Hi, can i get some help with this problems: 1) A) True of false. Adjusting entries...
Hi, can i get some help with this problems:
1) A) True of false. Adjusting entries do not need to be posted to the general ledger.
B) Which statement does not report financial data over a period of time?
a) Income statement
b) statement of stockholders' equity
c)balance sheet
d)statement of cast flows
Homework Answers
A) Adjusting entries are pass for Prepaid expenses, Outstanding expenses, Incomes received in advance and income receivable. Adjustments entries should be passed and posted in general ledger.
FALSE
B)
Balance sheet provides the data of asset and liabilities as on a particular day ie. ending day of a financial year and not periodically.
BALANCE SHEET
Add Answer to:
Hi, can i get some help with this problems:
1) A) True of false. Adjusting entries...
List the accounting cycle steps in proper order. Record and post adjusting entries. Post the transaction...
List the accounting cycle steps in proper order. Record and post adjusting entries.Post the transaction to the T-account in the general ledger.Record the transaction.Prepare financial statements (income statement, statement of stockholders' equity,balance sheet, and statement of cash flows).Record and post closing entries.9Prepare a trial balance.Analyze the impact of the transaction on the accounting equation.Assess whether the transaction results in a debit or a credit to the account balance.Use source documents to identify accounts affected by external transactions.
True or False 1. Adjusting entries result in a better matching of revenues and expenses. 2....
True or False 1. Adjusting entries result in a better matching of revenues and expenses. 2. Accrued expenses are expenses not yet paid during the period but are owed and not yet recorded. 3. Accrued Revenue is revenue that has not yet been earned and not yet received nor recorded at the end of the period. 4. Liabilities are the owner's rights and claims to the property (assets) of a business. 5. The balance sheet is a financial statement that...
PART I: TRUE OR FALSE (10 Points): Indicate the best answer by entering "T" or "F"...
PART I: TRUE OR FALSE (10 Points): Indicate the best answer by entering "T" or "F" on the answer sheet. 1) The Balance Sheet shows a company's net income over time. 2) As a general rule, revenues should not be recognized when earned, but rather when cash is received. 3) Owner's withdrawals always decrease Equity. 4) Debits recorded in a journal are always posted as debits in the ledger. _5) Financial Statements are prepared after the books are closed for...
Which of the following is TRUE about adjusting entries? Select one: a. Adjusting entries can sometimes...
Which of the following is TRUE about adjusting entries? Select one: a. Adjusting entries can sometimes involve the Cash account. b. Adjusting entries only involve balance sheet accounts. c. Adjusting entries only involve income statement accounts. O d. Adjusting entries always involve a balance sheet account and an income statement account
alla CPUrug. Wy W WCU LULUPUU punt GENERAL EXERCISES AND PROBLEMS 15-29 True or False Use...
alla CPUrug. Wy W WCU LULUPUU punt GENERAL EXERCISES AND PROBLEMS 15-29 True or False Use T or F to indicate whether each of the following statements is true or false. Change each false statement into one that is true. 1. A large cash balance is the best evidence of previous profitable operations, 2. Accounts receivable should be classified as a liability. 3. Machinery used in the business should be recorded at replacement cost. 4. It is not possible to...
Which of the following is NOT true about financial statements?
5.Which of the following is NOT true about financial statements?the balance sheet reports the financial position of a business at a particular point in timethe income statement reports the net cash received during the period as a result of operating activitiesthe statement of cash flows reports the inflows and outflows of cash for the periodthe statement of stockholders' equity includes information about net income and dividends for the period6.Which of the following best describes the purpose of the balance sheet?summarize...
I need help with filling these out. i am stuck and need some help. Dakota Company...
I need help with filling these out. i am stuck and need some
help.
Dakota Company experienced the following events during Year 2. 1. Acquired $20,000 cash from the issue of common stock. 2. Paid $25,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $50,000 cash. 5. Paid $1,500 cash for utilities expense. 6. Paid $35,500 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value...
1. Which of the following adjusting entries would not be reversed in the following accounting period?...
1. Which of the following adjusting entries would not be reversed in the following accounting period? a. an entry that recognized an accrued revenue earned during the current period b. an entry that transferred a portion of a revenue account to a liability account c. an entry that recognized an accrued expense of the current period d. an entry that allocated the expired portion of a long-lived asset to the current year's income statement (I know that it is not...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
With the following information (below), I need help preparing year-end adjusting entries (step 1), completing the partne...
With the following information (below), I need help
preparing year-end adjusting entries (step 1), completing the
partnership profit/losses allocation chart + subsequent adjusting
journal entry (step 2), posting adjusting entries and completing
the trial balance sheet (step 3), and preparing an income
statement, statement of partners' capital and balance sheet (step
4).
Partnership A, B, and C is a law firm. You have been engaged as
accountant to prepare financial statements for the year ended
December 31, 2019.
On the...
List the accounting cycle steps in proper order. Record and post adjusting entries.Post the transaction to the T-account in the general ledger.Record the transaction.Prepare financial statements (income statement, statement of stockholders' equity,balance sheet, and statement of cash flows).Record and post closing entries.9Prepare a trial balance.Analyze the impact of the transaction on the accounting equation.Assess whether the transaction results in a debit or a credit to the account balance.Use source documents to identify accounts affected by external transactions.
PART I: TRUE OR FALSE (10 Points): Indicate the best answer by entering "T" or "F" on the answer sheet. 1) The Balance Sheet shows a company's net income over time. 2) As a general rule, revenues should not be recognized when earned, but rather when cash is received. 3) Owner's withdrawals always decrease Equity. 4) Debits recorded in a journal are always posted as debits in the ledger. _5) Financial Statements are prepared after the books are closed for...
Which of the following is TRUE about adjusting entries? Select one: a. Adjusting entries can sometimes involve the Cash account. b. Adjusting entries only involve balance sheet accounts. c. Adjusting entries only involve income statement accounts. O d. Adjusting entries always involve a balance sheet account and an income statement account
alla CPUrug. Wy W WCU LULUPUU punt GENERAL EXERCISES AND PROBLEMS 15-29 True or False Use T or F to indicate whether each of the following statements is true or false. Change each false statement into one that is true. 1. A large cash balance is the best evidence of previous profitable operations, 2. Accounts receivable should be classified as a liability. 3. Machinery used in the business should be recorded at replacement cost. 4. It is not possible to...
I need help with filling these out. i am stuck and need some
help.
Dakota Company experienced the following events during Year 2. 1. Acquired $20,000 cash from the issue of common stock. 2. Paid $25,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $50,000 cash. 5. Paid $1,500 cash for utilities expense. 6. Paid $35,500 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
With the following information (below), I need help
preparing year-end adjusting entries (step 1), completing the
partnership profit/losses allocation chart + subsequent adjusting
journal entry (step 2), posting adjusting entries and completing
the trial balance sheet (step 3), and preparing an income
statement, statement of partners' capital and balance sheet (step
4).
Partnership A, B, and C is a law firm. You have been engaged as
accountant to prepare financial statements for the year ended
December 31, 2019.
On the...
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