Homework Answers
Ans - 1, 3 & 4
Explanation:
1. Revenue received in advance will be kept in either Unearned Revenue or Customer Advance A/c till it is earned.
2. Unpaid salaries are already recongnized expenses.
3. Rent paid in advance will be kept in Prepaid Rent A/c till it is expired.
4. Supplies will be kept in Supplies Asset A/c till they are used/expensed.
5. Revenue could be recognized through G/L entries with no billing/invoicing.
6. Unpaid Utility Expenses are already recognized expenses.
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ABC Corp accumulates the following adjustment data at December 31. 1. Revenue of $1,600, collected in...
ABC Corp accumulates the following adjustment data at December 31. 1. Revenue of $1,600, collected in...
ABC Corp accumulates the following adjustment data at December 31. 1. Revenue of $1,600, collected in advance, has been recognized because the firm has completed its performance obligation. 2. Salaries of $600 are unpaid. 3. Prepaid rent totaling $500 has expired. 4. Supplies of $450 have been used. 5. Revenue recognized but unbilled total $750. 6. Utility expenses of $250 are unpaid. Failure to record the appropriate adjustment for (2) above would lead to: O An overstatement of equity An...
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Prepare adjusting entries for the seven items
described above.
Mendoza Company accumulates the following adjustment
data at December 31
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4. the adjusting Entry. prepare your answer in Tabular
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For each item, indicate (1) the type of adjustment (prepaid expense, unearned revenue, accrued revenue, or...
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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. Select a type of adjustment ...
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Prepare adjusting entries for the seven items
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data at December 31
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4. the adjusting Entry. prepare your answer in Tabular
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