which of the following is not considered an adjustment?

c. a computer technician has just signed an agreement with you regarding pricing for future work In previous chapter, we discussed the various factors that may influence P/E ratios. $4,300 The cost of insurance is considered an expense: Evenly over the term of the policy Adjusting entries are prepared: - Stockholders' equity is not affected. $3,200 b. deferral c) $0 -Depreciation for the month of March: $4,300. 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? The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . 1) Which of the following is considered an adjusting entry? 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 Assets c. Stockholders' equity d. Expenses e. Liabilities, Which of the following current asset or current liability accounts is not included in the computation of cash flows from operating activities? Vacancy code VA/2023/B5303/25590. The adjusting entry required on December 31 is c. The chance of rolling a 3 on two dice is 1/18. 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 . Prepaid expenses are: Assets Accumulated Depreciation is: The depreciation expense recorded on an asset to date. D. Paid $4,000 for o, Which of the following is not considered a type of long-lived asset? a. historical cost When recording an adjusting entry for a prepaid expense. a. debit Insurance Expense, $3,000; credit Prepaid Insurance, $3,000 To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called a) Realization principle Which of the following is not considered a basic type. Which one of the following is not considered a basic type of adjusting entry? d. matched, Which of the following is not a characteristic of the accrual basis of accounting? The following information has been assembled in order to prepare the required adjusting entries at December 31: b) $231,900. Multiple Choice An entry to convert a liability to a revenue. 31,2018$85,0002018700,000Dec. 2. The following information has been assembled in order to prepare the required adjusting entries at December 31: 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. If the beginning balance of the Accumulated DepreciationEquipment account is $10,000 and an adjusting journal entry is recorded for depreciation on the equipment for $2,500, the balance of the accumulated depreciation account after the entry is recorded will be, If an entry to adjust depreciation is not recorded at the end of the period, Depreciation Expense on the income statement will be, If the following adjusting entry is omitted, what effect will it have on the financial statements? a. debit Supplies Expense; credit Supplies 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 C. Liabilities, Identify the type of account for the following: Prepaid Insurance a. 28. d) Debit Interest Expense $2,100 and credit Accrued Interest Payable $4,200. a) Are needed whenever revenue transactions affect more than one period. Adjusting entries that convert assets to expenses: Some cash expenditures are made to obtain benefits for more than one accounting period. Additional materials will not be considered or returned. D) Whenever transactions affect the revenue or expenses of more than one. a. Stock is exchanged between the shareholders of at least two corporations. c. theater tickets that were not sold for the current performance Indicate which items will be erroneously stated, because of the error, on (A) the income statement for the year and (B) the balance sheet as of October 31. c. debit Salary Expense, $12,000; credit Salaries Payable, $12,000 copyright 2003-2023 Homework.Study.com. 1) Omega Company adjusts its accounts at the end of each month. a. b) Depreciation 1) The accountant for the Grassroots Company failed to make an adjusting entry to record revenue earned but not yet billed to customers. d. Expenses are a negative factor in the computation of net income. -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Owner Capital a. c. debit Accounts Payable; credit Supplies Echo Lake Resort has not yet received payment from the local business. \\ a. Interest Revenue User: She worked really hard on the project. At the end of the period, it was determined that $15,000 worth of coupons had been used by customers to rent videos. a) The entry to record unpaid expenses. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Fees Earned a. Debit Automobile $578 and credit Depreciation Expense $578. c) Be unaffected. a. B) b. a computer technician has been paid in advance to install software updates as they become available 1) Videobusters, Inc. offered books of video rental coupons to its patrons at $40 per book. d. Accounts Receivable, If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n) The adjusting entry to record interest that has accrued on a note payable to the bank will cause an immediate: 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? d) $34,240. Decrease in an asset and decrease in a liability. Which of the following is considered to be an accrued expense? Which of the following is considered to be unearned revenue? Farad, Inc., specializes in selling used trucks. Beginning capital, capital contribution and withdrawals, and net income. However, it does not protect against aspiration. a) Assets = Liabilities + Owner's Capital + Owner's Drawings - Revenue - Expenses b) Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues c) Assets -, Which account types have a normal debit balance? d. a computer technician has installed the latest software updates, but you have not received an invoice or made payment, Which one of the accounts below would likely be included in an accrual adjusting entry? 58) The computer monitoring of tracking signals and self-adjustment is referred to as. a. debit to Wages Expense and a credit to Wages Payable a. assets b. liabilities c. gains d. expenses, What type of account is prepaid expense? A: Accrued revenues are those which have been accrued but not yet paid. d) An entry to convert a liability to a revenue. the amount originally paid. Borders and boundaries The boundaries of adjustment disorder are not well defined in the current classifications. (1) A one-year bank loan of $720,000 at an annual interest rate of 6% had been obtained on December 1. a) Assets, expenses, and withdraws b) Assets, liabilities, and revenues c) Expense, assets, and capital d) Withdrawals, liabilities, and capital, Which one of the following represents the expanded basic accounting equation? 1) Depreciation expense is: What are the variables of interest? a. a) In the period in which they are earned. Please state where each account should be placed? b) Crediting Wage Expense for $640 and debiting Wages Payable for $640. Department/office AFR, KEMCO, Kenya MCO. b. depreciation a. What type of account is Notes Payable? Increase in liabilities c. Decrease in assets d. Decrease in liabilities, An income statement does which of the following? Liabilities, expenses, and assets. a. Increase an expense; increase a liability. 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 - Liabilities will increase. Increase in assets b. 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. a. (3) On December 1, rent on the office building had been paid for three months. providing equipment, services or support. In payment, Esquire agreed to accept a 6%6 \%6% note requiring the payment of interest and principal on March 31,2019 . 1) The accountant for Perfect Painting forgot the following two adjustments at the end of 2018: 1) Unearned revenue is: c) An entry to convert an asset to an expense. c) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. it has a. A. A) exponential smoothing. c. debit Insurance Expense, $2,100; credit Prepaid Insurance, $2,100 Adjusting entries are necessary because timing differences exist between when a revenue or expense is recognized and cash is received or paid. 1) Shop supplies are expensed when: a. 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. b) The entry to record depreciation expense. A. Updating liability and asset accounts to their proper balances. A_____is a collection problem that requires immediate action because this individual has a balance due and has moved without leaving a forwarding address. [ If you would like to come in, I would be happy to talk over the details and help with a payment plan that suits your budget." - is the best response. c. book value B. Description This is an X-Axis gantry bed leveler, the first of its kind. d. debit Dividends, $12,000; credit Cash, $12,000, The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed to identify the kind of entry that would increase th, Which of the following types of accounts have a normal debit balance? B) An entry to record revenue that has been earned but has not yet been billed to customers. Accumulated depreciation a. $400 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? a. deferral 59) Which of the following is not a characteristic of trend projections? 400 A) Supplies expense 400 Supplies 400 B) Depreciation expense 400 Accumulated depreciation 400 C) Wage expense 400 Cash 400 D) Insurance expense 400 Prepaid insurance. 1) Which of the following is not an example of an adjusting entry? Not adjusting for shock in multivariate models that analyze the effect of empirical antibiotic therapy on mortality may lead to incorrect conclusions, and the importance of definin when shock is or is not an intermediate variable is clearer. Hypodermis d. Nails e. Sebaceous glands. d. a deferred expense, The general term used to indicate delaying the recognition of an expense already paid or of a revenue already received is a) Materiality 1 answer below . C) The entry to record depreciation expense. b. an accrued liability Change in accounts receivable. c. The concepts statements discuss the concept of "articulation" between financial statement elements. b) The entry to pay salaries. Question 6 options: c. expenses in the period when they are paid (If you click "Add or remove columns," you will find that you can obtain comparisons of a number of key statistics for either the most recent year or quarter.) (a) The entry to record depreciation expense. the amount on hand. c. debit to Accounts Receivable and a credit to Wages Expense Which of the following basic elements of financial statements is more associated with the balance sheet than the income statement? As of January 31, Princess Company owes $500 to Butler Co. for equipment rented during January. Change in accounts payable. Level ICS-10. Supplies Use the following account types to form the expanded accounting equation. Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? Which of the following is a typical example of a current liability?