- Total assets decrease. c) The entry to declare a dividend distribution. The recognition of depreciation expense for the period c. The recognition of the used and unused portions of a prepaid rent d. The entry to record the collection of interest receivable 1) Adjusting entries help achieve the goals of accrual accounting by applying which two accounting principles? a) The entry to record depreciation. Current liabilities c. Investments d. Long-term liabilities e. Property, plant, a. The list of disabilities covered under American with Disabilities Act (ADA) refers to all the disabilities for which an employee is protected from discrimination by employers. b. 1) An adjusting entry involving recognition of accrued revenue is necessary at the end of March in which of the following situations? FromBalanceSheetsDec. After recording these adjustments, net income for March is: Which of the following is NOT one of the three ways medical services can be achieved? c) As a liability on the balance sheet. Asset b. This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. b) $4,000 is paid in January for equipment with a useful life of four years. Which of the following is not considered a basic type of adjusting entry?A. The cost of insurance is considered an expense: Evenly over the term of the policy Adjusting entries are prepared: Inform Mr. Brown that his account will go to a collection agency if it remains unpaid by the 25th. Indicate which items will be erroneously stated, because of failure to correct the initial error, on (a) the income statement for the month of November and (b) the balance sheet as of November 30. FY22 net sales decreased (7.3%) to $3,922 million, organic sales decreased (0.5%) FY22 GAAP EPS of ($4.41), adjusted EPS of $2.09; Q4 net sales decreased (10.9%) to $983 million, 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 . A) Capitalized means that an asset account is debited (increased) for the cost of an asset.B) Capitalized means that a liability account is credited (increased) for the cost of an asset.C) Capitalized mea, Entry to recognize depreciation expense incurred on equipment is recorded as: a. Createyouraccount. Valid Pupil Personnel Services Credential with academic school counseling emphasis is preferred. 31,2017$105,000. The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . e. Increase an expense; d, Which basic element of financial statements arises from peripheral or incidental transactions? (Solved) - 1. Which of the following may not be considered a A. expenses and assets B. assets, liabilities, and stockholders' equity C. liabilities and stockholders' equity D. assets and revenue, For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (2) identify the normal balance of the account, and (3) select debit (Dr.) or credit (Cr.) Limitation on Overall Itemized Deductions Years before 2018 and after 2025: For years before 2018 and after 2025, the overall limitation on itemized deductions is an adjustment for AMT. c. debit Salary Expense, $12,000; credit Salaries Payable, $12,000 a. the required rate of return. By writing-down a fixed asset's depreciable cost now, there is less depreciation expense to match against future revenues. After the appropriate adjusting entry is recorded, the balance in the liability account Unearned Fees will: a. debit Salaries Payable; credit Cash b. debit to Wages Payable and a credit to Wages Expense -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. On June 30, 2018, the Esquire Company sold some merchandise to a customer for $30,000\$ 30,000$30,000. Assets are transferred from one corporation to another. Change in accrued wa, Which one of the following types of liabilities is not currently recognized on balance sheets? Which of the following situations is not considered an adjustment d. recording of accrued revenue. Which of the following will occur if an adjusting entry to record an unrecorded receivable is NOT made? Question : 52) Which of the following not considered to be one - ScholarOn = 2 1/4. d. contra asset, expense, The type of account and normal balance of Prepaid Insurance is c. Revenue minus expenses. Liabilities, expenses, and assets. Your brickwall limiter settings will make or break your master. b) Debit Interest Expense $2,100 and debit Accrued Interest Payable $4,200. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Legal Expense a. 1) Unearned revenue may also be called: Which of the following is not a characteristic of the accrual basis of accounting? c) $112,400. a. equipment allocation 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. B) decreases net income and increases liabilities. (b) The entry to record the portion of fees received in advance, which have now been earned: $3,000. c) Debit Unearned Rental Revenue $5,000 and credit Rental Revenue $5,000. c) Income Employees earn a total of $12,800 per week. D. Paid $4,000 for o, Which of the following is not considered a type of long-lived asset? c) Depreciation Revenues b. d) In the period with the lower earnings. Identify where the following item would be reported in the financial statements. b) Debit Interest Expense $2,100 and debit Accrued Interest Payable $4,200. Identify whether the following item would be classified on a balance sheet as a current liability, a long term-liability or something else: Salaries payable. b. debit Depreciation Expense; credit Accumulated Depreciation. Considered in the past as being solely a rational being, nowadays, following specialist researches, man is also perceived as an emotional being, triggering emotions which, if appropriately . (c) The entry to record the earned portion of rent received in. c. book value (3) On December 1, rent on the office building had been paid for three months. 3. 1) Which of the following statements is not true regarding prepaid expenses? d. debit Prepaid Insurance, $1,800; credit Cash, $1,800, Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. Which of the following is considered to be an accrued expense? 1) Before any month-end adjustments are made, the net income of Russell Company is $38,000. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. d. debit Building; credit Depreciation Expense. Compute the dealerships sales price variance and sales volume variance for the month and classify each as favorable or unfavorable. However, the following adjustments are necessary: office supplies used, $3,160; services performed for clients but not yet recorded or collected, $3,040; interest accrued on a note payable to bank, $3,640. Question 14 options: Which of the following is not accomplished by an adjusting entry? a) On January 1, Empire Company paid rent for six months on its office building. A) The asset-liability approach focuses on the measurement of net assets. c. revenue (4) Depreciation of office equipment is based on an estimated useful life of six years. Learn the definition of adjusting entries in accounting, and find examples. - Net income increases. Change in amortization period for an intangible asset. 1) Gordy's Corp. has seven employees. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Fees Earned a. On February 3, Ron Brown was billed for an office visit. Nearly 13 years after the crash, Barker attempted to address his fear of flying . 1) Omega Company adjusts its accounts at the end of each month. C) The adjusting entry required by Great Kids Co. on January 30 includes: For example: making changes to the workplace. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of $27,804 million and Accumulated Depreciation of $14,793 million. the amount of the trial balance. a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. Identify the type of account for the following: Unearned Revenue a. b) To apportion unearned revenue. c) Results in financial statements that are less useful to decision makers because many details have been omitted. b) $36,000. c. Accumulated Depreciation 21. 1) Adjusting entries: Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay. Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. c) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. Assets = liabilities + stockholders' equity c. Assets = liabilities d. Assets = liabilities + retained earnings, Which of the following is not a change in accounting estimate? c) In the period in which they are paid. b. When an automobile is being driven at vvv miles per hour, the average driver requires DDD feet of visibility to stop safely, where D=0.065v2+0.148vD=0.065 v^2+0.148 vD=0.065v2+0.148v. d) Update the owners' equity account for the changes in owners' equity that had been recorded in revenue and expense accounts throughout the period. Department/office AFR, KEMCO, Kenya MCO. a. \text{From Balance Sheets}&\textbf{Dec. 31, 2018}&\textbf{Dec. 31, 2017}\\[2pt] Begin the equity section with Contributed Capital + Retained Earnings. c. Underrecording depreciation expense. d) Materiality. Adjusting Journal Entries in Accrual Accounting a. C. Engineers. (Provide paragraph citations.) Which of the following is not considered an epidermal If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of the following describes the effect of the debit portion of the entry? In payment, Esquire agreed to accept a 6%6 \%6% note requiring the payment of interest and principal on March 31,2019 . Solved Which of the following would not be considered an - Chegg History of alternative medicine - Wikipedia 4. a) To record unrecorded expenses. The cash basis of accounting records revenues and expenses when the cash is exchanged, while the accrual basis of accounting, records revenues and expenses when they are incurred, at least one income statement account and one balance sheet account, Prepaid expenses are eventually expected to become, expenses when their future economic value expires or is used up. a) It increases expenses and does not affect assets. b) Midwood Consultants made payment in January for office rent for the first three months of the year. c) Assign revenues to the period in which they are received. a. cash basis Debit Interest Receivable $250. 1.1 Background of the Study. Treasury stock b. Paid-in capital c. Retained earnings d. Accumulated other comprehensive income e. Accrued issuances, What will be the effect on the accounting equation, when payment is made to the creditor of the business? User: She worked really hard on the project. a. debit Insurance Expense, $1,800; credit Prepaid Insurance, $1,800 a) The entry to record depreciation. Expenses have normal debit balances. B. b. accounting income. c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. b. a) In the period in which they are earned. If United Shipping makes monthly adjusting entries, which of the following is included as part of the March 31 adjusting entry? What amount of interest expense has accrued on the bank loan? b) As a liability on the balance sheet. The adjusting entry necessary at the end of the fiscal period ending on Tuesday is c) An overstatement of liabilities offset by an understatement of owners' equity.