As Per PAS 10 Events after the Reporting Period, these are events that provide evidence of conditions that existed at the end of reporting period: * O Adjusting events O Events after the reporting period O Subsequent events O Non-adjusting events
Q: 9. The adjusting entries made at the end of an accounting period may be classified into four…
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Q: On December 31, 2011 the following data were accumulated for making the adjusting entries:
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A: Bank Reconciliation:- It is a statement that gets prepare in order to match the balance as per pass…
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Q: The adjusting entries are prepared at the ending of the accounting period * O True O False
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Q: Prepare year-end adjusting entries for the following transactions. Omit explanation.
A: 1. In 3rd entry, adjustment entry will be passed for rent Expired which is ($36,000 - $…
Q: Which of the following is the proper adjusting entry, based on a prepaid insurance account balance…
A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…
Q: IAS 10: Events after the Reporting Period addresses two issues: adjusting events, namely, those…
A: Events occurring between the reporting date and the date on which the financial statement is…
Q: scovered the
A: Here we will take one by one tranasction and first will…
Q: Which of the following is the proper adjusting entry, based on a prepaid insurance account balance…
A:
Q: Which of the following statements concerning reversing entries is true? Reversing entries are…
A: Reversing entries are those entries that are passed on the very first day of an accounting period in…
Q: At August 31, the end of the first month of operations, the usual adjusting entry transferring…
A: Adjusting entries Adjusting entries are those entries which are made at the end of the accounting…
Q: Gill Company calculated equipment depreciation for the month of $500. The necessary adjusting entry…
A: Adjusting entry includes the adjustments with regard to the accruals and prepaids. These are…
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A: The adjustment entries are prepared to adjust the revenue and expenses of the period.
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A: First let us understand what are adjusting entries. Adjusting entries are entries made at the end of…
Q: 2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required…
A: Adjusting journal entries are those entries which are prepared and recorded at the end of the period…
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A: Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses…
Q: 22. The net income or loss for the period is placed on the worksheet to balance which sets of…
A: Worksheet is a 10 column sheet which is prepared to show unadjusted trial balance, adjustments,…
Q: dentify whether the statements below are true or false related to HKAS 10 ‘Events after the…
A: HKAS 10:-Events after Reporting Period:- Statement 1:-Here refers to those favorable or unfavorable…
Q: urance of $6,023, for the fiscal year ending on April 30? a.debit Prepaid Insurance, $6,154; credit…
A: Prepaid expenses are considered an asset. In this case, we need to deduct the prepaid charges, thus…
Q: b.Service Revenue
A:
Q: Which of the following is the proper adjusting entry, based on a prepaid insurance account balance…
A: Prepaid insurance before adjustment is = $ 13,651an on fiscal yea ended…
Q: Which of the following is the proper adjusting entry, based on a prepaid insurance account balance…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
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A: Ledger accounts becomes the base for the preparations of Trial balance. Trial balance consist of the…
Q: Which of the following adjusting entries are mandatorily reversed in the succeeding accounting…
A: Reversing entries are made at the beginning of the new accounting period to enable a smoother…
Q: 7) What source document is used to record adjustments to the general journal at the end of the…
A: Source Documents are evidence of transactions. It authenticates the amount and nature of…
Q: An adjusting entry O involves parties external to the entity O is recorded anytime of the accounting…
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A: Accounting the whole process of recording, classifying and summarising accounting information in…
Q: IAS 10: Events after the Reporting Period addresses two issues: adjusting events, namely, those…
A: Events occurring between the reporting date and the date on which the financial statement are…
Q: Which of the following is the proper adjusting entry, based on a prepaid insurance account balance…
A: Adjusting entries refers to journal entries which are made at end of accounting period for…
Q: The Yellow Company made year-end adjusting entries affecting each of the following accounts: Office…
A: Reversing entries are made at the beginning of each accounting year to reverse or cancel the…
Q: Which of the following types of adjusting entries would result in a decrease in the amount of a…
A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…
Q: Which of the following is the proper adjusting entry, based on a prepaid insurance account balance…
A: Prepaid Insurance: It is a current asset recorded in the balance sheet. In this insurance expenses…
Q: Record adjusting journal entries for each separate case below for year ended December 31. Assume no…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Which of the following is true regarding adjusting entries? a.Adjusting entries are optional…
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…
Q: Which of the following statements is NOT true about adjusting entries? A Adjusting entries are dated…
A: ADJUSTING ENTRIES ARE USUALLY MADE ON LAST DAY OF AN ACCOUNTING PERIOD . ADJUSTING ENTRIES ARE FOR…
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A: Adjusting Entry for Wages paid at the end of the period is Debit Wages Expense and Credit Wages…
Q: Which of the following is true regarding adjusting entries? O a. Adjusting entries are dated as of…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: Post the entry on July 1 and the adjusting entry on December 31 Unearned Service Revenue 12/31…
A: Introduction: Ledgers: All the journals are posted in to ledger accounts to find the account…
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- Identify whether the statements below are true or false related to HKAS 10 ‘Events after theReporting Period’:Statement 1: HKAS 10 covers the period from the reporting date to the annual general meetingStatement 2: According to HKAS 10, any non-adjusting events should be disclosed as a note inthe financial statements.A Both statements are trueB Both statements are falseC Statement 1 is true but Statement 2 is falseD Statement 1 is false but Statement 2 is trueWhich of the following adjusting entries are mandatorily reversed in the succeeding accounting period? Accruals Prepayments Deferrals None of the above Activate ■On which of the following would the year-end Retained Earnings balance be stated correctly? A. Unadjusted Trial Balance B. Adjusted Trial Balance C. Post-Closing Trial Balance D. The Worksheet
- The mandatory adoption of a new accounting principle as a result of a new FASB Statement requires a. Footnote disclosure only b. A cumulative effect adjustment c. Prospective adjustment d. Prior period adjustmentWhich of the following statements concerning reversing entries is true? a. Reversing entries are required by Generally Accepted Accounting Principles. b. Reversing entries are most often used with accrual-type adjustments. c. Reversing entries are dated December 31, the end of the fiscal year. d. Reversing entries are recorded before adjusting entries.16. How does an SME account for events after the reporting period that provide evidence of conditions that existed at the end of the reporting period? a. As adjusting events after the end of the reporting period. b. As disclosures only in the notes. c. Either a or b as an accounting policy choice. d. None of these. The PFRS for SMEs does not require SMEs to identify and account for events after the reporting period.
- envirowaste year end is december 31 . the information in a to e available at year end for the preparation of adjusting entries. of the $17700 balance in unearned revenue $2650 remain unearned.Which of the following is true regarding adjusting entries? a.Adjusting entries are optional with accrual-basis accounting. b.Adjusting entries are dated as of the first day of the new accounting period. c.Adjusting entries are not posted to the ledger. d.Adjusting entries are usually recorded after the end of the period but are dated as of the last day of the period.What is the impact of accrued expenses before year end adjusting entries ? The answer is .A. Understate expenses and understate liabilities. B. Understate assets and understate expenses . C. Overstate assets and understate expenses . D. Understate expenses and overstate liabilities.
- What is the impact of prepaid expenses before year end adjusting entries. The answer is A . Understate assets and overstate expenses . B . Overstate liabilities and understate expenses. C. Overstate assets and understate expenses . D. Understate liabilities and overstate expenses.Which of the following statements concerning reversing entries is true? Reversing entries are required by Generally Accepted Accounting Principles. Reversing entries are most often used with accrual-type adjustments. Reversing entries are dated December 31, the end of the fiscal year. Reversing entries are recorded before adjusting entries.