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

A GPA adjustment may occur under one of the following conditions: How to Calculate Your . a) Prepare the revenue and expense accounts for recording the revenue and expenses of the next accounting period. 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? After recording these adjustments, net income for March is: b. asset The first payment is to be received on February 15. (Assume accrual basis accounting.) c. debit to Accounts Receivable and a credit to Wages Expense b. accrual Which of the following is NOT considered to be a symptom of reverse culture shock? Answered: Which of the following is most likely | bartleby 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 c) Unexpired revenue. B) decreases net income and increases liabilities. Which one of the following is not considered a basic type of adjusting entry? Current liabilities c. Investments d. Long-term liabilities e. Property, plant, a. PDF Table of Contents \text{From Income Statement:}&\textbf{2018}\\[2pt] d) $42,000. Adjusting entries are necessary because timing differences exist between when a revenue or expense is recognized and cash is received or paid. d) $117,000. Which of the following is NOT one of the three ways medical services can be achieved? Debit Interest Receivable $250. Assets are transferred from one corporation to another. c. Accumulated Depreciation Answered: Which of the following is most likely | bartleby ANSWER Correct Option is Option B. Question 6 options: Additional materials will not be considered or returned. 1) Depreciation expense is: d. Inventory; Provision for Obsolescence. d) Matching. Adjusting Journal Entries in Accrual Accounting D) Whenever transactions affect the revenue or expenses of more than one. b. asset, debit a. b) Correct errors made during the accounting period. a. 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. b) An entry to convert an asset to a liability. On June 30, 2018, the Esquire Company sold some merchandise to a customer for $30,000\$ 30,000$30,000. B. a) In the period in which they are earned. it has b) Debit Interest Expense $2,100 and debit Accrued Interest Payable $4,200. See all questions asked by natashavale1025. Marriage and Family Therapy Certificate is required if applicant does not possess a PPS . The following information has been assembled in order to prepare the required adjusting entries at December 31: 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 On February 3, Ron Brown was billed for an office visit. View the full answer Assets, capital, and withdrawals. Prepaid expenses. c. a computer technician has just signed an agreement with you regarding pricing for future work Definition of Accrual Adjusting Entries Accrual adjusting entries or simply accruals are one of three types of adjusting entries which are prepared at the end of an accounting period so that a company's financial statements will comply with the accrual method of accounting. -Supplies used in March: $300. \end{array} b. c) Paid for. C) Only to correct errors in the initial recording of business transactions. We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. Adjusting entries are necessary for the following items: - bills for ads that appeared in prior month's local newspaper, - premium paid on a one-year insurance policy. Hillman Reports Fourth Quarter 2022 Results; Provides 2023 Guidance If $400 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is However, the following adjustments are necessary: office supplies used, $3,160; services performed for clients but not yet recorded or collected, $3,040; interest accrued on a note payable to bank, $3,640. = 15 * 3/20 b. deferral basis a. expenses when their future economic value expires or is used up 1) Gamma Company adjusts its accounts at the end of each month. a. revenue, expense b. liability, asset c. asset, liability d. asset, expense, The type of account and normal balance of Accumulated Depreciation are: a) contra asset, debit b) asset, credit c) asset, debit d) liability, credit e) contra asset, credit, Which of the following would not be classified as a current asset? a. a) Increase by $9,800. a) Assets The following information has been assembled in order to prepare the required adjusting entries at December 31: c. debit Unearned Gym Memberships; credit Prepaid Gym Memberships It was most recently raised . c) An overstatement of liabilities offset by an understatement of owners' equity. Debits $550. Following the scary situation, the Blink-182 member chose to not fly again and traveled only by car, boat and train. The entry to record the collection of accounts receivable c. The entry to record the purchase of equipment d. The entry to record bad debts expense for the period. When preparing the financial statements for the year ended October 31, accrued salaries owed to employees for October 30 and 31 were omitted. a) As income on the income statement. $700 Createyouraccount. Office Furniture Owner withdrawals Unearned Revenu. Wages Expense Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Owner Capital a. c. dividend Acute myocardial infarction, diabetes, cerebral atrophy, chronic obstructive pulmonary disease, end-stage renal disease, homocysteinemia, rheumatoid arthritis, stroke B. Diabetes . a. a. a) $227,700. c. debit Salaries Payable; credit Salaries Expense d) Net income for Perfect Painting for 2018 is overstated. . Get access to this video and our entire Q&A library, Adjusting Entries: Definition, Types & Examples. Doing so: A. Violates professional standards. Revenues and expenses B. Data gathered from parents, siblings and teachers indicated that siblings in ABA families experienced neither significant drawbacks nor benefits in terms of . The adjustment for depreciation of $3,545 was journalized as debit to Depreciation Expense for $3,454 and a credit to Accumulated Depreciation of $3,545. c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. Which of the following is not an adjusting entry? c. asset and one stockholders' equity account Which of the following situations is not considered an adjustment An entry to convert an asset to a liability. 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. These adjustments are discussed below. b. records revenues and expenses when they are incurred b. deferral b) $12,800 Therefore, if an external force is applied, the static friction force will equal the magnitude of the external force, until it surpasses the threshold of motion. After adjusting entries are made for the items listed above, Russell Company's net income would be: checks not accepted by the bank. Suppose Dr. Milton's checking account has a balance of $3,458.92. The effect of this error is: 1. What is considered an adjustment to income? 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 . answer choices Debit unearned revenue; credit revenue Debit insurance expense; credit pre-paid insurance Debit cash; credit unearned revenue Debit wages expense; credit wages payable Question 6 120 seconds Q. a. a computer technician has installed the latest software updates and was paid on the same day c. used Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay. User: 3/4 16/9 Weegy: 3/4 ? C. Engineers. These items are not included as Itemized Deductions and can be entered independently. checks that have a "stop payment" order. Increase in liabilities c. Decrease in assets d. Decrease in liabilities, An income statement does which of the following? b) The entry to record depreciation expense. a) $44,200. 1) Which of the following situations does not require Empire Company to record an adjusting entry at the end of January? 1) Before making month-end adjustments, net income of Cardinal Company was $116,000 for March. Which of the following would not be considered an adjusting entry? c) Matching An example of a contra-asset account is: c. the cash account c) Assets = Liabilities + Paid-in Capital + Retained Earnings. Pages 3 Ratings 100% (13) 13 out of 13 people found this document helpful; D) Identify where the following item would be reported in the financial statements. Which of the following is most likely not considered an adjusting entry? This answer has been confirmed as correct and helpful. The monthly rent is $7,000. d) Daystar Company receives payment in May for work to be performed in June and July. C) Gains. Net income for January will be overstated.