Homework Answers
Answer:
Part 1)d. Net income will be overstated by $4,300
Explanation:
Depreciation expense of $4,300 was to be taken to income statement as expense which did not occur as such income will be overstated.
Part 2)b. Is the same journal entry as recording expense on account.
Explanation:
Eg. Accrued rent:
Rent expense .....Dr xxxx
To rent payable.... Xxxx
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If the following adjusting entry is omitted, what effect will it have on net income? 4,300...
If the following adjusting entry is omitted, what effect will it have on the financial statements?...
If the following adjusting entry is omitted, what effect will it have on the financial statements? 1,900 Unearned Rent Rent Revenue 1,900 a. Revenues will be overstated by $1,900. O b. There will be no effect on net income. c. There will be no effect on liabilities. d. Revenues will be understated by $1,900.
If an adjustment for $8,600 in accrued revenues is omitted, how will this affect the financial...
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If an adjustment for $8,600 in accrued revenues is omitted, how will this affect the financial...
If an adjustment for $8,600 in accrued revenues is omitted, how will this affect the financial statements? O a. Net income will be understated by $8,600. O b. There will be no effect on the financial statements. O c. Net income will be overstated by $8,600. O d. Accounts Receivable will be overstated by $8,600.
Effect of Omitting Adjusting Entry At the end of January, the first month of the business...
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16. The entry to close the Withdrawals account to Capital was omitted. This error would cause....
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause. A) the Capital account to be understated. B) net income to be overstated. C) Revenue to be understated. D) the Capital account to be overstated. 17. Which of the following accounts will NOT appear on the post-closing trial balance? A) Accounts Receivable B) Cash C) Accounts Payable D) Withdrawals 18. Which of the following could appear in an adjusting entry, closing entry, and reversing...
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...
The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for...
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B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at year end. For each entry NOT MADE indicate the effect that each omitted AJE would have on the Wolverine's financial statements for the year ended 12/31/2019. Use O for overstated, U for understated, and NE for no effect. Organize your answer in tabular form, using the column headings shown below and provided in the worksheet titled "Part A, Question B." Example 0: At year...
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If an adjustment for $8,600 in accrued revenues is omitted, how will this affect the financial statements? O a. Net income will be understated by $8,600. O b. There will be no effect on the financial statements. O c. Net income will be overstated by $8,600. O d. Accounts Receivable will be overstated by $8,600.
If an adjustment for $8,600 in accrued revenues is omitted, how will this affect the financial statements? O a. Net income will be understated by $8,600. O b. There will be no effect on the financial statements. O c. Net income will be overstated by $8,600. O d. Accounts Receivable will be overstated by $8,600.
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...
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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...
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....
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at year end. For each entry NOT MADE indicate the effect that each omitted AJE would have on the Wolverine's financial statements for the year ended 12/31/2019. Use O for overstated, U for understated, and NE for no effect. Organize your answer in tabular form, using the column headings shown below and provided in the worksheet titled "Part A, Question B." Example 0: At year...
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