C) Also indicate whether the items in error will be overstated or understated. (b) An expensive private jet that can be purchased from a local vendor. On a given Friday, the probability that Flight 277 to Chicago is on time is 23.7%. A) It was most recently raised . c. debit Accounts Payable; credit Supplies a. income statement b. statement of changes in owner equity c. balance sheet, Which of the following groups of accounts have a normal debit balance? Human Resources Specialist at North Orange County Community College 1) On December 31, Louis Jeweler's made an adjusting entry to record $4,200 accrued interest payable on its mortgage. $2,000 3. Asset b. 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. copyright 2003-2023 Homework.Study.com. Solved Which of the following is not considered a basic type - Chegg d. expenses are reported in the same period as the revenues to which they relate, Generally accepted accounting principles require that companies use the ____ of accounting. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is a. an accrued asset b. Assets, liabilities, and owner's equity. c. correction of an error in the general journal. b. e. Increase an expense; d, Which basic element of financial statements arises from peripheral or incidental transactions? Which of the assets does not match with the correct contra account? -Supplies used in March: $300. As a result of these two omissions: c) Be unaffected. [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] 29. A) Assets + Liabilities = Stockholder's Equity B) Assets = Liabilities + Stockholder's Equity C) Assets/Revenue = Expenses D) Liabilities + Expenses = Stockholder's Equity, Identify the term being described by the following statement: Current assets minus current liabilities. c) Assets = Liabilities + Paid-in Capital + Retained Earnings. b. deferral Adjusting entries | University Quiz - Quizizz Sweat gland b. Hairc. Changes to previously recorded entries of journal are referred to as adjusting entries. In which of the following situations would an adjusting entry be made at the end of January to record an accrued expense? d. not earned but the cash has been received, Adjusting entries are B) Whenever expenses are not paid in cash. d) A debit to Fees Receivable of $9,000. c) Income - Stockholders' equity is not affected. a. Rent expense amount b. b. contra asset Which of the following is not considered a basic type of adjusting entry a An. Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? CPA wishes to use a representation letter as a substitute for performing other audit procedures. a. debit Salaries Payable, $12,000; credit Cash, $12,000 A large corporation is one having $1 million or more taxable income during any of its 3 preceding tax years. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. Proof of Bachelor's Degree in Counseling, Psychology, or related field. . b. revenues are reported on the income statement in the period in which they are earned In payment, Esquire agreed to accept a 6%6 \%6% note requiring the payment of interest and principal on March 31,2019 . Which of the following is not a type of adjusting entry? On January 10, the mortgage payment was made. a) On January 1, Empire Company paid rent for six months on its office building. (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. The following table shows the undergraduate grading system used at McMaster University with the equivalent 4.0 scale. (b) Contracts negotiated under part 15 may be of any type or combination of types that will promote the Government's interest, except as restricted in this part (see 10 U.S.C. d) $222,900. As time passes, fixed assets other than land lose their capacity to provide useful services. a. prepaid c. theater tickets that were not sold for the current performance A) An entry to convert a liability to a revenue. a) An exact calculation prepared by an appraiser. Cash will be overstated at January 31. a. Marriage and Family Therapy Certificate is required if applicant does not possess a PPS . d) Daystar Company receives payment in May for work to be performed in June and July. Prepaid expenses. Accounting - Chapter 4 Flashcards | Quizlet The adjusting entry to record the depreciation of a building for the fiscal period is b) In the period with the higher earnings. 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 b. Unearned Revenue a) On March 31, a major customer paid his bill for a consulting job completed in February. The company's monthly rent is $700. (3) On December 1, rent on the office building had been paid for three months. d) $900 is paid to an attorney for legal services rendered during the current year. Which of the following is NOT considered an epidermal appendage? 1) Under accrual accounting, salaries earned by employees but not yet paid should be expensed: a) $5,120 Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay amounting to $6,800. 1. d. contra asset, expense, The type of account and normal balance of Prepaid Insurance is 1) Which statement is true about an adjusted trial balance? a. d) As a part of the retained earnings. Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. b. debit Prepaid Rent, $24,000; credit Rent Expense, $8,000 DOC Chapter 05 Audit Evidence and Documentation - CPA Diary d. the future value of cash flows. b) Deferred revenue. b. theater tickets sold yesterday on credit for yesterday's performance The following information has been assembled in order to prepare the required adjusting entries at December 31: 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. Chan, Which of the following transactions changes only the mix of assets and does not affect liabilities or stockholders' equity? d) An entry to convert a liability to a revenue. B. The pet died and the family has complained about the effect of the treatment. checks stamped "NSF." c. contra asset Assets and Liabilities B. The adjusting entry on December 31 is (a) Revenue collected in advance (b) Accrued interest payable (c) The current portion of long-term debt (d) All of the above are correct. Acute myocardial infarction, diabetes, cerebral atrophy, chronic obstructive pulmonary disease, end-stage renal disease, homocysteinemia, rheumatoid arthritis, stroke B. Diabetes . d. $1,400, Accumulated Depreciation and Depreciation Expense are classified, respectively, as Adjusting entries are necessary for the following items: an agreement that has been signed for snow removal services for the next three months 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. 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 d) Equal $9,800. Employees earn a total of $12,800 per week. Indicate also the type of financial statement. d. market value. Statement of changes. Asset b. The customer is the director of a nearby animal shelter. Payables a. = 15 * 3/20 a. The cash payment for accrued revenues occurs __________ the adjusting entry to record the accrued revenue. b. c. not earned and the cash has not been received d) In the period with the lower earnings. Farad, Inc., specializes in selling used trucks. Increase in liabilities c. Decrease in assets d. Decrease in liabilities, An income statement does which of the following? b) The entry to pay salaries. Adjusting Entries Examples (Step by Step Adjusting - WallStreetMojo Hospital Tap Water as a Source of Stenotrophomonas Maltophilia 1) Gamma Company adjusts its accounts at the end of each month. Which of the following is not considered a basic type of adjusting Which of the following is not considered a basic type of adjusting entry? An adjusted trial balance is prepared based on the adjusting entries. d) Update the owners' equity account for the changes in owners' equity that had been recorded in revenue and expense accounts throughout the period. D) Increase in assets b. All other trademarks and copyrights are the property of their respective owners. FY22 net sales decreased (7.3%) to $3,922 million, organic sales decreased (0.5%) FY22 GAAP EPS of ($4.41), adjusted EPS of $2.09; Q4 net sales decreased (10.9%) to $983 million, B) adaptive smoothing. 1) The concept of materiality: c. a computer technician has just signed an agreement with you regarding pricing for future work The note is to be repaid, with interest, in six months. Which of the following may not be considered a "qualifying asset" under IAS 23? 1) An asset purchased on January 1, 2015 for $60,000 that has an estimated life of 10 years will have a book value on December 31, 2018 of: C) The entry to record depreciation expense. c. accrual basis of accounting supports the matching concept Which of the following is not considered an end of period adjusting