An Adjusting entry for accrued expense isrequired when: *O Cash is paid before the expense is incurredO Cash is paid after the expense is incurredO Expense is recorded when cash is paidO None of theseIf the total assets decreased by P23, 500during a period of time and owner's equityincreased by P12,000 during the sameperiod, the amount and direction (increaseor decrease) of the period's change in totalliabilities is:O P35, 000 decreaseO P47, 000 decreaseOP71, 000 decreaseO P71, 000 Increase

Explanation: 1. An Adjusting entry for the accrued expense is required if cash is not paid at the…

Answered: An Adjusting entry for accrued expense…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 14MC: What adjusting journal entry is needed to record depreciation expense for the period? A. a debit to...

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Which type of adjustment occurs when cash is either collected or paid, but the related income or expense is not reportable in the current period? A. accrual B. deferral C. estimate D. cull
Question. A company made an error in calculating and reporting amortization expense in Year 1. The error was discovered in Year 2. The item should be reported as a prior period adjustment: a. on the Year 2 statement of retained earnings. b. on the Year 1 statement of retained earnings. c. accounted for with a cumulative "catch-up" adjustment in Year 2. d. on the Year 2 income statement. e. on the Year 1 income statement.
If an adjustment includes an entry to a payable or receivable account, which type of adjustment is it? A. accrual B. deferral C. estimate D. cull
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. depreciation on fixed assets, $ 8,500 B. unexpired prepaid rent, $12,500 C. remaining balance of unearned revenue, $555
EA11. LO 4.3 Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. Unadjusted Trial Balance Account Title Debit Credit Fixed assets 120,000 Accumulated depreciation Prepaid rent Unearned revenue 24,000 18,000 3,500 A. depreciation on fixed assets, $ 8,500 B. unexpired prepaid rent, $12,500 C. remaining balance of unearned revenue, $555
Prepare adjusting journal entries, as needed, considering the account balances excerpted fromthe unadjusted trial balance and the adjustment data. A. depreciation on fixed assets, $ 8,500B. unexpired prepaid rent, $12,500C. remaining balance of unearned revenue, $555
On July 31, 2022, Sage Hill Company had a cash balance per books of $6,315. The statement from Dakota State Bank on that date showed a balance of $7,865.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. 2. 3. 4. 5. 6. The bank service charge for July was $20. The bank collected $1,695.00 for Sage Hill Company through electronic funds transfer. The July 31 receipts of $1,373.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to L. Taylor, a creditor, for $394 that cleared the bank in July was incorrectly entered in the cash payments record on July 10 for $349. Checks outstanding on July 31 totaled $2,044.10. On July 31, the bank statement showed an NSF charge of $750.00 for a check received by the company from W. Krueger, a customer, on account.
A change from the straight-line method of depreciation to sum-of-years' digits is accounted for as a. change in accounting estimate b. prior period error c. accounting error d. change in accounting policy
On July 31, 2022, Shamrock Company had a cash balance per books of $6,320. The statement from Dakota State Bank on that date showed a balance of $7,870.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. 2. 3. 4. 5. 6. The bank service charge for July was $21. The bank collected $1,700.00 for Shamrock Company through electronic funds transfer. The July 31 receipts of $1,377.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to L. Taylor, a creditor, for $374 that cleared the bank in July was incorrectly entered in the cash payments record on July 10 for $347. Checks outstanding on July 31 totaled $2,031.10. On July 31, the bank statement showed an NSF charge of $755.00 for a check received by the company from W. Krueger, a customer, on account.
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Consider the account balances excerpted from the unadjusted trial balance and the adjustment data. Unadjusted Trial Balance Account Title Fixed Assets Accumulated Depreciation Prepaid Rent Unearned Revenue A. B. C. Debit $123,000 8,900 18,300 A. Depreciation on fixed assets, $8,900 B. Unexpired prepaid rent, $12,700 C. Remaining balance of unearned revenue, $565 Prepare adjusting journal entries, as needed. If an amount box does not require an entry, leave it blank. 24,300 X Credit 565 X $24,300 3,700 8,900 12,700 X

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