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What reasonable adjustments are. History of alternative medicine - Wikipedia a. unearned revenue b. stock dividend distributable c. the currently maturing proportion of long-term debt d. trade accounts payable, What types of account balances are increased by debits? B. What is considered an adjustment to income? a) Debiting Wage Expense for $640 and crediting Wages Payable for $640. Application period 02-Mar-2023 to 17-Mar-2023. Change in accounts receivable. c) Unexpired revenue. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. B. Assigning revenues to the periods in which they are earned. 2.4 - Life Insurance Policy Options and Riders, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, Principles of Managerial Finance, Global Edition, 1st Semester Final Review- Principles of Busi. Hypodermis d. Nails e. Sebaceous glands. checks that have been paid by at the bank and charged to the depositor's account. A_____is a collection problem that requires immediate action because this individual has a balance due and has moved without leaving a forwarding address. This month, the last day of the month falls on a Thursday. Participants for the study were those who used a popular Web site for engaged couples. SEJPME PRETEST Flashcards | Quizlet A. Do you think the materiality guidelines should be quantified? b. debit Insurance Expense, $14,000; credit Prepaid Insurance, $14,000 ($60,000 / 10 = $6,000 * 4 = $24,000; $60,000 - $24,000 = $36,000). An entry to convert an asset to a liability D. An entry to convert a liability to a revenueE. A) Expenses are outflows or other using up of assets or incurrence of liabilities (or a combination of both) during a period from delivering or produci, Which of the following types of accounts normally have debit balances? c) Net income will be understated and total assets will be overstated. If no adjusting entry is made, how will this year's financial statements of Bon Appetite Caf be affected? The correct term for the process of transferring amounts from a book of original entry to specific assets, liabilities, revenues, expenses, and stockholders' equity items is (select, Which of the following have debit balances? b) Decrease by $9,800. Adjusting entries - explanation, purpose, types, examples | Accounting 1) The concept of materiality: 29. The effect of this error is: Compute the dealerships sales price variance and sales volume variance for the month and classify each as favorable or unfavorable. a) In the period in which they are earned. c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. What is considered an adjustment to income? - Support The balance in the Office Equipment account is $9,360; no change has occurred in the account during the year. a. snow removal services that have been paid for three months in advance c. The adjustment for prepaid insurance was omitted. b. a computer technician has been paid in advance to install software updates as they become available d. debit Supplies; credit Stockholders' Equity, Buster Industries pays weekly salaries of $30,000 on Friday for a five-day week ending on that day. a. a. a) Liabilities and expenses increase; stockholders' equity decrease b) Assets and stockholde, Indicate the type of Deferred Tax account created by Accrued Expenses and Prepaid Expenses, respectively: a. b) $231,900. Definition of Accrual Adjusting Entries Accrual adjusting entries or simply accruals are one of three types of adjusting entries which are prepared at the end of an accounting period so that a company's financial statements will comply with the accrual method of accounting. Why It Matters; 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements; 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions; 3.3 Define and Describe the Initial Steps in the Accounting Cycle; 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business . The adjustment for depreciation of $3,545 was journalized as debit to Depreciation Expense for $3,454 and a credit to Accumulated Depreciation of $3,545. a) Increase by $9,800. a. income statement b. statement of changes in owner equity c. balance sheet, Which of the following groups of accounts have a normal debit balance? d) A debit to Fees Receivable of $9,000. D) trend smoothing. Stock is exchanged with shareholders. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay. -Depreciation for the month of March: $2,300. -Supplies used in March: $300. c. debit Salaries Payable; credit Salaries Expense Which one of the following is not considered a basic type of adjusting entry? c. used 1) Great Kids Co. began providing day care for the children of employees of a large corporation on January 15 for an agreed monthly fee of $9,000. Solved Which of the following would not be considered an - Chegg 1) Before any month-end adjustments are made, the net income of Russell Company is $38,000. d) Matching. For the most part, is XOM's P/E ratio above or below that of its peers? 1) Which statement is true about an adjusted trial balance? This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. An adjusting journal entry is usually made at the end of an accounting period to recognize an income or expense in the period that it is incurred. $2,000 400 A) Supplies expense 400 Supplies 400 B) Depreciation expense 400 Accumulated depreciation 400 C) Wage expense 400 Cash 400 D) Insurance expense 400 Prepaid insurance. Accounting Ch. 3 Flashcards | Quizlet Assets, capital, and withdrawals. Adjustments include: Medical Savings Account, Form 8853 Educator Expenses Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Land a. 1) On June 1, Norma Company signed a 12-month lease for warehouse space. (c) The entry to record the earned portion of rent received in. To ensure consistency and fairness to all applicants, please do not submit materials in addition to those requested. b. liabilities c) As an asset on the balance sheet. At the end of the period, it was determined that $15,000 worth of coupons had been used by customers to rent videos. c. $6,800 b) Only an estimate. b. a. c. Expenses decrease stockholders' equity. 33. The following information has been assembled in order to prepare the required adjusting entries at December 31: a. c. $2,800 $12,000 24 Questions Show answers. b) The entry to record depreciation expense. Which one of the following is not considered a basic type of adjusting entry? b. allocation of unearned revenue. Assets = Liabilities + Common Stock + Dividends - Revenue - Expenses b. Which of the following is NOT one of the three ways medical services can be achieved? Write offs. Is the gift you purchased for that special someone really appreciated? Job categories Finance. d. revenue and one stockholders' equity account, The term used to describe an expense that has not been paid and has not yet been recognized in the accounts by a routine entry is 6, expenses can be defined by which of the following? a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. Patient Billing and Collections-Chapter 18 Flashcards | Quizlet An adjusted trial balance is prepared based on the adjusting entries. Human Resources Specialist at North Orange County Community College Debit Accumulated Depreciation $578 and credit Depreciation Expense $578. a. Ch. 4 Multiple Choice - Principles of Accounting, Volume 1 - OpenStax c. theater tickets that were not sold for the current performance Assets + Dividends + Expenses= Liabilities + Common Stock + Retained Earnings + Revenues. Rent Revenue 1,900. Payables a. B) An entry to record revenue that has been earned but has not yet been billed to customers. 1) Which of the following is not considered a basic type of adjusting entry? C. Assets, expenses, and withdrawals. b. C. Assigning expenses to the periods in which they are incurred. c) An asset. c. expenses in the period when they are paid Net income for January will be overstated. a) Net income will be overstated and total assets will be understated. d) An overstatement of net income and an understatement of assets. a) An exact calculation prepared by an appraiser. Which of the following accounts would likely be included in a deferral adjusting entry? Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Owner Capital a. c. Decrease a liability; increase revenue. b) To apportion unearned revenue. a. Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: At the end of the current year, $23,570 of fees have been earned but have not been billed to clients. The fee for delivery is $500. Sketch the graph of D(v)D(v)D(v). c) Be unaffected. A debit to an expense and a credit to cash. 1) Adjusting entries help achieve the goals of accrual accounting by applying which two accounting principles? d. prepaid expenses, The adjusting entry for gym memberships earned that were previously recorded in the unearned gym memberships account is a) As income on the income statement. Borders and boundaries The boundaries of adjustment disorder are not well defined in the current classifications. b) Assets = Liabilities - Owners' Equity. Asset b. These are Tax payers subject to the limitation subtract the limitation amount in calculating AMTI. c. debit Salary Expense, $12,000; credit Salaries Payable, $12,000 after adjusting entries are posted but before financial statements are prepared. b) $4,000 is paid in January for equipment with a useful life of four years. The budget for the month was to sell 45 trucks at an average price of$9,500 each. d. at least one income statement account and one balance sheet account, Prepaid expenses are eventually expected to become (4) Depreciation of office equipment is based on an estimated useful life of five years. d. None of these choices would not cause the adjusted trial balance totals to be unequal. Indicate which items will be erroneously stated, because of the error, on (A) the income statement for the year and (B) the balance sheet as of October 31. a. asset, credit 1.1 Background of the Study. If United Shipping makes monthly adjusting entries, which of the following is included as part of the March 31 adjusting entry? By writing-down a fixed asset's depreciable cost now, there is less depreciation expense to match against future revenues. b. deferred The pet died and the family has complained about the effect of the treatment. c) It increases, Unearned revenue is what type of an account? 1) Prepaid expenses are: Can any of these factors explain why XOM's P/E ratio differs from its peers? d. expenses are reported in the same period as the revenues to which they relate, Generally accepted accounting principles require that companies use the ____ of accounting. Adjusting entries part 4 | Other Quiz - Quizizz If an adjustment for salaries earned but not recorded or paid in the amount of $85,000 were to be omitted, how would this affect the financial statements? a. net income or loss will always be underestimated Prepaid expenses. A: Accrued revenues are those which have been accrued but not yet paid. Expenses have normal debit balances. The cash payment for accrued expenses occurs __________ the adjusting entry to record the accrued expenses. A. No adjusting entry should consist of: A debit to an expense and a credit to revenue. d. a deferred expense, The general term used to indicate delaying the recognition of an expense already paid or of a revenue already received is Nearly 13 years after the crash, Barker attempted to address his fear of flying . a) $44,200. B) The asset-liability approach is arguably superior to the revenue-expens, Which of the following are NOT included in a postclosing trial balance? A. a. assets Which of the following is NOT considered an epidermal appendage? c) The entry to declare a dividend distribution. c) To accrue an uncollected revenue. the amount expired. A) Assets and Expenses B) Liabilities and Dividends C) Revenues and Liabilities D) Owners' Equity and Dividends. a. d) Midwood Consultants received payment in February for consulting services rendered in March. chapter 4 Flashcards | Quizlet On January 31, Ramona's Nursery paid the interest owed on a note payable for January. a. d) Update the owners' equity account for the changes in owners' equity that had been recorded in revenue and expense accounts throughout the period. Which of the following would not cause the adjusted trial balance totals to be unequal? ERIC - EJ962764 - Applied Behavior Analysis Programs for Autism A) a) The entry to record depreciation. a. depreciation expense for each major class of asset b. balances of major classes of depreciable assets, by nature or function c. accumulated depreciation on, Which of the following is not acceptable treatment for the presentation of current liabilities? Whenever an individual stops drinking, the BAL will ________________. -Fees earned in March that had been collected in advance: $3,600. . The accrual of an electricity bill for electricity used but not yet paid The recognition of depreciation expense for the period The recognition of the used and unused portions of a prepaid rent The entry to record the collection of interest receivable Expert Solution These items are not included as Itemized Deductions and can be entered independently. A. D) An entry to convert an asset to a liability. 20/3 Adjusting entries, also known as adjusting journal entries (AJE), are the entries made in a business firm's accounting journals to adapt or update the revenues and expenses accounts according to the accrual principle and the matching concept of accounting. B) adaptive smoothing. Identify the type of account for the following: Unearned Revenue a. Explain. a) The entry to record depreciation. The cash account will always be affected by adjusting journal entries. a. debit Supplies Expense; credit Supplies (b) The entry to record revenue earned but not yet received. Assets = Revenue + Expenses - Liabilities. d) The entry to pay outstanding bills. The District may choose to fill one or more positions from this recruitment within six (6) months. In payment, Esquire agreed to accept a 6%6 \%6% note requiring the payment of interest and principal on March 31,2019 . The cash payment for accrued revenues occurs __________ the adjusting entry to record the accrued revenue. (2) The company's pays all employees up to date each Friday. a. a computer technician has installed the latest software updates and was paid on the same day What is the term for the basic tool of accounting, stated as Assets = Liabilities + Equity? snow removal services that have been provided but have not been billed or paid. b) $12,800 (1) A one-year bank loan of $720,000 at an annual interest rate of 6% had been obtained on December 1. a) Assets of Perfect Painting are overstated at December 31, 2018. B) Both revenues and assets will be overstated. In order to be considered for the position, please attach the following: 1. 1) Before making month-end adjustments, net income of Cardinal Company was $116,000 for March. C. Engineers. A) Whenever revenue is not received in cash. The customer is unemployed and homeless. a) The entry to record unpaid expenses. a) Expenses increase stockholders' equity. b. D. Paid $4,000 for o, Which of the following is not considered a type of long-lived asset? (b) Asset impa, Which of the following is considered in computing depreciation expense using the straight-line method? B) 1) Recently, Bon Appetite Caf contracted and paid for a relatively expensive advertisement in Haute Cuisine magazine. Reasonable adjustments at work - Acas c. Increase in an asset and increase in, The recognition of an expense may be accompanied by which of the following? Assets c. Stockholders' equity d. Expenses e. Liabilities, Which of the following current asset or current liability accounts is not included in the computation of cash flows from operating activities? b. accounting income. b) Expenses have normal debit balances. D) Wages Expense = 2 5/20 b. asset Question : 52) Which of the following not considered to be one - ScholarOn exam ch11 Flashcards | Quizlet A. The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. Asset b. b) Only if the same accountant prepares the income statement each period. b. revenues are reported on the income statement in the period in which they are earned a) The entry to record depreciation. d) Prepaid expenses are shown in a special section of the income statement. An entry to convert an asset to a liability. c. debit to Accounts Receivable and a credit to Wages Expense b) At the end of January, Empire Company pays the custodian for January office cleaning services. Why or why not? c. accumulation a. a. assets b. liabilities c. gains d. expenses, What type of account is prepaid expense? Which of the following is not a type of adjusting entry? a. c) $38,000. The first payment is due on July 15. Chan, Which of the following transactions changes only the mix of assets and does not affect liabilities or stockholders' equity? Adjusting entries | University Quiz - Quizizz Echo Lake Resort has not yet received payment from the local business. Valid Pupil Personnel Services Credential with academic school counseling emphasis is preferred. b. contra asset The adjusting entry to record the depreciation of a building for the fiscal period is A. Use the following excerpts from Algona Companys financial statements to determine cash received from customers in 2018. Send Mr. Brown a friendly written reminder. In ICD-10, adjustment disorder is classified under 'Neurotic, stress-related and somatoform disorders' (code F43.2), unlike DSM-IV-TR where is it is not classified under any particular group. b. depreciation Cash will be overstated at January 31. d. inventory, Which account would normally not require an adjusting entry? NOCCCD will not sponsor any visa applications. increases the balance of an expense account, Prior to the adjusting process, accrued expenses have, been incurred but not paid and not recorded, not yet been recorded as expenses but have been paid, not earned but the cash has been received, income statement account and one balance sheet account, The term used to describe an expense that has not been paid and has not yet been recognized in the accounts by a routine entry is. \text{From Balance Sheets}&\textbf{Dec. 31, 2018}&\textbf{Dec. 31, 2017}\\[2pt] C) An entry to convert an asset to an expense. Credit Interest Payable $2,500 a. failure to adjust Unearned Revenue to recognize revenue earned b. failure to record depreciation for the year c. failure to accrue interest payable d, Which of the following statements best describes tax results to a shareholder in a section 351 transaction when liabilities on property transferred to the corporation are assumed by the corporation? Expert Answer. b) Prepaid expenses represent assets. These individuals were then invited to participate in an online survey in exchange for a $10 gift certificate. The company should make an adjusting entry: Assets and Revenues b. a. a) Assets of Perfect Painting are overstated at December 31, 2018. Identify at least two of these examples. Adjusting entries can be divided into the following four types. b. debit Prepaid Rent, $24,000; credit Rent Expense, $8,000 Do nothing yet; Mr. Brown's account is current. 1) Which of the following is considered an adjusting entry? checks that have a "stop payment" order. d. debit Prepaid Rent, $8,000; credit Rent Expense, $8,000, The balance in the office supplies account on January 1 was $7,000, supplies purchased during January were $3,000, and the supplies on hand at January 31 were $2,000. c) Expenses decrease stockholders' equity. Briefly summarize the meaning of this term and how it relates to an entity's financial statements. B) Whenever expenses are not paid in cash. The amount to be used for the appropriate adjusting entry is a. assets, liabilities, owner's equity b. assets, drawing, expenses c. assets, revenues, expenses d. assets, liabilities, revenues, Which of the following statements is true? Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Legal Expense a. 1) Unearned revenue is: A) An entry to convert a liability to a revenue. a) In the period in which they are earned. Write offs - is not considered an adjustment. Farad, Inc., specializes in selling used trucks. Ramona's Nursery purchased playground equipment on January 1 with an estimated useful life of six years. d. revenues when the liability is no longer owed, Which of the following is considered to be unearned revenue? Since LMA does not enter the trachea, it is less stimulating. a) $5,120 (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. What are accrual adjusting entries? | AccountingCoach Which of the following is considered to be an accrued expense? d) The entry to record accrued wages payable. The power of the exchange rate policy under the structural Adjustment programme are to discourage imports and promote agric an agreement that has been signed for snow removal services for the next three months 31,2017AccountsReceivable$85,000$105,000FromIncomeStatement:2018Sales700,000\begin{array}{lrr} Over the phone, a new customer thinks her dog is pregnant and asks the veterinary receptionist what the total fee will be for obstetric care. answer choices Debit unearned revenue; credit revenue Debit insurance expense; credit pre-paid insurance Debit cash; credit unearned revenue Debit wages expense; credit wages payable Question 6 120 seconds Q. d. liability, If there is a balance in the unearned subscriptions account after adjusting entries are made, it represents a(n) Insurance Expense c) Revenue accounts and expense accounts should not appear on the adjusted trial balance. a. debit Salaries Payable; credit Cash c. accrual basis of accounting supports the matching concept Each book contained a certain number of coupons for video rentals. (a) The entry to record depreciation expense. Hillman Reports Fourth Quarter 2022 Results; Provides 2023 Guidance a) Before financial statements and after a trial balance has been prepared. a. d. required for the next accounting period, The cost of office supplies to be used in future periods is ordinarily shown on the balance sheet as a(n) The following table shows the undergraduate grading system used at McMaster University with the equivalent 4.0 scale. a) As a reduction to retained earnings. A) The asset-liability approach focuses on the measurement of net assets. c. The concepts statements discuss the concept of "articulation" between financial statement elements. Which one of the following is not considered a basic type of adjusting Test Prep. The first payment is to be received on February 15. A) The variable being predicted is the Y variable. Decrease in an asset and decrease in a liability. c) $235,600. When preparing the financial statements for the year ended October 31, accrued salaries owed to employees for October 30 and 31 were omitted. d. Increase an expense; decrease an asset. Beginning capital, capital contribution and withdrawals, and net income. Not recording contingent liabilities. d) Net income. c) Assets = Liabilities + Paid-in Capital + Retained Earnings. d) To be determined for all assets owned by a company. The accrual of an electricity bill for electricity used but not yet paid b. This payment included interest charges of $6,300, $2,100 of which were applicable to the period from January 1 through January 10.