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By the end of December, Evans Company has completed work of $2,500. Evans company has neither...
CADJUSTING ENTRIES Effects of adjusting entries on financial statements: Problem typ... ΕΙ On June 1, Campbell...
CADJUSTING ENTRIES Effects of adjusting entries on financial statements: Problem typ... ΕΙ On June 1, Campbell Company purchased $2,470 of supplies on account and debited Supplies Expense, which is an alternate way of recording the initial expenditure. At the end of the calendar year, $2,110 of supplies remained. If the appropriate adjusting entry is not made at the end of the year, what will be the effect on: Income statement accounts (overstated, understated, or no effect)? Net income (overstated, understated,...
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...
Please help with correct answer and explaination if possible, thx!(: 4. The accountant for Monroe Company...
Please help with correct answer and explaination if possible,
thx!(:
4. The accountant for Monroe Company mistakenly omitted the adjusting entry to record accrued fees of $2,000 for services provided to customers and not yet billed. Indicate the effect of the error on the income statement and the balance sheet by inserting "overstated" or "understated" in the space provided. If an item is not affected, leave the space blank. Assets Liabilities Stockholders Equity Revenues Expenses Net Income I 5. What...
Effect of Omitting Adjusting Entry At the end of January, the first month of the business...
Effect of Omitting Adjusting Entry At the end of January, the first month of the business year, the usual adjusting entry transferring rent earned from the unearned rent account to a revenue account was omitted. Indicate which items will be incorrectly stated, because of the error, on (a) the income statement for January and (b) the balance sheet as of January 31. Also indicate whether the items in error will be overstated or understated. a. Income Statement Revenues Expenses Net...
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...
djusting Entries Section 2-ACCRUED REVENUE 1. Accrued revenue is: a. payment received for work completed b....
djusting Entries Section 2-ACCRUED REVENUE 1. Accrued revenue is: a. payment received for work completed b. revenue earned but not received a debit to cash d. с. a credit to cash 2. The journal entry to accrue $500 commissions' revenue is: Cash Commissions Revenue Commissions Revenue Cash Commissions Revenue a. 500 500 b. 500 500 с. 500 Accounts Receivable Accounts Receivable Commissions Revenue 500 d. 500 500 3. Several years ago, your calendar year company issued a $15,000 note at...
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...
A bookkeeper erroneously recorded the accrual of revenue using this journa Sales Discount Depreciation Expense The...
A bookkeeper erroneously recorded the accrual of revenue using this journa Sales Discount Depreciation Expense The effect of this error on Total Expenses and Total Assets (respectively Select one: a. No Error, Understated Ob. Overstated, Understated c. No Error, No Error Od. Understated, No Error e. Understated, Understated The Vlasik Company declared an $8 cash dividend and recorded this journal entry (assume the amount is accurate, but not necessarily the accounts): Unearned Revenue Prepaid Insurance 58 Indicate the effect of...
During a maternity leave of the full-time bookkeeper, a temporary employee was involved in the following...
During a maternity leave of the full-time bookkeeper, a temporary employee was involved in the following transactions. 1. A payment by cheque for $480 to a repair shop for fixing the truck was debited to the Vehicles account and a credit to Cash. 2. A deposit for a collection on account of $1,000 was debited to Cash and credited to Service Revenue. 3. A cheque for $440 to pay for advertising expense was recorded as a Debit to Rent Expense...
On 10/1/21, XYZ paid KLM 12,000 for a one year fire insurance policy. 1.)If XYZ recorded...
On 10/1/21, XYZ paid KLM 12,000 for a one year fire insurance policy. 1.)If XYZ recorded the purchase of insurance to a permanent account, the adjusting entry on 12/31/21 is: if the company fails to make an adjusting entry, the impact on the accounting equation is: 1 2.) If XYZ recorded the purchase of insurance to a temporary account, the adjusting entry on 12/31/21 is: "Dr pre payss if the company fails to make an adjusting entry, the impact on...
CADJUSTING ENTRIES Effects of adjusting entries on financial statements: Problem typ... ΕΙ On June 1, Campbell Company purchased $2,470 of supplies on account and debited Supplies Expense, which is an alternate way of recording the initial expenditure. At the end of the calendar year, $2,110 of supplies remained. If the appropriate adjusting entry is not made at the end of the year, what will be the effect on: Income statement accounts (overstated, understated, or no effect)? Net income (overstated, understated,...
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...
Please help with correct answer and explaination if possible,
thx!(:
4. The accountant for Monroe Company mistakenly omitted the adjusting entry to record accrued fees of $2,000 for services provided to customers and not yet billed. Indicate the effect of the error on the income statement and the balance sheet by inserting "overstated" or "understated" in the space provided. If an item is not affected, leave the space blank. Assets Liabilities Stockholders Equity Revenues Expenses Net Income I 5. What...
Effect of Omitting Adjusting Entry At the end of January, the first month of the business year, the usual adjusting entry transferring rent earned from the unearned rent account to a revenue account was omitted. Indicate which items will be incorrectly stated, because of the error, on (a) the income statement for January and (b) the balance sheet as of January 31. Also indicate whether the items in error will be overstated or understated. a. Income Statement Revenues Expenses Net...
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...
djusting Entries Section 2-ACCRUED REVENUE 1. Accrued revenue is: a. payment received for work completed b. revenue earned but not received a debit to cash d. с. a credit to cash 2. The journal entry to accrue $500 commissions' revenue is: Cash Commissions Revenue Commissions Revenue Cash Commissions Revenue a. 500 500 b. 500 500 с. 500 Accounts Receivable Accounts Receivable Commissions Revenue 500 d. 500 500 3. Several years ago, your calendar year company issued a $15,000 note at...
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...
A bookkeeper erroneously recorded the accrual of revenue using this journa Sales Discount Depreciation Expense The effect of this error on Total Expenses and Total Assets (respectively Select one: a. No Error, Understated Ob. Overstated, Understated c. No Error, No Error Od. Understated, No Error e. Understated, Understated The Vlasik Company declared an $8 cash dividend and recorded this journal entry (assume the amount is accurate, but not necessarily the accounts): Unearned Revenue Prepaid Insurance 58 Indicate the effect of...
On 10/1/21, XYZ paid KLM 12,000 for a one year fire insurance policy. 1.)If XYZ recorded the purchase of insurance to a permanent account, the adjusting entry on 12/31/21 is: if the company fails to make an adjusting entry, the impact on the accounting equation is: 1 2.) If XYZ recorded the purchase of insurance to a temporary account, the adjusting entry on 12/31/21 is: "Dr pre payss if the company fails to make an adjusting entry, the impact on...
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