a. IV, V, and VIb. III, IV, and VIc. III, IV V, and VId. I, III, IV, V, and VI 5. Identify which of the following adjusting entries may bereversed.Bad debts expense3,0003,000Allowance for bad debts20,000II.Depreciation expenseAccumulated depreciation4,00020,000III.Salaries expense4,000Salaries payableInterest expenseIV.20,00020,000Interest payableInsurance expenseV.5,000Prepaid insurance5,000VI.Rent income8,000Unearned rent8,000

Solution: Adjusting entries are recorded at year end to adjust the books of accounts on accrual…

5. Identify which of the following adjusting entries may be reversed. I. Bad debts expense 3,000 3,000 Allowance for bad debts 20,000 II. Depreciation expense 20,000 Accumulated depreciation Salaries expense Salaries payable Interest expense III. 4,000 4,000 IV. 20,000 20,000 Interest payable Insurance expense V. 5,000 Prepaid insurance 5,000 VI. Rent income 8,000 Unearned rent 8,000

5. Identify which of the following adjusting entries may be reversed. I. Bad debts expense 3,000 3,000 Allowance for bad debts 20,000 II. Depreciation expense 20,000 Accumulated depreciation Salaries expense Salaries payable Interest expense III. 4,000 4,000 IV. 20,000 20,000 Interest payable Insurance expense V. 5,000 Prepaid insurance 5,000 VI. Rent income 8,000 Unearned rent 8,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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