Identify whether each of the following transactions, which are related to expense recognition, are accrual, deferral, or neither. A. paid an expense for the current month B. prepaid an expense for future months C. made a payment to reduce accounts payable D. incurred a current-month expense, to be paid next month

Q: Assuming the entity already render its services after 6 months from collecting the advance payment…

A: Journal entry when advance payment received: DATE ACCOUNTS DEBIT CREDIT   Cash xxxx…

Q: Using the accrual basis, in which month should revenue be recorded?a. In the month that cash is…

A: Accrual basis of accounting: It refers to the method of accounting in which expenses and revenues…

Q: Answer the following questions that are related to the following Interest Payable T-account:…

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Q: The journal entry a company uses to record accrued (earned) vacation privileges for its employees at…

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Q: List the name of at least four accounts that represent accruals or deferrals—these could be accrued…

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Q: osed to the account Net Position-Unrestricted. ection B Restricted Net Position is increased and…

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Q: Why does the recording of adjusting entries require a bet-ter understanding of the concepts of…

A: Routine revenue and expense transactions are transactions of normal sales, purchases or occurrence…

Q: Which of the following does not affect the current liabilities section of the balance sheet? Select…

A: Current liabilities mean the obligation amount that is not paid to the creditors and suppliers yet…

Q: The entry a company uses to journalize accrued vacation privileges for its employees at the end of…

A: For any accrual of vacation privileges for employees,- Vacation pay expense should be debited-…

Q: For journal entries 1through 12, indicate the explanation that most closely describes it. You can…

A: Accrued expenses are those expenses which are incurred, but not yet paid. Accrued revenue is that…

Q: When salaries and wages expense for the year is computed, why are beginning accrued salaries and…

A: Salaries and wages expense: Salaries and wages expense is an expense which is made to an employee…

Q: Assuming the entity paid its employees their wages, incurred during the period. The proper debit to…

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Q: Rent revenue collected 1 month in advance should be                    accounted for as:         a.…

A: Accrual concept of accounting requires entities to record revenues or expenses as and when they are…

Q: Which of the following is not classified as a current liability account? a. salaries and wages…

A:

Q: Which of the following accounts was created as the result of an accrual for expenses?  Group of…

A: Lets start with the basic understanding. Accrual for expense is a liability which is incur because…

Q: Fill in the blank:  Expenses paid in advance at the end of the year are ________________ theprofit…

A: Definition:   Deferred expenses: Advance payment for future expenses is called as prepaid expenses.…

Q: Are transactions recorded on a fiscal‐year basis or a calendar‐year basis? Does it have to be one or…

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Q: What is Endorsement Of Bill? A. Extra days following the due date of the bill for making payment B.…

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Q: On January 1, Pina Colada Corp. lent $38,000 to Kingbird, Inc., accepting Kingbird's $50,578,…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS   Account title and explanation  Debit  Credit…

Q: Which of the following does not affect the current liabilities section of the balance sheet?   a.…

A: Current  liabilities  are liabilities  payable with  in 12 months  or normal operating  cycle…

Q: Which of the following does not require an adjusting entry at year-end?   Multiple Choice   A.…

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Q: at would be the effect on the balance sheet if the adjustments for unbuilt fees and accrued wages…

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Q: On a Closing Disclosure, the method used to compute adjustments for insurance and taxes is known as…

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Q: The following transactions are for Kingbird Company. 1. On December 3, Kingbird Company sold…

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Q: During 2021, WMC Corporation discovered that its ending inventories reported on its financial…

A: The answer is stated below:

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A: working notes 1.  $180800/4 = $45200 2. $249,900/10 = $24900

Q: Which of the following is sufficient to record the expense ?    a) Payment in the following period…

A: Expense- An expense refers to the cost that's employed in producing revenues in an exceedingly…

Q: b.Service Revenue

A:

Q: Non-recognition of deferral at the end of the accounting period will   a.understate income and…

A: Deferrals means the payment made or received for the expenses or the income which has not been yet…

Q: Rent revenue collected 1 month in advance should be accounted for as: a. revenue in the month…

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Q: How are revenues and expenses reported on the income statement under (a) the cash basis of…

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Q: Prepare the December 31 year-end entry that companies record to adjust the Revenue and the Unearned…

A: Unearned revenue is the money received by the enterprises for which the service/ product are yet to…