D)Choose the correct answer: 8.The adjusted trial balance contains only permanent accounts. Select one: True False
Q: You are told the column totals in a trial balance are not equal. After careful analysis, you…
A: 1.
Q: 16. Which of, the following statements is false concerning the rules of debits and credits? * A. The…
A: Answer are as follows
Q: 21.Which of the following errors will not cause the debit and credit columns of the trial…
A: The trial balance is prepared to record the final balance of each account of the business as debit…
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: 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: An adjustment to record unrecorded fees earned was posted during the current period. Which of the…
A: Explanation :- The debit to Accounts receivable for the amount and credit to the fees earned account…
Q: 1 The temporary accounts will have zero balances in a post-closing trial balance. True or…
A: Temporary accounts are accounts that are only limited to a particular year or period and are…
Q: the following errors, each considered individually, would cause the trial balance totals to be…
A: Solution: The trial balance totals would be unequal when the errors cause posting of different…
Q: Show Me How Calculator Print Item Errors affecting the trial balance For each of the following…
A: You have submitted two different topic question together. Question 1 is solved here because of the…
Q: Which of the following accounts would not appear in the Balance Sheet columns of the end-of-period…
A: Service revenue is P&L account and it is transferred to P&L in order to calculate the final…
Q: The purpose of adjusting journal entries made at the end of the accounting cycle is to Group of…
A: At the end of the accounting period, there may be some incomes and expenses that may not have been…
Q: Once the adjusted trial balance is in balance, the flow of accounts will now go into the financial…
A: Once the adjusted trial balance is in balance, the flow of accounts will now go into the…
Q: Which of the following is true regarding normal balances of accounts? A. All accounts have a…
A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…
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: True or false? Permanent accounts start each accounting period with a zero balance.
A: Types of accounts: In the accounting system, there are two types of accounts that are broadly…
Q: Instructions: Encircle the corresponding number if the statement is TRUE and mark X to the number…
A: Answer 1: True Answer 2: True Answer 3: True Answer 4: False Answer 5: True Answer 6:…
Q: The purpose of the post-closing trial balance is to: Show that all debits are equal to the credits…
A: The post-closing trial balance is prepared after all the adjustment entries and closing entries.…
Q: dit to an account balance always results in the balance decreasing Question 3
A: A credit balance on your billing statement is an amount owed to you by the card issuer. When you…
Q: Which of the following statements will not result in the trial balance being unequal?
A: There are several different types of errors in accounting. Accounting errors are usually…
Q: All of the following about expense recognition principle are false, except: Oa Itis the basis for…
A: Expense represents the amount spent by the corporation during a particular period for the objective…
Q: Question Account titles found in the adjusted trial balance may be classified into real accounts…
A: Trial balance means the statement where all the account has been listed and balances is shown in…
Q: please answer the questions in attached photo from 1 to 10. For each case, identify the anomaly and…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: each
A: Financial statements are those statements which are prepared at the end of the period for the review…
Q: Which of the statements below is not true? O An adjusted trial balance can be used to prepare…
A: An adjusted trial balance is an internal document that summarizes the ending balances in all…
Q: 14. If a debit to supplies is erroneously debited to supplies expense: A. The trial balance totals…
A: 14. Option C " There will be errors in the Trial balance " Explanation :- Yes there will be an…
Q: Indicate the best answer(s) for each question: Which one of the following accounts would never…
A: Closing entries are those entries which are passed at the end of the year to close out all the…
Q: Indicate whether a debit or credit decreases the normal balance of each of the following accounts.…
A: As per the three golden rules of accounting a) In case of real accounts-We need to debit what comes…
Q: After preparing the trial balance, the accountant finds that the total of debit side is OMR 125,600…
A: All errors have to be rectified before the finalization of accounts. If errors are not located,…
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: a. The adjustment of $9,800 for accrued fees earned was journalized as a debit to Accounts…
A: Adjusted Trial Balance Adjusted trial balance is a trial balance prepared at the end of a…
Q: TRUE OR FALSE An account is increased by an entry on the side of its normal balance and deceased by…
A: All assets, expenses and drawings accounts will have normal balance as debit balance. All…
Q: D Question 1 By using the method in initially recognizing deferrals, generally both real and nominal…
A: Since multiple questions have been posted, only the first question will be solved as per the…
Q: A trial balance is prepared only once in the accounting cycle Question 6 options: True False
A: General ledger accounts are being prepared by posting all the journal entries into t accounts. On…
Q: Posting errors are identified in the following table. In column (1), enter the amount of the…
A: Description of Posting Error Difference between Debit and Credit Columns Column with the Larger…
Q: For each of the following errors, considered individually, indicate whether the error would cause…
A: Adjusted Trial BalanceAdjusted trial balance is a trial balance prepared at the end of a financial…
Q: _________ A. Both a real and a nominal account B. Only nominal accounts C. Only real accounts D.…
A: A nominal account begins the following fiscal year with a zero balance, but a real account begins…
Q: 1-Which of the following is an Example of Partial Omission? a. Rent expense of RO 150 were entered…
A: 1) The error of Partial omission is the kind of error that arises when a financial transaction is…
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: a) The fact that your trial balance agree does not mean that there are no errors. b) Accounting…
A: a) Near agreement of trial, balance does not mean that there are no errors. There are some errors…
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: 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.
Q: ____________ is a mistake or error committed by an accountant during the process of recording and…
A: The process by which all the transactions are being reported in the accounting books is known as…
Q: 2. Which of the following is not correct about an unadjusted trial balance? A. It proves that debits…
A: Trial Balance is a statement showing the ledger balances at the end.
D)Choose the correct answer:
8.The adjusted
Select one:
Step by step
Solved in 2 steps
- Prepare an adjusted trial balance from the following adjusted account balances (assume accounts have normal balances).Which of the following accounts balance would be a different number on the Balance Sheet than it is on the adjusted trial balance? A. accumulated depreciation B. unearned service revenue C. retained earnings D. dividendsPrepare an adjusted trial balance from the following adjusted account balances (assume accounts have normal balances).
- Indicate whether a debit or credit decreases the normal balance of each of the following accounts. LandFor each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much.a. The adjustment of $9,800 for accrued fees earned was journalized as a debit to Accounts Receivable for $9,800 and a credit to Fees Earned for $8,900.b. The adjustment of depreciation of $3,600 was omitted from the end-of-period adjusting entries.Which of the following statements is incorrect concerning the adjusted trial balance? A. THE ADJUSTED TRIAL BALANCE IS PREPARED AFTER THE ADJUSTING ENTRIES HAVE BEEN JOURNALIZED AND POST B.THE ADJUSTED TRIAL BALANCE LIST THE ACCOUNT BALANCES SEGREGATED BY ASSETS AN LIABILITIES. C. AN ADJUSTED TRIAL BALANCE PROVES THE EQUALITY OF TGE TOTAL DEBIT BALANCES ANS THE TOTAL CREDIT BALANCE IN THE LEDGER AFTER ALL ADJUSTMENT ARE MADE. D. THE ADJUSTED TRIAL BALANCE PROVIDES THE PRIMARY BASIS FOR THE PREPARATIONOF FINANCIAL STATMENTS
- Which of the following accounts is not listed in a postclosing trial balance? a. Prepaid Rent. b. Accounts Payable. c. Salaries Expense. d. Retained Earnings.Which of the following is the postclosing trial balance not designed to verify? Multiple Choice that the expense accounts have zero balances that the drawing accounts have zero balances that the capital accounts have zero balances that total debits equal total credits9. 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 accounts
- Which of the following statements related to the adjusted trial balance is INCORRECT? Select one: A. Financial statements can be prepared directly from the adjusted trial balance. B. It is prepared before adjusting entries have been made. C. It shows the adjusted balances of all accounts at the end of the accounting period. D. It proves the equality of the total debit balances and the total credit balances in the ledgers. 39. Ahmad Jelani Enterprise produces ladies’ veils using the brand name ‘Taqwa’, which are specially designed for local market. The main fabrics are imported from Laos. Details of the product costing for the past 3 months are as follow: Quantity produced 3,000 units Actual fabrics price RM2.80/meter Standard fabrics price RM2.50/meter Actual quantity used 5.3 meters/unit Standard quantity used 5 meters/unit Actual labour rate RM4.50/hour Standard labour rate RM4.00/hour Actual…Assuming the adjusted trial balance amount for each account is normal, indicate with an "X" the financial statement column to which each balance should be extended on the worksheet. Income Statement Balance Sheet Account Titles Debit Credit Debit Credit Accounts Receivable select an "X" if it is necessary select an "X" if it is necessary select an "X" if it is necessary select an "X" if it is necessary Prepaid Insurance select an "X" if it is necessary select an "X" if it is necessary select an "X"…Indicate whether a debit or credit decreases the normal balance of each of the following accounts. Salaries Expense