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On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer....
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...
3. Smith Company received a deposit for work in advance for $3,000 in May. a. Record...
3. Smith Company received a deposit for work in advance for $3,000 in May. a. Record the transaction for this deposit received in May. Assets Liabilities Equity b. During the month of June, some work was completed and $700 can now be recorded as revenue. What adjustment should be recorded to the accounting equation to properly state the accounts at June 302 Assets Liabilities Equity C. If the above adjustment is not recorded at the end of the month, June...
8) Daisy Co. previously received & recorded $5,000 cash from a client for future consulting services....
8) Daisy Co. previously received & recorded $5,000 cash from a client for future consulting services. Now Daisy Co. has provided $3,000 of the services and earned that revenue. What is the necessary adjusting entry? Debit Credit If this adjustment is not made, the following are overstated, understated, or not impacted: (completed for you on this question) Assets: not impacted Revenue: understated Liabilities: overstated Expense:_not impacted Stockholders' Equity: understated 9) Interest of $450 has accrued on a note payable. What...
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...
Steelar company received $ 9,000 as an advance payment from a customer on june 1. At...
Steelar company received $ 9,000 as an advance payment from a customer on june 1. At Sept 30, management indicates that 60% of the services have been rendered to date on the job. For the adjusting entry on Sept 30, which statement is correct? 1 Unearned revenue is debited for $5,400 2 Unearned revenue is credited for $ 5,400 3 Revenue earned is credited for $ 4,600 4 Revenue earned is debited for $ 4,600
By the end of December, Evans Company has completed work of $2,500. Evans company has neither...
By the end of December, Evans Company has completed work of $2,500. Evans company has neither billed the clients nor recorded any of the revenue. If the appropriate adjusting entry is not made at the end of the year, what will be the effect on (a) Income statement accounts (overstated, understated, or no effect)? (b) Net Income (overstated, understated, or no effect)? (c) Balance sheet accounts (overstated, understated, or no effect)? Income Statement Accounts Revenue: Choose One Expense: Choose One...
I needed help with c! Thanks :) 3. Smith Company received a deposit for work in...
I needed help with c! Thanks :)
3. Smith Company received a deposit for work in advance for $3,000 in May a. Record the transaction for this deposit received in May. Assets Cash 3000 Liabilities Unearned Revenues Equity 3000 b. During the month of June, some work was completed and $700 can now be recorded as revenue. What adjustment should be recorded to the accounting equation to properly state the accounts at June 30 (include account and dollar amount)? Assets...
A company recorded the $36,000 adjusting entry for the earning of rent received in advance by...
A company recorded the $36,000 adjusting entry for the earning of rent received in advance by debiting expenses and crediting assets $36,000. Net income is $72,000 understated B. $36,000 understated C. $36,000 overstated $72,000 overstated correctly stated
On June 1, 2017, Windsor, Inc. was started with an initial investment in the company of...
On June 1, 2017, Windsor, Inc. was started with an initial investment in the company of $22.420 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations Cash $4,830 Notes payable Accounts payable $12.460 Accounts receivable 4,470 970 Service revenue 1,100 Supplies Supplies expense Maintenance and repairs expense Utilities expense Salaries and wages expense 700 7.730 2,300 400 26,230...
1- Under IFRS, which of the following is generally not a guideline for recognizing revenue? The...
1- Under IFRS, which of the following is generally
not a guideline for recognizing revenue?
The transaction price is determinable.
When (or as) the company satisfies the performance
obligation.
The contract is identified with the client.
Collection is reasonably assured.
2- If Bee Corp. fails to adjust the Unearned Rent account for
rent that has been earned, what effect will this have on that
month’s financial statements?
Liabilities will be understated and revenues will be
understated.
Assets will be 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...
3. Smith Company received a deposit for work in advance for $3,000 in May. a. Record the transaction for this deposit received in May. Assets Liabilities Equity b. During the month of June, some work was completed and $700 can now be recorded as revenue. What adjustment should be recorded to the accounting equation to properly state the accounts at June 302 Assets Liabilities Equity C. If the above adjustment is not recorded at the end of the month, June...
8) Daisy Co. previously received & recorded $5,000 cash from a client for future consulting services. Now Daisy Co. has provided $3,000 of the services and earned that revenue. What is the necessary adjusting entry? Debit Credit If this adjustment is not made, the following are overstated, understated, or not impacted: (completed for you on this question) Assets: not impacted Revenue: understated Liabilities: overstated Expense:_not impacted Stockholders' Equity: understated 9) Interest of $450 has accrued on a note payable. What...
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...
By the end of December, Evans Company has completed work of $2,500. Evans company has neither billed the clients nor recorded any of the revenue. If the appropriate adjusting entry is not made at the end of the year, what will be the effect on (a) Income statement accounts (overstated, understated, or no effect)? (b) Net Income (overstated, understated, or no effect)? (c) Balance sheet accounts (overstated, understated, or no effect)? Income Statement Accounts Revenue: Choose One Expense: Choose One...
I needed help with c! Thanks :)
3. Smith Company received a deposit for work in advance for $3,000 in May a. Record the transaction for this deposit received in May. Assets Cash 3000 Liabilities Unearned Revenues Equity 3000 b. During the month of June, some work was completed and $700 can now be recorded as revenue. What adjustment should be recorded to the accounting equation to properly state the accounts at June 30 (include account and dollar amount)? Assets...
A company recorded the $36,000 adjusting entry for the earning of rent received in advance by debiting expenses and crediting assets $36,000. Net income is $72,000 understated B. $36,000 understated C. $36,000 overstated $72,000 overstated correctly stated
On June 1, 2017, Windsor, Inc. was started with an initial investment in the company of $22.420 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations Cash $4,830 Notes payable Accounts payable $12.460 Accounts receivable 4,470 970 Service revenue 1,100 Supplies Supplies expense Maintenance and repairs expense Utilities expense Salaries and wages expense 700 7.730 2,300 400 26,230...
1- Under IFRS, which of the following is generally
not a guideline for recognizing revenue?
The transaction price is determinable.
When (or as) the company satisfies the performance
obligation.
The contract is identified with the client.
Collection is reasonably assured.
2- If Bee Corp. fails to adjust the Unearned Rent account for
rent that has been earned, what effect will this have on that
month’s financial statements?
Liabilities will be understated and revenues will be
understated.
Assets will be understated...
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