which of the following is not considered an adjustment? which of the following is not considered an adjustment?

Which of the following is a typical example of a current liability? Farad, Inc., specializes in selling used trucks. d) Are generally made daily. 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? a. 1) Under accrual accounting, salaries earned by employees but not yet paid should be expensed: d. Inventory; Provision for Obsolescence. Our experts can answer your tough homework and study questions. Adjusting entries are needed: A. This problem has been solved! 1) Which of the following statements is not true regarding prepaid expenses? a. a. c. dividend After the appropriate adjusting entry is recorded, the balance in the liability account Unearned Fees will: D) b) Net income will be understated and total assets will be understated. The customer claims he can't pay today, but he hopes to be able to pay next month. A. c. revenue, asset Asset b. (3) On December 1, rent on the office building had been paid for four months. a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. B) An entry to accrue unpaid expenses. e. None of the above. To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called a) $44,200. The entry to record bad debts expense for the period. B) An entry to record revenue that has been earned but has not yet been billed to customers. d . d) Daystar Company receives payment in May for work to be performed in June and July. Hypodermis d. Nails e. Sebaceous glands. 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. c) Only if each accounting period covered is a full year. Prior to the adjusting process, accrued expenses have, Prior to the adjusting process, accrued revenue has, Deferred revenue is revenue that is Choose from the following terms: | Throughout time (manufacturing cycle) | Sunk Cost | Differential Costs | Residual Income | Payback Method | Proje, Which of the following accounting elements does the matching principle help to match? b. contra asset Description This is an X-Axis gantry bed leveler, the first of its kind. $3,200 C. Liabilities that are assumed when cash is also, Multiple Choice 1. Select the correct answer: The entry to record depletion expense A) decreases assets and liabilities. -Rental income accrued during March, tenant to pay in April: $800. b) The entry to record uncollected revenues. Legislative reform is needed, to remove or widen the . b) $41,160. This answer has been confirmed as correct and helpful. The practice's bank statement shows canceled checks. c) $0 a. earned and the cash has been received The account was debited for $32,500 for premiums on policies purchased during the year. (a) A power generation plant that normally takes two years to construct. Listing current liabilities in order of maturity. a) Debiting Wage Expense for $640 and crediting Wages Payable for $640. (3) On December 1, rent on the office building had been paid for three months. Question 7 options: theater tickets sold for next month's performance. d) $117,000. b) The entry to record depreciation expense. A debit to a liability and a credit to cash. Which of the following is considered to be unearned revenue? a. The three most common types of adjusting journal entries are accruals . b. Asset b. $3,600 d. debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000, The entry to adjust for the cost of supplies used during the accounting period is b. records revenues and expenses when they are incurred b. The monthly rent is $7,000. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Owner Withdrawals a. b) An understatement of assets, net income, and owners' equity. (a) The entry to record depreciation: $3,000. c) Assign revenues to the period in which they are received. d) Realization principle and matching principle. b. purchased Acute myocardial infarction, diabetes, cerebral atrophy, chronic obstructive pulmonary disease, end-stage renal disease, homocysteinemia, rheumatoid arthritis, stroke B. Diabetes . 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) Level ICS-10. On January 25, Ramona's Nursery hired a college student to drive the minibus; the new employee is to begin work in February. To ensure consistency and fairness to all applicants, please do not submit materials in addition to those requested. c) An overstatement of liabilities offset by an understatement of owners' equity. An adjusted trial balance is prepared based on the adjusting entries. b) Assets = Liabilities - Owners' Equity. 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? 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 . b. Pages 3 Ratings 100% (13) 13 out of 13 people found this document helpful; Assets C. Owner's equity D. Liabilities, Which one of the following disclosures is required by generally accepted accounting principles? Interest Revenue a. debit Depreciation Expense; credit Building. B) Whenever expenses are not paid in cash. What is considered an adjustment to income? The monthly rent is $7,000. b) Midwood Consultants made payment in January for office rent for the first three months of the year. $2,100 D. Geologists. The following information has been assembled in order to prepare the required adjusting entries at December 31: b. a computer technician has been paid in advance to install software updates as they become available Decrease in liabilities and reduction in net income. Duty station Nairobi, Kenya. d. Accounts Receivable, If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n) 1) Prepaid expenses are: Borrowed $40,000 from First National Bank. 3. 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, a) Assets and liabilities b) Assets and owners' equity c) Assets and expenses d) Assets and revenues. Adjusting entries are recorded to make adjustments to all general ledger and subsidiary-ledger accounts to reflect the true & correct value at the end of the fiscal reporting period. Which of the following situations is not considered an adjustment? d. matching, The entry to adjust the accounts for salaries accrued at the end of the accounting period is Adjusting entries are necessary for the following items: a. debit Supplies Expense; credit Supplies Identify each of the following as either an asset, a liability, or equity: (a) Prepaid Rent, (b) Unearned Fees, (c) Building, (d ) Wages Payable, (e) Office Supplies. Chan, Which of the following transactions changes only the mix of assets and does not affect liabilities or stockholders' equity? b. accrual b) An entry to convert an asset to a liability. Asset b. Increase in assets b. User: She worked really hard on the project. a. summarizes the changes in retained earnings for a specific period of time b. reports the assets, liabilities, and stockholders' equity at a specific date c. presents the revenues and expenses for a speci, What categories does commissions fall in: A. The balance in the Office Equipment account is $9,360; no change has occurred in the account during the year. 1) Which of the following is not considered a basic type of adjusting entry? Liability c. Equity d. Revenue e. Expense, Which of the following entries causes an immediate decrease in assets and stockholders' equity? On a given Friday, the probability that Flight 277 to Chicago is on time is 23.7%. A change from expensing certain costs to capitalizing these costs du. Become a Study.com member to unlock this answer! A) exponential smoothing. Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. a) Realization principle d) $2,560, 1) Which of the following accounting principles is concerned with offsetting revenue with the expenses incurred in producing that revenue? c. The chance of rolling a 3 on two dice is 1/18. d. inventory, Which account would normally not require an adjusting entry? (1). b. debit Cash; credit Salaries Payable C. Engineers. Increase an expense; increase a liability. 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. Which of the following basic elements of financial statements is more associated with the balance sheet than the income statement? 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. a. C) decreases assets and increases liabilities. c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. Which of the following statements is not true? Demand a reason for nonpayment. c) An entry to convert an asset to an expense. d. matched, Which of the following is not a characteristic of the accrual basis of accounting? Use the following account types to form the expanded accounting equation. After recording these adjustments, net income for March is: As time passes, fixed assets other than land lose their capacity to provide useful services. c. book value b. snow removal services that have been provided but have not been billed or paid b) Debit Rental Revenue $5,000 and credit Unearned Rental Revenue $5,000. c. debit Rent Expense, $24,000; credit Prepaid Rent, $8,000 Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? d. liability, If there is a balance in the unearned subscriptions account after adjusting entries are made, it represents a(n) snow removal services that have been provided but have not been billed or paid. As with the other things we are calling a mental illness this problem needs to interfere with your ability to work or go to school . Sketch the graph of D(v)D(v)D(v). a) It increases expenses and does not affect assets. 4. Adjusting entry for accrued Q: Adjusting entries that need to be made in order to comply with accrual accounting concepts normally A: Adjusting entries are made by the management to maintain the accrual basis accounting system. 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. A. d. market value. If United Shipping makes monthly adjusting entries, which of the following is included as part of the March 31 adjusting entry? c) As a liability on the balance sheet. a) To record unrecorded expenses. b. This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. Which of the following may not be considered a "qualifying asset" under IAS 23? Ramona's Nursery purchased playground equipment on January 1 with an estimated useful life of six years. $700 d. rarely needed in large companies, Adjusting entries affect at least one c) Matching A) Assets + Liabilities = Stockholder's Equity B) Assets = Liabilities + Stockholder's Equity C) Assets/Revenue = Expenses D) Liabilities + Expenses = Stockholder's Equity, Identify the term being described by the following statement: Current assets minus current liabilities. CHAPTER ONE. Assets = liabilities + stockholders' equity c. Assets = liabilities d. Assets = liabilities + retained earnings, Which of the following is not a change in accounting estimate? after adjusting entries are posted but before financial statements are prepared. Note that the product can be found mentally, without the use of a calculator or pencil-and-paper calculations. b) An expense. 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. a. d) Net income will be overstated and total assets will be overstated. e. None of these. At the end of June, what should be the balance of Norma's Prepaid Rent account? - Liabilities will increase. a. an accrued asset 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. b) Debit Interest Expense $2,100 and debit Accrued Interest Payable $4,200. a) Purchased. d. net income or loss will not be determined, Adjusting entries always include 2. 1) Recently, Bon Appetite Caf contracted and paid for a relatively expensive advertisement in Haute Cuisine magazine. Contract level IICA-2. Net income for January will be overstated. b. net income or loss will always be overestimated Question 6 options: A. d. None of these choices would not cause the adjusted trial balance totals to be unequal. Identify the type of account for the following: Unearned Revenue a. b. a) As a reduction to retained earnings. a. Indicate also the type of financial statement. 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) Assets of Perfect Painting are overstated at December 31, 2018. C) WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. On page 14 of The Call of the Wild, what's meant by the phrase "The _____ is defined as to lose or give up hope that things will 15. 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. Valid Pupil Personnel Services Credential with academic school counseling emphasis is preferred. 1) Which of the following situations does not require Empire Company to record an adjusting entry at the end of January? b) Only if the same accountant prepares the income statement each period. $4,300 b. allocation of unearned revenue. b) As an asset on the balance sheet. a. expense, contra asset Current assets b. Assets = Revenue + Expenses - Liabilities. 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.) d. Expenses are a negative factor in the computation of net income. The customer is unemployed and homeless. Depreciation Expense. d. $1,400, Accumulated Depreciation and Depreciation Expense are classified, respectively, as d. debit Building; credit Depreciation Expense. d. liability, Which of the following is an example of a prepaid expense? This tool is intended to be used as a guide only. (A), [1001][1652]\left[\begin{array}{ll}1 & 0 \\ 0 & 1\end{array}\right]\left[\begin{array}{rr}-1 & 6 \\ 5 & 2\end{array}\right] Which of the following is not considered a basic type of adjusting entry? 2. Liabilities assumed by a corporation on section 351 t. Which of the following groups of accounts have a normal credit balance? a) The entry to record depreciation. Skip. During the month, Farad sold 50 trucks at an average price of $9,000 each. a) Services rendered. c) Results in financial statements that are less useful to decision makers because many details have been omitted. a. debit Unearned Gym Memberships; credit Gym Memberships Revenue = 2 5/20 In fact, limiter faux pas are one of the easiest ways to undo a hard-earned mix. 35. d) The entry to record accrued wages payable. Net income for January will be overstated. c) Depreciation a) The entry to record the earned portion of rent received in advance. Debit Interest Payable $250. d) The entry to convert liabilities to revenue. Advanced Limiting Techniques. c) The entry to record revenue earned but not yet received. Which of the following is an example of accrued revenue? Vacancy code VA/2023/B5303/25590. d. $8,000, Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $14,000 and unexpired insurance of $3,000, for the fiscal year ending on April 30? a) $1,800 is paid in January for a two-year fire insurance policy. C. Assets, expenses, and withdrawals. b. needed to bring accounts up to date and match revenue and expense b) Accumulated depreciation should equal depreciation expense. Which of the following is NOT considered to be a symptom of reverse culture shock? A. c) $112,400. Income statement B. 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. a. Adjusting entries always affect at least one revenue or expense account and one asset or liability account. a. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. [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] All rights reserved. Unearned revenue. c. an accrued expense a. the required rate of return. 1) Which of the following is not a purpose of adjusting entries? B) adaptive smoothing. Also indicate whether the items in error will be overstated or understated. A) Equity. Assets and liabilities C. Common Stock and liabilities D. Owner, Capital and assets, Which of the following statements is true concerning all types of tax-free corporate reorganizations? b) Realization principle FromBalanceSheetsDec. a. 1) The accountant for the Grassroots Company failed to make an adjusting entry to record revenue earned but not yet billed to customers. c. debit Unearned Gym Memberships; credit Prepaid Gym Memberships c. expenses in the period when they are paid d) Debit Interest Expense $2,100 and credit Accrued Interest Payable $4,200. a. c. $5,000 a. debit to Wages Expense and a credit to Wages Payable d) The entry to pay outstanding bills. Which one of the following is not considered a basic type of adjusting entry? Which of the following accounts would likely be included in an accrual adjusting entry? a. Contributed capital, retained earnings, and revenues. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. A_____is a collection problem that requires immediate action because this individual has a balance due and has moved without leaving a forwarding address. d) An overstatement of net income and an understatement of assets. b) Consumed. Debits (2) The company's pays all employees up-to-date each Friday. a) Prepare the revenue and expense accounts for recording the revenue and expenses of the next accounting period. Which of the following is not considered a basic type. At the end of the period, it was determined that $15,000 worth of coupons had been used by customers to rent videos. What reasonable adjustments are. (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. c) Daystar Company is paid on May 25 for work done in the first two weeks of May. Debit Accumulated Depreciation $578 and credit Depreciation Expense $578. 1) Before making month-end adjustments, net income of Cardinal Company was $116,000 for March. Change in amortization period for an intangible asset. The first payment is due on July 15. No adjusting entry should consist of: A debit to an expense and a credit to revenue. -Depreciation for the month of March: $2,300. b) $36,000. When recording an adjusting entry for a prepaid expense. Increase in an asset and increase in a liability. 1. c. Prepaid expenses, land, and accounts receivable. d) Only if the accounting periods are equal in length. b. revenues when services are performed 29. 1) Prepaid expenses appear: -Supplies used in March: $300. Property, Plant, and Equipment; Accumulated Depreciation. $400 Billing the patient for services and extending credit c. The use of outside collection services d. Bartering for services Click the card to flip Flashcards Learn Test Match Created by Nedina_Shavor Teacher Increase in liabilities and reduction in net income. B) Multiple Choice An entry to convert a liability to a revenue. It was most recently raised . Changes to previously recorded entries of journal are referred to as adjusting entries. 1) Which of the following is considered an adjusting entry? b. accrual 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. 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? 1) Which of the following is not an example of an adjusting entry? (3) On December 1, rent on the office building had been paid for three months. B) Uploaded By ProfessorKnowledge3522. 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. a. historical cost b. deferral A) Assets and Expenses B) Liabilities and Dividends C) Revenues and Liabilities D) Owners' Equity and Dividends. (a) Contracts resulting from sealed bidding shall be firm-fixed-price contracts or fixed-price contracts with economic price adjustment. Write offs. Payables a. d) Expenses. Which type of probability (empirical, classical, subjective) is each of the following? Additional materials will not be considered or returned. a . c. not earned and the cash has not been received $550. Stock is exchanged between the shareholders of at least two corporations. 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 [ 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. D. b) To apportion unearned revenue. 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. Reasonable adjustments are changes an employer makes to remove or reduce a disadvantage related to someone's disability. 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. b) An entry to convert an asset to a liability. (a) A power. Employees earn a total of $12,800 per week. Current liabilities c. Investments d. Long-term liabilities e. Property, plant, a. 1) Gamma Company adjusts its accounts at the end of each month. 31,2017$105,000. c. correction of an error in the general journal. The amount to be used for the appropriate adjusting entry is d) Midwood Consultants received payment in February for consulting services rendered in March. An entry to accrue unpaid expenses B. c) To accrue an uncollected revenue. a. debit Salaries Payable; credit Cash Rent Revenue 1,900. Adjusting entries that convert assets to expenses: Some cash expenditures are made to obtain benefits for more than one accounting period. She seems nervous about it. Adjusting entries are necessary for the following items: 1) Which of the following is considered an adjusting entry? 20/3 What is the balance to be carried forward in the checkbook? A) Statement of changes in owner equity C. Balance sheet 2. a. asset, credit (5) Fees of $9,800 were earned during the month for clients who had paid in advance. Compute the dealerships sales price variance and sales volume variance for the month and classify each as favorable or unfavorable. Which of the following is not an adjusting entry? NOCCCD will not sponsor any visa applications. b. Underrecording debt. Which of the following expresses the key elements of the statement of owners' equity? b. 3321 (a) and 41 U.S.C.3901 ). Question 5 options: Adjustments include: Medical Savings Account, Form 8853 Educator Expenses Which of the following groups are not considered a specialist by AICPA Professional Standards: A. Appraisers. 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) Treats as material only those items that are greater than 2% or 3% of net income. 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 d. revenues when the liability is no longer owed, Which of the following is considered to be unearned revenue? 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. Identify where the following item would be reported in the financial statements. Sweat gland b. Hairc. a) Increase by $9,800. a) As income on the income statement. b) As a liability on the balance sheet. 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. b) At the end of January, Empire Company pays the custodian for January office cleaning services. What type of account is Notes Payable? ANSWER Correct Option is Option B. 1) Which of the following entries causes an immediate decrease in assets and in net income? checks stamped "NSF." An adjusting entry to convert an asset to expense consists of: A debit to an expense and a credit to cash. d. revenue, The unexpired insurance at the end of the fiscal period represents b. asset, debit D. Paid $4,000 for o, Which of the following is not considered a type of long-lived asset? c. common stock a. revenues and expenses are reported in the period in which cash is received or paid b. revenues are reported on the income statement in the period in which they are earned c. accrual basis of accounting supports the matching concept 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. Increase in an asset and increase in, The recognition of an expense may be accompanied by which of the following? Your aunt recently received the annual report for a company in which she has invested. Which is the best response? Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay amounting to $6,800. 1) In which of the following situations would Daystar Company record unearned revenue in May? 1) Unearned revenue is: The company's monthly rent is $700. Which of the following is NOT one of the three ways medical services can be achieved? Consequently, it should not be used in patients at risk for aspiration (e.g., Gastroesophageal reflux disease [GERD], obesity, diabetes, etc.) Explore the various types of adjusting journal entries, and examine how to do them. Statement of changes. Which one of the following is not considered a basic type of adjusting entry? If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n), When recording an adjusting entry for unearned revenue, a(n).