Financial statements are most commonly prepared: Multiple Choice O weekly. O semi-monthly. monthly, quarterly and annually. whenever management feels like it.
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- Prepare journal entries to record the following transactions for the month of July: A. on first day of the month, paid rent for current month, $2,000 B. on tenth day of month, paid prior month balance due on accounts, $3,100 C. on twelfth day of month, collected cash for services provided, $5,500 D. on twenty-first day of month, paid salaries to employees, $3,600 E. on thirty-first day of month, paid for dividends to shareholders, $800Which of the following breaks down company financial information into specific time spans, and can cover a month, quarter, half-year, or full year? A. accounting period B. yearly period C. monthly period D. fiscal periodPrepare journal entries to record the following transactions that occurred in April: A. on first day of the month, issued common stock for cash, $15,000 B. on eighth day of month, purchased supplies, on account, $1,800 C. on twentieth day of month, billed customer for services provided, $950 D. on twenty-fifth day of month, paid salaries to employees, $2,000 E. on thirtieth day of month, paid for dividends to shareholders, $500
- the publisher of Accounting View, a monthly magazine, received $9768 cash on January 1 for new subscriptions covering the next 24 months, with service beginning immediately: a) Use the financial statement effects template to record the receipt of the $9768; and b) use the template to show how the accounts should be adjusted at the end of January before financial statements are prepared for the current monthOn the first day of a current month, rent for four months was paid and recorded as a $2,800 debit to Prepaid Rent and a $2,800 credit to cash. Monthly statement are now being preparedPrepare journal entries to record the following transactions for the month of July:- on first day of the month, paid rent for current month, $2,000 on tenth day of month, paid prior month balance due on accounts, $3,100 on twelfth day of month, collected cash for services provided, $5,500 on twenty-first day of month, paid salaries to employees, $3,600 on thirty-first day of month, paid for dividends to shareholders, $800
- The time period assumption assumes that a company prepares its financial statements every month. True FalsePrepare the journal entries for the following transactions provided by MPM as at January 31, 2011 and post them to their respective general ledger accounts. a. Depreciation $100 b. Prepaid rent expired $400 c. Interest expense accrued $900 d. Employee salaries owed for Monday to Thursday for a five day workweek: weekly payroll $14,000 e. Unearned service revenue $800When the management accountsants prepare the reports in an entity ? a . Every month b . Once a year c Whenever cost accountant has free time d . Whenever required by the top management
- Ahrens Inc. is preparing its January 31 balance sheet. Ahrens has $3,100 in Supplies to be used in March, $4,700 Notes Receivable to be collected in August, $800 in Prepaid Insurance to be used in April, and $6,200 in Accounts Receivable to be collected in June. In what order should Ahrens list these assets?A. More Review Show (MRS) prepares quarterly statements. Thebookkeeper presented to you the records and you found out the following account balancesbefore adjustments for the quarter ended March 31, 200B:1. The notes receivable balance of P180,000 as of March 31, 200B consisted of a 60-day 12% note for P120,000 dated February 14, 200B and a 30-day 6% note for P60,000 dated March 16, 200B2. The balance of the prepaid insurance account of P22,000 represents a one-year policycontracted last November 1, 200A for P10,000 and a two-year policy contracted last July 1, 200A for P12,0003. The balance of the prepaid rent account of P50,000 pertains to advance rent paid lastDecember 1, 200A six months effective on the same date.4. The rate per day for each of the four shop workers is P350. MRS pays the weekly salaries of its workers every Monday of the following week ( a week consisting of five days from Monday to Friday). March 31, 200B falls on Thursday.5. Mortgage notes payable had a credit…ABC, Incorporated, has a beginning receivables balance on January 1st of $620. Sales for January through April are $380, $410, $490 and $510, respectively. The accounts receivable period is 60 days. How much did the firm collect in the month of March? Assume 365 days per year.