If the following adjusting entry is omitted, what effect will it have on the financial statements? Unearned Rent 1,900 Rent Revenue 1,900 a. Revenues will be understated by $1,900. b. Revenues will be overstated by $1,900. O c. There will be no effect on liabilities.
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- What two accounts are affected by each of these adjustments? A. recorded accrued interest on note payable B. adjusted unearned rent to correct C. recorded depreciation for the year D. adjusted salaries payable to correct E. sold merchandise to customers on accountIdentify which type of adjustment is associated with this account, and what the other account is in the adjustment. Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. Salaries Payable B. Interest Receivable C. Unearned Fee Revenue D. Prepaid RentWhat two accounts are affected by each of these adjustments? A. billed customers for services provided B. adjusted prepaid insurance to correct C. recorded depreciation expense D. recorded unpaid utility bill E. adjusted supplies inventory to correct
- Identify which type of adjustment is associated with this account, and what is the other account in the adjustment? Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. accounts receivable B. interest payable C. prepaid insurance D. unearned rentWhich of the following is NOT an accounting method that would increase the current ratio (currently 2:1)? a. Not adjusting prepaid insurance at year end b. Recognising unearned revenue as revenue c. Not recognising accrued wages d. Changing the method of depreciationWhich of the following is not a characteristic of adjusting entries? a. Reduce the balances of revenue, expense, and dividend accounts to zero. b. Allow for proper recognition of revenues and expenses. c. Are part of accrual-basis accounting. d. Are recorded at the end of the accounting period.
- If an expense has been incurred but not yet recorded, the adjusting entry would involve: a. A liability and an asset b. liability and a revenue c. An expense and an asset d. An asset and a revenue Which statement is not true about accrual and deferral? a. An accrued expense is an amount not paid and currently matched with earnings.b. A prepaid expense is an amount paid and not currently matched with earnings.c. An accrued income is an amount not collected and currently matched with expenses.d. A deferred income is an amount collected and currently matched with expenses. An entity is a resort located in Palawan. The entity collects cash when guests make a reservation. During December 2020, the entity collected P600,000 of cash and recorded the receipt by recognizing unearned revenue. The entity had earned one-third of this amount and the other two-thirds will be earned during January 2021. What is the impact of the adjusting entry on December 31, 2020? a. 400,000 increase in equity…If the adjusting entry is not made for unearned revenues, the result will be: A. Overstate assets and understate liabilities B. Overstate liabilities and understate revenue C. Understate net income and overstate owner’s equity D. Understate owner’s equity and overstate revenueServices were performed but not billed. What effect will this have on the income statement if an adjusting entry is not made? a. Liabilities will be understated.b. Expenses will be overstated.c. Net income will be understated.d. Revenues will be overstated.
- The total debit and credit balances of an Income Statement in the worksheet is P481,700 and P715,800. The omitted adjustment was debit Unearned Rent and credit Rent Revenue of P7 500 What is the corrected balance of Net Income?⚫Failure to prepare an adjusting entry at the end of the period to record an accured expense would casue: (Choose all of the correct ones) A. An understatement of libailities B. An overstatement of revenue C. An understatement of expenses D. An overstatement of net income E. An overstatement of assetsWhich 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.