Which of the following adjusting entries causes a decrease in assets? Recognizing the portion of revenue...
Which of the following adjusting entries causes a decrease in assets?
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Recognizing the portion of revenue collected in advance.
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Recording depreciation expense.
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Accruing unrecorded salaries expense.
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Accruing unrecorded interest revenue.
Homework Answers
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Which of the following adjusting entries causes a decrease in
assets?
Recognizing the portion of revenue...
Which of the following adjusting entries creates a decrease in liabilities? A. Recording depreciation expense B....
Which of the following adjusting entries creates a decrease in liabilities? A. Recording depreciation expense B. Recording the amount of expired prepaid insurance C. accruing unrecorded salaries expense D. Recording the earned portion of revenue previously collected in advance.
Which of the following adjusting entries will increase rent revenue and decrease rent expense? A. Entry...
Which of the following adjusting entries will increase rent revenue and decrease rent expense? A. Entry to record accrued revenue B. Entry to record the earned portion of revenue in advance and credited to rent expense. C. Entry to record accrued expense D. None of the entries applies
The Malaise Company is recording adjusting journal entries. Which of the following adjusting entries will result...
The Malaise Company is recording adjusting journal entries. Which of the following adjusting entries will result in a decrease in assets and equity? The entry to record the earned portion of rent received in advance The entry to record accrued wages payable The entry to record a revenue earned but not yet received The entry to record the used portion of prepaid insurance The entry to record the payment of a dividend which was previously declared Lincoln Comnany
best answer explanation 5. Reversing entries are most commonly used in relation to year-end adjusting entries...
best answer explanation
5. Reversing entries are most commonly used in relation to year-end adjusting entries that a. allocate the expired portion of a depreciable asset to expense. b. amortize intangible assets. c. provide for bad debt expense. d. accrue interest revenue on notes receivable 6 Of the following adjusting entries, which one would cause an increase in assets at the end of the period? a. The entry to record the earned portion of rent received in advance b. The...
Which of the following is not a purpose of adjusting entries? To prepare the revenue and...
Which of the following is not a purpose of adjusting entries? To prepare the revenue and expense accounts for recording transactions of the following period. To apportion the proper amounts of revenue and expense to the current accounting period. To establish the proper amounts of assets and liabilities in the balance sheet. To accomplish the objective of offsetting the revenue of the period with all the expenses incurred in generating that revenue.
E4-12 Recording Transactions Including Adjusting and Closing Journal Entries [LO 4-2, LO 4-5] The following accounts...
E4-12 Recording Transactions Including Adjusting and Closing Journal Entries [LO 4-2, LO 4-5] The following accounts are used by Mouse Potato, Inc., a computer game maker. Codes Accounts Accounts Receivable Accumulated Depreciation Cash Deferred Revenue Depreciation Expense Equipment Interest Expense Interest Payable Accounts Interest Revenue Notes Payable (long-term) Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Service Revenue Supplies Supplies Expense Required: For each of the following Independent situations, give the journal entry by selecting/entering the appropriate code(s)...
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...
1. Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when Unrecorded...
1. Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when Unrecorded interest accrued on savings bonds is $488. Property taxes incurred but not paid or recorded amount to $976. 3. Unearned service revenue of $4,880 was collected in advance. By year end $854 was still unearned. Prepaid insurance had a $915 debit balance prior to adjustment. By year end, 60 percent was still unexpired. 5. Salaries incurred by year end but not yet paid or...
Which statement is true for accrued revenue adjusting entries? A : The adjusting entry results in...
Which statement is true for accrued revenue adjusting entries? A : The adjusting entry results in an increase (a debit) to a revenue account and a decrease (a credit) to an asset account. B : Prior to adjustment, assets and revenues are both overstated. C : None of choices is correct. D : The adjusting entry will increase both an asset account and a revenue account.
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 Malaise Company is recording adjusting journal entries. Which of the following adjusting entries will result in a decrease in assets and equity? The entry to record the earned portion of rent received in advance The entry to record accrued wages payable The entry to record a revenue earned but not yet received The entry to record the used portion of prepaid insurance The entry to record the payment of a dividend which was previously declared Lincoln Comnany
best answer explanation
5. Reversing entries are most commonly used in relation to year-end adjusting entries that a. allocate the expired portion of a depreciable asset to expense. b. amortize intangible assets. c. provide for bad debt expense. d. accrue interest revenue on notes receivable 6 Of the following adjusting entries, which one would cause an increase in assets at the end of the period? a. The entry to record the earned portion of rent received in advance b. The...
E4-12 Recording Transactions Including Adjusting and Closing Journal Entries [LO 4-2, LO 4-5] The following accounts are used by Mouse Potato, Inc., a computer game maker. Codes Accounts Accounts Receivable Accumulated Depreciation Cash Deferred Revenue Depreciation Expense Equipment Interest Expense Interest Payable Accounts Interest Revenue Notes Payable (long-term) Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Service Revenue Supplies Supplies Expense Required: For each of the following Independent situations, give the journal entry by selecting/entering the appropriate code(s)...
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...
1. Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when Unrecorded interest accrued on savings bonds is $488. Property taxes incurred but not paid or recorded amount to $976. 3. Unearned service revenue of $4,880 was collected in advance. By year end $854 was still unearned. Prepaid insurance had a $915 debit balance prior to adjustment. By year end, 60 percent was still unexpired. 5. Salaries incurred by year end but not yet paid or...
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...
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