Label the adjustments as either Deferrals / Prepaids, Accrual, or Depreciation AND as a revenue or expense. Viewdrag and drop keyboard instructionsDeferrals /AccruedAccruedPrepaidExpenseUnearnedAccrualPrepaidsRevenueRevenueExpenseDepreciationA two-year insurance policy for $700was purchased on May 1 of thecurrent year.Received $1,300 cash from customerCompleted services that were paid forsix months earlier, $3.100.in advance for six month servicecontract.-PrepaldExpenseUnearnedDeferrals/RevenuePrepaidsDeferrals/PrepaidsUnearnedRevenueDeferrals /PrepaidsDrag card hereDrag card hereDrag card here

Any Cash received advance against contract which is to be completed in future. It should be…

abel the adjustments as either Deferrals / Prepaids, Accrual, or Depreciation AND as a revenue or expense. View rag and drop keyboard instructions Deferrals / Prepaid Unearned Accrued Accrued Accrual Prepaids Expense Revenue Revenue Expense Depreciation Received $1,300 cash from customer in advance for six month service Completed services that were paid for six months earlier, $3,100. A two-year insurance policy for $700 was purchased on May 1 of the contract. current year. Deferrals/ Prepaid Expense Unearned Revenue Prepaids Deferrals / Prepaids Unearned Revenue Deferrals / Prepaids Drag card here

abel the adjustments as either Deferrals / Prepaids, Accrual, or Depreciation AND as a revenue or expense. View rag and drop keyboard instructions Deferrals / Prepaid Unearned Accrued Accrued Accrual Prepaids Expense Revenue Revenue Expense Depreciation Received $1,300 cash from customer in advance for six month service Completed services that were paid for six months earlier, $3,100. A two-year insurance policy for $700 was purchased on May 1 of the contract. current year. Deferrals/ Prepaid Expense Unearned Revenue Prepaids Deferrals / Prepaids Unearned Revenue Deferrals / Prepaids Drag card here

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 10P: Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any...

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Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. supplies actual count at year end, $6,500 B. remaining unexpired insurance, $6,000 C. remaining unearned service revenue, $1,200 D. salaries owed to employees, $2,400 E. depreciation on property plant and equipment, $18,000
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. depreciation on fixed assets, $ 8,500 B. unexpired prepaid rent, $12,500 C. remaining balance of unearned revenue, $555
Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Adjustments needed: Physical count of supplies inventory remaining at end of period, $2,150 Taxes payable at end of period, $3,850
ANALY SIS OF ADJUSTING ENTRY FOR INSURANCE Analyze each situation and indicate the correct dollar amount for the adjusting entry. 1. Amount of insurance expired (used) is 830. 2. Amount of unexpired (remaining) insurance is 340.
Prepare journal entries to record the following adjustments. A. Insurance that expired this period, $18,000 B. Depreciation on assets, $4,800 C. Salaries earned by employees but unpaid, $1,200
The following accounts were used to make year-end adjustments. Identify the related account that is associated with this account (the other account in the adjusting entry). A. Salaries Payable B. Depreciation Expense C. Supplies D. Unearned Rent
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 month
Using the following information, A. Make the December 31 adjusting journal entry for depreciation. B. Determine the net book value (NBV) of the asset on December 31. Cost of asset, $195,000 Accumulated depreciation, beginning of year, $26,000 Current year depreciation, $13,000
Prepare journal entries to record the following adjustments: A. revenue earned but not collected, nor recorded, $14,000 B. revenue earned that had originally been collected in advance, $8,500 C. taxes due but not yet paid, $ 2,750
Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any adjustments: Additional adjustment information: (a) depreciation on buildings, 1,100; on equipment, 600; (b) bad debts expense, 240; (c) interest accumulated but not paid: on note payable, 50; on mortgage payable, 530 (this interest is due during the next accounting period); (d) insurance expired, 175; (e) salaries accrued but not paid 370; (f) rent was collected in advance and the performance obligation is now satisfied, 800; (g) office supplies cm hand at year-end, 230 (expensed when originally purchased earlier in the year); and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2020. Required: 1. Transfer the account balances to a 10-column worksheet and prepare a trial balance. 2. Prepare the adjusting entries in the general journal and complete the worksheet. 3. Prepare the companys income statement, retained earnings statement, and balance sheet. 4. Prepare closing entries in the general journal.
Classification of Assets and Liabilities Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL). ______ 1. Inventory ______ 2. Accounts payable ______ 3. Cash ______ 4. Patents ______ 5. Notes payable, due in six months ______ 6. Taxes payable ______ 7. Prepaid rent (for the next nine months) ______ 8. Bonds payable, due in ten years ______ 9. Machinery