which of the following is not considered an adjustment?

which of the following is not considered an adjustment?

b. debit Insurance Expense, $14,000; credit Prepaid Insurance, $14,000 The company should make an adjusting entry: a. copyright 2003-2023 Homework.Study.com. a) In the period in which they are earned. Capital, assets c. Liability, expenses d. Assets, expenses e. Common stock, dividends, Which of the following are all temporary accounts? All other trademarks and copyrights are the property of their respective owners. -Supplies used in March: $100. Which of the following is not a type of adjusting entry? a) As a reduction to retained earnings. After the appropriate adjusting entry is recorded, the balance in the liability account Unearned Fees will: Echo Lake Resort has not yet received payment from the local business. b. debit Stockholders' Equity; credit Supplies The customer claims he can't pay today, but he hopes to be able to pay next month. -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. b. records revenues and expenses when they are incurred the amount originally paid. B) The asset-liability approach is arguably superior to the revenue-expens, Which of the following are NOT included in a postclosing trial balance? (a) Contracts resulting from sealed bidding shall be firm-fixed-price contracts or fixed-price contracts with economic price adjustment. Rent expense amount b. A) Expenses are outflows or other using up of assets or incurrence of liabilities (or a combination of both) during a period from delivering or produci, Which of the following types of accounts normally have debit balances? c. Prepaid expenses, land, and accounts receivable. She seems nervous about it. d) Net income for Perfect Painting for 2018 is overstated. 1) On June 1, Norma Company signed a 12-month lease for warehouse space. c. accrual basis a. the required rate of return. c) As an asset on the balance sheet. d. snow removal services that have been provided and paid on the same day, Which of the following is considered to be an accrued expense? A. Internal auditors. a) Prepare the revenue and expense accounts for recording the revenue and expenses of the next accounting period. a. The 6% rate is appropriate in this situation. Limitation on Overall Itemized Deductions Years before 2018 and after 2025: For years before 2018 and after 2025, the overall limitation on itemized deductions is an adjustment for AMT. 1) Under accrual accounting, salaries earned by employees but not yet paid should be expensed: [ 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. a) $1,800 is paid in January for a two-year fire insurance policy. (2) The company's pays all employees up-to-date each Friday. 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. d) An overstatement of net income and an understatement of assets. On June 30, 2018, the Esquire Company sold some merchandise to a customer for $30,000\$ 30,000$30,000. d. account basis, The cash basis of accounting records revenues and expenses when the cash is exchanged while the accrual basis of accounting d. $6,400, Smokey Company purchases a one-year insurance policy on July 1 for $3,600. b) $4,000 is paid in January for equipment with a useful life of four years. b. contra asset 1) Unearned revenue is: During the current period 500 books were sold for $20,000, and this amount was credited to Unearned Rental Revenue. d) Only if the accounting periods are equal in length. a. d) The entry to pay outstanding bills. 28. Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. b. theater tickets sold yesterday on credit for yesterday's performance 1) Before making month-end adjustments, net income of Bobwhite Company was $232,000 for March. d) To record unearned revenue. We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. d) $222,900. (a) Net income of the company (b) Balance in accumulated depreciation (c) Asset's fair value (d) Cost of inventory produced by equipment (e) Asset's his, Which balance sheet category reflects claims held by creditors against a company's economic resources? Depreciation expense- Accumulated Depreciation describes which of the following adjusted journal entry? 1) Adjusting entries help achieve the goals of accrual accounting by applying which two accounting principles? c. Unearned Subscriptions This problem has been solved! 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. 400 A) Supplies expense 400 Supplies 400 B) Depreciation expense 400 Accumulated depreciation 400 C) Wage expense 400 Cash 400 D) Insurance expense 400 Prepaid insurance. d) As a part of the retained earnings. Contract level IICA-2. b. accounting income. What is considered an adjustment to income? a) On January 1, Empire Company paid rent for six months on its office building. B) Both revenues and assets will be overstated. -Rental income accrued during March, tenant to pay in April: $900. b) An entry to convert an asset to a liability. Listing current liabilities in order of maturity. In order to be considered for the position, please attach the following: 1. Adjusting entries are necessary because timing differences exist between when a revenue or expense is recognized and cash is received or paid. The report notes that the statements have been prepared in accordance with "generally accepted accounting principles." c. debit Rent Expense, $24,000; credit Prepaid Rent, $8,000 Indicate also the type of financial statement. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Fees Earned a. d) On January 1, Empire Company purchased delivery equipment with an estimated useful life of five years. d) Crediting Wage Expense for $4,480 and debiting Wages Payable for $4,480. c) Daystar Company is paid on May 25 for work done in the first two weeks of May. b) A debit to Unearned Child Care Revenue of $4,500. d. debit to Dividends and a credit to Wages Payable, Supplies are recorded as assets when purchased. The lease requires monthly rent of $550, with 4 months paid in advance. Are they quantitative or qualitative in nature? d) In the period with the lower earnings. C) Only to correct errors in the initial recording of business transactions. Increase an expense; increase a liability. Cash will be overstated at January 31. c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. . Increase in assets b. Assets = Liabilities + Common Stock + Dividends - Revenue - Expenses b. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. d. Unearned Rent, Which of the following accounts would likely be included in a deferral adjusting entry? A GPA adjustment may occur under one of the following conditions: How to Calculate Your . a. revenues and expenses are reported in the period in which cash is received or paid b. revenues are reported on the income statement in the period in which they are earned c. accrual basis of accounting supports the matching concept A computer technician has installed the latest software updates, but you have not received an invoice or made payment. To ensure consistency and fairness to all applicants, please do not submit materials in addition to those requested. If no adjusting entry is made, how will this year's financial statements of Bon Appetite Caf be affected? c. debit to Accounts Receivable and a credit to Wages Expense 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 a) Debit Interest Expense $6,300. Prepaid expenses. C) Gains. The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . c) The entry to declare a dividend distribution. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Legal Expense a. a) In the period in which they are earned. d) $900 is paid to an attorney for legal services rendered during the current year. 1) Which of the following is not an example of an adjusting entry? d) $42,000. -Rental income accrued during March, tenant to pay in April: $800. A) Whenever revenue is not received in cash. d) Net income will be overstated and total assets will be overstated. c. accrued b) $41,160. a) The entry to record depreciation. c) In the period in which they are paid. Liability c. Equity d. Revenue e. Expense, Which of the following entries causes an immediate decrease in assets and stockholders' equity? d) Expenses are a negative factor in the computation of net income. Which of the following would not be considered an adjusting entry? b) $36,000. Changes to previously recorded entries of journal are referred to as adjusting entries. 3. 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? b. deferral c) On January 1, Empire Company began delivery service for a large client who will pay at the end of a three-month period. a. c. $2,800 Whenever an individual stops drinking, the BAL will ________________. a. net income or loss will always be underestimated c. dividend a) Expenses increase stockholders' equity. a) It is prepared before adjusting entries. D) Which of the following is an example of accrued revenue? c) As a liability on the balance sheet. b. d) The entry to pay outstanding bills. c. optional under generally accepted accounting principles d. market value. 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. c) The entry to declare a dividend distribution. 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 a. Assets, liabilities, and owner's equity. D) D) The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms. What is the term for the basic tool of accounting, stated as Assets = Liabilities + Equity? REGISTER TO BID: Registration at the auction finalizes each bidder's agreement to the terms and conditions of sale as stated in the Contract and any Addenda which are incorporated c) Net income will be understated and total assets will be overstated. Asset b. D) trend smoothing. d. liability, If there is a balance in the unearned subscriptions account after adjusting entries are made, it represents a(n) -Fees earned in March that had been collected in advance: $3,600. 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. This was the question investigated in the Journal of Experimental Social Psychology (Vol. 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. Adjusting entries are the journal entries posted in the books of accounts post the trial balance is prepared but before the preparation of financial statements. The Americans with Disabilities Act of 1990, a civil rights law, prohibits employers from discriminating against employees with disabilities. Use the following excerpts from Algona Companys financial statements to determine cash received from customers in 2018. Expenses have normal debit balances. If United Shipping makes monthly adjusting entries, which of the following is included as part of the March 31 adjusting entry? Net income for January will be overstated. a . She would like you to explain the meaning of terms she has come across related to accounting. 1) In which of the following situations would the largest amount be recorded as an expense of the current year? d) Balance sheet items are presented before income statement items. Adjusting entries are recorded to make adjustments to all general ledger and subsidiary-ledger accounts to reflect the true & correct value at the end of the fiscal reporting period. b) Liabilities The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. = 15 * 3/20 b) Net income will be understated and total assets will be understated. Suppose Dr. Milton's checking account has a balance of $3,458.92. Write offs - is not considered an adjustment. d) A debit to Fees Receivable of $9,000. What category does capital belong to? a) Assets = Equities. d) $34,240. b. debit to Wages Payable and a credit to Wages Expense d. debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000, The entry to adjust for the cost of supplies used during the accounting period is A debit to a liability and a credit to cash. = 2 1/4. Which of the following is considered to be unearned revenue? b. only balance sheet accounts January 31 falls on a Tuesday; salaries are paid on Friday of each week. c. Salaries Payable d. debit Salaries Expense; credit Salaries Payable, The supplies account had a balance of $4,400 at the beginning of the year and was debited during the year for $2,400, representing the total of supplies purchased during the year. c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. d. Building, equipmen, Which of the following is an appropriate representation of the accounting equation? a. debit Unearned Gym Memberships; credit Gym Memberships Revenue b) Assets = Liabilities - Owners' Equity. Accounts Receivable Learn the definition of adjusting entries in accounting, and find examples. The District may choose to fill one or more positions from this recruitment within six (6) months. d. Unearned Fees, Accrued revenues would appear on the balance sheet as a) Assets of Perfect Painting are overstated at December 31, 2018. Which of the following is NOT one of the three ways medical services can be achieved? Proof of Bachelor's Degree in Counseling, Psychology, or related field. a. expense, contra asset C) An entry to convert. $550. b) $12,800 a. Property, Plant, and Equipment; Accumulated Depreciation. Explain. Duration Open ended subject to satisfactory performance and the availability of funds. The adjusting entry necessary at the end of the fiscal period ending on Tuesday is The monthly rent is $7,000. Employees earn a total of $12,800 per week. c. debit Insurance Expense, $2,100; credit Prepaid Insurance, $2,100 Skip. To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called c. net income or loss will be properly reported on the income statement Adjusting entries always affect at least one revenue or expense account and one asset or liability account. (a) Revenue collected in advance (b) Accrued interest payable (c) The current portion of long-term debt (d) All of the above are correct. Current liabilities c. Investments d. Long-term liabilities e. Property, plant, a. - Liabilities will increase. b) Daystar Company completes a job for a customer in May; payment will be received in June. How much is owed the employees for their wages? c. the cash account Basic type of adjusting entry includes recording entry to convert a liability to a revenue, to convert an asset to an expense, and in order to record accrued unpaid expenses. a. d) Daystar Company receives payment in May for work to be performed in June and July. D. Change in accounts receivable. c. correction of an error in the general journal. The cash payment for accrued expenses occurs __________ the adjusting entry to record the accrued expenses.

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