Answered: Fuel and vehicle repairs have been…

Business

Accounting

Fuel and vehicle repairs have been recorded under one account as motor vehicle expenses it's True or false

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section14.1: Uncollectible Accounts Receivable

Problem 2AYU

See similar textbooks

Related questions

Q: Which of the following would normally be classified as a Selling expense of Merchandising business?…

A: Merchandising business means business of purchase of goods from market and sale of goods to market.…

Q: ictions in proper form. Receivable; Prepaid Rent; Repair Supplies; Repair Equipment; Accounts…

A: Journal entries : The recording of journal entries is the first phase in the accounting cycle…

Q: Sales are recognized as earned revenue when a)Cash is received from credit sales b)An order is…

A: The revenue recognition is one among the various generally accepted accounting principles (GAAP).…

Q: Which of the following is expensed under the principle of systematic and rational allocation a.…

A: Systematic and rational allocation: In systematic and rational allocation, some of the expenses are…

Q: Classify each of the following accounts as an Asset, Liability, or Equity account. a. Store Supplies…

A: Answers:- the following accounts as an Asset, Liability, or Equity account:-

Q: Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or…

A: Fees earned but not yet received will be considered under Accrued Revenue. Accrued revenue is a…

Q: I'm enrolled in Accounting I, and I am having problems understanding whether a debit or credit…

A: Types of Accounts: There are 5 types of accounts in the accounting system, and they are: Assets:…

Q: Can you identify if it is current or non-current asset, liabilities, or owner's equity? ▸ rent…

A: The balance sheet represents the financial position of the business with its assets, liabilities and…

Q: Which of the following accounts will be credited to close it? a.Accumulated Depreciation b.Rent…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: 1. If purchase of office equipment on account was not recorded, a. revenue is overstated. b.…

A: Hai thanks for the question. Post has multiple questions. As per company guideline expert can answer…

Q: Which of the following is not an error of principle:(a) Purchase of furniture debited to purchases…

A: Error of principle: An error of principle is an accounting mistake in which an entry is recorded in…

Q: Which of the following business events would not be recorded in the accounting records? Group of…

A: Option A, B and D are business events which are required to be recorded in accounting records,…

Q: Prepaid expenses have a.not yet been paid but recorded as expenses b.not yet been recorded as…

A: Prepaid insurance and prepaid rent are examples of the prepaid expenses.

Q: Statement 1: Cost of inventories or supplies are deducted from gross income when purchased or…

A: Inventories form a part of assets of the entity and represent the stock of raw material, work in…

Q: 13. Which of the following would not result in the recording of an expense? a Receipt of a bill…

A: Income statement: The income statement determines the net income of the business by subtracting the…

Q: Which of the following accounts would normally not be affected by an adjusting entry? Group of…

A: The purpose of recording an adjusting journal entry is to record the unrecognized revenues and…

Q: 1. When an error is discovered after closing the nominal accounts, one of the accounts to be…

A: Ans. All the accounting treatments are based on principles of accounting. They are to be followed in…

Q: Which of the following errors does NOT prove the equality of the trial balance debit and credits? a)…

A: The trial balance shows the amount of assets, liabilities, revenues and expenses in a single…

Q: general ledger accounts are temporary or permanen

A: The above ledger account balances are classified into temporary and permanent are shown below :

Q: Which of the following will appear as a debit entry in a pre-adjustment trial balance of a sole…

A: Trial balance is the statement which is prepared for the purpose of checking if debits in the books…

Q: Using accrual accounting, expenses are recorded and reported only a.if they are paid before they are…

A: The correct option is Option “d”. Using accrual accounting, expenses are recorded and reported only…

Q: What two accounts are affected by each of these adjustments?

A: Double entry system of accounting says that for every transaction, there must be atleast one debit…

Q: Identify the classification of account. And Choose the letter of the correct answer. Questions: 1.…

A: General explanation - Assets we can touch feel and they will give cash inflows into the…

Q: Identify the accounting concept that was violated in each of the following situations.3. The Klingon…

A: Definition: The revenue recognition principle: The revenue recognition principle refers to the…

Q: Indicate the financial statement on which each of the following items appears: income statement,…

A: >Accounts are shown as Revenue, Expense, Assets, Liabilities or Equity account based on their…

Q: Asset (A), Liability (L), or Equity (E)? a. Interest Revenue b. Accounts Payable C. Calhoun, Capital…

A: Assets means the resources which is owned by business. Liability means the amount which is to be…

Q: The following items are recorded in the general journal, except Select one: A. Purchase of…

A: >Journal entries are the first accounting treatment that is given to a transaction, where in the…

Q: If a company purchased a car for cash, total assets did not increase

A: Cash is the current asset & Car is the Non-current asset. Both the Car & Cash will be the…

Q: • Indicate the effectof each transaction and the balances after each transaction, in a tabular form.…

A: Ledger Account The preparation of the ledger account to know the ending balance of each account…

Q: Solve the general ledger T-accounts. I need a cash, accounts receivable, inventory, land,accounts…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Which of the following account groups does not include a nominal account? a.Prepaid Insurance,…

A: Nominal account: Nominal account refers to the accounts which are related to the losses, expenses,…

Q: Identify each of the following accounts of Dispatch Services Co. as asset, liability, owner’s…

A: Normal balance: Normal balance refers to the excess of amount on one side, over the amount on the…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. a.…

A: Asset accounts means all tangible and intangible resources of the business, which the business has…

Q: Which of the following will appear as a debit entry in a pre-adjustment trial balance of a sole…

A: Pre adjustment trial balance is the summary of all general ledger account balances in the business…

Q: Identify the revenue and expense accounts from the following list of accounts. If the account is a…

A: Categorization of the given items to identify, whether it is a Revenue or Expense item…

Q: Which of the following is a nominal account? Select one: A. Prepaid maintenance expense B. Accrued…

A: Nominal accounts are temporary accounts that are closed at the end of the year and their balance is…

Q: Assume that Muscular Consulting erroneously recorded the payment of $7,500 of owner withdrawals as a…

A: (a) Errors not affecting trial balance: An error is a mistake committed in the process of…

Concept explainers

Motor Vehicle Insurance

Motor vehicle insurance is a contract between the insurance company that provides insurance cover and the person who owns the vehicle. According to the terms and conditions of the insurance contract, the insurance company reimburses the policyholder for losses and damages. This insurance policy covers the financial risks of the motor vehicle owner. Electronic vehicles are also covered in a vehicle insurance policy, but the insurance rate is relatively higher than other motor vehicle insurance. Motor vehicle insurance is otherwise called an automotive insurance policy.

Question

100%

Fuel and vehicle repairs have been recorded under one account as motor vehicle expenses it's True or false

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The following items are recorded in the general journal, except Select one: A. Purchase of non-current assets on credit B. Withdrawal of goods by the owner for personal consumption C. Opening entries, adjusting entries and closing entries D. Purchase of goods on credit from supplier
Prepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills, insurance premiums, rent, and maintenance contracts are some of the transactions that result in prepaid expense account entries. Thinking about insurance, discuss the control activities, processes, and documentation that you would examine to determine the accuracy of the remaining prepaid account balance. Discuss at least two examples of those activities, processes, and documents and identify the one which you believe is the most reliable evidence to support the prepaid transactions.
Prepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills, insurance premiums, rent, and maintenance contracts are some of the transactions that result in prepaid expense account entries. Thinking about insurance, discuss the control activities, processes, and documentation that you would examine to determine the accuracy of the remaining prepaid account balance. Discuss at least two examples of those activities, processes, and documents and identify the one which you believe is the most reliable evidence to support the prepaid transactions. Provide an explanation of your choices using terms learned from the Live Session Lecture(s) or the textbook. No hand written and fast answer with explanation
The following items are found in the account sales, except a. Total sales. b. Amount due to consignor. c. Commission of consignee. d. Expenses of the consignor.
Prepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills, insurance premiums, rent, and maintenance contracts are some of the transactions that result in prepaid expense account entries. Thinking about insurance, discuss the control activities, processes, and documentation that you would examine to determine the accuracy of the remaining prepaid account balance. Discuss at least two examples of those activities, processes, and documents and identify the one which you believe is the most reliable evidence to support the prepaid transactions. Provide an explanation of your choices using terms learned from the Live Session Lecture(s) or the textbook.
Which of these is NOT a list of revenue expenditures? Rent, insurance, machine repair expense Maintenance on the assets purchased Office air conditioning system Stationery, supplies, merchandise
Which of the following transactions should not be disclosed in the income statement?A. Purchase of an office buildingB. Depreciation of vehiclesC. Maintenance of machineryD. Sales discount offered to a customer
Which of the following accounts is a non-current asset account? Select one: a. Prepaid Insurance b. Account Receivable c. Motor Vehicle d. Unearned Revenue
According to accruals rules, when a service is performed, the revenue should be recognized (recorded, accrued), interest income and rental income are an example of accrued revenue. Expenses recognition is also not directly related to cash payment. Expense should be recorded, when it occurs, not is paid. a) Please give a different example of accruals, and write a numeric example for it with accounting entries. b) Please classify differences between accrued expenses, payables, and provisions. Give an example for each one.
If a company makes a journal entry that records a debit to “Rent Expense,” that journal entry also could include a credit to
Motor vehicle maintenance expenses are considered
Which of the following items is not a specific account in acompany’s accounting records?a. Accounts Receivableb. Net Incomec. Sales Revenued. Unearned Revenue