ofF19/092619Question 11.What effect will this adjusting journal entry have on the accounting records?Supplies Expense267Supplies267O increase net incomeO increase assetsO decrease net incomeO decrease expensesNext0 a 由e #門Nre to search

When supplies are bought then the supplies account is debited but when supplies are consumed for the…

Answered: of F19/092619 Question 1 1. What effect…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 3.19E: Effects of errors on financial statements If the net income for the current year had been $2224600...

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Effects of errors on financial statements If the net income for the current year had been $2224600 in Exercise 3-18, what would have been the correct net income if the proper adjustments had been made?
P7 Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 2B. Requirement 2B: https://imgur.com/a/e8LvE7q 1. Record the closure of revenue account(s). 2. Record the closure of expense account(s). 3. Record the closure of the income summary account. 4. Record the closure of the dividend account.
E3.10 Analyse adjusted data.LO3, 4, 5 This is a partial adjusted trial balance of Darcy Designs Pty Ltd. DARCY DESIGNS PTY LTDAdjusted trial balance (partial)as at 31 July 2019 No. Account name Debit Credit 110 Supplies $1 500 112 Prepaid insurance 2 400 212 Salaries payable $1 500 213 Service revenue received in advance 1 125 400 Service revenue 3 000 500 Salaries expense 7 300 505 Supplies expense 1 220 515 Insurance expense 800 Required Answer these questions, assuming the year begins on 1 July: If the amount in supplies expense is the 31 July adjusting entry, and $1320 of supplies was purchased in July, what was the balance in supplies on 1 July? If the amount in insurance expense is the July adjusting entry, and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased? If $7500 of salaries was paid in July, what was the balance in…
PA6. LO 4.2What two accounts are affected by each of these adjustments? billed customers for services provided adjusted prepaid insurance to correct recorded depreciation expense recorded unpaid utility bill adjusted supplies inventory to correct
at the end of the accounting period(sept 30th, T account after AJE), what is the balance of advances from customers? use accural accounting multiple choice: a) $0, b) $1000, c) $3000, d) $2000, e) none of the other alternatives are correct
Test: Second Exam F17 This Question: 1 pt The entry to write off an account receivable under the allowance method will T A. increase total assets O B. increase net income C. reduce net income D. have no effect on net income Click to select your answer Search the web and Windows
BE3.6 Identify the financial statement for selected accounts; identify post-closing trial balance accounts.LO6, 7 The following selected accounts appear in the adjusted trial balance for Khanna Ltd. Indicate the financial statement on which each balance would be reported and identify the accounts that would be included in a post-closing trial balance. Accumulated depreciation. Depreciation expense. Retained earnings. dividents Service revenue. supplies Accounts payable.
Ex5.171. Journalize transactions and post to ledger.2. Prepare a worksheet.3. Prepare fi nancial statements.4. Journalize adjusting and closing entries and prepare a post-closing trial balance.Assets Owner’s Equity111 Cash 311 Rolo Kern, Capital112 Accounts Receivable 312 Rolo Kern, Withdrawals114 Prepaid Rent 313 Income Summary115 Office Supplies Revenue121 Office Equipment 411 Fees Earned122 Accumulated Depreciation, Office Equipment ExpensesLiabilities 511 Salaries Expense211 Accounts Payable 512 Advertising Expense212 Salaries Payable 513 Rent Expense514 Office Supplies Expense515Depreciation Expense, Office Equipment201XJan. 1 Rolo Kern invested $1,200 cash and $100 of offi ce equipment to open Rolo Co.1 Paid rent for three months in advance, $300.4 Purchased offi ce equipment on account, $50.6 Bought offi ce supplies for cash, $40.8 Collected $400 for services rendered.12 Rolo paid his home electric bill from the company checkbook, $20.14 Provided $100 worth of services to…
FIND RE 1/1 Please calculate the missing information in the following problem and provide the equation and explain how you came to the correct amount pleae. Revenues $63000Dividends $21000 Expenses $38000January 1 retained earnings balance UNKNOWNDecember 31 retained earnings balance $16000$16,000
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2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2019. KIP INTERNATIONAL PRODUCTS COMPANY Balance Sheet December 31, 2019 Assets Noncurrent Assets $fill in the blank f024defdf051fa4_2 fill in the blank f024defdf051fa4_4 fill in the blank f024defdf051fa4_6 $fill in the blank f024defdf051fa4_8 fill in the blank f024defdf051fa4_10 fill in the blank f024defdf051fa4_11 $fill in the blank f024defdf051fa4_13 fill in the blank f024defdf051fa4_15 fill in the blank f024defdf051fa4_16 fill in the blank f024defdf051fa4_18 Total noncurrent assets $fill in the blank f024defdf051fa4_19 Current Assets $fill in the blank f024defdf051fa4_21 $fill in the blank f024defdf051fa4_23 fill in the blank f024defdf051fa4_25 fill in the blank f024defdf051fa4_26 fill in the blank f024defdf051fa4_28 Prepaid items $fill in the blank…

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of F19/092619 Question 1 1. What effect will this adjusting journal entry have on the accounting records? Supplies Expense 267 Supplies 267 O increase net income O increase assets O decrease net income O decrease expenses Next 0 a 由 e #門 N re to search