Homework Answers
Option C.
2018 profit is overstated, the balance of equity is overstated, and assets are overstated
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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)...
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...
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...
In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following...
In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following situations: a. Office supplies on hand $100. b. Accrued revenues, $5,000. c. Accrued interest expense, $250. d. Depreciation, $800. e. Unearned revenue that has been carned, $550. 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, Adjustment...
64. The charge made to the current operations for the portion of cost of long-lived assets...
64. The charge made to the current operations for the portion of cost of long-lived assets consumed during the current period is called _________________. Answers: a. accumulated depreciation b. rent expense c. indirect labor d. depreciation 65. Stocks and bonds that can be readily converted into cash are called _____________. Answers: a. Current Assets b. Current Liabilities c. Marketable Securities d. Treasury Stock 66. Which of the following is a permanent account? Answers: a. Accumulated Depreciation b. Advances from Customers...
The accountant of Newton Legal Services failed to make an adjusting entry for supplies that had...
The accountant of Newton Legal Services failed to make an adjusting entry for supplies that had been used for the year. Assume the supplies were tally recorded as an asset. Which of the following statements is true? O A The total assets will be overstated OBThe total assets will be understated C. The total liabilities will be overstated OD. They will be understated Assets that are expected to be converted to cash, sold or used up during the next 12...
CV 3.1 Chapter 3 Canvas Homework: What happens when you don't record Adjusting Journal Entries? Idle...
CV 3.1 Chapter 3 Canvas Homework: What happens when you don't record Adjusting Journal Entries? Idle Bay, Inc forgot to record the following adjusting entries for the year 1) They didn't recognize $10,000 in earned revenue that had been paid in was correctly recorded as Unearned Revenue when the cash was received. 2) They didn't adjust for $2,000 in office supplies used during the year. 3) They didn't accrue $7,000 in unpaid salary expense that had been incurred as of...
During the adjusting process two transactions were neglected or omitted. The first is for unearned rent...
During the adjusting process two transactions were neglected or
omitted. The first is for unearned rent revenue of which $415 was
earned during the period, the second was for accrued interest
payable of which $275 is owed for the period. As a result of these
omissions
During the adjusting process two transactions were neglected or omitted. The first is for unearned rent revenue of which $415 was earned during the period, the second was for accrued interest payable of which...
The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for...
The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($28,200) and (b) accrued wages ($4,820). Indicate the effect of each error, considered individually, on the income statement for the current year ended July 31. Also indicate the effect of each error on the July 31 balance sheet. Enter all amounts as positive numbers. Enter "O" in those spaces where there is no overstatement or no understatement....
1. On 12/31/12, as part of the year-end adjusting journal entries, the Strickland Company accrues three...
1. On 12/31/12, as part of the year-end adjusting journal entries, the Strickland Company accrues three day's wages of $600 ($200 per day). The proper 12/31/12 closing entries are made. No reversing entry is made on 1/1/13. Strickland pays the weekly payroll of $1,000 on 1/2/13. The balance in the Wage Expense account after the 1/2/13 journal entry will be: Select one: a. $0 b. $400 c. $600 d. $1,000 e. $1,200 2. Which principle is most representative of the...
On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty:...
On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty: The supplies account balance on December 31 is $5,225. The supplies on hand on December 31 are $1,275. • The unearned rent account balance on December 31 is $5,700 representing the receipt of an advance payment on December 1 of four months’ rent from tenants. • Wages accrued but not paid at December 31 are $2,485. • Fees earned but unbilled at December 31...
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...
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...
In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following situations: a. Office supplies on hand $100. b. Accrued revenues, $5,000. c. Accrued interest expense, $250. d. Depreciation, $800. e. Unearned revenue that has been carned, $550. 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, Adjustment...
The accountant of Newton Legal Services failed to make an adjusting entry for supplies that had been used for the year. Assume the supplies were tally recorded as an asset. Which of the following statements is true? O A The total assets will be overstated OBThe total assets will be understated C. The total liabilities will be overstated OD. They will be understated Assets that are expected to be converted to cash, sold or used up during the next 12...
CV 3.1 Chapter 3 Canvas Homework: What happens when you don't record Adjusting Journal Entries? Idle Bay, Inc forgot to record the following adjusting entries for the year 1) They didn't recognize $10,000 in earned revenue that had been paid in was correctly recorded as Unearned Revenue when the cash was received. 2) They didn't adjust for $2,000 in office supplies used during the year. 3) They didn't accrue $7,000 in unpaid salary expense that had been incurred as of...
During the adjusting process two transactions were neglected or
omitted. The first is for unearned rent revenue of which $415 was
earned during the period, the second was for accrued interest
payable of which $275 is owed for the period. As a result of these
omissions
During the adjusting process two transactions were neglected or omitted. The first is for unearned rent revenue of which $415 was earned during the period, the second was for accrued interest payable of which...
The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($28,200) and (b) accrued wages ($4,820). Indicate the effect of each error, considered individually, on the income statement for the current year ended July 31. Also indicate the effect of each error on the July 31 balance sheet. Enter all amounts as positive numbers. Enter "O" in those spaces where there is no overstatement or no understatement....
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