$8000
  • On the worksheet, the Office Supplies account has a debit balance of $9,000 on the Unadjusted Trial Balance. In the Adjustments there is a credit of $2,000.What is the amount for Office Supplies in the Adjusted Trial Balance?
  • Jones Company received $2,200 in cash during March for Service Revenue for a job that will be completed in May. This job would be completed before the end of the year when the finance's are prepared. Since it is short lived and will be earned during this accounting period, Jones Company decided to record it as revenue instead of a liability at the time the cash was received in March.The journal entry to record this transaction when we received the cash in March would be:
  • Thompson Company had $1,000 in office supplies at the beginning of the fiscal year. At the end of the fiscal year, Thompson Company did an inventory of the office supplies and determined that $300 of supplies remained in the supply room unused.What is the amount of Supplies Expense at the end of the fiscal year?
  • Jones Company purchased a piece of equipment for $12,000. It has accumulated depreciation at the end of three years of $4,000.What is the book value of the equipment at the end of year 3?
Depreciation Expense - Equipment 2000 Debit,Accumulated Depreciation - Equipment 2000 Credit When journalizing for depreciation, the amount of Depreciation Expense is debited, and Accumulated Depreciation is credited. Depreciation Expense is included on the Income Statement; Accumulated Depreciation will appear as a contra asset on the Balance Sheet.
  • A piece of equipment purchased cost $10,000 and has depreciation expense of $2,000 for this year.What is the journal entry to record the depreciation expense for the year?
  • Interest of $100 is accumulated on a notes payable, although the company will not pay the interest until next year.What is the adjusting journal entry at the end of the year for the accrued interest?
  • If a journal entry and posting for the use of office supplies during the year is accidently omitted, what would be the impact on the financial statements?
  • If a journal entry and posting for Salaries Expense that incurred during this year but will be paid until next year is accidently omitted, what would be the impact on the financial statements?
Salaries Expense 3000 DebitSalaries Payable 3000 Credit
  • Assume the weekly payroll of the Abbott Company is $5,000. December 31, the end of the year, falls on a Wednesday and Abbott will pay its employee on Friday for the full week.What adjusting entry will Abbott make on Wednesday, December 31 (Use five days as a full work week)?
  • Assume that the weekly payroll of In The Woods Camping Supplies is $300. December 31, end of the year, falls on Tuesday, and In the Woods will pay its employee on Friday for the full week. What adjusting entry will In the Woods make on Tuesday, December 31? (Use five days a full workweek.)
  • Smith Company had $1,200 in office supplies at the beginning of the fiscal year. At the end of the fiscal year, Smith Company did an inventory of the office supplies and determined that $400 of supplies remained in the supply room unused.What is the journal entry to adjust for the use of supplies at the end of the fiscal year?
  • A&D Window Cleaning performed $450 of services but has not yet billed customers for the month.If A&D fails to record the adjusting entry, what is the impact on the financial statements?
Accounts Receivable 900 DebitService Revenue 900Only half of the revenue has actually been earned but we do not get any cash payment until it is completed on JanuaryTo make sure that revenues that have been earned are reflected on the company's current financial statements, we record half of the total ($900) as a debit to Accounts Receivable and a credit to Service Revenue.
  • Jones Company purchased $800 in office supplies with cash this year but it will be used up before the end of the year when the finances are prepared. Since it is short lived and will be used up during this accounting period, Jones Company decided to record it as an expense instead of an asset at the time of purchase.The journal entry to record this transaction when Jones Company buys the office supplies would be:
  • Jones Company received $2,200 in cash during March for Service Revenue for a job that will be completed in May. This job would be completed before the end of the year when the finance's are prepared. Since it is short lived and will be earned during this accounting period, Jones Company decided to record it as revenue instead of a liability at the time the cash was received in March.The journal entry to record this transaction when we received the cash in March would be:
  • Software Solutions was hired by Jones Company on December 1 to install and updated software. The total entire amount of $1,800 in revenues is to be paid to us by Jones Company when the job is completed the following January 31. As of December 31, we have completed one half of the software installation and updates.On December 31, Software Solutions makes the following entry to adjust for the revenues earned during December:
  • Smith Company had $1,200 in office supplies at the beginning of the fiscal year. At the end of the fiscal year, Smith Company did an inventory of the office supplies and determined that $400 of supplies remained in the supply room unused.What is the journal entry to adjust for the use of supplies at the end of the fiscal year?
Service revenue of $360.
  • A&D Window Cleaning performed $450 of services but has not yet billed customers for the month.If A&D fails to record the adjusting entry, what is the impact on the financial statements?
  • Assume the weekly payroll of the Abbott Company is $5,000. December 31, the end of the year, falls on a Wednesday and Abbott will pay its employee on Friday for the full week.What adjusting entry will Abbott make on Wednesday, December 31 (Use five days as a full work week)?
  • Get Fit Now gains a client who prepays $540 for a package of six physical training sessions. Get Fit Now collect the $540 in advance and will provide the training later. After four training sessions, what should Get Fit Now report on its income statement assuming it uses the accrual basis accounting method?
  • Assume that the weekly payroll of In The Woods Camping Supplies is $300. December 31, end of the year, falls on Tuesday, and In the Woods will pay its employee on Friday for the full week. What adjusting entry will In the Woods make on Tuesday, December 31? (Use five days a full workweek.)
$7000
  • Thompson Company had $1,000 in office supplies at the beginning of the fiscal year. At the end of the fiscal year, Thompson Company did an inventory of the office supplies and determined that $300 of supplies remained in the supply room unused.What is the amount of Supplies Expense at the end of the fiscal year?
  • On the worksheet, the Service Revenue account has a credit balance of $20,000 on the Unadjusted Trial Balance. In the Adjustments there is a credit of $2,000.What is the amount for Service Revenue in the Adjusted Trial Balance?
  • On the worksheet, the Office Supplies account has a debit balance of $9,000 on the Unadjusted Trial Balance. In the Adjustments there is a credit of $2,000.What is the amount for Office Supplies in the Adjusted Trial Balance?
  • Jones Company purchased a piece of equipment for $12,000. It has accumulated depreciation at the end of three years of $4,000.What is the book value of the equipment at the end of year 3?
Cash 2200Service Revenue 2200 When receiving cash in advanced for future revenues, but the revenues will be earned within the same accounting period, you can record the transaction as a credit to Service Revenue at the time the cash is received instead of as a liability (unearned).
  • Jones Company received $2,200 in cash during March for Service Revenue for a job that will be completed in May. This job would be completed before the end of the year when the finance's are prepared. Since it is short lived and will be earned during this accounting period, Jones Company decided to record it as revenue instead of a liability at the time the cash was received in March.The journal entry to record this transaction when we received the cash in March would be:
  • Jones Company purchased $800 in office supplies with cash this year but it will be used up before the end of the year when the finances are prepared. Since it is short lived and will be used up during this accounting period, Jones Company decided to record it as an expense instead of an asset at the time of purchase.The journal entry to record this transaction when Jones Company buys the office supplies would be:
  • Jones Company purchased a piece of equipment for $12,000. It has accumulated depreciation at the end of three years of $4,000.What is the book value of the equipment at the end of year 3?
  • Smith Company had $1,200 in office supplies at the beginning of the fiscal year. At the end of the fiscal year, Smith Company did an inventory of the office supplies and determined that $400 of supplies remained in the supply room unused.What is the journal entry to adjust for the use of supplies at the end of the fiscal year?
Service Revenue 2000 DebitUnearned Revenue 2000 Credit
  • On February 1, Clovis Wilson Law Firm contracted to provide $3000 of legal services for the next three month and received $3000 cash from the client. Assuming Wilson records deferred revenue using the alternative treatment, what would be the adjusting entry recorded on February 28?
  • Assume the weekly payroll of the Abbott Company is $5,000. December 31, the end of the year, falls on a Wednesday and Abbott will pay its employee on Friday for the full week.What adjusting entry will Abbott make on Wednesday, December 31 (Use five days as a full work week)?
  • Uptown Theatre has customers who prepay a total of $1,000 for season tickets to attend five upcoming shows. Uptown Dinner Theatre collects the $1,000 in advance before the shows are performed.After three shows are performed, what should Uptown Theatre report on its income statement assuming it used the accrual basis accounting method?
  • Assume that the weekly payroll of In The Woods Camping Supplies is $300. December 31, end of the year, falls on Tuesday, and In the Woods will pay its employee on Friday for the full week. What adjusting entry will In the Woods make on Tuesday, December 31? (Use five days a full workweek.)
Is an internal document that helps summarize data for the preparation of financial statements.
  • A worksheet
  • A&D Window Cleaning performed $450 of services but has not yet billed customers for the month.If A&D fails to record the adjusting entry, what is the impact on the financial statements?
  • On the worksheet, Accounts Receivable has a debit balance of $15,000 on the Unadjusted Trial Balance. In the Adjustments there is a debit of $3,000.What is the amount for Accounts Receivable in the Adjusted Trial Balance?
  • On the worksheet, the Service Revenue account has a credit balance of $20,000 on the Unadjusted Trial Balance. In the Adjustments there is a credit of $2,000.What is the amount for Service Revenue in the Adjusted Trial Balance?
Revenue to be recorded only after the business has earned it.
  • The revenue recognition principle requires
  • What is the purpose of the worksheet?
  • The purpose of adjusting entries is to __________.
  • Adjusting the accounts is the process of
It summarizes data for the preparation of the financial statements.
  • Which of the following is an example of an accrued expense adjusting entry?
  • What is the purpose of the worksheet?
  • Which of the following is true of accrual basis accounting and cash basis accounting?
  • Which of the following is an example of a deferral (or prepaid) adjusting entry?
Supplies Expense 800 DebitOffice Supplies 800 Credit.To determine the amount of adjustment, you need to determine the amount of supplies that were used during the period. From the $1,200 worth of supplies at the beginning of the year, subtract the amount of supplies that are still left at the end of the year to get supplies used ($1,200 - $400 = $800 supplies used). Debit Supplies Expense and credit Supplies for this amount.
  • Jones Company received $2,200 in cash during March for Service Revenue for a job that will be completed in May. This job would be completed before the end of the year when the finance's are prepared. Since it is short lived and will be earned during this accounting period, Jones Company decided to record it as revenue instead of a liability at the time the cash was received in March.The journal entry to record this transaction when we received the cash in March would be:
  • Assume the weekly payroll of the Abbott Company is $5,000. December 31, the end of the year, falls on a Wednesday and Abbott will pay its employee on Friday for the full week.What adjusting entry will Abbott make on Wednesday, December 31 (Use five days as a full work week)?
  • Smith Company had $1,200 in office supplies at the beginning of the fiscal year. At the end of the fiscal year, Smith Company did an inventory of the office supplies and determined that $400 of supplies remained in the supply room unused.What is the journal entry to adjust for the use of supplies at the end of the fiscal year?
  • Jones Company purchased $800 in office supplies with cash this year but it will be used up before the end of the year when the finances are prepared. Since it is short lived and will be used up during this accounting period, Jones Company decided to record it as an expense instead of an asset at the time of purchase.The journal entry to record this transaction when Jones Company buys the office supplies would be:
Updating the accounts at the end of the period.
  • What is the purpose of the worksheet?
  • Which of the following is an example of a deferral (or prepaid) adjusting entry?
  • Which of the following is an example of an accrued expense adjusting entry?
  • Adjusting the accounts is the process of
Salaries Expense 120 DebitSalaries Payable 120 Credit
  • Interest of $100 is accumulated on a notes payable, although the company will not pay the interest until next year.What is the adjusting journal entry at the end of the year for the accrued interest?
  • Assume the weekly payroll of the Abbott Company is $5,000. December 31, the end of the year, falls on a Wednesday and Abbott will pay its employee on Friday for the full week.What adjusting entry will Abbott make on Wednesday, December 31 (Use five days as a full work week)?
  • Assume that the weekly payroll of In The Woods Camping Supplies is $300. December 31, end of the year, falls on Tuesday, and In the Woods will pay its employee on Friday for the full week. What adjusting entry will In the Woods make on Tuesday, December 31? (Use five days a full workweek.)
  • Smith Company had $1,200 in office supplies at the beginning of the fiscal year. At the end of the fiscal year, Smith Company did an inventory of the office supplies and determined that $400 of supplies remained in the supply room unused.What is the journal entry to adjust for the use of supplies at the end of the fiscal year?
$22,000When you have a credit balance and a credit adjustment, you add the amounts together (20,000 + 2,000 = $22,000) for the Adjusted Trial Balance.
  • On the worksheet, Accounts Receivable has a debit balance of $15,000 on the Unadjusted Trial Balance. In the Adjustments there is a debit of $3,000.What is the amount for Accounts Receivable in the Adjusted Trial Balance?
  • Interest of $100 is accumulated on a notes payable, although the company will not pay the interest until next year.What is the adjusting journal entry at the end of the year for the accrued interest?
  • On the worksheet, the Service Revenue account has a credit balance of $20,000 on the Unadjusted Trial Balance. In the Adjustments there is a credit of $2,000.What is the amount for Service Revenue in the Adjusted Trial Balance?
  • On the worksheet, the Office Supplies account has a debit balance of $9,000 on the Unadjusted Trial Balance. In the Adjustments there is a credit of $2,000.What is the amount for Office Supplies in the Adjusted Trial Balance?
Recording the amount of Salaries Expense for employees that is not paid yet.
  • Which of the following is an example of an accrued expense adjusting entry?
  • Which of the following is true of accrual basis accounting and cash basis accounting?
  • Adjusting the accounts is the process of
  • Which of the following is an example of a deferral (or prepaid) adjusting entry?
CashAssets, Expenses, and Drawing would have normal debit balances on the Adjusted Trial Balance. Liabilities, Capital, and Revenues would have normal credit balances on the Adjusted Trial Balance. Cash is an asset and would have a debit balance, so it is the only account listed that would not have a credit balance.
  • When accounts have normal balances, which of the following accounts does not have a credit balance on the Adjusted Trial balance?
  • When accounts have normal balances, which of the following accounts does not have a debit balance on the Adjusted Trial balance?
  • If a journal entry and posting for the use of office supplies during the year is accidently omitted, what would be the impact on the financial statements?
  • If a journal entry and posting for Salaries Expense that incurred during this year but will be paid until next year is accidentally omitted, what would be the impact on the financial statements?
Net Income would be overstated(Expenses understated) and Balance Sheet liabilities would be understatedBy accidently omitting an adjusting entry for salaries incurred but not paid, you would be omitting a debit to Salaries Expense (which if omitted Net Income would be overstated and expenses would be understated) and you would be omitting a credit to Salaries Payable (which if omitted the Balance Sheet liabilities would be understated).
  • When accounts have normal balances, which of the following accounts does not have a debit balance on the Adjusted Trial balance?
  • If a journal entry and posting for Salaries Expense that incurred during this year but will be paid until next year is accidently omitted, what would be the impact on the financial statements?
  • If a journal entry and posting for Salaries Expense that incurred during this year but will be paid until next year is accidentally omitted, what would be the impact on the financial statements?
  • If a journal entry and posting for the use of office supplies during the year is accidently omitted, what would be the impact on the financial statements?
Recording the usage of office supplies during the period.
  • The revenue recognition principle requires
  • Which of the following is an example of an accrued expense adjusting entry?
  • The purpose of adjusting entries is to __________.
  • Which of the following is an example of a deferral (or prepaid) adjusting entry?
$700
  • On the worksheet, the Office Supplies account has a debit balance of $9,000 on the Unadjusted Trial Balance. In the Adjustments there is a credit of $2,000.What is the amount for Office Supplies in the Adjusted Trial Balance?
  • Get Fit Now gains a client who prepays $540 for a package of six physical training sessions. Get Fit Now collect the $540 in advance and will provide the training later. After four training sessions, what should Get Fit Now report on its income statement assuming it uses the accrual basis accounting method?
  • Jones Company received $2,200 in cash during March for Service Revenue for a job that will be completed in May. This job would be completed before the end of the year when the finance's are prepared. Since it is short lived and will be earned during this accounting period, Jones Company decided to record it as revenue instead of a liability at the time the cash was received in March.The journal entry to record this transaction when we received the cash in March would be:
  • Thompson Company had $1,000 in office supplies at the beginning of the fiscal year. At the end of the fiscal year, Thompson Company did an inventory of the office supplies and determined that $300 of supplies remained in the supply room unused.What is the amount of Supplies Expense at the end of the fiscal year?
0:0:1



Answered

Not Answered

Not Visited
Correct : 0
Incorrect : 0