Insurance expense, unearned rent revenue, sales, prepaid rent expense and account payable are typical accounts that will be found in adjusting journal entries. (True/False)
Q: Accounts Requiring Adjustment Indicate with a Yes or No whether or not each of the following…
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year,…
Q: Balances for each of the following accounts appear in an adjusted trial balance. Identify each as…
A: Asset : The amount / resource owned by the company is the asset for the company. Liability : The…
Q: Viking Trivia Company Chart of Account Titles (selected): Assets: Prepaid Rent, Prepaid…
A: The journal entries keep the record of day to day transactions of the business.
Q: If prepaid expenses are initially recorded in an expense account what adjusting entry should be made…
A: Adjusting entries: Adjusting entries refers to the entries that are made at the end of an…
Q: Please show working of how rent expense and prepaid rent were calculated on adjusted trial balance
A: The adjustment entries are prepared to adjust the revenue and expenses for the current period.
Q: Viking Trivia Company Chart of Account Titles (selected): Assets: Prepaid Rent, Prepaid…
A: Opening balance of office supplies inventory $ 3,600 Purchase during the year 2019 $ 23,400…
Q: Once the adjusting entries are posted, the adjusted trial balance is prepared to verify the correct…
A: Adjusting entries are reported at the year-end to make the necessary adjustment to the required…
Q: Viking Trivia Company Chart of Account Titles (selected): Assets: Prepaid Rent, Prepaid…
A: A journal entry is a type of accounting entry that is used to record a business transaction in a…
Q: Identifying temporary and permanent accounts For each account listed, identify whether the account…
A: Temporary account: Temporary accounts are those final balances of accounts which are transfer to the…
Q: The balance of Prepaid Insurance, representing the cost of insurance that remains paid in advance,…
A: Prepaid insurance is a part of current assets that should be recognised as current asset in the…
Q: An adjusting entry debiting Unearned Rent and crediting Rent Revenue is an example of adjusting a(n)
A: Deferrals: Deferrals are the revenues that are received but not earned, and expenses that are paid…
Q: accounts up to date and ensure the proper matching of revenues and Journal entries ma nting period…
A: Solution:- Introduction:- Journal entries are recorded day to day business operations after…
Q: Viking Trivia Company Chart of Account Titles (selected): Assets: Prepaid Rent, Prepaid…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: Fill in the blank associated with each adjusting entry: a. Prepaid expense: Debit Supplies Expense;…
A: a. Prepaid expense: Debit Supplies Expense; credit Suppliesb. Deferred revenue: Debit deferred…
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: Which of the following is not an example of an adjusting journal entry? O a. Recording interest…
A: An adjusting entry occurs at the end of an accounting period to record any unrecognized income or…
Q: The adjusting entry for accrued expenses includes O a. a debit to an expense account.
A: First of all we have to understand the concept of accrued expenses, Accrued expenses are the…
Q: counting and what are the reasons for adjusting entries. Also, provide one example of an adjusting…
A: Accrual basis accounting gives a more realistic picture of a company's financial situation since it…
Q: var, Drawing Fees Earned
A: Given: To find the given account flows into which type of statement as,
Q: Classifying Accounts Balances for each of the following accounts appear in an adjusted trial…
A: Assets: Assets means anything that is owned by the company and has value. Assets are shown in the…
Q: Directions: Give the account to be credited to complete the uncompleted adjusting entries: Accounts…
A: The adjusting journal entries are prepared by the corporation at the end of each accounting period.…
Q: Adjusting entries are: O a. Journal entries that are prepared to record the income statement…
A: The adjustment entries are prepared to adjust the expenses and revenues of the current year.
Q: Adjusting entries always include a.only balance sheet accounts b.only income statement accounts…
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…
Q: viously paid the landlord. This entry will include a ____ to Prepaid Rent. A. Debit B.Credit
A: According to the accounting matching concept, adjusting entries are required at the end of each…
Q: Adjusting entries always include A. Only income statement account B. B At least one income statement…
A: Income statement: It is one of the financial statements prepared by an organization. This statement…
Q: 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages…
A: Here, I am assuming rent unearned at July 31, $300. to prepare adjusting entries and adjusted trial…
Q: The preparation of adjusting entries requires a debit entry to one account and a credit entry to…
A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…
Q: For the week ended December 31, 2019, Viking Trivia Company sales employees earned $37,000 in…
A: When Company is following Accrual method of Accounting , then any expenses if incurred will recorded…
Q: Using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the…
A: Introduction: An adjusting journal entry is an entry in a company's general ledger that happens at…
Q: Typically an adjusting entry will include * ?which of the following Two Balance Sheet Accounts O Two…
A: Adjusting entries are entries to changes the journal entry which were already recorded.
Q: For each of the following accounts, indicate (a) the type of adjusting entry (prepaid expense,…
A: Prepaid expense refers to that expense that has not been incurred but payment is made. They are…
Q: Viking Trivia Company Chart of Account Titles (selected): Assets: Prepaid Rent, Prepaid…
A: If amount is paid for the current reporting period ,then the same should be expensed in current…
Q: Which of the following is not an adjusting entry? a. Debit Wages Expense Credit Wages Payable. b.…
A: An adjusting entry is prepared at the end of an accounting year to record the accrued expenses,…
Q: Classifying Accounts Balances for each of the following accounts appear in an adjusted trial…
A: The assets of a company include items which are of economic value for the company. The assets…
Q: The trial balance of Beowulfwhich may require adjustment. Company includes the following balance…
A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…
Q: Select one of the following accounts to complete the above journal entry. O a. Fees Earned O b.…
A: As the narration of the transaction says fees received for services performed which means services…
Q: Viking Trivia Company Chart of Account Titles (selected): Assets: Prepaid Rent, Prepaid…
A: The accrual basis accounting states that revenues and expenses should be recorded as soon as they…
Q: Which of the following accounts could be part of a regular journal entry, an adjusting entry, a…
A: >Generally:--Income Statement accounts [Revenues and Expenses] are known as Temporary accounts,…
Q: Adjusting entries always include A. only income statement accounts B.only balance sheet accounts…
A: Adjusting entries are made to balance the debit and credit of the balances. Adjusting entries are…
Q: Identify whether each of the following accounts is nominal/temporary or real/permanent. Accounts…
A: A permanent account in the general journal does not close at the conclusion of a period is known as…
Q: Identify whether each of the following accounts is permanent or temporary A. Accounts Receivable…
A: The post-closing trial balance is prepared after all the adjustment entries and closing entries.…
Q: Instructions: Classify the accounts listed bellows as permanent or temporary, and indicate whether…
A: Temporary Accounts are those account which closed in every accounting period. Like Rent Expense ,…
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: Required: 1. Enter the unadjusted balance for each account in the following 2. Ledger accounts:…
A: Ledger accounts can be defined as the separate account for each account title. It helps to determine…
Q: The entry to close the Insurance Expense account at the end of the accounting period would include a…
A: Closing entries: The journal entries prepared to close the temporary accounts to Retained Earnings…
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- A company is trying to set up proper internal controls for their accounts payable/inventory purchasing system. Currently the purchase order is generated by the same person who receives the inventory. Together the purchase order and the receiving ticket are sent to accounts payable for payment. What changes would you make to improve the internal control structure? Group of answer choices 1.The person in accounts payable should generate the purchase order. 2.The person in accounts payable should generate the receiving ticket once the invoice from the supplier is received. 3.No changes would be made since the person paying the bills is different from the person ordering the inventory. 4.The responsibilities of generating the purchase order and receiving the inventory should be separated among two different people.Is the following a potential control weakness? Most data input in Marco Inc. is backed up by paper trails of source documents and other business papers. In addition, the firm uses an Internet service to back up all files on the Internet. Marco manually runs a backup at the end of each day. They have no other Internet presence other than an informational Website that does not allow potential customers to order merchandise. Briefly explain the potential mistatement and recommended correction.Assume you're the assistant controller at a bookstore that's run by an independent bookseller. Manual, periodic inventory updating, physical counts at year end, and the FIFO technique for inventory costs are all used by the firm. How would you tackle the question of whether or not the organization should move to computerized perpetual inventory updating? Can you make a compelling case for the advantages of perpetual? Explain.
- Which of the following is a disadvantage of the perpetual inventory system? A. Inventory information is in real-time. B. Inventory is automatically updated. C. It allows managers to make current decisions about purchases, stock, and sales. D. It is cost-prohibitive.In the evaluation of sales transaction processing and control design in the following information:(a)identify two or three potential weaknesses. breifly explain the potential mistatement, recommended correction and possible weakness of all two or three potential weaknesses identified. Marco uses the PC network to manage inventory, sales requisitions, and sales orders. Salesclerks who can read the perpetual inventory records via their PCs take customer orders. Most orders originate from phone requests, but a few arrive on a walk-in basis and some occasionally come in the mail. Usually, building contractors or their representatives call to get current price quotes and find out if specific appliances are in stock. When goods are available and the price is satisfactory, a salesclerk originates a sales requisition and the process of approving and filling it begins if customers plan to pick up their order the same day. Orders received after 4:00 PM cannot be delivered the same day; buyers…Sears Roebuck, the most well-known and oldest mail-order retailer in the country, discontinued its mail-order operations in 1993. Other mail-order marketers are using information systems to trim printing and postage costs of their catalogs. They also want to more effectively target their customers. Explain how an appropriately designed coding system for inventory items, incorporated in a relational database system with SQL capabilities, could allow more cost-efficient and effective mail-order operations. Sketch the necessary database table structure.
- What internal control or procedure(s) would provide protection against the following threats? A purchasing agent orders materials from a supplier that he partially owns Receiving-department steal inventory and then claim the inventory was sent to the warehouse. An unordered supply of laser printer paper delivered to the office is accepted and paid for because the “price is right.” After all of the laser printers are jammed, however, it becomes obvious that the “bargain” paper is of inferior quality. The company fails to take advantage of a 1% discount for promptly paying a vendor invoice Inventory records show that an adequate supply of copy paper should be in stock, but none is available on the supply shelf1. Which of the following is a control procedure to address the threat of purchasing goods or services at inflated prices? A. Requiring multiple approvals for purchases B. Performing regular physical inventory counts C. Conducting vendor audits D. Implementing encryption for sensitive data 2. Which of the following is not a common error in the expenditure cycle? A. Recording the wrong purchase order number B. Recording the wrong vendor name for goods received C. Recording the wrong quantity of goods received D. Recording the wrong price for goods received 3. The primary objective of internal controls in the expenditure cycle is to: A. Ensure the accuracy and completeness of financial transactions B. Streamline the procurement process C. Minimize the cost of purchases D. Increase the speed of payment processingYou are the financial officer for Music Plus, a retailer that sells goods for home entertainment needs. The business owner, Vic Velakturi, recently reviewed the annual financial statements you prepared and sent you an e-mail stating that he thinks you overstated net income. He explains that although he has invested a great deal in security, he is sure shoplifting and other forms of inventory shrinkage have occurred, but he does not see any deduction for shrinkage on the income statement. The store uses a perpetual inventory system. Required Prepare a brief memorandum that responds to the owner’s concerns.
- Which of the following is a risk to the financial statement of a company when it places a purchase order with a supplier? The advantages of PDF files are: A. that they can be securely locked so that the figures cannot be changed.B. that they can be easily manipulated and changed by users.C. the software to produce them is very cheap.D. none of the options are correct. 2. What is information overload? A. The situation where a computer has more information than is needed or is able to be processed in a meaningful way when a computer program is executed.B. The situation where an individual has more information than is needed or is able to be processed in a meaningful way when working through a decision.C. The situation where a computer has more information than is needed or is able to be processed when data storage is taking place.D. The situation where the amount of information exceeds the storage capacity of the brain of a human being. 3. When all data are stored in a central place,…What internal control procedure(s) would provide protection against the following threats? a. Theft of goods by the shipping dock workers, who claim that the inventory shortages reflect errors in the inventory records.b. Posting the sales amount to the wrong customer account because a customer account number was incorrectly keyed into the system .c. Making a credit sale to a customer who is already four months behind in making payments on his account. d. Authorizing a credit memo for a sales return when the goods were never actually returned. e. Writing off a customer’s accounts receivable balance as uncollectible to conceal the theft of subsequent cash payments from that customer. f. Billing customers for the quantity ordered when the quantity shipped was actually less due to back ordering of some items .g. Lost sales because of stockouts of several products for which the computer records indicated there was adequate quantity on hand. h. A sales clerk sold a $7,000 wide-screen TV…Silver Limited is a manufacturing company that produces furniture. To improve efficiency and usefulness, Silver Limited is constantly incorporating advanced, information technology into its business information systems. When Silver Limited does not have available production capacity, sometimes it purchases furniture from outside suppliers to fulfill customer orders. First, Inventory Control prepares a purchase requisition when inventory approaches the reorder point and sends it to Purchasing and Accounts Payable. Then, Purchasing locates the authorized vendor in the vendor file, prepares a purchase order, and updates the purchase order file. Purchasing then sends the purchase order to Vendor, Receiving, and Accounts Payable. Accounts Payable prepares a summary of all purchase orders issued that day and forwards the total to General Ledger for posting to the GL file. Goods arrive at Receiving with a packing slip. Receiving prepares a receiving report and forwards it with the goods to…