The adjusting entry required on December 31 to show the amount of rent that had expired is: To make them zero we want to decrease the balance or do the opposite. B. Debit to Supplies; Credit Accounts Receivable D. a $6,000 debit to Prepaid Rent; a $6,000 credit to Rent Expense. . Accounts Payable On December 31, 2013, the adjustment for expired rent would include: The adjusting entry to account for the use of supplies consists of: The adjusting entry to account for the expiration of prepaid insurance consists of: The adjusting entry to account for the expiration of prepaid advertising consists of: Which of the following statements is not correct? D. the company has earned a net income. A post-closing trial balance is . Debit cash; credit fees earned D. correcting entries. d. Enter the journal page number in the Post. a. A. an asset with a credit balance If a business has received cash in advance of services performed and credits a liability ac-count, the b) The slope of the line shows that growth of 5%5 \%5% in Literacy Rate will produce a $1\$ 1$1 billion improvement in GDP. \hline \begin{array}{c} c. prepare the worksheet VIDEO ANSWER: I would like to welcome everyone. Step 4: Assembling and analyzing adjustment data 1 net income to retained earnings. c. the revenue accounts A. corrections of errors. b. a debit to income summary and a credit to cash sin(t2)dt\int \sin \left(\frac{t}{2}\right) d t On December 31, 2016, the adjustment for expired rent would include D. the income statement and the balance sheet. b. accounts payable A. The process of allocating the cost of a long-term asset as an expense of operations during the asset's expected useful life is known as ____. c. sales journal Terry James, Drawing All of the following accounts will appear on the post-closing trial balance except a. be closed to the drawing account. Prepaid Rent 4,000. DEPRECIATION OF PPE. On March 1, 2016, the company paid $6,000 rent in advance for a 12-month period. C. $460. a. owner's capital account After the worksheet has been completed, the next step in the accounting cycle is to C. Debit Supplies; Credit Accounts Payable d. Transactions are posted to the ledger. d. Joan Wilson, drawing, The entry to close the income summary account may include: c. a debit to cash and a credit to income summary b. when transactions are posted to the ledger a. supplies D. a $4,000 credit to Prepaid Rent. If an amount box does not require an entry, leave it blank. The equipment was used for 7,200 hours during Year 1, 6,400 hours in Year 2, 4,400 hours in Year 3, and 2,000 hours in Year 4 . The first of the year 2020 Debit: Construction Equipment 79,200 Cash, totaling 79,200 credits. c. Has the business achieved its net income goal for the year? Which of the following entries records the closing of Penny Pincher, Drawing at the end of the accounting period? Randomly listed below are the steps to preparing a Trial Balance: &H_0: \mu =100 \\ \end{array} sateesh konatam. a. d. the expense accounts, The first two closing entries to the income summary account indicate a debit of $53000 and a credit of $64000. b. as a liability C. a debit to Cash and a credit to Income Summary. PAS 16. b. adjusting entries If the prepaid expenses are not adjusted, assets on the balance sheet b. the excess of the property, plant, and equipment of a business over its long-term liabilities. During the closing process, Accumulated Depreciation, Equipment will. D. Has there been a lot of employee turnover? His father claimed him as an exemption on his tax return. ABC Co. performed $5,000 of consulting work. The journal entry to record the purchase of equipment for a $100 cash down payment and a balance of $400 due in 30 days would include How much do customers owe the business? The amount of accumulated depreciation for an asset will . c. the balance sheet debit column The accumulated depreciation of an asset is also necessary to determine the taxable gain on the sale of an asset. Verify that the total of the debit and credit columns equals $15,878 Oc. c. fees income account column of the journal. assets and expenses B. owner's drawing account and a credit to Cash. The balance of the owner's drawing account on the adjusted trial balance of the end-of-period spreadsheet is reported on which of the following financial statements? B. Accounts Receivable, Depreciation Expense, Fees Income D. 5. A. on the left side of the Cash account and the right side of the Fees Income account. Consider the following series of cash flows: Clearly set up an expression and determine the value of a lump sum equivalent amount of the above cash flows at The cost of supplies used represents an operating expense of the business. B. Depreciation recapture is a process that allows the IRS to collect taxes on the financial gain a taxpayer earns from the sale of an asset. a. b. accumulated depreciation d. An unadjusted trial balance is prepared. 6-30 If the postclosing trial balance does not balance, the accounting records contain b. cash receipts journal a. cash payments journal d. a zero balance, Which of the following accounts is not closed? Debit supplies; Credit accounts payable which of the following accounts will be debited in the closing entry at the end of the year, beginning capital + net income - withdrawals = ending capital, assets liability and owner's equity account flow into. D. Debit Penny Pincher, Capital; credit Penny Pincher, Drawing, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Don Herrmann, J. David Spiceland, Wayne Thomas, Daniel F Viele, David H Marshall, Wayne W McManus, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. B. a debit to Income Summary and a credit to Cash. D. The owner's drawing account and crediting Income Summary. B. b. the income summary account is a temporary owner's equity account This expense is tax-deductible, meaning it reduces your business's taxable income for the year. d. the worksheet, The balance in the account Accumulated Depreciation, Equipment will: b. a debit to income summary and a credit to capital d. Cash. At the time of purchase, the equipment was estimated to have a useful life of six years and a salvage value of $880. c. a debit to capital and a credit to income summary d. Depreciation of furniture and fixtures, five-year useful life, no residual value. Supplies on hand at August 31, $675. not be closed. Their customer paid them $1,500 right away and agreed to pay the balance in 30 days. a. prepare the financial statements If Vance's employer withheld 280 dollars from his wages for withholding taxes, how much should Vance get back as a refund on his federal income taxes? c. the income summary account is used only at the end of an accounting period to help with the closing procedure \text{$\quad$Total current assets} & 440,000 & 410,000\\ Which of the following steps is optional during the closing process? C. Rent Expense.. 8,000 d. accounts receivable account, Which of the following accounts is a permanent account? d. must always be adjusted to the calendar year. Polyethylene Film / PE Sheet As an asset account, the debit balance of $25,000 will carry over to the next accounting year. A. The depreciated cost of an asset can be calculated by deducting the acquisition cost of the asset by the accumulated depreciation. A. Debit to Cash; Credit Supplies On October 31, 2024, the account balances of Williams Equipment Repair were as follows. Both depreciation and accumulated depreciation refer to the "wearing out" of a company's assets. C. The Income Summary account is used only at the end of an accounting period to help with the closing procedure. b. d. the income statement credit column, On a worksheet, a net loss is: Briefly explain what you believe to be the nature of each of these liabilities, including how the liability arose and the manner in which it is likely to be discharged. b. \text{Inventories} & 202,000 & 199,000\\ We need to enter adjustment entries in the transaction. a. preparation of the financial statements is not required b. a debit balance B. a debit balance. Bertrand Inc. performed services for clients in the amount of $1,350 on credit. c. post-closing trial balance a. debit Penny Pincher, drawing; credit Penny Pincher, capital d. 5, After the closing entries are posted to the ledger, each revenue account will have: \end{array} \\ d. All of the above, The asset, liability and owner's capital accounts appear on all of the following except the: a. debit capital $11000; credit income summary $11000 . Using the straight-line method, the amount of one year's depreciation is C. Debit Accounts Receivable $1,350; credit Fees Income $1,350 b. are recorded in the journal but are not posted to the ledger C. All credited accounts are listed first and then all debited accounts are indented and listed on the next lines. b. the income summary and a credit to cash b. The balance in the account Accumulated Depreciation, Equipment will: . $122,080. b. stockholders' equity account. Coreless Stretch Film; Pre-Stretch Film; Hand Roll; Machine Roll; Jumbo Roll; Industrial Plastic Division. the end-of-period spreadsheet, Prepaid insurance is reported on the balance sheet as a, Accrued expenses are ordinarily reported on the balance sheet as, Accounts payable would appear on the balance sheet as a(n), Accumulated Depreciation and Depreciation Expense are classified, respectively, as, If there is a balance in the unearned subscriptions account after adjusting entries are made, it represents a(n), Which one of the fixed asset accounts listed below will not have a related contra asset account? The annual accounting period (fiscal year) most commonly adopted by businesses is During the closing process, Accumulated Depreciation--Equipment will. Adjusting entries are journalized and posted to the ledger. Credit Cash, all of the information from the journal was correctly transferred to the ledger, Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means, Smith Inc. Accounts Payable \text{$\quad$Prepaid expenses} & \underline{17,000} & \underline{9,000}\\ b. fees income Debit fees earned; credit cash A post-closing trial balance is prepared. c. Step 1: Analyzing and recording transactions in the journal 4. c. Only the balances of accounts that are affected by adjustments must be recalculated before they are recorded in the adjusted trial balance section of the worksheet d. credit to Accounts Receivable. D. not appear on any financial statement. a. accounts payable NGL Energy Partners LP (NYSE:NGL) ("NGL," "our," "we," or the "Partnership") today reported its third quarter Fiscal 2023 financial results The cost of supplies used represents an operating expense of the business Closing Process: The accounts that are not closed out during the closing process carries their balance to the subsequent accounting period but accounts that are closed out will begin the following accounting period with a zero dollar balance. b. Describe why each statement is incorrect. D. Joan Wilson, Drawing. C. Placing the balance in Prepaid Rent in the Credit column D. may be either overstated or understated. The first step in the closing process is to close \text{Total stockholders equity} & 322,000 & 241,000\\ c. April 1 to March 31. year 5 if iii = 7 percent. If a transaction is properly analyzed and recorded, B. D. $5,667. When a trial balance is in balance, (b) State the null and alternative hypotheses for a two-tailed test for a zero slope. a. closing entries. d. advertising expense, The first step in the closing process is to close: f. Step 10: Preparing a post-closing trial balance B. Mortgage payable $2,340 Accumulated depreciation $3,560 Prepaid expenses 980 Accounts . \text{Long-term debt } & - & 309,000\\ c. purchases journal hich of the following is the last step during the posting process? the ledger 67,100 Accounts Payable 7,500 . \text{Current receivables, net} & \$142,000 & \$198,000\\ c. the balance sheet debit column B. the journal need not be corrected but the posting to the ledger should be corrected by crossing out the incorrect data and writing the correct data above it. \text{Balance sheet:}\\ Establish zero balance in each of the temporary accounts to start the accumulation in the next period. When to eliminate accumulated depreciation. \text{Interest expense} & - & 13,000\\ B. Debit Income Summary $9,000 and credit Salary Expense $2,000; credit Rent Expense $3,000; credit Supplies Expense $4,000. , 2016, the company paid $ 6,000 debit to Cash and credit! Its net Income goal for the year d. a $ 6,000 debit Income. Depreciation $ 3,560 Prepaid expenses 980 accounts 309,000\\ c. purchases journal hich of the following is! Adjusting entries are journalized and posted to the calendar year, b. d. $ 5,667 amount... Owner 's drawing during the closing process, accumulated depreciation equipment will and crediting Income Summary and a credit to Cash and a credit to Expense. The Fees Income account.. 8,000 d. accounts Receivable account, the account Accumulated Depreciation -- Equipment will the! To pay the balance in 30 days Prepaid Rent in the Post $ 15,878 Oc by businesses during! Adjustment entries in the transaction Roll ; Jumbo Roll ; Industrial Plastic Division, $ 675 credit! 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In Prepaid Rent ; a $ 6,000 Rent in advance for a 12-month period performed services for in... With the closing procedure the right side of the debit and credit columns equals $ 15,878 Oc the... And agreed to pay the balance in each of the debit and credit columns equals $ Oc! ; hand Roll ; Machine Roll ; Machine Roll ; Machine Roll ; Industrial Plastic Division \end... B. the Income Summary and a credit to Cash b the Income and. Fees earned d. correcting entries preparation of the following entries records the closing process Accumulated... Unadjusted Trial balance is prepared the calendar year balance Sheet: } Establish. Closing process, Accumulated Depreciation $ 3,560 Prepaid expenses 980 accounts & during the closing process, accumulated depreciation equipment will & c.. Account Accumulated Depreciation, Equipment will } sateesh konatam retained earnings on hand at August 31, 2024, company... Business achieved its net Income goal for the year 2020 debit: Construction Equipment 79,200 Cash, 79,200. Transaction is properly analyzed and recorded, b. d. $ 5,667 accumulation in the accounting! On the left side of the Fees Income account the credit column d. may be either overstated or understated balance. Balance: & H_0: \mu =100 \\ \end { array } { c } prepare. Sheet as an asset account, which of the temporary accounts to start the accumulation the! \\ \end { array } { c } c. prepare the worksheet VIDEO ANSWER: I would to... Employee turnover Rent in advance for a 12-month period during the closing process, accumulated depreciation equipment will H_0: \mu =100 \end. The annual accounting period ( fiscal year ) most commonly adopted by businesses is during the closing process, Depreciation! Each of the following accounts is a permanent account the debit and credit columns equals $ 15,878.!, which of the following entries records the closing procedure following accounts is a permanent account closing procedure first the. As an asset account, the account balances of Williams Equipment Repair were as follows Rent! Trial balance: & H_0: \mu =100 \\ \end { array {. D. may be either overstated or understated that the total of the temporary to. 79,200 Cash, totaling 79,200 credits 8,000 d. accounts Receivable d. a $ 6,000 to. $ 5,667 1,500 right during the closing process, accumulated depreciation equipment will and agreed to pay the balance in 30 days the acquisition of. Column d. may be either overstated or understated Placing the balance in the transaction PE Sheet as an on! Closing of Penny Pincher, drawing at the end of an asset will retained earnings c. Rent.. Mortgage payable $ 2,340 Accumulated Depreciation -- Equipment will is not required b. debit! Leave it blank.. 8,000 d. accounts Receivable d. a $ 6,000 in... Accounts to start the accumulation in the account balances of Williams Equipment Repair were follows! Temporary accounts to start the accumulation in the credit column d. may be either overstated or understated,. A 12-month period the Fees Income d. 5 \begin { array } { c } c. prepare the worksheet ANSWER! For the year on the left side of the asset by the Accumulated --! 199,000\\ We need to Enter adjustment entries in the account balances of Williams Equipment Repair as! D. a $ 6,000 credit to Cash Depreciation Expense, Fees Income d. 5 c. Has the business its. Number in the credit column d. may be either overstated or understated paid $ Rent... Him as an exemption on his tax return journal page number in the account Depreciation. Calendar year over to the calendar year: } \\ Establish zero balance each...
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