INTER. ACCOUNTING - CONNECT+ALEKS ACCESS
10th Edition
ISBN: 9781264770335
Author: SPICELAND
Publisher: MCG
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Which of the following adjusting entries prepared on December 31, 2021 (without amounts and explanations) would you choose to reverse on
January 1, 2022?
O Dr Interest receivable; Cr Interest income
O Dr Unearned service income; Cr Service income
O Dr Doubtful Accounts; Cr Allowance for doubtful accounts
O Dr Insurance Expense; Cr Prepaid insurance
Which of the following alternatives represent the amount of non current liabilities in the statement of financial position of Shukela CC for the year ended 28 February20.19?
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- . If Avonette fails to make an adjusting entry for the accrued interest on December 31,2018,a. net income will be understated and liabilities will be overstated.b. net income will be understated and assets will be understated.c. net income will be overstated and assets will be overstated.d. net income will be overstated and liabilities will be understated.arrow_forwardIn what respects is a review of interim financial information similar to a review of the unaudited annual financial statements of a nonissuer?arrow_forwardAccrued rent income of P 25,000 was overlooked at the end of 2021. What would be the adjusting entry if the error was discovered at December 31, 2022? Group of answer choices A. Debit - Retained Earnings, P 25,000; Credit - Rent Income, P 25,000. B. No adjusting entry is necessary C. Debit - Rent Income, P 25,000; Credit - Retained Earnings, P 25,000. D. Debit - Rent Receivable, P 25,000; Credit - Retained Earnings, P 25,000.arrow_forward
- How much would the December 31,2020 retained earnings be misstated if the books are not yet closed?arrow_forward43. Prepaid Insurance of P 60,000 was overlooked at the end of 2021. What would be the adjusting entry if the error was discovered at December 31, 2022?arrow_forwardProspective adjustments are expected to O produce no impact on the financial statements of previous years. O impact financial statements of only previous years. O impact financial statements of previous years and current years as if the accounting principle had always been used. O impact the financial statements of the current year only.arrow_forward
- Marigold Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Interest Payable Notes Payable Unearned Service Revenue Salaries and Wages Payable Common Stock MARIGOLD ADVERTISING TRIAL BALANCE DECEMBER 31, 2020 Unadjusted Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expense Rent Expense Dr. $18,810 22,900 8,710 3,730 63,430 11,720 370 4,500 $134,170 Cr. $30,670 14,467 -0- 4,700 6,590 -0- 10,580 3,750 63,413 $134,170 Dr. Adjusted $18,810 26,011 2,795 2,949 63,430 12,961 781 511 4,700 5,915 4,500 $143,363 Cr. $35,370 14,467 141 4,700 5,142 1,241 10,580 3,750 67,972 $143,363arrow_forward33. As of Dec. 31, 2020, Unadjusted Interest Income account of Entity A was P5,000. It was learned that P3,000 was unearned at the end of the period. The adjusting entry would be * A. Debit: Interest Income, P3,000; Credit: Unearned Interest Income, P3,000 B. Debit: Unearned Interest Income, P3,000 Credit: Interest Income, P3,000 C. Interest Income, P2,000 Credit: Unearned Interest Income, P2,000 D. Unearned Interest Income, P2,000 Credit: Interest Income, P2,000arrow_forwardWhat will be the amount of the appropriate adjusting entry?arrow_forward
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