2. Match each type of adjusting entry with its definition. Deferred revenue Accrued expenses Prepaid expenses Accrued r...
2. Match each type of adjusting entry with its definition.
- Deferred revenue
- Accrued expenses
- Prepaid expenses
- Accrued revenue
Match each of the options above to the items below.
-
Receive cash in the current period that will be recorded as a revenue in a future period.
-
Record an expense in the current period that will be paid in cash in a future period.
-
Record a revenue in the current period that will be collected in cash in a future period.
-
Pay cash (or have an obligation to pay cash) in the current period that will be recorded as an expense in a future period.
3. Match each term related to closing entries with its description.
- Closing entries
- Permanent accounts
- Temporary accounts
- Post-closing trial balance
- Adjusted trial balance
Match each of the options above to the items below.
-
Revenues, expenses, and dividends.
-
List of permanent accounts and their balances.
-
Transfer of temporary balances to retained earnings.
-
List of permanent and temporary accounts and their balances.
-
Assets, liabilities, and stockholders
Homework Answers
| 2 | |
| Deferred revenue | Receive cash in the current period that will be recorded as a revenue in a future period. |
| Accrued expenses | Record an expense in the current period that will be paid in cash in a future period. |
| Prepaid expenses | Pay cash (or have an obligation to pay cash) in the current period that will be recorded as an expense in a future period. |
| Accrued revenue | Record a revenue in the current period that will be collected in cash in a future period. |
| 3 | |
| Closing entries | Transfer of temporary balances to retained earnings. |
| Permanent accounts | Assets, liabilities, and stockholders equity |
| Temporary accounts | Revenues, expenses, and dividends. |
| Post-closing trial balance | List of permanent accounts and their balances. |
| Adjusted trial balance | List of permanent and temporary accounts and their balances. |
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2. Match each type of adjusting entry with its definition. Deferred revenue Accrued expenses Prepaid expenses Accrued r...
a b. Current Attempt in Progress Match each term or phrase with its description below. Expenses...
a b. Current Attempt in Progress Match each term or phrase with its description below. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed Entries at the end of an accounting...
match the lettered definition with the vocab word a. Expenses paid in cash before they are...
match the lettered definition with the vocab word
a. Expenses paid in cash before they are used or consumed.
choose the accounting concept
b. The difference between the cost of a depreciable asset and
its related accumulated depreciation.
choose the accounting concept
c. A list of accounts and their balances after all adjustments
have been made.
choose the accounting concept
d. Entries made at the end of an accounting period to ensure
that the revenue
recognition and expense recognition principles...
a b. C d. Expenses paid in cash before they are used or consumed. The difference...
a b. C d. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation. A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent...
Question 8 15 pts Match each definition with the appropriate term. An account that is paired...
Question 8 15 pts Match each definition with the appropriate term. An account that is paired with another account and acts to reduce.its book value. Choose) [Choose1 The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue A journal entry that transfers net income or loss to the Retained Earnings account [ Choose ] Deferral adjustment Income before income taxes...
Exercise 4-10 Preparing adjusting and closing entries for a merchandiser LO P3 The following list includes...
Exercise 4-10 Preparing adjusting and closing entries for a merchandiser LO P3 The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2017, unadjusted trial balance of Emiko Co.. Emiko Co. uses a perpetual inventory system. Debit Credit Merchandise inventory $ 34,000 Prepaid selling expenses 6,400 Dividends 41,000 Sales $ 561,000 Sales returns and allowances 19,100 Sales discounts 5,800 Cost of goods sold 228,000 Sales salaries expense 56,000 Utilities expense 19,000 Selling expenses...
Exercise 4-10 Preparing adjusting and closing entries for a merchandiser LO P3 The following list includes...
Exercise 4-10 Preparing adjusting and closing entries for a merchandiser LO P3 The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2018, unadjusted trial balance of Emiko Co.. Emiko Co. uses a perpetual inventory system. Debit Credit Merchandise inventory $ 30,000 Prepaid selling expenses 5,600 Dividends 33,000 Sales $ 529,000 Sales returns and allowances 17,500 Sales discounts 5,000 Cost of goods sold 212,000 Sales salaries expense 48,000 Utilities expense 15,000 Selling expenses...
these are the definentions Question 8 15 pts Match each term with the appropriate definition Contra-amet...
these are the definentions
Question 8 15 pts Match each term with the appropriate definition Contra-amet Carrying value Deferral adjustment ✓ Choose An account that must have a zero balance after closing entries have been made. Lists the balances of all temporary and permanent accounts to provide a check on the equality of the debits and credits. An account that remains on the books year after year When revenue minus expenses is a negative number. Checks that debits equal credits...
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.
Accounting -Compute the Accounting Equation and all of its main components. -Explain the Basic Accounts and...
Accounting -Compute the Accounting Equation and all of its main components. -Explain the Basic Accounts and name the "verbs" for each type of account. -Explain the Debit/Credit Rules and Normal Balance for Assets, Liabilities, and Owners' Equity Accounts. -Identify how accounts increase and decrease in value. -Explain the difference between "accrual basis" vs "cash basis" accounting methods. -Explain the adjusting entry account relationships for the following adjusting entries: accounts receivable(arrcued revenues), accounts payabe(accrued liabilities), prepaid expense, and unearned service revenue....
Question 8 15 pts Match each definition with the appropriate term. [Choose) An account that is...
Question 8 15 pts Match each definition with the appropriate term. [Choose) An account that is paired with another account and acts to reduce its book value. [Choose The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue. [Choose [Choose] A journal entry that transfers net income or loss to the Retained Earnings account When revenue minus expenses is a...
a b. Current Attempt in Progress Match each term or phrase with its description below. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed Entries at the end of an accounting...
match the lettered definition with the vocab word
a. Expenses paid in cash before they are used or consumed.
choose the accounting concept
b. The difference between the cost of a depreciable asset and
its related accumulated depreciation.
choose the accounting concept
c. A list of accounts and their balances after all adjustments
have been made.
choose the accounting concept
d. Entries made at the end of an accounting period to ensure
that the revenue
recognition and expense recognition principles...
a b. C d. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation. A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent...
Question 8 15 pts Match each definition with the appropriate term. An account that is paired with another account and acts to reduce.its book value. Choose) [Choose1 The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue A journal entry that transfers net income or loss to the Retained Earnings account [ Choose ] Deferral adjustment Income before income taxes...
these are the definentions
Question 8 15 pts Match each term with the appropriate definition Contra-amet Carrying value Deferral adjustment ✓ Choose An account that must have a zero balance after closing entries have been made. Lists the balances of all temporary and permanent accounts to provide a check on the equality of the debits and credits. An account that remains on the books year after year When revenue minus expenses is a negative number. Checks that debits equal credits...
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.
Question 8 15 pts Match each definition with the appropriate term. [Choose) An account that is paired with another account and acts to reduce its book value. [Choose The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue. [Choose [Choose] A journal entry that transfers net income or loss to the Retained Earnings account When revenue minus expenses is a...
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