N1.Account Assess the following accounting adjustments and identify the type of adjustment required and indicate which financial element it affects.From the below transaction select the correct combination of Column A and Column B from the drop-down list corresponding to your choice next to the dnumber.Time left 1e.g. 1.1Adjustment Table:A:B:C:D:E:F:G:H:1:Correction of an errorAllowance for credit lossesAccrued incomeAccrued expensesIncome received in advanceDepreciationCredit lossesPrepaid expensesConsumable inventoryQuestion:Rental was received for 13 months.OE3E7=E (Property, Plant and Equipment) 7 (Non-current assets)O D3O 01OG 1/2A2Element:1. Asset2. Equity3. Liability1

Generally the accounting period is of 12 months. When any income is received or expense is incurred…

Assess the following accounting adjustments and identify the type of adjustment required and indicate which financial element it affects. From the below transaction select the correct combination of Column A and Column B from the drop-down list corresponding to your choice next to the d number. e.g. 1.1 Adjustment Table: А: B: C: D: E F: G H: Correction of an error Allowance for credit losses Accrued income Accrued expenses Income received in advance Depreciation Credit losses Prepaid expenses Consumable inventory Question: Rental was received for 13 months. O E3 OD3 E7=E (Property, Plant and Equipment) 7 (Non-current assets) Element: 1. Asset 2. Equity 3. Liability O C1 OG 1/2 A2 .

Assess the following accounting adjustments and identify the type of adjustment required and indicate which financial element it affects. From the below transaction select the correct combination of Column A and Column B from the drop-down list corresponding to your choice next to the d number. e.g. 1.1 Adjustment Table: А: B: C: D: E F: G H: Correction of an error Allowance for credit losses Accrued income Accrued expenses Income received in advance Depreciation Credit losses Prepaid expenses Consumable inventory Question: Rental was received for 13 months. O E3 OD3 E7=E (Property, Plant and Equipment) 7 (Non-current assets) Element: 1. Asset 2. Equity 3. Liability O C1 OG 1/2 A2 .

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 26MC: What is the impact on the accounting equation when an accounts receivable is collected? A. both...

See similar textbooks

Similar questions

Indicate by a (+), (), or (0) whether each of the following events would most likely cause accounts receivable (AR), sales, and profits to increase, decrease, or be affected in an indeterminate manner:
List the errors you find in the following balance sheet. Prepare a corrected balance sheet.
If an adjustment includes an entry to a payable or receivable account, which type of adjustment is it? A. accrual B. deferral C. estimate D. cull
Corrections of errors that occurred on a previous periods financial statements are called ________. A. restrictions B. deficits C. prior period adjustments D. restatements
Which statement about the worksheet is not correct? A. Resulting net income or net loss is reflected in the worksheet B. The difference betwwen the total debits and total credits in the income statement column has to be the same as the difference between the total debits and total credits in the balance sheet columns C. The adjusting entries are entered in the worksheet D. The total debits and total credits in the income and income statements columns are not the same before and after the recognition of the net income or net loss
The payment of supplier’s account is debited to accounts receivable. What is the effect of the error in the net income of the current period and in subsequent period? a. Understated b. Cannot be determined based on the given information c. No effect d. Overstated
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.
Identify whether a debit or credit results in the indicated change for each of the following accounts. To decrease Accounts Receivable
Compare Two Methods of Accounting for Uncollectible Receivables been obtained from the accounts: Required: Assemble the desired data. Enter a decrease in the amount of expense as a negative number and all other amounts as positive numbers. Call Systems Company Bad Debt Expense
Indicate whether each statement best describes the allowance (A) method or the direct write-off (DW)method. When an account is written off, the debit is to Bad Debts Expense.
Which of the following increases the reported receivables in the financial statements? offsetting a credit balance in an account receivable a credit balance in an account payable adjustment to eliminate a debit balance in accounts payable a credit balance in an allowance account
Which of the following is true? a. When individual customers’ accounts have credit balances of material amounts, these amounts must be deducted from the debit balance in other customers’ accounts on the statement of financial position. b. Sales revenue is increased by a recovery of an account previously written off. c. It is appropriate to measure the impairment of receivables based on recognized sales and other revenues. d. A noninterest-bearing promissory note is measured on the statement of financial position at face value less the amount of unamortized discount.