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

a. an increase in liabilities b. decrease in liabilities c. decrease in revenue d. increase in assets, Inventory held by a business is a(an) __________ and when sold becomes a(an) __________. a. a) The entry to record depreciation. a) The entry to record unpaid expenses. (A), [1001][1652]\left[\begin{array}{ll}1 & 0 \\ 0 & 1\end{array}\right]\left[\begin{array}{rr}-1 & 6 \\ 5 & 2\end{array}\right] (Provide paragraph citations.) 3. Pages 3 Ratings 100% (13) 13 out of 13 people found this document helpful; b) Expenses have normal debit balances. The cash payment for accrued revenues occurs __________ the adjusting entry to record the accrued revenue. b) Crediting Wage Expense for $640 and debiting Wages Payable for $640. 1) Recently, Bon Appetite Caf contracted and paid for a relatively expensive advertisement in Haute Cuisine magazine. d. $6,400, Smokey Company purchases a one-year insurance policy on July 1 for $3,600. a) Realization principle 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? a) Purchased. b) As a liability on the balance sheet. c) $0 Asset b. The power of the exchange rate policy under the structural Adjustment programme are to discourage imports and promote agric c. revenue 1) On December 31, Louis Jeweler's made an adjusting entry to record $4,200 accrued interest payable on its mortgage. a. a) Prepaid expenses appear in the balance sheet. $700 Suppose Dr. Milton's checking account has a balance of $3,458.92. Current liabilities c. Investments d. Long-term liabilities e. Property, plant, and equipment f. Which of the following is a section of the income statement? 33. The following information has been assembled in order to prepare the required adjusting entries at December 31: d. not earned but the cash has been received, Adjusting entries are d. debit Gym Memberships Expense; credit Unearned Gym Memberships, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus. d) Expenses are a negative factor in the computation of net income. An entry to convert an asset to an expense. A. If an adjustment for salaries earned but not recorded or paid in the amount of $85,000 were to be omitted, how would this affect the financial statements? These are a) A debit to Child Care Fees Receivable of $9,000. These items are not included as Itemized Deductions and can be entered independently. d) In the period with the lower earnings. Study with Quizlet and memorize flashcards containing terms like the units manned by Special Warfare Combatant-craft Crewmen who operate and maintain a variety of combatant and other craft for maritime special operations are known as _____., Which of the following is not considered an instrument of national power?, (Title: Cooperative Strategy for 21st Century Seapower: 07010201) Deploying the . Inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or oth. d. the future value of cash flows. d) Net income. 5. ra - A kzs nyelvvltozattal kapcsolatos, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Eric W. Noreen, Peter C. Brewer, Ray H Garrison. d. Accounts Receivable, If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n) = 15 * 3/20 e. None of these. Assets are transferred from one corporation to another. The adjusting entry required on December 31 is Each book contained a certain number of coupons for video rentals. b. accrual B) decreases net income and increases liabilities. 24 Questions Show answers. Current assets b. A. Updating liability and asset accounts to their proper balances. The fee for delivery is $500. Property, Plant, and Equipment; Accumulated Depreciation. Collection. Accumulated depreciation a. Following the counterculture movement of the 1960s, misleading marketing campaigns promoting "alternative medicine" as being an effective "alternative" to biomedicine, and with changing social attitudes about not using chemicals, challenging the establishment and authority of any kind, sensitivity to giving equal measure to values and beliefs . We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. D) d) Balance sheet items are presented before income statement items. These individuals were then invited to participate in an online survey in exchange for a $10 gift certificate. No more trying to get the same "feel" from a piece of paper or feeler gauge. a. summarizes the changes in retained earnings for a specific period of time b. reports the assets, liabilities, and stockholders' equity at a specific date c. presents the revenues and expenses for a speci, What categories does commissions fall in: A. Change in accounts receivable. Become a Study.com member to unlock this answer! Assets = Liabilities + Common Stock + Dividends - Revenue - Expenses b. 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 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. Billing the patient for services and extending credit c. The use of outside collection services d. Bartering for services Click the card to flip Flashcards Learn Test Match Created by Nedina_Shavor Teacher a. snow removal services that have been paid for three months in advance Assets + liabilities = stockholders' equity b. d) $42,000. Decrease in assets and reduction in net income. Are they quantitative or qualitative in nature? a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. ($4,800 / 12 = $400 * 1 / 2 = $200). c. debit Unearned Gym Memberships; credit Prepaid Gym Memberships d. rarely needed in large companies, Adjusting entries affect at least one When an automobile is being driven at vvv miles per hour, the average driver requires DDD feet of visibility to stop safely, where D=0.065v2+0.148vD=0.065 v^2+0.148 vD=0.065v2+0.148v. c) In the period in which they are paid. a. - bills for ads that appeared in prior month's local newspaper, - premium paid on a one-year insurance policy. c. contra asset, credit (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. On January 25, Ramona's Nursery hired a college student to drive the minibus; the new employee is to begin work in February. 1) Prepaid expenses are: Income statement B. b) Only an estimate. Why It Matters; 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements; 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions; 3.3 Define and Describe the Initial Steps in the Accounting Cycle; 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business . a) In April, Daystar Company received payment from a customer for services that are performed in May. d. debit Building; credit Depreciation Expense. b. theater tickets sold yesterday on credit for yesterday's performance Which of the following accounts would likely be included in a deferral adjusting entry? $3,600 Liability c. Equity d. Revenue e. Expense, Which of the following entries causes an immediate decrease in assets and stockholders' equity? What is the term for the basic tool of accounting, stated as Assets = Liabilities + Equity? a. the same as correcting entries d. account basis, The cash basis of accounting records revenues and expenses when the cash is exchanged while the accrual basis of accounting Which ONE of the following items is NOT a type of stockholders' equity? c. debit Insurance Expense, $2,100; credit Prepaid Insurance, $2,100 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. Unearned revenue. 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) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. A) Assets and Expenses B) Liabilities and Dividends C) Revenues and Liabilities D) Owners' Equity and Dividends. Skip. Asset, Liability c. Liability, Liability d. Asset, Asset, Which of the following statements is true concerning all types of tax-free corporate reorganizations? c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. b) Deferred revenue. 1) Under accrual accounting, salaries earned by employees but not yet paid should be expensed: b) Liabilities of Perfect Painting are understated at December 31, 2018. C. Liabilities, Identify the type of account for the following: Prepaid Insurance a. c. dividend (4) Depreciation of office equipment is based on an estimated useful life of six years. A) The asset-liability approach focuses on the measurement of net assets. b) $4,000 is paid in January for equipment with a useful life of four years. 29. The adjusting entry required by Great Kids Co. on January 30 includes: An entry to accrue unpaid expenses B. A) The cash payment for accrued expenses occurs __________ the adjusting entry to record the accrued expenses. c) $1,200 cash dividends are declared and paid. 1. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. d) Midwood Consultants received payment in February for consulting services rendered in March. As with the other things we are calling a mental illness this problem needs to interfere with your ability to work or go to school . 1) On June 1, Norma Company signed a 12-month lease for warehouse space. b) $113,620. c) $60,000. Following the scary situation, the Blink-182 member chose to not fly again and traveled only by car, boat and train. 1) Before making month-end adjustments, net income of Bobwhite Company was $232,000 for March. (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. Therefore, the credit to Supplies in the adjusting entry is for the amount of supplies Legislative reform is needed, to remove or widen the . a. If the effect of the debit portion of an adjusting entry is to increase the balance of an expense account, which of the following describes the effect of the credit portion of the entry? \end{array} a. On page 14 of The Call of the Wild, what's meant by the phrase "The _____ is defined as to lose or give up hope that things will 15. The accrual of an electricity bill for electricity used but not yet paid b. This payment included interest charges of $6,300, $2,100 of which were applicable to the period from January 1 through January 10. If the December 31 adjusting entry for the interest accrual is not prepared, by how much will income before income taxes be over- or understated in 2018 and 2019 . D) Expenses. b. revenues when services are performed a. b. needed to bring accounts up to date and match revenue and expense a. asset, credit The note is to be repaid, with interest, in six months. The entry to record this event is an example of an adjusting entry: 1) We can compare income of the current period with income of a previous period to determine whether the operating results are improving or declining: d. recording of accrued revenue. b) Consumed. (pdf) Introduction Congress is fast approaching the need to take action on the nation's statutory debt limit, often referred to as the debt ceiling. Debit Depreciation Expense $578 and credit Automobile $578. \text{From Income Statement:}&\textbf{2018}\\[2pt] - Stockholders' equity is not affected. a. an accrued asset d) The entry to pay outstanding bills. C) 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? At the end of the period, it was determined that $15,000 worth of coupons had been used by customers to rent videos. The list of disabilities covered under American with Disabilities Act (ADA) refers to all the disabilities for which an employee is protected from discrimination by employers. d. Improperly expensing costs that should be capitalized. it has A) The variable being predicted is the Y variable. This was the question investigated in the Journal of Experimental Social Psychology (Vol. Participants for the study were those who used a popular Web site for engaged couples. a) Revenues, Expenses, and Capital b) Revenues, Expenses, and Withdrawals c) Assets, Liabilities, and Capital d) Assets, Liabilities, and Withdrawals. e. Increase an expense; d, Which basic element of financial statements arises from peripheral or incidental transactions? c. debit Prepaid Insurance, $11,000; credit Insurance Expense, $11,000 increases the balance of an expense account, Prior to the adjusting process, accrued expenses have, been incurred but not paid and not recorded, not yet been recorded as expenses but have been paid, not earned but the cash has been received, income statement account and one balance sheet 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. Of the respondents, those who paid really high or really low prices for the ring were excluded, leaving a sample size of 33 respondents. 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? The three most common types of adjusting journal entries are accruals . c. Offsetting current liabilities against assets that, Which item below is not a current liability? a. Over the phone, a new customer thinks her dog is pregnant and asks the veterinary receptionist what the total fee will be for obstetric care. a. debit Salaries Payable; credit Cash On January 31, Ramona's Nursery paid the interest owed on a note payable for January. Assets C. Owner's equity D. Liabilities, Which one of the following disclosures is required by generally accepted accounting principles? b) Debit Rental Revenue $5,000 and credit Unearned Rental Revenue $5,000. Adjusting entries can be divided into the following four types. b. Underrecording debt. Write offs - is not considered an adjustment. Assets + Dividends + Expenses = Liabilities + Common Stock + Revenues c. Assets - Liabilities - Divide, Which of the following would be caused by recording an adjusting journal entry to recognize depreciation? b. a computer technician has been paid in advance to install software updates as they become available b. A) An entry to convert a liability to a revenue. a) In the period in which they are earned. c) A credit to Child Care Fees Earned of $4,500. Why or why not? = 15 ? c) Only if each accounting period covered is a full year. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Owner Capital a. User: She worked really hard on the project. a. d) Assets = Liabilities + Paid-in Capital + Reven. 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) Asset b. C) The entry to record depreciation expense. b) Assets = Liabilities - Owners' Equity. An example of a contra-asset account is: = 2 5/20 d. prepaid expenses, The adjusting entry for gym memberships earned that were previously recorded in the unearned gym memberships account is The United Shipping Co. borrowed $25,000 at 12% interest on March 1, 2018. c) Assign revenues to the period in which they are received. She seems nervous about it. 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. C) c) As an asset on the balance sheet. What categories capital falls in: A.