If a utilities expense is incurred in February but was paid in January, the effect on the February financial statements is that:
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If a utilities expense is incurred in February but was paid in January, the effect on the February financial statements is that:
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- If a utilities expense is incurred in February but is not paid until March, the following will be an effect on the financial statements in FebruaryA company recording January utilities expense on the January income statement , even though the bill is not paid until February, is an example of theIf an insurance expense is incurred in February but was paid in January, the journal entry recorded in January is
- Calculate what the revenue would be on the Income Statement for March Calculate what the deferred revenue would be on the Balance Sheet for March.During the first month of operations, the following transactions occurred for Blossom Inc.: To record Salary To record payment of income tax) During the month of August, deposits in the amount of $2,200 were received for services to be performed. By the end of the month, services in the amount of $1,520 had been performed. Prepare the necessary adjustment in journal form for Service Revenue at the end of the month.
- Nishi Corporation prepares financial statements for each month-end. As part of its accounting process, estimated income taxes are accrued each month for 30% of the current month’s net income. The income taxes are paid in the first month of each quarter for the amount accrued for the prior quarter. The following infor-mation is available for the fourth quarter of the year just ended. When tax computations are completed on January 20 of the following year, Nishi determines that the quarter’s Income Taxes Payable account balance should be $28,300 on December 31 of the year just ended (its unadjusted balance is $24,690). October net income . . . . . . . $28,600 November net income . . . . $19,100 December net income . . . . . $34,600 1. Determine the amount of the accounting adjustment (dated as of December 31) to get the correct ending balance in the Income Taxes Payable account. 2. Prepare journal entries to record (a) the December 31 adjustment to the Income Taxes Payable account and…A business pays weekly salaries of $11,400 on Monday for the preceding five-day week ending on Friday. The adjusting entry necessary at the end of the fiscal period ending on Friday isAt the end of April, Hernandez Company had a balance of $35,070 in the vacation benefits payable account. During May, employees earned an additional $2,730 in vacation benefits, but some employees used vacation days that amounted to $1,920 of the vacation benefits. The $1,920 was charged to Wages Expense when it was paid in May. What adjusting entry would Hernandez Company make at the end of May to bring the vacation benefits payable account up to date? If an amount box does not require an entry, leave it blank. Account Debit Credit Vacation Benefits Expense Vacation Benefits Payable Feedback Additional Vacation benefits earned less benefits paid; balance should be debited to Vacation Benefits Expense and credited to Vacation Benefits Payable.
- A company sells products on credit, with amounts due in 30 days. How would products sold in December but paid for by the customers in January be recorded under the cash and accrual methods? Group of answer choices It’s income in January under both the accrual and cash methods It’s income in December under the accrual method and income in January under the cash method It’s income in December under both the accrual and cash methodsAccountants refer to the period of time from October 1 - December 31 as "busy season." True FalseAt the end of April, Hernandez Company had a balance of $37,910 in the vacation benefits payable account. During May, employees earned an additional $2,950 in vacation benefits, but some employees used vacation days that amounted to $2,060 of the vacation benefits. The $2,060 was charged to Wages Expense when it was paid in May. What adjusting entry would Hernandez Company make at the end of May to bring the vacation benefits payable account up to date? If an amount box does not require an entry, leave it blank or enter "0". Account Debit Credit Vacation Benefits Expense Vacation Benefits Payable
