What is the purpose of adjusting journal entries, and when are they necessary?help

Q: 21 Hobbiton Tours Ltd. has the following details related to its defined benefit pension plan as at…

A: Part 1: Current Service Cost and Accrued Benefit Obligation at December 31, 2025 Given:Original…

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A: Step 1: Detailed Explanation of Book Value of Shareholders' EquityBook Value of Shareholders' Equity…

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A: Accounting cycle is the systematic procedure that businesses follow to record, analyze, and report…

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A: The question involves gross margin, a fundamental topic in financial accounting as well as income…

Q: What is the purpose of depreciation?A. Track the market value of assetsB. Match the cost of an asset…

A: The correct answer is:B. Match the cost of an asset to the periods it…

Q: Please provide the correct answer to this general accounting problem using valid calculations.

A: The asset turnover ratio measures how efficiently a company uses its assets to generate sales. It is…

Q: Accrued expenses are recorded:A. When paid in advanceB. When the cash is paidC. When incurred,…

A: Explanation:Accrued expenses are expenses that a company has incurred but not yet paid. These are…

Q: The double-entry accounting system means:A. Transactions are recorded in two booksB. Total debits…

A: Explanation:The double-entry accounting system is a fundamental concept in accounting where every…

Q: The balance in the dividends account is closed to:A. CashB. RevenueC. Retained EarningsD. Common…

A: The correct answer is:C. Retained EarningsExplanation:The Dividends account is a temporary account…

Q: Help Which of the following would be found in the investing activities section of the cash flow…

A: In the cash flow statement, the investing activities section includes cash transactions related to…

Q: Managerial Accounting

A: Below solve the question in full detail with step-by-step calculations and a clear explanation.…

Q: The income summary account is used:A. To record net cash flowB. Only by service businessesC. During…

A: Explanation:The Income Summary account is a temporary account used during the closing process to…

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A: To calculate the Net Realizable Value (NRV) of the inventory, use the following formula: NRV =…

Q: A trial balance includes:A. Only revenue and expense accountsB. All accounts with balancesC. Only…

A: Step 1:Trial Balance: A normal trial balance includes all accounts with balances. All accounts means…

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A: To calculate the Price-Earnings (P/E) ratio, use this formula:P/E Ratio = Market Price per Share ÷…

Q: Which account is not closed at the end of the accounting period?A. SalesB. Rent ExpenseC.…

A: Explanation:At the end of the accounting period, temporary accounts like Sales (revenue), Rent…

Q: 4. Which accounting principle requires expenses to be matched with revenues?A. Cost PrincipleB.…

A: The correct answer is:C. Matching PrincipleExplanation:The Matching Principle requires that expenses…

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A: To calculate the goodwill impairment loss, follow these steps: 1. Determine the carrying amount of…

Q: A contingent liability should be recorded only when:A. It is possible and the amount is estimableB.…

A: Explanation:According to accounting standards (such as GAAP and IFRS), a contingent liability should…

Q: No use chatgpt  1. If an adjusting entry is not made for accrued wages, what will be the result?A.…

A: Explanation:Accrued wages are wages that have been earned by employees but not yet paid or recorded.…

Q: Need help ! 4. If total debits exceed total credits on a trial balance, the difference is most…

A: Explanation:A trial balance is used to verify that total debits equal total credits in the ledger…

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A: Step 1: DefinitionsDescription of Operating Cash Flow: Operating cash flow represents the amount of…

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A: Step 1: Detailed Explanation of Predetermined Overhead RateThe Predetermined Overhead Rate (POHR) is…

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A: Step 1: Definition of Actual Total Direct Materials CostThe actual total direct materials cost…

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A: Step 1: Detailed Explanation of Net Realizable Value (NRV)Net Realizable Value (NRV) is the amount a…

Q: Depreciation is recorded in the books to:A. Increase asset valueB. Reflect fair market valueC.…

A: The correct answer is:C. Allocate asset cost over timeExplanation: Depreciation spreads the cost of…

Q: no ai What type of account is Service Revenue?A. AssetB. LiabilityC. EquityD. Revenue

A: Explanation:Service Revenue is a type of revenue account in accounting. It represents the income a…

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A: Step 1: Definition of Target Profit Sales Target profit sales refer to the amount of sales—either in…

Q: Please provide the solution to this general accounting question using proper accounting principles.

A: Step 1: DefinitionsInterpretation of Assets:Assets are the economic resources owned or controlled by…

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A: Step 1: Detailed explanation of Total Liabilities Total liabilities represent the obligations of a…

Q: I am looking for the correct answer to this Financial accounting question with appropriate…

A: Step 1: Detailed Explanation of (Price-Earnings Ratio)The price-earnings (P/E) ratio is a financial…

Q: A contingent liability should be recorded only when:A. It is possible and the amount is estimableB.…

A: Explanation:According to accounting standards (like U.S. GAAP and IFRS):A contingent liability…

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A: Solution for Divisional Operating Income Calculation Step 1: Calculate the Allocation Rate for Data…

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A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents the total direct…

Q: What type of account is accumulated depreciation?A. AssetB. Contra-assetC. ExpenseD. Liability

A: Explanation:Accumulated depreciation is a contra-asset account, meaning it is paired with an asset…

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A: Step 1: Detailed explanation of Total Manufacturing CostTotal Manufacturing Cost includes all costs…

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A: Step 1: Detailed Explanation of Percent Markup Based on Selling PricePercent markup based on selling…

Q: 2 Which statement regarding liabilities is NOT correct under the IFRS Framework?   Question…

A: Let's analyze the statements one by one in the context of IFRS Framework principles about…

Q: Calculate Total Fixed Cost With General Accounting Method

A: Step 1: Detailed explanation of Fixed CostFixed costs are expenses that do not change with the level…

Q: 7. If inventory is overstated at year-end, which of the following is true?A. Net income is…

A: Explanation:When inventory is overstated at year-end, it affects the Cost of Goods Sold (COGS) and…

Q: Which of the following best describes owner’s equity?A. Assets minus liabilitiesB. Total assetsC.…

A: Explanation:Owner's equity is the owner's share of the business, calculated by subtracting the total…

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A: The problem belongs to Cost-Volume-Profit (CVP) Analysis in managerial accounting, which analyzes…

Q: The matching principle helps ensure:A. Revenues are equal to expensesB. Revenues and related…

A: Explanation:The matching principle is a fundamental concept in accounting that states:Expenses…

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A: Step 1: Detailed Explanation of Ending Accounts ReceivableEnding Accounts Receivable is the balance…

Q: A company’s chart of accounts is:A. A list of balancesB. A general ledgerC. A list of all account…

A: A chart of accounts is an organized listing of all the accounts a company uses in its accounting…

Q: What is the effect of collecting cash from a customer on account?A. Increase liabilitiesB. Increase…

A: Explanation:When a business collects cash from a customer on account (also called accounts…

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A: Step 1: Detailed explanation of Fixed Asset Requirement When a company operates at a certain…

Q: No Chatgpt please  5. What is the normal balance of the Dividends account?A. DebitB. CreditC. Zero…

A: Explanation:The Dividends account is used to record distributions of earnings to shareholders,…

Q: 14. A company receives a bill for electricity to be paid next month. What is the journal entry…

A: Explanation:The company has incurred an expense (electricity used), so it must record a Utilities…

Q: Applying the Accounting Equation and Assessing Financial Statement LinkagesThe following information…

A: his question emphasizes the use of the accounting equation — Assets = Liabilities + Stockholders'…