Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 4, Problem 6PA
What two accounts are affected by each of these adjustments?
A. billed customers for services provided
B. adjusted prepaid insurance to correct
C. recorded
D. recorded unpaid utility bill
E. adjusted supplies inventory to correct
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Students have asked these similar questions
The adjusting entry to account for estimated customer returns and allowances involves a
a. credit to Estimated Returns Inventory
b. credit to Customer Refunds Payable
c. debit to Customer Refunds Payable
d. debit to Estimated Returns Inventor
If an adjustment includes an entry to a payable or receivable account, which type of adjustment is it?
a.
Estimate
b.
Accruals
c.
Deferrals
d.
Provision
What two accounts are affected by each of these adjustments?
Debit
Credit
A.
Billed customers for services provided
B.
Adjusted prepaid insurance to correct
C.
Recorded depreciation expense
D.
Recorded unpaid utility bill
E.
Adjusted supplies inventory to correct
Chapter 4 Solutions
Principles of Accounting Volume 1
Ch. 4 - Which of the following is any reporting period...Ch. 4 - Which of the following is the federal, independent...Ch. 4 - Revenues and expenses must be recorded in the...Ch. 4 - Which of the following breaks down company...Ch. 4 - Which of the following is a twelve-month reporting...Ch. 4 - Which type of adjustment occurs when cash is...Ch. 4 - Which type of adjustment occurs when cash is not...Ch. 4 - If an adjustment includes an entry to a payable or...Ch. 4 - If an adjustment includes an entry to Accumulated...Ch. 4 - Rent collected in advance is an example of which...
Ch. 4 - Rent paid in advance is an example of which of the...Ch. 4 - Salaries owed but not yet paid is an example of...Ch. 4 - Revenue earned but not yet collected is an example...Ch. 4 - What adjusting journal entry is needed to record...Ch. 4 - Which of these transactions requires an adjusting...Ch. 4 - What critical purpose does the adjusted trial...Ch. 4 - Which of the following accounts balance would be a...Ch. 4 - On which financial statement would the Supplies...Ch. 4 - On which financial statement would the Dividends...Ch. 4 - On which financial statement would the Accumulated...Ch. 4 - On which two financial statements would the...Ch. 4 - Describe the revenue recognition principle. Give...Ch. 4 - Describe the expense recognition principle...Ch. 4 - What parts of the accounting cycle require...Ch. 4 - Why is the adjusting process needed?Ch. 4 - Name two types of adjusting journal entries that...Ch. 4 - Are there any accounts that would never have an...Ch. 4 - Why do adjusting entries always include both...Ch. 4 - Why are adjusting journal entries needed?Ch. 4 - If the Supplies account had an ending balance of...Ch. 4 - When a company collects cash from customers before...Ch. 4 - If the Prepaid Insurance account had a balance of...Ch. 4 - If adjusting entries include these listed...Ch. 4 - What is the difference between the trial balance...Ch. 4 - Why is the adjusted trial balance trusted as a...Ch. 4 - Indicate on which financial statement the...Ch. 4 - Identify whether each of the following...Ch. 4 - Identify whether each of the following...Ch. 4 - Identify which type of adjustment is indicated by...Ch. 4 - The following accounts were used to make year-end...Ch. 4 - Reviewing insurance policies revealed that a...Ch. 4 - On July 1, a client paid an advance payment...Ch. 4 - Reviewing payroll records indicates that employee...Ch. 4 - Supplies were purchased on January 1, to be used...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare adjusting journal entries, as needed,...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - From the following Company A adjusted trial...Ch. 4 - Identify whether each of the following...Ch. 4 - Identify whether each of the following...Ch. 4 - Indicate what impact the following adjustments...Ch. 4 - What two accounts are affected by the needed...Ch. 4 - Reviewing insurance policies revealed that a...Ch. 4 - On September 1, a company received an advance...Ch. 4 - Reviewing payroll records indicates that one-fifth...Ch. 4 - On July 1, a client paid an advance payment...Ch. 4 - Prepare journal entries to record the business...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare adjusting journal entries, as needed,...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - From the following Company B adjusted trial...Ch. 4 - Identify whether each of the following...Ch. 4 - To demonstrate the difference between cash account...Ch. 4 - Identify which type of adjustment is indicated by...Ch. 4 - Identify which type of adjustment is associated...Ch. 4 - Indicate what impact the following adjustments...Ch. 4 - What two accounts are affected by each of these...Ch. 4 - Using the following information: A. make the...Ch. 4 - Use the following account T-balances (assume...Ch. 4 - Use the following account T-balances (assume...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Determine the amount of cash expended for Salaries...Ch. 4 - Prepare adjusting journal entries, as needed,...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Using the following Company W information, prepare...Ch. 4 - From the following Company Y adjusted trial...Ch. 4 - Identify whether each of the following...Ch. 4 - To demonstrate the difference between cash account...Ch. 4 - Identify which type of adjustment is indicated by...Ch. 4 - Identify which type of adjustment is associated...Ch. 4 - Indicate what impact the following adjustments...Ch. 4 - What two accounts are affected by each of these...Ch. 4 - Using the following information, A. Make the...Ch. 4 - Use the following account T-balances (assume...Ch. 4 - Use the following account T-balances (assume...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Determine the amount of cash expended for...Ch. 4 - Prepare adjusting journal entries, as needed,...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Using the following Company X information, prepare...Ch. 4 - From the following Company Z adjusted trial...Ch. 4 - Assume you are the controller of a large...Ch. 4 - Assume you are employed as the chief financial...
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- Identify which type of adjustment is associated with this account, and what is the other account in the adjustment? Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. accounts receivable B. interest payable C. prepaid insurance D. unearned rentarrow_forwardIdentify which type of adjustment is associated with this account, and what the other account is in the adjustment. Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. Salaries Payable B. Interest Receivable C. Unearned Fee Revenue D. Prepaid Rentarrow_forwardDescribe the effect on the financial statements when an adjustment is prepared that records (a) unrecorded revenue and (b) unrecorded expense.arrow_forward
- Which account is least likely to appear in an adjustingjournal entry?a. Cashb. Interest Receivablec. Income Tax Expensed. Salaries and Wages Expensearrow_forwardHow to adjust entries for refunds allowances and returnsarrow_forwardThe collection of an account that had been previously written off under the allowance method of accounting for uncollectible Select one: a. will increase income in the period it is collected. b. does not affect income in the period it is collected. C. will decrease income in the period it is collected. d. requires a correcting entry for the period in which the account was written off.arrow_forward
- Identify whether a debit or credit results in the indicated change for each of the following accounts. To decrease Unearned Revenuearrow_forwardFor each account, identify whether it is included in a post-closing trial balance. a. Store Equipment b. Interest Payable c. Notes Receivable d. Rental Revenue e. Commission Revenue f. Accounts Receivable Included in post-closing trial balance?arrow_forwardWhich of the following items represents a deferral?A. Prepaid insuranceB. Wages payableC. Fees earnedD. Accumulated depreciationarrow_forward
- Which of the following is most likely not considered an adjusting entry? a. The accrual of an electricity bill for electricity used but not yet paid b. The recognition of depreciation expense for the period c. The recognition of the used and unused portions of a prepaid rent d. The entry to record the collection of interest receivablearrow_forwardWhich of the following journals would correctly post an adjustment for deferred (prepaid) income? Select one: A. DR Income Account / CR Asset B. DR Asset / CR Income Account C. DR Income Account / CR Deferred Income D. DR Deferred income / CR Income Accountarrow_forwardWhen an account is written off using the allowance method, account receivable is ?arrow_forward
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