Listed in Post-Closing Trial Accounts Balance (Yes or No) Supplies [ Select ] Fees Earned Revenue [ Select ] Advertising Expense [ Select ] Prepaid Advertising [ Select ] Income Summary [ Select ] Unearned Fee Revenue [ Select ] Cash [ Select ] Supplies Expense [ Select ] Dividends [ Select ] Accounts Payable [ Select ]

Listed in Post-Closing Trial Accounts Balance (Yes or No) Supplies [ Select ] Fees Earned Revenue [ Select ] Advertising Expense [ Select ] Prepaid Advertising [ Select ] Income Summary [ Select ] Unearned Fee Revenue [ Select ] Cash [ Select ] Supplies Expense [ Select ] Dividends [ Select ] Accounts Payable [ Select ]

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 31MC: Which of the following pairs increase with credit entries? A. supplies and retained earnings B. rent...

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Indicate on which financial statement the following accounts (from the adjusted trial balance) would appear: (A) Sales Revenue; (B) Unearned Rent Revenue; (C) Prepaid Advertising; (D) Advertising Expense; (E) Dividends; (F) Cash.
Which of these accounts would be present in the closing entries? A. Dividends B. Accounts Receivable C. Unearned Service Revenue D. Sales Tax Payable
Identify whether each of the following accounts would be listed in the companys Post-Closing Trial Balance. A. Accounts Payable B. Advertising Expense C. Dividends D. Fees Earned Revenue E. Prepaid Advertising F. Supplies G. Supplies Expense H. Unearned Fee Revenue
Identify which of the following accounts would be listed on the company’s Post-Closing TrialBalance.A. Accounts ReceivableB. Accumulated DepreciationC. CashD. Office ExpenseE. Note PayableF. Rent RevenueG. Retained EarningsH. Unearned Rent Revenue
Indicate whether a debit or credit is required to close each of the following accounts. Use the sym-bols D if a debit is required, C if a credit is required, and N if the account is not closed at the end of the period.a. Salary Expenseb. Unexpired Insurancec. Consulting Fees Earnedd. Depreciation Expensee. Dividendsf. Retained Earningsg. Interest Revenueh. Accumulated Depreciationi. Income Taxes Expensej. Unearned Revenuek. Income Summary (of a profitable company)l. Income Summary (of an unprofitable company)
Listed below are the current Accounting Assumptions and Principles Economic Entity Assumption Monetary Unit Assumption Historical Cost Principle Going Concern Assumption Revenue Recognition Principle Full Disclosure Principle Time Period Assumption Matching Principle Required: For the following situations, identify whether the situation represents a violation or a correct application of GAAP, and which assumption/principle is applicable. a. In May 2021, Regent Corporation recorded as revenue $5,000 received in advance from a customer for a job that would be completed in June 2021. Violation: (Yes/No) Applicable Assumption/Principle: b. Sally Maze made sure to keep her personal expenditures separate from her marketing company books.…
ndicate whether the following items would appear on the income statement, balance sheet, or retained earnings statement. a. Service Revenue select a financial statement b. Utilities Expense select a financial statement c. Cash select a financial statement d. Accounts Payable select a financial statement e. Supplies select a financial statement f. Salaries Expense select a financial statement g. Accounts Receivable select a financial statement h. Retained Earnings (ending) select a financial statement…
Prepare T accounts, enter any opening balances, post the general journal entries and calculate end balances Cash accounts receivable Prepaid advertising Supplies Prepaid rent Note receivable Interest receivable Equipment Accumulated Depreciation-Equipment Accounts payable Salaries payable Deferred revenue Common shares Retained earnings Dividends declared Service revenue Salaries expense
This is a partial adjusted trial balance of Orlando Corporation: ORLANDO CORPORATIONPartial Adjusted Trial BalanceJanuary 31, 2018 Debit Credit Supplies $ 690 Prepaid Insurance 1,560 Salaries Payable $ 1,300 Unearned Revenue 740 Dividends Declared 1,510 Service Revenue 2,100 Supplies Expense 1,010 Insurance Expense 520 Salaries Expense 1,810 Income Tax Expense 340 Prepare the closing entries at January 31, 2018, based on the information in the partial adjusted trial balance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 31 Jan. 31 Jan. 31 Jan. 31
The adjusted trialbalance prepared as of December 31, for Phyllis Howell & Company, Consultant, contains the following revenue and expense accounts: Debit Credit Service Fees Earned $80,400 Rent Expense $20,900 Salaries Expense 45,800 Supplies Expense 5,700 Depreciation Expense 10,300 Retained Earnings 67,100 Dividends 9,100 Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account? ASS Finis
Indicate in the space provided by each item whether it would appear on the income statement (IS), balance sheet (BS), or retained earnings statement (RE): a. _____ Service Revenue g. __ Accounts Receivable b. _____ Utilities Expense h.___ Common Stock c. _____ Cash i. ___ Equipment d. _____ Accounts Payable j. ___ Advertising Expense e. _____ Supplies k. ___ Dividends f. _____ Salaries and Wages Expense l. ___ Notes Payable
Listed below are nine technical terms used in this chapter:Liquidity Nominal accounts Real accountsAdequate disclosure After-closing trial balance Closing entriesIncome summary Interim fi nancial statements DividendsEach of the following statements may (or may not) describe one of these technical terms. For eachstatement, indicate the accounting term described, or answer “None” if the statement does notdescribe any of the items.a. The accounting principle intended to assist users in interpreting financial statements.b. A term used to describe a company’s ability to pay its obligations as they come due.c. A term used in reference to accounts that are closed at year-end.d. A term used in reference to accounts that are not closed at year-end. e. A document prepared to assist management in detecting whether any errors occurred in post-ing the closing entries. f. A policy decision by a corporation to distribute a portion of its income to stockholders.g. The process by which the Retained…