which of the following is not considered an adjustment?kwwl reporter fired
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a) Assets of Perfect Painting are overstated at December 31, 2018. a. asset, credit D) decreases owner's equity and assets. A. -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. An adjusting entry to convert an asset to expense consists of: Static friction is considered a self adjusting force because it wants to the objects to remain at rest and not move. Adjusting journal entries are a feature of accrual accounting as a result of revenue recognition and matching principles. A) 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. Weegy: "The total charge will depend on how many visits you make and how many tests are necessary, but the total fee from the beginning of care until the last visit is usually around $200. d. market value. d) Realization principle and matching principle. B) b) $113,620. 1) Which of the following would not be a proper application of the concept of materiality by Millridge Corporation? Contract level IICA-2. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2018 interest accrual, and the March 31, 2019 collection. User: 3/4 16/9 Weegy: 3/4 ? d) Daystar Company receives payment in May for work to be performed in June and July. d. prepaid expenses, The adjusting entry for gym memberships earned that were previously recorded in the unearned gym memberships account is a) The entry to record unpaid expenses. c) Depreciation 1) On the adjusted trial balance, retained earnings is: 1) The purpose of adjusting entries is to: The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. 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. a. a. accounts receivable b. land c. plant and equipment d. natural resources, Which of the following group of accounts are increased with a debit? Which of the following accounts normally has a debit balance? NOCCCD will not sponsor any visa applications. C) Revenues will be understated, but assets will be ov, Which of the following accounts has a normal debit balance? Nearly 13 years after the crash, Barker attempted to address his fear of flying . c. optional under generally accepted accounting principles a) $24,000. Become a Study.com member to unlock this answer! b) Assets = Liabilities - Owners' Equity. To put the firm's current P/E\mathrm{P} / \mathrm{E}P/E ratio in perspective, it is useful to compare this ratio with that of other companies in the same industry. Hardship circumstances a) Expenses increase stockholders' equity. A. 35. Assets and Revenues b. Which of the following basic elements of financial statements is more associated with the balance sheet than the income statement? In which of the following situations would an adjusting entry be made at the end of January to record an accrued expense? Which of the following is not an adjusting entry? Begin the equity section with Contributed Capital + Retained Earnings. after adjusting entries are posted but before financial statements are prepared. 1) Videobusters, Inc. offered books of video rental coupons to its patrons at $40 per book. b. contra asset Which of the following is not considered a basic type of adjusting entry a An. Depreciation expense- Accumulated Depreciation describes which of the following adjusted journal entry? The amount to be used for the appropriate adjusting entry is a) $1,800 is paid in January for a two-year fire insurance policy. a. income statement account and one balance sheet account \text{Accounts Receivable}&\text{\$\hspace{5pt}85,000}&\text{\$\hspace{5pt}105,000}\\[20pt] 1) Unearned revenue is: Question 6 options: [1001][1562], [1652][1001]\left[\begin{array}{rr}-1 & 6 \\ 5 & 2\end{array}\right]\left[\begin{array}{ll}1 & 0 \\ 0 & 1\end{array}\right] Revenues, liabilities, capital b. d) Net income. During the month, Farad sold 50 trucks at an average price of $9,000 each. d) Materiality. Study with Quizlet and memorize flashcards containing terms like the units manned by Special Warfare Combatant-craft Crewmen who operate and maintain a variety of combatant and other craft for maritime special operations are known as _____., Which of the following is not considered an instrument of national power?, (Title: Cooperative Strategy for 21st Century Seapower: 07010201) Deploying the . c. $6,800 b) The entry to record depreciation expense. d. matched, Which of the following is not a characteristic of the accrual basis of accounting? - bills for ads that appeared in prior month's local newspaper, - premium paid on a one-year insurance policy. Revenues b. 1.1 Background of the Study. Debit Interest Payable $250. a. net income or loss will always be underestimated Sketch the graph of D(v)D(v)D(v). Acute myocardial infarction, diabetes, cerebral atrophy, chronic obstructive pulmonary disease, end-stage renal disease, homocysteinemia, rheumatoid arthritis, stroke B. Diabetes . d. snow removal services that have been provided and paid on the same day, Which of the following is considered to be an accrued expense? Why or why not? c. accrued Assets + Dividends + Expenses = Liabilities + Common Stock + Revenues c. Assets - Liabilities - Divide, Which of the following would be caused by recording an adjusting journal entry to recognize depreciation? c) Prepaid expenses become expenses only as goods or services are used up. A) Assets and Expenses B) Liabilities and Dividends C) Revenues and Liabilities D) Owners' Equity and Dividends. d) Equal $9,800. c) To prepare the revenue and expense accounts for recording transactions of the following period. d. not earned but the cash has been received, Adjusting entries are a. d) As an expense on the income statement. [ If you would like to come in, I would be happy to talk over the details and help with a payment plan that suits your budget." - is the best response. Doing so: A. Violates professional standards. Test Prep. a. equipment allocation c) Daystar Company is paid on May 25 for work done in the first two weeks of May. 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? Which of the following should be disclosed in the Summary of Significant Accounting Policies? The entry to record this event is an example of an adjusting entry: A) b. This was the question investigated in the Journal of Experimental Social Psychology (Vol. The note is to be repaid, with interest, in six months. b. net income or loss will always be overestimated Accounts Receivable A) Revenues and Liabilities B) Owners' Equity and Assets C) Liabilities and Expenses D) Assets and Expenses, Which of the following is not a correct expression of the accounting equation? What is the balance to be carried forward in the checkbook? c) Assign revenues to the period in which they are received. Send Mr. Brown a friendly written reminder. B) Whenever expenses are not paid in cash. Which of the following is NOT one of the three ways medical services can be achieved? On February 3, Ron Brown was billed for an office visit. When recording this mortgage payment, the accountant should: 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? (b) Contracts negotiated under part 15 may be of any type or combination of types that will promote the Government's interest, except as restricted in this part (see 10 U.S.C. c. Intangibles; Accumulated Amortization. Write offs. Echo Lake Resort has not yet received payment from the local business. b. theater tickets sold yesterday on credit for yesterday's performance The pet died and the family has complained about the effect of the treatment. $400 A. expenses and liabilities B. expenses and revenues C. revenues and liabilities D. expenses and assets, Which one of the following groups of accounts contains only assets? b) $36,000. Capital, assets c. Liability, expenses d. Assets, expenses e. Common stock, dividends, Which of the following are all temporary accounts? Liability c. Equity d. Revenue e. Expense, Which of the following entries causes an immediate decrease in assets and stockholders' equity? c. theater tickets that were not sold for the current performance b) At the end of January, Empire Company pays the custodian for January office cleaning services. b. asset, debit b) Liabilities of Perfect Painting are understated at December 31, 2018. 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? Asset b. If the effect of the debit portion of an adjusting entry is to increase the balance of an expense account, which of the following describes the effect of the credit portion of the entry? d) Balance sheet items are presented before income statement items. 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. d. records revenues and expenses when the company needs to apply for a loan, By matching revenue earned during the accounting period to related incurred expenses a. $3,900 c. common stock Chan, Which of the following transactions changes only the mix of assets and does not affect liabilities or stockholders' equity? a. Which of the following is not accomplished by an adjusting entry? Explore the various types of adjusting journal entries, and examine how to do them. b) Liabilities No support bed leveling aid. b. debit Gym Memberships Revenue; credit Unearned Gym Memberships -Rental income accrued during March, tenant to pay in April: $800. The monthly rent is $7,000. b. records revenues and expenses when they are incurred c. an accrued expense a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. c) An asset. (1) A one-year bank loan of $720,000 at an annual interest rate of 12% had been obtained on December 1. Debit Interest Expense $250. Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. c) The entry to declare a dividend distribution. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. Asset b. D) Expenses. What amount of interest expense has accrued on the bank loan? 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 A) An entry to convert a liability to a revenue. (a) Asset impairment charges can be used to raise future reported income. Your brickwall limiter settings will make or break your master. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. The adjusting entry does not record entry for converting an asset to a liability. Whenever an individual stops drinking, the BAL will ________________. The entry to record depreciation expense b. ($60,000 / 10 = $6,000 * 4 = $24,000; $60,000 - $24,000 = $36,000). (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. Proof of Bachelor's Degree in Counseling, Psychology, or related field. Go to the FASB website and access the FASB Concepts Statements and respond to the following items. Which type of probability (empirical, classical, subjective) is each of the following? C. Assets, expenses, and withdrawals. Consequently, it should not be used in patients at risk for aspiration (e.g., Gastroesophageal reflux disease [GERD], obesity, diabetes, etc.) What reasonable adjustments are. B) Both revenues and assets will be overstated. It therefore provides a plausible reason as to why human trafficking charges are often dropped or why traffickers are often charged under related crimes, such as forcible confinement, extortion, etc. - Stockholders' equity is not affected. = 45/20 d) An entry to convert a liability to a revenue. d) Assets = Liabilities + Paid-in Capital + Reven. (b) The entry to record revenue earned but not yet received. 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. The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. Revenues, Liabilities, Owners' Equity b. Is the gift you purchased for that special someone really appreciated? (c) The entry to record the earned portion of rent received in. Indicate also the type of financial statement. d) Daystar Company receives payment in May for work to be performed in June and July. to identify the kind of entry that would increase th, Which of the following types of accounts have a normal debit balance? c) Matching 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, What is considered an adjustment to income? Which is an example of asset overstatement fraud? b) Whenever transactions affect the revenue or expenses of more than one accounting period. d) Debit Rental Revenue $15,000 and credit Unearned Rental Revenue $15,000. c) Unexpired revenue. a. only income statement accounts b) Only an estimate. 45, 2009). C) 1) Unearned revenue may also be called: Select one: a. increased satisfaction with the standard of living upon returning home (CORRECT ANSWER) b. decreased interest from co-workers in hearing about the repatriate's experiences b) $4,000 is paid in January for equipment with a useful life of four years. Question 14 options: c) Not to be calculated unless the exact life of an asset can be determined. The three most common types of adjusting journal entries are accruals . c) Income These items are not included as Itemized Deductions and can be entered independently. a. 1) In which of the following situations would the largest amount be recorded as an expense of the current year? b) $4,000 is paid in January for equipment with a useful life of four years. The balance in the Office Equipment account is $9,360; no change has occurred in the account during the year. This problem has been solved! B) d . \text{From Income Statement:}&\textbf{2018}\\[2pt] c. revenue, asset (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. b) $41,160. Expert Answer. 1) Before making month-end adjustments, net income of Bobwhite Company was $232,000 for March. $4,300 Fiscal Technician I . b. asset, contra liability 1) The balance of an unearned revenue account: a) Appears in the liability section of the balance sheet. a. debit Supplies Expense; credit Supplies Asset b. d) Expenses. Asset, Liability c. Liability, Liability d. Asset, Asset, Which of the following statements is true concerning all types of tax-free corporate reorganizations? a. records revenues when they are earned and expenses when they are paid a) $227,700. Since LMA does not enter the trachea, it is less stimulating. B) The asset-liability approach is arguably superior to the revenue-expens, Which of the following are NOT included in a postclosing trial balance? b) A debit to Unearned Child Care Revenue of $4,500. Which one of the following is not considered a basic type of adjusting entry? b. debit Depreciation Expense; credit Accumulated Depreciation. CHAPTER ONE. Which of the following would not cause the adjusted trial balance totals to be unequal? D) c. debit Rent Expense, $24,000; credit Prepaid Rent, $8,000 -Depreciation for the month of March: $4,300. Therefore, if an external force is applied, the static friction force will equal the magnitude of the external force, until it surpasses the threshold of motion. Current assets b. Rent expense amount b. C. Received $3,800 for fees earned. Assets, liabilities, and owner's equity. Get access to this video and our entire Q&A library, Adjusting Entries: Definition, Types & Examples. = 2 5/20 a) In the period in which they are earned. b. accrual A. a. asset b. liability c. equity, Which of the following uncorrected errors would result in both assets and net income being overstated? When preparing the financial statements for the year ended October 31, accrued salaries owed to employees for October 30 and 31 were omitted. a. Which of the assets does not match with the correct contra account? copyright 2003-2023 Homework.Study.com. d) Prepaid expenses are shown in a special section of the income statement. b. accrual Then you prepare a slip to deposit the checks accepted for payment. d. rarely needed in large companies, Adjusting entries affect at least one Define debit and credit and explain how assets, liabilities, common stock, retained earnings, revenues, expenses, and dividends are affected (increased or decreased) by debits and credits. Change in accrued wa, Which one of the following types of liabilities is not currently recognized on balance sheets? B) An entry to record revenue that has been earned but has not yet been billed to customers. b) An understatement of assets, net income, and owners' equity. = 15 * 3/20 Before and after the puppies are born, each regular checkup will be $20. the amount originally paid. a) As a reduction to retained earnings. These individuals were then invited to participate in an online survey in exchange for a $10 gift certificate. d. matching, The entry to adjust the accounts for salaries accrued at the end of the accounting period is a. historical cost Question 5 options: b. revenue and the dividends account Revenues B. Expenses have normal debit balances. a. debit Unearned Gym Memberships; credit Gym Memberships Revenue b. purchased Basic type of adjusting entry includes recording entry to convert a liability to a revenue, to convert an asset to an expense, and in order to record accrued unpaid expenses. (1) A one-year bank loan of $720,000 at an annual interest rate of 6% had been obtained on December 1. In order to be considered for the position, please attach the following: 1. c) Paid for. The Americans with Disabilities Act of 1990, a civil rights law, prohibits employers from discriminating against employees with disabilities. Decrease in an asset and decrease in a liability. c. expenses in the period when they are paid b. 1) Prepaid expenses appear: d. recording of accrued revenue. Payment at the time of service b. a. depreciation of long-term physical assets. The United Shipping Co. borrowed $25,000 at 12% interest on March 1, 2018. 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. d. Expenses are a negative factor in the computation of net income. Unearned revenue. Psychosocial adjustment in siblings of children with autism whose families were using a home-based, applied behavior analysis (ABA) program was compared to that of siblings in families who were not using any intensive autism intervention. a. debit Insurance Expense, $1,800; credit Prepaid Insurance, $1,800 33. The cash account will always be affected by adjusting journal entries. No more trying to get the same "feel" from a piece of paper or feeler gauge. Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? Your chance of going to Disney World next year is 10%. Supplies 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 Each earns $800 per week for a five-day work week ending on Friday. Duration Open ended subject to satisfactory performance and the availability of funds. 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) Deferred revenue. The accrual of an electricity bill for electricity used but not yet paid b. c. contra asset, credit 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. [1562][1001]. Adjusting entries are needed: A. Adjusting entries that convert assets to expenses: Some cash expenditures are made to obtain benefits for more than one accounting period. Inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or oth. Which one of the following is not considered a basic type of adjusting entry? The lease requires monthly rent of $550, with 4 months paid in advance. Increase an expense; increase a liability. Asset b. First created in 1917 when the U.S. was entering World War I, the debt ceiling has been raised by Congress (and occasionally the president, when authorized to do so by Congress) dozens of times since then. A) Owners' Equity, Assets c. Liability, Expenses d. Assets, Expenses, Which of the following is a definition of expenses that clearly represents an asset-liability approach? C) decreases assets and increases liabilities. 1) Which of the following entries causes an immediate decrease in assets and in net income? $12,000 Write offs - is not considered an adjustment. Adjustments include: Medical Savings Account, Form 8853 Educator Expenses b. a computer technician has been paid in advance to install software updates as they become available If the balance of supplies at the start of the month was $900 and at the end of the month you had $350 on hand, the adjustment for Supplies would be: $450. Asset b. a. the required rate of return. b) Decrease by $9,800. 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? January 31 falls on a Tuesday; salaries are paid on Friday of each week. A. Which of the following statements is incorrect? What are the variables of interest? Createyouraccount. The customer is the director of a nearby animal shelter. (a) A power. Toe researchers examined the link between engagement ring price (dollars) and level of appreciation of the recipient (measured on a 7-point scale where 1 = "not at all" and 7 = "to a great extent"). A_____is a collection problem that requires immediate action because this individual has a balance due and has moved without leaving a forwarding address. CPA wishes to use a representation letter as a substitute for performing other audit procedures. b. Unearned Revenue Prepaid expenses. B. determines when revenue is credited to a revenue account, states that the revenues and related expenses should be reported in the same period, Using accrual accounting, expenses are recorded and reported only, when they are incurred, whether or not cash is paid, The accounting principle upon which deferrals and accruals are based is. checks that have a "stop payment" order. d) To record unearned revenue. Question 4 options: If the beginning balance of the Accumulated DepreciationEquipment account is $10,000 and an adjusting journal entry is recorded for depreciation on the equipment for $2,500, the balance of the accumulated depreciation account after the entry is recorded will be, If an entry to adjust depreciation is not recorded at the end of the period, Depreciation Expense on the income statement will be, If the following adjusting entry is omitted, what effect will it have on the financial statements?
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