A company shows a $300 balance in Prepaid rent in the Unadjusted Trial Balance columns of the worksheet. The Adjustments columns show used rent of $150. This adjusting entry results in O $150 increase in net income. O $150 of prepaid insurance. O $150 difference between the debit and credit columns of the Unadjusted Trial Balance. O $150 decrease in net income. Moving to another question will save this response.

A company shows a $300 balance in Prepaid rent in the Unadjusted Trial Balance columns of the worksheet. The Adjustments columns show used rent of $150. This adjusting entry results in O $150 increase in net income. O $150 of prepaid insurance. O $150 difference between the debit and credit columns of the Unadjusted Trial Balance. O $150 decrease in net income. Moving to another question will save this response.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following are selected 2020 transactions of Culver Corporation. Sept. Purchased inventory from Encino Company on account for $46,800. Culver records purchases gross and uses a periodic inventory system. 1 Issued a $46,800, 12-month, 8% note to Encino in payment of account. Oct. 1 Oct. 1 Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) Date tember 1 Borrowed $46,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $49,920 note. tember 1 V er 1 Account Titles and Explanation Purchases Accounts Payable Accounts Payable Notes Payable Cash Discount on Notes Payable Notes Payable Debit 46800 46800 46800 3120 Credit 46800 46800 49920
1. From page 5-6 of the VLN, when does a company write off an account? Group of answer choices A. At the end of the year as an adjusting entry. B. At the beginning of the year as an opening entry. C. As soon as the account goes bad. D. At the end of the year as a closing entry. 2. From page 5-7 of the VLN, CCT writes off customer W’s account receivable. Which is true? Group of answer choices A. Cash decreased $1,000. B. Bad debt expense increased $1,000. C. Accounts receivable decreased by $1,000. D. Net Accounts receivable decreased by $1,000.
Take, for example, the following two accounts from an Adjusted Trial Balance: Accounts receivable (Dr. balance $12,000) and Fees earned (Cr. blanche $150,000). The amount in each account once the closing entries have been posted will be the following: Accounts receivable are those that have not been paid yet. $ Fees received in the amount of $
When writing off a customer's account using the allowance method: A. Bad Debts Expense is increased with a debit B. The customer's account is decreased with a debit C. The Allowance for Bad Debts account is decreased with a debit D. Bad Debts Expense is increased with a credit
2. Add two new expense accounts to the chart of accounts you prepared. Assign each account numbers based on where they would be placed in the chart of accounts. Miscellaneous Expense Utilities Expense Answer: Type answer here. 3. Prepare a T account for each transaction. Label the account title for each account affected. Use the chart for accounts you created in question 1. Write the debit and credit amounts for each T account to show how the accounts are affected. The first one is done. c. Received cash from owner, Roger Fisher, as an investment, $10,000.00 d. Paid cash for insurance, $ 2, 400.00 e. Bought supplies on a account to Salmon Slayers, $600.00 Paid cash for fuel, $500.00 Paid cash to owner, Roger Fisher, for personal use, $1,250.00
oivid Debit has performed $700 of accounting services for a client but has not yet billed the ient at the end of the accounting period. What adjusting entry must David prepare? (a) Debit Cash and credit Unearned Revenue. (b) Debit Accounts Receivable and credit Unearned Revenue. (c) Debit Accounts Receivable and credit Scrvice Revenue. (d) Debit Unearned Revenue and credit Service Revenuc.
help me
Which is the correct adjusting entry for accrued rent revenue? Multiple Choice Debit Credit Rent Receivable $ 7,500 Rent Earned $ 7,500 Debit Credit Rent Expense $ 7,500 Rent Earned $ 7,500 Debit Credit Rent Payable $ 7,500 Rent Expense $ 7,500 Debit Credit Rent Revenue $ 7,500 Rent Payable $ 7,500
Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. 1. Completed services that were paid for six months earlier, $970. The Service Revenue unadjusted balance as of December 31 is $9,100. The Unearned Revenue balance as of December 31 is $8,100. 2. Incurred interest expense of $2,900. 3. A two year insurance policy for $1,320 was purchased on November 1 of the current year. Record the transaction for the year ended December 31.
The Journal entry to update the accounts for customer subscriptions that are prepaid but not yet earned is which of the following types of adjusting entries? Multiple Choice O Prepaid item Unearned Revenue Accrued Expense Accrued Revenue Not an adjusting entry
Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). If an amount box does not require an entry, leave it blank. Accounts Payable $11,100 Accounts Receivable 17,600 Administrative Expense 59,000 Cash 46,000 Common Stock 33,000 Prepaid Insurance 16,300 Service Revenue 94,800 Adjustments needed: • Salaries due to administrative employees, but unpaid at period end, $2,300. • Insurance still unexpired at end of the period, $12,200.
Pitman Company is a small editorial services company owned and operated by Jan Pitman. On October 31, 2019 the end of the current year, Pitman Company’s accounting clerk prepared the following unadjusted trial balance:Pitman CompanyUNADJUSTED TRIAL BALANCEOctober 31, 2019ACCOUNT TITLE DEBIT CREDIT1Cash7,710.002Accounts Receivable37,935.003Prepaid Insurance7,070.004Supplies2,125.005Land108,400.006Building145,300.007Accumulated Depreciation-Building85,610.008Equipment134,800.009Accumulated Depreciation-Equipment96,100.0010Accounts Payable12,625.0011Unearned Rent6,340.0012Jan Pitman, Capital219,690.0013Jan Pitman, Drawing15,120.0014Fees Earned323,700.0015Salaries and Wages Expense196,770.0016Utilities Expense42,265.0017Advertising Expense23,135.0018Repairs Expense17,195.0019Miscellaneous Expense6,240.0020Totals744,065.00744,065.00The data needed to determine year-end adjustments are as follows:a. Unexpired insurance at October 31, $6,105.b. Supplies on hand at October 31, $485.c.…