Homework Answers
a) Earned portion of rent received in advance includes liabilities decrease and equity increase
b) Accrued wages payable includes liabilities increase and equity decrease
c) Revenue earned but not received include assets increase equity increase
d) Used portion of prepaid insurance include assets decrease and equity decrease
e) Payment of dividend includes liabilities decrease assets decrease
so answer is d) the entry to record the used portion of prepaid insurance
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The Malaise Company is recording adjusting journal entries. Which of the following adjusting entries will result...
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
1. Which of the following would be the adjusting journal entry to recognize earned but unpaid...
1. Which of the following would be the adjusting journal entry to recognize earned but unpaid wages for the period? a Dr. Wages Expense, Cr. Cash b Dr. Wages Payable, Cr. Cash c Dr. Wages Payable, Cr. Wages Expense d Dr. Wages Expense, Cr. Wages Payable 2. Which of the following would be the effect of a transaction to record the portion of prepaid rent that has expired in a period? a. increase Prepaid Rent, decrease Rent Expense b increase...
Lune s on the balance sheet as of December 31, 2011 $4,300 $2,200 $4,600 $4,800 None...
Lune s on the balance sheet as of December 31, 2011 $4,300 $2,200 $4,600 $4,800 None of the above. of the following adjusting entries, which one results in an increase in liabilities? ay to record earned portion of rent previously received in advance from a tenant and initially recorded as a liability The entry to write off a portion of unexpired insurance initially recorded as an asset. The entry to record interest accrued on a note receivable. D. The entry...
Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general...
Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form a. Unrecorded depreciation on equipment is $1850 b. The Supplies account has a balance of $5,000. Supplies on hand at the end of the period totaled $2,500, c On the date for preparing financial statements, an estimated utilities expense of $550 has been incurred, but no utility bill has been received. d. On the first day of the current month, rent for...
Problem 3-1A Identifying adjusting entries with explanations LO P1, P2, P3, P4 For journal entries 1...
Problem 3-1A Identifying adjusting entries with explanations LO P1, P2, P3, P4 For journal entries 1 through 12, select the letter of the explanation that most closely describes it in the space beside each entry. You can use letters more than once. A. To record receipt of unearned revenue. B. To record this period's earning of prior unearned revenue. C. To record payment of an accrued expense. D. To record receipt of an accrued revenue. E. To record an accrued...
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...
Question 6 incomplete answer Marked out of 1.00 P Flag question Adjusting Entries for each of...
Question 6 incomplete answer Marked out of 1.00 P Flag question Adjusting Entries for each of the following unrelated situations, prepare the necessary adjusting entry in general journal form a. Unrecorded depreciation on equipment is $1,850 b. The Supplies account has a balance of 54,000. Supplies on hand at the end of the period totaled $2,500. c. On the date for preparing financial statements, an estimated utilities expense of $610 has been incurred, but no utility bill has been received...
Adjusting entries affect at least one balance sheet account and at least one income statement account....
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. a. Entry to record revenue earned that was previously received as cash...
LO 4-1, 4-2, 4-6 54-8 Recording Typical Adjusting Journal Entries Isworski's Ski Store is completing the...
LO 4-1, 4-2, 4-6 54-8 Recording Typical Adjusting Journal Entries Isworski's Ski Store is completing the accounting process for its first year ended December 31, 2015. The transactions during 2015 have been journalized and posted. The following data are available to determine adjusting journal entries: 4 The unadjusted balance in Supplies was $850 at December 31, 2015. The unadjusted balance in Supplies Expense was $0 at December 31, 2015. A year-end count showed $100 of supplies on hand. TER 4...
Lune s on the balance sheet as of December 31, 2011 $4,300 $2,200 $4,600 $4,800 None of the above. of the following adjusting entries, which one results in an increase in liabilities? ay to record earned portion of rent previously received in advance from a tenant and initially recorded as a liability The entry to write off a portion of unexpired insurance initially recorded as an asset. The entry to record interest accrued on a note receivable. D. The entry...
Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form a. Unrecorded depreciation on equipment is $1850 b. The Supplies account has a balance of $5,000. Supplies on hand at the end of the period totaled $2,500, c On the date for preparing financial statements, an estimated utilities expense of $550 has been incurred, but no utility bill has been received. d. On the first day of the current month, rent for...
Problem 3-1A Identifying adjusting entries with explanations LO P1, P2, P3, P4 For journal entries 1 through 12, select the letter of the explanation that most closely describes it in the space beside each entry. You can use letters more than once. A. To record receipt of unearned revenue. B. To record this period's earning of prior unearned revenue. C. To record payment of an accrued expense. D. To record receipt of an accrued revenue. E. To record an accrued...
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...
Question 6 incomplete answer Marked out of 1.00 P Flag question Adjusting Entries for each of the following unrelated situations, prepare the necessary adjusting entry in general journal form a. Unrecorded depreciation on equipment is $1,850 b. The Supplies account has a balance of 54,000. Supplies on hand at the end of the period totaled $2,500. c. On the date for preparing financial statements, an estimated utilities expense of $610 has been incurred, but no utility bill has been received...
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. a. Entry to record revenue earned that was previously received as cash...
LO 4-1, 4-2, 4-6 54-8 Recording Typical Adjusting Journal Entries Isworski's Ski Store is completing the accounting process for its first year ended December 31, 2015. The transactions during 2015 have been journalized and posted. The following data are available to determine adjusting journal entries: 4 The unadjusted balance in Supplies was $850 at December 31, 2015. The unadjusted balance in Supplies Expense was $0 at December 31, 2015. A year-end count showed $100 of supplies on hand. TER 4...
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