2. The recognition of interest expense at the end of the year would include a debit to interest expense and a credit to a. Lease Liability. b. Maintenance Expense. c. Cash. d. Right-of-Use Asset.
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- Identify whether each of the following transactions, which are related to expense recognition, are accrual, deferral, or neither. A. paid an expense for the current month B. prepaid an expense for future months C. made a payment to reduce accounts payable D. incurred a current-month expense, to be paid next monthWhat adjusting journal entry is needed to record depreciation expense for the period? A. a debit to Depreciation Expense; a credit to Cash B. a debit to Accumulated Depreciation; a credit to Depreciation Expense C. a debit to Depreciation Expense; a credit to Accumulated Depreciation D. a debit to Accumulated Depreciation; a credit to CashFor each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Accounts Payable B. Accounts Receivable C. Cash D. Equipment E. Land F. Notes Payable (due two years later) G. Prepaid Insurance H. Supplies
- Which of the following is an expense in the current accounting period under accrual accounting? The cost of items used up this period but paid for next period. Repayment of debt from a loan in a prior period. The cost of items paid for in this period but used up next period. The cost of land purchased and paid for this period.A) Which of the following would not be included as a current liability? (Land loan, Land loan payable this year, account payable, and operating line of credit) B) Balance sheet summarizes the assets and liabilities of the business and is used to measure both what?a. how much should TRUE recognize as gain or loss on extinguishment? b. how much should TRUE recognize as interest expense for the year ended, December 31, 2021?
- This account represents the amount paid in advance for future cost of items or services. a. Revenue b. Asset c. Prepaid expense d. ExpenseAssuming the entity paid its liabilities incurred prior year, what is the proper debit for this transaction? a.) Accounts Receivable b.) Supplies Expense c.) Cash d.) Accounts PayableSalaries Payable, Accounts Payable, and Unearned Revenue are examples of ________. A. short−term investments B. fixed assets C. long−term liabilities D. current liabilities
- Required: 1. The amount included as current asset in the financial statements of BUNNY related to the above information is? 2. The amount of revenue to be recorded for the year by BUNNY is?How would each of the following items be reported on the balance sheet? Item Reported on (a) Accrued vacation pay. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (b) Estimated taxes payable. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (c) Service warranties on appliance sales. select a balance sheet section Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (d) Bank overdraft.…Which group of items would most likely be included in the other assets account onthe balance sheet?a) Inventories, marketable securities, bonds.b) Land held for investment purposes and long-term prepayments.c) One-year prepaid insurance policy, stock investments, copyrights.d) Inventories, franchises, patents.