_________ A. Both a real and a nominal account B. Only nominal accounts C. Only real accounts D. Neither real or nomina
Q: 16. Which of, the following statements is false concerning the rules of debits and credits? * A. The…
A: Answer are as follows
Q: Accounts Requiring Adjustment Indicate with a Yes or No whether or not each of the following…
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year,…
Q: What differences are there between the trial balance before closing and the trial balance after…
A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…
Q: An account is said to have a debit balance if ? Select one: a. The amount of debit exceeds the…
A: When total amount of debit entries in an account is greater than total amount of credit entries,…
Q: Choose from the following list of terms/phrases to best complete the statements below. a. Temporary…
A:
Q: Which of the following accounts will be affected by the adjusting entries? Only nominal accounts…
A: Example of adjusting entry: Debit: Supplies expense (Nominal account) Credit: Supplies (Real…
Q: An adjusting entry normally affects a. Balance sheet accounts only b. Income statement accounts…
A: Adjusting entries are normally recorded at the end of the period to give the effect of those…
Q: Even if the post-closing trial Q1:balance balances, there is no guarantee that the closing of the…
A: Trail balance sheet is a list of all general ledger account, trail balance check mathematical error…
Q: Which of the following statements related to the adjusted trial balance is incorrect Select one: a.…
A: Trial balance means a statement which is prepared from the balance of ledger account. Debit and…
Q: Two questions here, please answer clearly and thoroughly your help is very appreciated!First…
A: Your First question is whether the three transactions given are adjusting entries.Yes, the three…
Q: Fill in the blank associated with each adjusting entry: a. Prepaid expense: Debit Supplies Expense;…
A: a. Prepaid expense: Debit Supplies Expense; credit Suppliesb. Deferred revenue: Debit deferred…
Q: ВЕЗ.1 (LO 1) Indicate why adjusting entries are needed. The ledger of Althukair Company includes the…
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Q: (Click the icon to view the unadjusted and adjusted trial balances.) Requirements 1. Make the…
A: Entering the transactions in journals is the first step in accounting which will be followed by…
Q: Which of the following is not an example of an adjusting journal entry? O a. Recording interest…
A: An adjusting entry occurs at the end of an accounting period to record any unrecognized income or…
Q: An adjusting entry Select one: a. is always a compound entry. b. affects two balance sheet accounts…
A: Adjusting entries are entries passed at the end of the year to accurately reflect income, expenses,…
Q: 1. The adjusting entry to recognize an expense that has been incurred but not yet paid involves a…
A: Since you have asked multiple questions, we will solve the first question for you . If you want any…
Q: Which of the following accounts does not increase with a debit entry?A. Retained EarningsB.…
A: Debit and credit are two sides of the account, used in accounting. For all assets, expenses and…
Q: Adjusting entries always include a.only balance sheet accounts b.only income statement accounts…
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…
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A: Temporary accounts in bookkeeping allude to accounts you close toward the finish of every period.…
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Q: Discuss briefly how transactions are accounted for events after the reporting period.
A: Event after the reporting period: Events occurring after the balance sheet date means those…
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A: Miscellaneous expense, Fees earned and Josh Morton, Drawing are temporary accounts and should be…
Q: Which two would be an example of an adjusting journal entry a. Debit Cash and Credit Fees Earned…
A: Adjusting journal entry is the journal entry recorded for making adjustment for the transactions…
Q: 25. Which of the following statements is false regarding adjusting entries? * A. Adjusting entries…
A: Adjusting entries involves either expense account or revenue account. Deferral is when cash is paid…
Q: balance sheet accounts A. Are called real accounts B.represent amounts accumulated during a…
A: Real accounts are those accounts which are not closed at the end of accounting period. The balances…
Q: Which of the following statements is incorrect concerning the adjusted trial balance? A. THE…
A: Adjusted Trial Balance: An adjusted trial balance is used after all of the modifications have been…
Q: Under International Financial Reporting Standards (IFRS) the cash-basis of accounting requires…
A: Since we answer only one question, we will answer the first question. Please resubmit the question.…
Q: Which of the following account balance will be shown on debit side of Trial Balance? a. Cash O b.…
A: Trial Balance: It is a sheet which contains all the ledger balances categorized into debit and…
Q: Which of the following is not an adjusting entry? a. Debit Wages Expense Credit Wages Payable. b.…
A: An adjusting entry is prepared at the end of an accounting year to record the accrued expenses,…
Q: Which of the following accounts is considered a temporary or nominal account?A. Fees Earned…
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Q: 9. Aside from accruals, which of the following can be reversed? A. Deferrals initially recorded…
A: All the transactions of the company that are happened during the year will be recorded first in the…
Q: The purpose of the post-closing trial balance is to: O a. Prove the equality of the temporary…
A: The post-closing trial balance is prepared after all the adjustment entries and closing entries.…
Q: Adjusting entries always include A. only income statement accounts B.only balance sheet accounts…
A: Adjusting entries are made to balance the debit and credit of the balances. Adjusting entries are…
Q: Which of the following best distinguishes adjusting entries from closing entries? a. In adjusting…
A: Adjusting entry is the type of journal entry that is used to record the unrecognized income or…
Q: Multiple choice 1. Net loss is entered onto which column (s) of a worksheet? A. Income statement…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Which of these transactions requires an adjusting entry (Debit) to Accounts receivable? a. Expenses…
A: Accounts Receivables are debited when the sale is made but ash payment is deferred.
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A: Solution:- Given, Larkspur Company has the securities in its investment portfolio on December 31,…
Q: Which of the following are all temporary accounts? a.Liabilities and assets b.Liabilities, revenue,…
A: Temporary accounts are those which are closed at the end of each accounting year. So at the end of…
Q: Which of the following entries closes the owner's drawing account at the end of the period?
A: Accounting: Accounting is the art of recording, classifying and summarizing in a significant…
Q: Which of the following accounts is a temporary account: a. Salaries expense. b. Accounts receivable.…
A: The temporary accounts are closed at the end of an accounting period.
Q: If a journal entry includes a debit or credit to the retained earnings account, it is most likely…
A: Journal: Recording of a business transaction in a chronological order.
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- Identify whether each of the following accounts is nominal/temporary or real/permanent. A. Accounts Receivable B. Fees Earned Revenue C. Utility Expense D. Prepaid Rent9. Aside from accruals, which of the following can be reversed? A. Deferrals initially recorded in the income statement (income or expense) B. All deferrals C. Accounts that have been closed D. All temporary accountsAnother name for a temporary account is a(n): O Real account. O Contra account. O Accrued account. O Balance column account. O Nominal account.
- The T-account is used to summarize which of thefollowing?a. Increases and decreases to a single account in theaccounting system.b. Debits and credits to a single account in the accountingsystem.c. Changes in specific account balances over a timeperiod.d. All of the above describe how T-accounts are used byaccountants.An adjusting entry normally affects a. Balance sheet accounts only b. Income statement accounts only c. An income statement account and a balance sheet account d. Balance sheet accounts or income statement accounts onlyWhich of the following is not an adjusting entry? a. Debit Wages Expense Credit Wages Payable. b. Debit unearned revenues, Credit revenue. c. Debit Cash, Credit unearned revenues. d. Debit Insurance Expense, Credit Prepaid Insurance.
- Which of these transactions requires an adjusting entry (Debit) to Accounts receivable? a. Expenses incurred but not yet paid b. Revenue received in advance c. Expenses paid in advance d. Revenue earned but not yet receivedAllowance for Doubtful Accounts is classified as a(n) ______ account and has a normal ______ balance. a. contra asset, debit b. contra asset, credit c. owner's equity, credit d. owner's equity, debitIn a double-entry accounting system: A) A credit entry records a decrease in an account B) All accounts have normal debit balances C) Liabilities, common stock, and expense accounts all have normal credit balances D) A debit entry is recorded on the left side of an account
- Which of the following is a distinguishing characteristic of an adjusting entry for deferrals? Select one: a. It includes the adjustment of an amount previously recorded in a balance sheet account. b. It always impacts the cash account. c. It affects at least one liability account. d. It increases a balance sheet account and decreases an income statement account.Which of the following accounts is considered a temporary or nominal account?A. Fees Earned RevenueB. Prepaid AdvertisingC. Unearned Service RevenueD. Prepaid InsuranceA. Discuss briefly how transactions are accounted for events after the reporting period.B. How do you make adjustments for a non-counter balancing error and does it affect the present financial statements?C. In case the books of accounts are not yet closed what financial statements account/accounts must be adjusted? Why?