Which of the following represents a deferral? a. Interest expense incurred for the current period that...
Which of the following represents a deferral?
a. Interest expense incurred for the current period that will be paid next period.
b. Wages incurred for the period, but not yet paid.
c. Customer deposits received in advance.
d. None of these answers are correct.
Homework Answers
c. Customer deposits received in advance.
correct
Deferral is money received in advance that would be treated as
Revenue in later accounting period.
a. Interest expense incurred for the current period that will be paid next period - Accrual
b. Wages incurred for the period, but not yet paid -
Accrual
Accrual Expenses that are incurred now but not yet paid .
Add Answer to:
Which of the following represents a
deferral?
a. Interest expense incurred for the current period that...
For each of the following transactions, identify which financial statement(s) is impacted in the current period....
For each of the following transactions, identify which financial statement(s) is impacted in the current period. It may be that multiple financial statements are impacted, it may be that no financial statements are impacted. (BS – Balance Sheet, IS – Income Statement, CF – Cash Flow Statement, or none) Transaction 1. Common Stock is sold to shareholders to establish company. 2. Employees earn salary for the week but are not yet paid. 3. Cash is collected from customer based on...
1. Record the following adjusting entries to reflect the accrual and deferral of expense and revenue...
1. Record the following adjusting entries to reflect the accrual
and deferral of expense and revenue for the ending of December
31.
2.After you have journalized and posted the transactions, record
the adjusting entries on the worksheet.
a - Recognized the interest income accumlated on $5,000 note
bearing interest of 10% dated a month before the accounting
period.
b- Interest expense incurred but not yet paid on the promissory
note amounted to $50.
c- Recognized that the cleaning income which...
18) The premium on bonds payable: a) represents the increase in interest expense over the life of the bonds b) represents a decrease in interest expense over the life of the bonds c) decreases int...
18) The premium on bonds payable: a) represents the increase in interest expense over the life of the bonds b) represents a decrease in interest expense over the life of the bonds c) decreases interest expense to the effective interest rate d) both (b) and (c) are correct e) none of the above. 19) Interest received on investment is classified on Statement of Cash Flows as: a. Financing activity b Operating activity c investing activity d. Non-cash investing and Financing...
Classifying Types of Adjustments Classify the following items as (a) accrued revenue, (b) accrued expense, (c)...
Classifying Types of Adjustments Classify the following items as (a) accrued revenue, (b) accrued expense, (c) unearned revenue, or (d) prepaid expense: 1. Bill for ads that appeared in prior month's local newspaper. 2. Fees received but not yet earned. 3. Fees earned but not yet received. 4. Premium paid on a one-year insurance policy. 5. Rent received in advance for rental of office space. 6. Supplies on hand. 7. Rent paid in advance. 8. Wages owed but payable in...
Incurred $38 million in income tax expense related to current year profits and paid the entire...
Incurred $38 million in income tax expense related to current year profits and paid the entire amount in cash during the current period. ¡) \ Incurred and paid $1,795 million in selling, general, and administrative expenses during the period. Paid employees $281 million cash in the current period for salaries and wages. Of this $281 million, $13 million relates to prior period employee service and $268 million relates to current period employee service Paid $26 million cash for future advertising...
Which of the following is an example of a prepaid expense on the balance sheet? None...
Which of the following is an example of a prepaid expense on the balance sheet? None of these are prepaid expenses Utilities paid for the current accounting period. Wages owed to employees. Insurance paid for next year. All of these are prepaid expenses.
Under cash-basis accounitng, which of the following would be recorded as an expense? a. Insurance that...
Under cash-basis accounitng, which of the following would be recorded as an expense? a. Insurance that expires in the current period that was paid for in the previous period. b. Cash paid for dividends in the current period. c. Cash paid for rent in the current period. d. Employee salaries in the current period that will be paid next period. e. Two of the other answers are correct. At the time a company purchases land using cash, which of the...
1. Which of the following are examples of adjusting entries? i) An entry to record interest...
1. Which of the following are examples of adjusting entries? i) An entry to record interest owing on a bank loan at the end of the period. The interest is not yet paid, and is previously unrecorded. ii) A depreciation entry to reflect the use of long-lived equipment during the period. iii) An entry to correct an error that was discovered in the trial balance, when a $100 debit was incorrectly posted to inventory rather than accounts receivable. a. i...
For each of the following separate situations, prepare the necessary adjustments in journal entry form. 1....
For each of the following separate situations, prepare the necessary adjustments in journal entry form. 1. Unrecorded depreciation on equipment is $610. 2. On the date for preparing financial statements, an estimated utilities expense of $390 has been incurred, but no utility bill has yet been received or paid. 3. On the first day of the current period, rent for four periods was paid and recorded as a $2,800 debit to Prepaid Rent and a $2,800 credit to Cash. 4....
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but...
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $500 of interest on a line of credit loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year end, the company holds a mortgage payable that has incurred $1,125 in annual interest that is...
1. Record the following adjusting entries to reflect the accrual
and deferral of expense and revenue for the ending of December
31.
2.After you have journalized and posted the transactions, record
the adjusting entries on the worksheet.
a - Recognized the interest income accumlated on $5,000 note
bearing interest of 10% dated a month before the accounting
period.
b- Interest expense incurred but not yet paid on the promissory
note amounted to $50.
c- Recognized that the cleaning income which...
18) The premium on bonds payable: a) represents the increase in interest expense over the life of the bonds b) represents a decrease in interest expense over the life of the bonds c) decreases interest expense to the effective interest rate d) both (b) and (c) are correct e) none of the above. 19) Interest received on investment is classified on Statement of Cash Flows as: a. Financing activity b Operating activity c investing activity d. Non-cash investing and Financing...
Classifying Types of Adjustments Classify the following items as (a) accrued revenue, (b) accrued expense, (c) unearned revenue, or (d) prepaid expense: 1. Bill for ads that appeared in prior month's local newspaper. 2. Fees received but not yet earned. 3. Fees earned but not yet received. 4. Premium paid on a one-year insurance policy. 5. Rent received in advance for rental of office space. 6. Supplies on hand. 7. Rent paid in advance. 8. Wages owed but payable in...
Incurred $38 million in income tax expense related to current year profits and paid the entire amount in cash during the current period. ¡) \ Incurred and paid $1,795 million in selling, general, and administrative expenses during the period. Paid employees $281 million cash in the current period for salaries and wages. Of this $281 million, $13 million relates to prior period employee service and $268 million relates to current period employee service Paid $26 million cash for future advertising...
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $500 of interest on a line of credit loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year end, the company holds a mortgage payable that has incurred $1,125 in annual interest that is...
Most questions answered within 3 hours.
-
At the start of a CD it is spinning at a rate of 525 rpm
(revolutions...
asked 5 minutes ago -
4. Without doing any calculations, predict whether the observed
∆T would increase, decrease or remain the...
asked 1 hour ago -
Based on the range, which of the following sets of scores has
the greatest variability? 3,...
asked 2 hours ago -
Ripples in a pond travel at a velocity of 3 m/s with one peak
passing a...
asked 2 hours ago -
A man stands on the roof of a building of height 13.0 mm and
throws a...
asked 2 hours ago -
The extent to which assets are financed by borrowed funds and
other liabilities is indicated by:...
asked 3 hours ago -
Explain in detail
Germany is the fifth largest economy
explain what goods and services Germany specializes...
asked 3 hours ago -
The density of platinum is 21.45 g/mL. If a cube of platinum
with a mass of...
asked 3 hours ago -
Accounts Receivable
Sales
A/R Posting
Extended Sales Invoice
Packing Slip
Compare invoice to packing slip 2...
asked 3 hours ago -
Michaella, age 23, is a full-time law student and is claimed by
her parents as a...
asked 3 hours ago -
Why are polymers not typically casted into products?
asked 4 hours ago -
When rolling a die 129 times, what is the probability of rolling
a 6 no more...
asked 4 hours ago