which of the following is not considered an adjustment?which of the following is not considered an adjustment?

The accrual of an electricity bill for electricity used but not yet paid The recognition of depreciation expense for the period The recognition of the used and unused portions of a prepaid rent The entry to record the collection of interest receivable Expert Solution SEJPME PRETEST Flashcards | Quizlet a. a. revenue, expense b. liability, asset c. asset, liability d. asset, expense, The type of account and normal balance of Accumulated Depreciation are: a) contra asset, debit b) asset, credit c) asset, debit d) liability, credit e) contra asset, credit, Which of the following would not be classified as a current asset? What is considered an adjustment to income? - Support C) An entry to convert. Which of the following is a typical example of a current liability? (a) Contracts resulting from sealed bidding shall be firm-fixed-price contracts or fixed-price contracts with economic price adjustment. 33. B. B) d. $1,400, Accumulated Depreciation and Depreciation Expense are classified, respectively, as The adjustment for depreciation of $3,545 was journalized as debit to Depreciation Expense for $3,454 and a credit to Accumulated Depreciation of $3,545. Which of the following statements is incorrect? A) a. assets, liabilities, owner's equity b. assets, drawing, expenses c. assets, revenues, expenses d. assets, liabilities, revenues, Which of the following statements is true? exam ch11 Flashcards | Quizlet a. debit to Wages Expense and a credit to Wages Payable Position Number: CM-157-2022 Department: Fiscal Services Job Category: Time (Percent Time): Term (months/year): Current Work Schedule (days, hours): Monday-Thursday, 7:30am-5:00pm/Friday, 7:30am-11:00am Salary Range: A-69 Salary: A-69Steps 1 - 6: $4,386 - $5,598 monthly Shift Differential: Shift differential eligibility based on the current collective bargaining agreement. [1001][1562], [1652][1001]\left[\begin{array}{rr}-1 & 6 \\ 5 & 2\end{array}\right]\left[\begin{array}{ll}1 & 0 \\ 0 & 1\end{array}\right] c. Interest Expense 1) Before any month-end adjustments are made, the net income of Russell Company is $38,000. = 45/20 Increase in liabilities c. Decrease in assets d. Decrease in liabilities, An income statement does which of the following? Adjusting entry for accrued Q: Adjusting entries that need to be made in order to comply with accrual accounting concepts normally A: Adjusting entries are made by the management to maintain the accrual basis accounting system. C) Revenues will be understated, but assets will be ov, Which of the following accounts has a normal debit balance? The adjusting entry to record interest that has accrued on a note payable to the bank will cause an immediate: She has also heard that certain terms have special meanings in accounting relative to everyday use. The District may choose to fill one or more positions from this recruitment within six (6) months. b. net income or loss will always be overestimated D) To ensure consistency and fairness to all applicants, please do not submit materials in addition to those requested. \end{array} 1) The accrual of interest on a note payable will: 1) Regal Real Estate, which maintains its accounts on the basis of a fiscal year ending June 30, began the management of an office building on June 15 for an agreed annual fee of $4,800. a. debit Insurance Expense, $3,000; credit Prepaid Insurance, $3,000 a. a. income statement account and one balance sheet account On January 25, Ramona's Nursery hired a college student to drive the minibus; the new employee is to begin work in February. 20 Which of the following is not considered a basic type of adjusting c. Expenses decrease stockholders' equity. a. d. $8,000, Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $14,000 and unexpired insurance of $3,000, for the fiscal year ending on April 30? b. records revenues and expenses when they are incurred b) An expense. School Columbia College; Course Title ACCT 280; Type. the amount of the trial balance. A) Marketable Securities B) Equipment C) Prepaid Expenses D) Interest Receivable, Which of the following is a correct statement regarding the use of the modified approach for accounting for eligible infrastructure assets? 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. the amount expired. (4) Depreciation of office equipment is based on an estimated useful life of five years. Depreciation Expense. a) Debiting Wage Expense for $640 and crediting Wages Payable for $640. B) The fee for delivery is $500. [ If you would like to come in, I would be happy to talk over the details and help with a payment plan that suits your budget." - is the best response. \text{Sales}&\text{700,000}\\ A debit to an asset account and a credit to an expense account. (a) The entry to record depreciation expense. A) Capitalized means that an asset account is debited (increased) for the cost of an asset.B) Capitalized means that a liability account is credited (increased) for the cost of an asset.C) Capitalized mea, Entry to recognize depreciation expense incurred on equipment is recorded as: a. A) exponential smoothing. 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 receivable b. purchased Which of the following is NOT considered an epidermal appendage? (3) On December 1, rent on the office building had been paid for three months. Question 7 options: 1) On December 31, Louis Jeweler's made an adjusting entry to record $4,200 accrued interest payable on its mortgage. Which of the following should be disclosed in the Summary of Significant Accounting Policies? d. not earned but the cash has been received, Adjusting entries are Expert Answer. To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called Which of the following is not considered an end of period adjusting d) Balance sheet items are presented before income statement items. 1) Unearned revenue appears: Legislative reform is needed, to remove or widen the . Job categories Finance. a. Hospital Tap Water as a Source of Stenotrophomonas Maltophilia c) Income Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: YES Accumulated depreciation, salaries payable supplies and unearned rent NO frank kent, drawing land At the end of the current year, $23,570 of fees have been earned but have not been billed to clients. Which of the following is not true regarding the asset-liability approach to defining accounting elements? Which of the following statements is not true? (2) The company pays all employees up to date each Friday. Liabilities assumed by a corporation on section 351 t. Which of the following groups of accounts have a normal credit balance? a. still on hand 3. The accrual of an electricity bill for electricity used but not yet paid b. $550. If Hot Bagel Co. estimates depreciation on an automobile to be $578 for the year, the company should make the following adjusting entry: A: Accrued revenues are those which have been accrued but not yet paid. The company's monthly rent is $700. An example of a contra-asset account is: d. debit Supplies; credit Stockholders' Equity, Buster Industries pays weekly salaries of $30,000 on Friday for a five-day week ending on that day. Fair value adjustment-trading a. The amount to be used for the appropriate adjusting entry is (1) A one-year bank loan of $720,000 at an annual interest rate of 6% had been obtained on December 1. C. Assets, expenses, and withdrawals. Increase an asset; increase revenue. Purchased land for cash. A. 6, expenses can be defined by which of the following? The company should make an adjusting entry: d) $900 is paid to an attorney for legal services rendered during the current year. Identify whether the following item would be classified on a balance sheet as a current liability, a long term-liability or something else: Salaries payable. Which of the following is not considered a basic type of adjusting entry?A. Income statement B. Which of the following accounts would likely be included in a deferral adjusting entry? The adjusting entry required on December 31 is Revenues B. Accounting chapter 3 Flashcards | Quizlet D. Geologists. Office Furniture Owner withdrawals Unearned Revenu. Your aunt recently received the annual report for a company in which she has invested. c. debit Accounts Payable; credit Supplies providing equipment, services or support. Which fraction has self adjusting force? a. failure to adjust Unearned Revenue to recognize revenue earned b. failure to record depreciation for the year c. failure to accrue interest payable d, Which of the following statements best describes tax results to a shareholder in a section 351 transaction when liabilities on property transferred to the corporation are assumed by the corporation? Rent expense amount b. The following information has been assembled in order to prepare the required adjusting entries at December 31: In fact, limiter faux pas are one of the easiest ways to undo a hard-earned mix. a. debit Insurance Expense, $1,800; credit Prepaid Insurance, $1,800 d. Improperly expensing costs that should be capitalized. b. When recording an adjusting entry for a prepaid expense. The accrual of an electricity bill for electricity used but not yet paid b. If no adjusting entry is made, how will this year's financial statements of Bon Appetite Caf be affected? Adjusting entries are needed: A. '34_ Which of the following is not considered a basic type of adjusting Proof of Bachelor's Degree in Counseling, Psychology, or related field. Therefore, the credit to Supplies in the adjusting entry is for the amount of supplies A) The variable being predicted is the Y variable. What type of account is Notes Payable? c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. Important Terms: Please Read Before Bidding! Account Adjustments: Types, Purpose & Their Link to Financial Accounts Receivable; Bad Debt Expense. Indicate which items will be erroneously stated, because of the error, on (A) the income statement for the year and (B) the balance sheet as of October 31. a) Realization principle 1. Why or why not? C. Engineers. Expenses increase stockholders' equity. a. debit Depreciation Expense; credit Building. d. revenue and one stockholders' equity account, The term used to describe an expense that has not been paid and has not yet been recognized in the accounts by a routine entry is On February 3, Ron Brown was billed for an office visit. c. The chance of rolling a 3 on two dice is 1/18. a. a) Debit Interest Expense $6,300. a) In April, Daystar Company received payment from a customer for services that are performed in May. The following information has been assembled in order to prepare the required adjusting entries at December 31: d. Unearned Rent, Which of the following accounts would likely be included in a deferral adjusting entry? 24 Questions Show answers. a. b. deferred c. debit Salary Expense, $12,000; credit Salaries Payable, $12,000 a) Affects only items reported in the income statement. a) Transactions involving small dollar amounts are not recorded in Millridge's accounting records. Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? Choose from the following terms: | Throughout time (manufacturing cycle) | Sunk Cost | Differential Costs | Residual Income | Payback Method | Proje, Which of the following accounting elements does the matching principle help to match? Question 6 options: In which of the following situations would an adjusting entry be made at the end of January to record an accrued expense? d. records revenues and expenses when the company needs to apply for a loan, By matching revenue earned during the accounting period to related incurred expenses b. liabilities The monthly rent is $6,000. a. depreciation of long-term physical assets. Assets c. Stockholders' equity d. Expenses e. Liabilities, Which of the following current asset or current liability accounts is not included in the computation of cash flows from operating activities? b) $4,000 is paid in January for equipment with a useful life of four years. Property, Plant, and Equipment; Accumulated Depreciation. Listing current liabilities in order of maturity. A_____is a collection problem that requires immediate action because this individual has a balance due and has moved without leaving a forwarding address. Which of the following entries causes an immediate decrease in assets and in profit? Patient Billing and Collections-Chapter 18 Flashcards | Quizlet b) Debit Rental Revenue $5,000 and credit Unearned Rental Revenue $5,000. c) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. Farad, Inc., specializes in selling used trucks. Increase an expense; increase a liability. a. Select the correct answer: The entry to record depletion expense A) decreases assets and liabilities. 31,2017$105,000. Identify the type of account for the following: Unearned Revenue a. Dentsply Sirona Reports Fourth Quarter and Full Year 2022 Results d. required for the next accounting period, The cost of office supplies to be used in future periods is ordinarily shown on the balance sheet as a(n) c. contra asset, credit a) Expenses increase stockholders' equity. 21. c) The entry to record revenue earned but not yet received. Prepaid expenses. 1) Videobusters, Inc. offered books of video rental coupons to its patrons at $40 per book. a. prepaid a. expenses when their future economic value expires or is used up a. A) Which one of the following is not considered a basic type of adjusting Doing so: A. Violates professional standards. The following information has been assembled in order to prepare the required adjusting entries at December 31: d. debit Prepaid Insurance, $1,800; credit Cash, $1,800, Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. a) As income on the income statement. Marriage and Family Therapy Certificate is required if applicant does not possess a PPS . c) The entry to pay outstanding bills. The customer claims he can't pay today, but he hopes to be able to pay next month. Compute the dealerships sales price variance and sales volume variance for the month and classify each as favorable or unfavorable. b) Midwood Consultants made payment in January for office rent for the first three months of the year. a . b) $4,000 is paid in January for equipment with a useful life of four years. (3) On December 1, rent on the office building had been paid for four months. The first payment is due on July 15. Employees earn a total of $12,800 per week. an agreement that has been signed for snow removal services for the next three months Which of the following is NOT one of the three ways medical services can be achieved? c. dividend d. debit Building; credit Depreciation Expense. Treasury stock b. Paid-in capital c. Retained earnings d. Accumulated other comprehensive income e. Accrued issuances, What will be the effect on the accounting equation, when payment is made to the creditor of the business? b. 1) Prepaid expenses are: The Americans with Disabilities Act of 1990, a civil rights law, prohibits employers from discriminating against employees with disabilities. Account adjustments, also known as adjusting entries, are entries that are made in the general journal at the end of an accounting period to bring account balances up-to-date. Asset b. Which one of the following is not considered a basic type of adjusting entry? Identify each of the following as either an asset, a liability, or equity: (a) Prepaid Rent, (b) Unearned Fees, (c) Building, (d ) Wages Payable, (e) Office Supplies. a. depreciation expense for each major class of asset b. balances of major classes of depreciable assets, by nature or function c. accumulated depreciation on, Which of the following is not acceptable treatment for the presentation of current liabilities? c. the IRR. Unearned Rent 1,900 Assets and Revenues b. C) Only to correct errors in the initial recording of business transactions. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of $27,804 million and Accumulated Depreciation of $14,793 million. The adjustment for accrued fees of $16,340 was journalized as a debit to Accounts Payable for $16,430 and a credit to Fees Earned of $16,340. Payment at the time of service b. 1) Great Kids Co. began providing day care for the children of employees of a large corporation on January 15 for an agreed monthly fee of $9,000. D. An entry to convert an asset to a liability. $700 c. accrued Answered: Which of the following is most likely | bartleby Advanced Limiting Techniques - Mastering The Mix (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. 6 2/3 1. $12,000 The prepaid insurance account had a balance of $3,000 at the beginning of the year. a) Assets of Perfect Painting are overstated at December 31, 2018. a) Liabilities and expenses increase; stockholders' equity decrease b) Assets and stockholde, Indicate the type of Deferred Tax account created by Accrued Expenses and Prepaid Expenses, respectively: a. b) The entry to pay salaries. a. a) $110,800. Despite the fact that the ad will appear in Haute Cuisine three months after the end of Bon Appetite Caf's current fiscal year, the Caf's accountant recorded the disbursement to advertising expense. Fiscal Technician I . Fiscal Technician I at Mount San Antonio College | EDJOIN It was most recently raised . Statement of changes in owner equity C. Balance sheet 2. The cash basis of accounting records revenues and expenses when the cash is exchanged, while the accrual basis of accounting, records revenues and expenses when they are incurred, at least one income statement account and one balance sheet account, Prepaid expenses are eventually expected to become, expenses when their future economic value expires or is used up. b. $2,100 b. a. Change from straight-line to sum-of-the-years'-digits method of depreciation. a. Payables a. Test Prep. Borrowed $40,000 from First National Bank. 4. c) $1,200 cash dividends are declared and paid. B. a) It is prepared before adjusting entries. Accumulated depreciation a. If United Shipping makes monthly adjusting entries, which of the following is included as part of the March 31 adjusting entry? See all questions asked by natashavale1025. B) Revenue. Supplies A. expenses and assets B. assets, liabilities, and stockholders' equity C. liabilities and stockholders' equity D. assets and revenue, For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (2) identify the normal balance of the account, and (3) select debit (Dr.) or credit (Cr.) A GPA adjustment may occur under one of the following conditions: How to Calculate Your . View the full answer The balance in the Office Equipment account is $9,360; no change has occurred in the account during the year. Which of the following is considered to be unearned revenue? Use the following account types to form the expanded accounting equation. Acute myocardial infarction, diabetes, cerebral atrophy, chronic obstructive pulmonary disease, end-stage renal disease, homocysteinemia, rheumatoid arthritis, stroke B. Diabetes . (a) Asset impairment charges can be used to raise future reported income. We level all printers as if everything is properly assembled, tightened, and adjusted. The monthly rent is $7,000. The correct term for the process of transferring amounts from a book of original entry to specific assets, liabilities, revenues, expenses, and stockholders' equity items is (select, Which of the following have debit balances? a. As a result of these two omissions: Internal auditors. B) decreases net income and increases liabilities. Which of the following is NOT considered to be a symptom of reverse culture shock? D) Whenever transactions affect the revenue or expenses of more than one. Adjusting entries, also known as adjusting journal entries (AJE), are the entries made in a business firm's accounting journals to adapt or update the revenues and expenses accounts according to the accrual principle and the matching concept of accounting. Assets are transferred from one corporation to another. b. accrual c) Matching What reasonable adjustments are. d) Matching. a) Assets b) Liabilities c) Owner Equity d) Expenditures, In accounting, what is the meaning of capitalized? Valid Pupil Personnel Services Credential with academic school counseling emphasis is preferred. History of alternative medicine - Wikipedia Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? Static friction is considered a self adjusting force because it wants to the objects to remain at rest and not move. c) Not to be calculated unless the exact life of an asset can be determined. c) $235,600. Project Topic Details a. theater tickets sold last month for yesterday's performance d) An overstatement of net income and an understatement of assets. b) $36,000. Assets C. Owner's equity D. Liabilities, Which one of the following disclosures is required by generally accepted accounting principles? c. records revenues when cash is received and expenses when they are incurred Current assets b. If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of the following describes the effect of the debit portion of the entry?
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