The correct answer is
A prepaid expenses
Explanation
Supplies expense expenses has been debited with supplies which has been used, but these supplies has been purchased in the past, so the supplies which has been used has been expensed, so these has been expensed out. So these are prepaid expenses.
An adjusting entry debiting Supplies Expense and crediting Supplies is an example of adjusting an) a....
An adjusting entry debiting Unearned Rent and crediting Rent Revenue is an example of adjusting a(n) The following are line items from the vertical analysis of a balance sheet: 300% Amount Percent Total assets Total liabilities Total owner's equity Total liabilities and owner's equity 200% $300,000 $200,000 100,000 $300,000 100% 300% What needs to be changed on the statement?
Which of the following would not be proper in a closing entry? A. Crediting expense accounts Crediting retained earnings for net income Crediting retained earnings for net loss Debiting retained earnings for net loss Debiting revenue accounts E.
A company recorded the $25,000 adjusting entry for accrued interest expense on monies it borrowed by debiting revenues and crediting expenses $25,000. Owners' equity is A. $50,000 understated B. $25,000 understated $25,000 overstated $50,000 overstated E. correctly stated
A company recorded the $19,000 adjusting entry for the expiration of prepaid rent by debiting revenues and crediting liabilities $19,000. Expenses are $38,000 understated $19,000 understated $19,000 overstated $38,000 overstated correctly stated
Recording the purchase of supplies in a prepaid account would be an example of a(n): O A. deferred expense. OB. deferred revenue. O c. accrued expense. O D. accrued revenue.
19. A company recorded the $14,000 adjusting entry for the expiration of prepaid rent by debiting revenues and crediting liabilities for $14,000. Total assets are $14,000 understated $14,000 overstated $28,000 overstated $28,000 understated correctly stated
48. When the holder of an interest-bearing note is unable to collect the note when due, the journal entry includes a.debiting Notes Receivable and crediting Accounts Receivable. b. debiting Notes Receivable and crediting Accounts Receivable and Interest Revenue. C. debiting Accounts Receivable and crediting Interest Revenue. d. debiting Accounts Receivable and crediting Notes Receivable and Interest Revenue. 49. Face value of a note plus interest is called the a. discount. b. proceeds. c. principal. d. maturity value. 50. The adjusting...
Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form a. Unrecorded depreciation on equipment is $1850 b. The Supplies account has a balance of $5,000. Supplies on hand at the end of the period totaled $2,500, c On the date for preparing financial statements, an estimated utilities expense of $550 has been incurred, but no utility bill has been received. d. On the first day of the current month, rent for...
. Recording the adjusting entry for depreciation has the same effect as recording the adjusting entry for A. Unearned revenue B. Prepaid expense *correct C. Accrued revenue D. Accrued expense Please explain why B is correct
On April 1, a business collected $3,600 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. At December 31, the business must account for the amount of rent it has earned. a.On April 1, a business collected $3,600 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. On December 31, the business must account for the amount of rent it has earned....