Question 50 Adjusting entries for accrued revenues typically include which of the following related types of...
Question 50
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Adjusting entries for accrued revenues typically include which of the following related types of accounts?
A. Revenue and Liability accounts
B. Revenue and Asset accounts
C. Expense and Liability accounts
D. Expense and Asset accounts
Homework Answers
Option B) Revenue and Asset accounts
When a revenue is accrued during the year, it should be recognised as a revenue in the same year by crediting the respective revenue account and debiting the 'revenue accrued or receivable account' since it is not yet received in cash.
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Question 50
Adjusting entries for accrued revenues typically include which
of the following related types of...
correct answer 1) Types of adjusting entries include all of the following except: A) Accrued Expenses...
correct answer
1) Types of adjusting entries include all of the following except: A) Accrued Expenses B) Accrued Cash C) Accrued Revenues D) Prepaid Items 2) The order of the steps in the accounting cycle includes: A) Adjusted Trial Balance, financial reports, adjusting entries, Trial Balance B) Adjusted Trial Balance, adjusting entries, financial reports, Trial Balance C) Trial Balance, adjusting entries, Adjusted Trial Balance, financial reports D) Trial Balance, financial reports, adjusting entries, Adjusted Trial Balance 3) If a count...
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.
correct answer 6) To prepare the Trial Balance, select A) Company Center Company & Financials B)...
correct answer
6) To prepare the Trial Balance, select A) Company Center Company & Financials B) Reports Center Company & Financials C) Reports Center > Accountant & Taxes D) Company Center > Accountant & Taxes 7) Adjusting entries are used to: A) Close temporary accounts at year end B) Close permanent accounts at year-end C) Bring account balances up to date at year end D) All of the choices are correct 8) An accounting period may be: A) One quarter...
Classify the following adjusting entries as involving prepaid expenses, unearned revenues, accrued expenses, or accrued revenues....
Classify the following adjusting entries as involving prepaid expenses, unearned revenues, accrued expenses, or accrued revenues. a. To record rent expense incurred but not yet paid. | b. To record cash received from gift card sales. c. To record service revenues performed but not yet billed (nor recorded). d. To record expiration of prepaid rent. e. To record supplies used as supplies expense.
Describe the adjusting entries, including the accounts used, for 1) accrued expenses and 2) accrued revenues....
Describe the adjusting entries, including the accounts used, for 1) accrued expenses and 2) accrued revenues.
The adjusting entry to record an accrued revenue is: A. Increase an expense; increase a liability....
The adjusting entry to record an accrued revenue is: A. Increase an expense; increase a liability. B. Increase an asset; increase revenue. C. Decrease a liability; increase revenue. D. Increase an expense; decrease an asset. E. Increase an expense; decrease a liability.
The adjusting entry to record an accrued expense is: A. Increase an expense; increase a liability....
The adjusting entry to record an accrued expense is: A. Increase an expense; increase a liability. B. Increase an asset; increase revenue. C. Decrease a liability; increase revenue. D. Increase an expense; decrease an asset. E. Increase an expense; decrease a liability.
A company issued financial statements for the year ended December 31, but failed to include the following adjusting entries: A. Accrued service fees earned of $2,200. B. Depreciation expense of $8,000. C. Portion of office supplies (an asset) used $3,100.
1. A company issued financial statements for the year ended December 31, but failed to include the following adjusting entries:A. Accrued service fees earned of $2,200.B. Depreciation expense of $8,000.C. Portion of office supplies (an asset) used $3,100.D. Accrued salaries of $5,200.E. Revenues of $7,200, originally recorded as unearned, have been earned by the end of the year.
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...
what is the importance of the following adjusting entries Deferred Expense: Deferred Revenue : Accrued Expense:...
what is the importance of the following adjusting entries Deferred Expense: Deferred Revenue : Accrued Expense: Accrued Revenue: why is it important to complete the adjusting entries?
correct answer
1) Types of adjusting entries include all of the following except: A) Accrued Expenses B) Accrued Cash C) Accrued Revenues D) Prepaid Items 2) The order of the steps in the accounting cycle includes: A) Adjusted Trial Balance, financial reports, adjusting entries, Trial Balance B) Adjusted Trial Balance, adjusting entries, financial reports, Trial Balance C) Trial Balance, adjusting entries, Adjusted Trial Balance, financial reports D) Trial Balance, financial reports, adjusting entries, Adjusted Trial Balance 3) If a count...
correct answer
6) To prepare the Trial Balance, select A) Company Center Company & Financials B) Reports Center Company & Financials C) Reports Center > Accountant & Taxes D) Company Center > Accountant & Taxes 7) Adjusting entries are used to: A) Close temporary accounts at year end B) Close permanent accounts at year-end C) Bring account balances up to date at year end D) All of the choices are correct 8) An accounting period may be: A) One quarter...
Classify the following adjusting entries as involving prepaid expenses, unearned revenues, accrued expenses, or accrued revenues. a. To record rent expense incurred but not yet paid. | b. To record cash received from gift card sales. c. To record service revenues performed but not yet billed (nor recorded). d. To record expiration of prepaid rent. e. To record supplies used as supplies expense.
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