"In the blank space beside each adjusting entry, enter the letter of the explanation A through Fthat most closely describes the entry.To record this period's depreciation expenseTo record accrued salaries expense.To record this period's use of a prepaid expense.To record accrued interest revenue.To record accrued interest expense.To record the earning of previously unearned income.1. Interest Expense.Interest Payable2. Insurance Expense.Prepaid Insurance3. Unearned Professional Fees2,2084. Interest Recelvable.3,3002,208Interest Rovenue3,3003,1805. Depreciation Expense38,2173,180Accumulated Depreciation38,2176. Salaries Expense.Salaries Payable19,25013,280Professional Fees Earned..19,25013,280............

1. E (To record accrued interest expense.) Interest expense is debited because it is an expense and…

'In the blank space beside each adjusting entry, enter the letter of the explanation A through F hat most closely describes the entry. To record this period's depreciation expense To record accrued salaries expense. To record this period's use of a prepaid expense. To record accrued interest revenue. To record accrued interest expense. To record the earning of previously unearmed income. 1. Interest Expense. Interest Payable 2 Insurance Expense. Prepaid Insurance 4. Interest Receivable. Interest Revenue 5. Depreciation Expense 2.208 3,300 2,208 3,300 3,180 38,217 3,180 Accumulated Depreciation 38,217 6. Salaries Expense. Salaries Payable 3. Unearned Professional Foes 19,250 13.280 Professional Fees Earned 19,250 13,280

'In the blank space beside each adjusting entry, enter the letter of the explanation A through F hat most closely describes the entry. To record this period's depreciation expense To record accrued salaries expense. To record this period's use of a prepaid expense. To record accrued interest revenue. To record accrued interest expense. To record the earning of previously unearmed income. 1. Interest Expense. Interest Payable 2 Insurance Expense. Prepaid Insurance 4. Interest Receivable. Interest Revenue 5. Depreciation Expense 2.208 3,300 2,208 3,300 3,180 38,217 3,180 Accumulated Depreciation 38,217 6. Salaries Expense. Salaries Payable 3. Unearned Professional Foes 19,250 13.280 Professional Fees Earned 19,250 13,280

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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Select the correct account type(asset, liability, equity, revenue, expense) for the below accounts: Depreciation expense Answer 1Choose...RevenueAssetLiabilityEquityExpense Drawings Answer 2Choose...RevenueAssetLiabilityEquityExpense Prepaid Insurance Answer 3Choose...RevenueAssetLiabilityEquityExpense Unearned Service Revenue Answer 4RevenueAssetLiabilityEquityExpense
4. Develop a single equation to estimate total costs at various levels of activity. 5. Project the total costs if 3,500 rooms are sold.
"Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues (UR), accrued expenses (AE), or accrued revenues (AR). a. To record revenue earned that was previously received as cash in advance. b. To record wages expense incurred but not yet paid (nor recorded). C. To record revenue earned but not yet billed (nor recorded). d. To record expiration of prepaid insurance. е. To record annual depreciation expense"
Which of the following accounts could be part of a regular journal entry, an adjusting entry, a closing entry, and a reversing entry? interest revenue account receivable depreciation expense unearned revenue prepaid insurance
1. Post-closing trial balance include all of the following account, except a. assetb. liabilitiesc. capitald. withdrawal 2. Which adjusting journal entries are subject to reversing entries? a. Accrual of incomeb. Deferral of income – liability methodc. Deferral of expense – asset methodd. Depreciation expense 3. On column 7 and 8 of worksheet or the Income Statement columns, what is the financial performance if debit is greater than credit? a. Breakevenb. Net Incomec. Net Lossd. Gross Income 4. On column 9 and 10 of worksheet or the Balance Sheet columns, what is the difference if debit is greater than credit? a. Breakevenb. Net Incomec. Net Lossd. Gross Income
N1. Account
A partial statement of financial position of Ivanhoe Ltd. on December 31, 2022, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2022): Buildings $294,000 Less: Accumulated depreciation 94,000 Equipment $125,000 Less: Accumulated depreciation 45,000 (a) Ivanhoe uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Ivanhoe applies IFRS and has decided to adopt the revaluation model for its building and equipment, effective December 31, 2022. On this date, an independent appraiser assessed the fair value of the building to be $146,000 and that of the equipment to be $100,000. (To eliminate the accumulated depreciation) Prepare the necessary general journal entries, if any, to revalue the building and the equipment as at December 31, 2022, using the asset adjustment…
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. depreciation on fixed assets, $8,500 unexpired prepaid rent, $12,500 remaining balance of unearned revenue, $555
6
The entry to close the Insurance Expense account at the end of the accounting period would include a O credit to Prepaid Insurance. O a credit to Insurance Expense. O debit to Prepaid Insurance. O a debit to Insurance Expense.