of equity is overstated, and assets are correctly stated C. 2018 profit is overstated, the balance of equity is overstated, and assets are overstated d. 2018 profit is understated, the balance of equity...
In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset)...
In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset) account for the amount of supplies used up during the year. As a result of this error: Select one: O a. Liabilities are understated b. 2018 profit is overstated, the balance of equity is overstated, and assets are correctly stated O c. 2018 profit is overstated, the balance of equity is overstated, and assets are overstated O d. 2018 profit is understated, the balance...
Brief Exercise 3-03 Blue Spruce Corp.'s trial balance at December 31 shows Supplies 57,400 and Supplies...
Brief Exercise 3-03 Blue Spruce Corp.'s trial balance at December 31 shows Supplies 57,400 and Supplies Expense $0 On December 31, there are $3,500 of supplies on hand. Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles Debit Credit Dec. 31 Supplies Supplies...
I needed help with the blanks in B! :) Thanks
The supplies account of ABC Corp. on December 31 shows a balance of $4,000. An actual count of the supplies shows the balance is $3,400. 4. What should be recorded to the accounting equation to adjust the balance in the supplies account to properly reflect the balance at December 31? a. Assets Liabilities AR 600 Equity 600 b. If the above transaction is not recorded at the end of the...
I am not sure how to fill this this out? Thanks!
The supplies account of ABC Corp. on December 31 shows a balance of $4,000. An actual count of the supplies shows the balance is $3,400. 4. What should be recorded to the accounting equation to adjust the balance in the supplies account to properly reflect the balance at December 31? a. Assets Liabilities Equity
2. if above transaction is not recovered at the end of the month
december assets will be (over or understated), expenses will be
(over or understated) and net income will be (over or
understated)
this question has two parts. in the first part, make sure to use
plus or minus to indicate whether the amount goes up or down and
label the account ie "accounts recieveable +500 <--this is an
examples not the right answer)
The supplies account of ABC...
Clicker Assignment: Ch. 4 Clicker questions will be asked in class based on your completion of this preparation guide. Example in class question: What is the answer to Question 2? You will not have time to complete this guide in class! 1. The revenue recognition principle states that companies recognize revenue in the accounting period in which 2. List the two subcategories of deferral accounts and the two subcategories of accrual accounts: and Deferrals: Accruals: and 3. Smith Company received...
5. At the end of the October, XYZ Corp. owes employee wages of $750, but hasn't paid them (they will be paid in Nov.) a. What should be recorded to the accounting equation to account for the wages that are owed? Assets Liabilities Equity b. If the above transaction is not recorded at the end of the month, October expenses will be liabilities will be and net income will be (indicate understated or overstated for all three) 6. On March...
Wang Company accumulates the following adjustment data at December 31. For each item, indicate the (1) type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (2) the status of the accounts before adjustment (overstated or understated). (Enter your answers in alphabetical order.) (1) Type of Adjustment (2) Accounts Before Adjustment (a) Services performed but unbilled totals $600. Accrued Revenues Assets Understated Revenues Understated (b) Store supplies of $160 are on hand. The supplies account shows a...
Cortina Company accumulates the following adjustment data at December 31. Indicate (1) the type of adjustment (prepaid expense, accrued revenue, and so on) and (2) the status of the accounts before adjustment (overstated or understated). (Enter your answers in alphabetical order.) (1 (2) Accounts Before Adjustment Item (a) Type of Adjustment T Prepaid Expenses A Supplies of $400 are on hand. Supplies account shows $1,600 balance. Assets Overstated T Expenses Understated 4 (b) Services performed but unbilled total $700. Accrued...
In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset) account for the amount of supplies used up during the year. As a result of this error: Select one: O a. Liabilities are understated b. 2018 profit is overstated, the balance of equity is overstated, and assets are correctly stated C. 2018 profit is overstated, the balance of equity is overstated, and assets are overstated d. 2018 profit is understated, the balance of equity...
In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset) account for the amount of supplies used up during the year. As a result of this error: Select one: O a. Liabilities are understated b. 2018 profit is overstated, the balance of equity is overstated, and assets are correctly stated O c. 2018 profit is overstated, the balance of equity is overstated, and assets are overstated O d. 2018 profit is understated, the balance...
Brief Exercise 3-03 Blue Spruce Corp.'s trial balance at December 31 shows Supplies 57,400 and Supplies Expense $0 On December 31, there are $3,500 of supplies on hand. Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles Debit Credit Dec. 31 Supplies Supplies...
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