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- Unearned revenue is adjusted into an expense account at the end of the accounting period.Suppose that at the end of the year there is an outstanding note receivable. The adjusting entry to recognize the interest to be paid has what effect on the accounting equation?The revenue recognition principle dictates that revenue should be recognized in the accounting records Select one: a. when cash is received. b. in the period that income taxes are paid. c. when the performance obligation is satisfied. d. at the end of the month.
- Adjusting the accounts is the process of Subtracting expenses from revenues to measure net income. Recording transactions as they occur during the period. Updating the accounts at the end of the period. Zeroing out account balances to prepare for the next period.Show effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the yearAre transactions recorded on a fiscal‐year basis or a calendar‐year basis? Does it have to be one or the other; if so, why?
- True or false if a balance sheet is prepared between the date of declaration and date of payment, devidends payable accounts are reported as current liabilities.Which of the following happens only at the end of the year? a. Closing of temporary accounts b. Preparation of financial statements c. Recording of adjusting entries d. Preparation of trial balanceHow are open encumbrances at year-end reported in the financial statements?
- List the two primary types of accounts found in the income statement. Provide the following information for each of the two accounts: Norm (normal) balance – debit or credit Balance at the beginning of the year Balance at the end of the year after the accounts are closedDeferred revenues represent liabilities recorded when cash is received from customers in advance of providing a good or service. What adjusting journal entry is required at the end of a period to recognize the amount of deferred revenues that were recognized during the period?Which of the following statements concerning reversing entries is true? Reversing entries are required by Generally Accepted Accounting Principles. Reversing entries are most often used with accrual-type adjustments. Reversing entries are dated December 31, the end of the fiscal year. Reversing entries are recorded before adjusting entries.
