Principles of Accounting Volume 119th EditionOpenStax Publisher: OpenStax CollegeISBN: 9781947172685
Principles of Accounting Volume 1
Solutions for Principles of Accounting Volume 1
Problem 1MC:
Which of the following is any reporting period shorter than a full year (fiscal or calendar) and can...Problem 2MC:
Which of the following is the federal, independent agency that provides oversight of public...Problem 3MC:
Revenues and expenses must be recorded in the accounting period in which they were earned or...Problem 4MC:
Which of the following breaks down company financial information into specific time spans, and can...Problem 5MC:
Which of the following is a twelve-month reporting cycle that can begin in any month, except January...Problem 6MC:
Which type of adjustment occurs when cash is either collected or paid, but the related income or...Problem 7MC:
Which type of adjustment occurs when cash is not collected or paid, but the related income or...Problem 8MC:
If an adjustment includes an entry to a payable or receivable account, which type of adjustment is...Problem 9MC:
If an adjustment includes an entry to Accumulated Depreciation, which type of adjustment is it? A....Problem 10MC:
Rent collected in advance is an example of which of the following? A. accrued expense B. accrued...Problem 11MC:
Rent paid in advance is an example of which of the following? A. accrued expense B. accrued revenue...Problem 12MC:
Salaries owed but not yet paid is an example of which of the following? A. accrued expense B....Problem 13MC:
Revenue earned but not yet collected is an example of which of the following? A. accrued expense B....Problem 14MC:
What adjusting journal entry is needed to record depreciation expense for the period? A. a debit to...Problem 15MC:
Which of these transactions requires an adjusting entry (debit) to Unearned Revenue? A. revenue...Problem 16MC:
What critical purpose does the adjusted trial balance serve? A. It proves that transactions have...Problem 17MC:
Which of the following accounts balance would be a different number on the Balance Sheet than it is...Problem 18MC:
On which financial statement would the Supplies account appear? A. Balance Sheet B. Income Statement...Problem 19MC:
On which financial statement would the Dividends account appear? A. Balance Sheet B. Income...Problem 20MC:
On which financial statement would the Accumulated Depreciation account appear? A. Balance Sheet B....Problem 21MC:
On which two financial statements would the Retained Earnings account appear? A. Balance Sheet B....Problem 3Q:
What parts of the accounting cycle require analytical processes, rather than methodical processes?...Problem 4Q:
Why is the adjusting process needed?Problem 5Q:
Name two types of adjusting journal entries that are commonly made before preparing financial...Problem 7Q:
Why do adjusting entries always include both balance sheet and income statement accounts?Problem 8Q:
Why are adjusting journal entries needed?Problem 9Q:
If the Supplies account had an ending balance of $1,200 and the actual count for the remaining...Problem 10Q:
When a company collects cash from customers before performing the contracted service, what is the...Problem 11Q:
If the Prepaid Insurance account had a balance of $12,000, representing one years policy premium,...Problem 12Q:
If adjusting entries include these listed accounts, what other account must be in that entry as...Problem 14Q:
Why is the adjusted trial balance trusted as a reliable source for building the financial...Problem 15Q:
Indicate on which financial statement the following accounts (from the adjusted trial balance) would...Problem 1EA:
Identify whether each of the following transactions, which are related to revenue recognition, are...Problem 2EA:
Identify whether each of the following transactions, which are related to expense recognition, are...Problem 3EA:
Identify which type of adjustment is indicated by these transactions. Choose accrued revenue,...Problem 4EA:
The following accounts were used to make year-end adjustments. Identify the related account that is...Problem 5EA:
Reviewing insurance policies revealed that a single policy was purchased on August 1, for one years...Problem 6EA:
On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services....Problem 7EA:
Reviewing payroll records indicates that employee salaries that are due to be paid on January 3...Problem 8EA:
Supplies were purchased on January 1, to be used throughout the year, in the amount of $8,500. On...Problem 9EA:
Prepare journal entries to record the following business transaction and related adjusting entry. A....Problem 10EA:
Prepare journal entries to record the following adjustments. A. Insurance that expired this period,...Problem 11EA:
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...Problem 12EA:
Prepare an adjusted trial balance from the following adjusted account balances (assume accounts have...Problem 13EA:
Prepare an adjusted trial balance from the following account information, considering the adjustment...Problem 14EA:
From the following Company A adjusted trial balance, prepare simple financial statements, as...Problem 1EB:
Identify whether each of the following transactions, which are related to revenue recognition, are...Problem 2EB:
Identify whether each of the following transactions, which are related to expense recognition, are...Problem 3EB:
Indicate what impact the following adjustments have on the accounting equation, (assume normal...Problem 4EB:
What two accounts are affected by the needed adjusting entries? A. supplies actual counts are lower...Problem 5EB:
Reviewing insurance policies revealed that a single policy was purchased on March 1, for one years...Problem 6EB:
On September 1, a company received an advance rental payment of $12,000, to cover six months rent on...Problem 7EB:
Reviewing payroll records indicates that one-fifth of employee salaries that are due to be paid on...Problem 8EB:
On July 1, a client paid an advance payment (retainer) of $10,000, to cover future legal services....Problem 9EB:
Prepare journal entries to record the business transaction and related adjusting entry for the...Problem 10EB:
Prepare journal entries to record the following adjustments: A. revenue earned but not collected,...Problem 11EB:
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...Problem 12EB:
Prepare an adjusted trial balance from the following adjusted account balances (assume accounts have...Problem 13EB:
Prepare an adjusted trial balance from the following account information, considering the adjustment...Problem 14EB:
From the following Company B adjusted trial balance, prepare simple financial statements, as...Problem 1PA:
Identify whether each of the following transactions, which are related to revenue recognition, are...Problem 2PA:
To demonstrate the difference between cash account activity and accrual basis profits (net income),...Problem 3PA:
Identify which type of adjustment is indicated by these transactions. Choose accrued revenue,...Problem 4PA:
Identify which type of adjustment is associated with this account, and what is the other account in...Problem 5PA:
Indicate what impact the following adjustments have on the accounting equation, (assume normal...Problem 6PA:
What two accounts are affected by each of these adjustments? A. billed customers for services...Problem 7PA:
Using the following information: A. make the December 31 adjusting journal entry for depreciation B....Problem 8PA:
Use the following account T-balances (assume normal balances) and correct balance information to...Problem 9PA:
Use the following account T-balances (assume normal balances) and correct balance information to...Problem 10PA:
Prepare journal entries to record the following transactions. Create a T-account for Interest...Problem 11PA:
Prepare journal entries to record the following transactions. Create a T-account for Prepaid...Problem 12PA:
Determine the amount of cash expended for Salaries during the month, based on the entries in the...Problem 13PA:
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...Problem 14PA:
Prepare an adjusted trial balance from the adjusted account balances; solve for the one missing...Problem 15PA:
Prepare an adjusted trial balance from the following account information, considering the adjustment...Problem 16PA:
Prepare an adjusted trial balance from the following account information, and also considering the...Problem 17PA:
Using the following Company W information, prepare a Retained Earnings Statement. Retained earnings...Problem 18PA:
From the following Company Y adjusted trial balance, prepare simple financial statements, as...Problem 1PB:
Identify whether each of the following transactions, which are related to revenue recognition, are...Problem 2PB:
To demonstrate the difference between cash account activity and accrual basis profits (net income),...Problem 3PB:
Identify which type of adjustment is indicated by these transactions. Choose accrued revenue,...Problem 4PB:
Identify which type of adjustment is associated with this account, and what the other account is in...Problem 5PB:
Indicate what impact the following adjustments have on the accounting equation: (assume normal...Problem 6PB:
What two accounts are affected by each of these adjustments? A. recorded accrued interest on note...Problem 7PB:
Using the following information, A. Make the December 31 adjusting journal entry for depreciation....Problem 8PB:
Use the following account T-balances (assume normal balances) and correct balance information to...Problem 9PB:
Use the following account T-balances (assume normal balances) and correct balance information to...Problem 10PB:
Prepare journal entries to record the following transactions. Create a T-account for Supplies, post...Problem 11PB:
Prepare journal entries to record the following transactions. Create a T-account for Unearned...Problem 12PB:
Determine the amount of cash expended for Insurance Premiums during the month, based on the entries...Problem 13PB:
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...Problem 14PB:
Prepare an adjusted trial balance from the adjusted account balances; solve for the one missing...Problem 15PB:
Prepare an adjusted trial balance from the following account information, considering the adjustment...Problem 16PB:
Prepare an adjusted trial balance from the following account information, and also considering the...Problem 17PB:
Using the following Company X information, prepare a Retained Earnings Statement: Retained earnings...Problem 18PB:
From the following Company Z adjusted trial balance, prepare simple financial statements, as...Browse All Chapters of This Textbook
Chapter 1 - Role Of Accounting In SocietyChapter 2 - Introduction To Financial StatementsChapter 3 - Analyzing And Recording TransactionsChapter 4 - The Adjustment ProcessChapter 5 - Completing The Accounting CycleChapter 6 - Merchandising TransactionsChapter 7 - Accounting Information SystemsChapter 8 - Fraud, Internal Controls, And CashChapter 9 - Accounting For ReceivablesChapter 10 - Inventory
Sample Solutions for this Textbook
We offer sample solutions for Principles of Accounting Volume 1 homework problems. See examples below:
More Editions of This Book
Corresponding editions of this textbook are also available below:
CENGAGENOWV2 FOR OPENSTAX'S PRINCIPLES
1st Edition
ISBN: 9780357364796
Related Accounting Textbooks with Solutions
Still sussing out bartleby
Check out a sample textbook solution.
