The balances for the accounts listed below appear in the Adjusted Trial Balance at the end of the period. Indicate whether each balance would flow to the income statement, statement of owner's equity or the balance sheet. Dobson, drawing supplies expense fees earned accounts payable unearned fees depreciation expense supplies accumulated depreciation

The balances for the accounts listed below appear in the Adjusted Trial Balance at the end of the period. Indicate whether each balance would flow to the income statement, statement of owner's equity or the balance sheet. Dobson, drawing supplies expense fees earned accounts payable unearned fees depreciation expense supplies accumulated depreciation

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 4EA: The following accounts were used to make year-end adjustments. Identify the related account that is...

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Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance. A. Accounts Receivable B. Accumulated Depreciation C. Cash D. Office Expense E. Note Payable F. Rent Revenue G. Retained Earnings H. Unearned Rent Revenue
Which of the following accounts would appear on a post-closing trial balance? a. Depreciation Expense, Equipment b. Income from Services c. R. McDonald, Drawing d. R. McDonald, Capital
From the following Company S adjusted trial balance, prepare the following: A. Income Statement B. Retained Earnings Statement C. Balance Sheet (simpleâ€”unclassified) D. Closing journal entries E. Post-Closing Trial Balance
Identify whether each of the following accounts would be considered a permanent account (yes/no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Accumulated Depreciation B. Buildings C. Depreciation Expense D. Equipment E. Fees Earned Revenue F. Insurance Expense G. Prepaid Insurance H. Supplies Expense I. Dividends
From the following Company R adjusted trial balance, prepare the following: A. Income Statement B. Retained Earnings Statement C. Balance Sheet (simpleâ€”unclassified) D. Closing journal entries E. Post-Closing Trial Balance
Which of these accounts is included in the post-closing trial balance? A. Sales Revenue B. Salaries Expense C. Retained Earnings D. Dividends
Identify which type of adjustment is indicated by these transactions. Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. fees earned and billed, but not collected B. recorded depreciation expense C. fees collected in advance of services D. salaries owed but not yet paid E. property rentals costs, prepaid for future months F. inventory purchased for cash
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
Which of the following accounts balance would be a different number on the Balance Sheet than it is on the adjusted trial balance? A. accumulated depreciation B. unearned service revenue C. retained earnings D. dividends
Read each definition below and write the number of the definition in the blank beside the appropriate term. The quiz solutions appear at the end of the chapter. Recognition Historical cost Current value Cash basis Accrual basis Revenues Revenue recognition principle Matching principle Expenses Adjusting entries Straight-line method Contra account Deferral Deferred expense Deferred revenue Accrual Accrued liability Accrued asset Accounting cycle Work sheet Real accounts Nominal accounts Closing entries Interim statements A device used at the end of the period to gather the information needed to prepare financial statements without actually recording and posting adjusting entries. Inflows of assets or settlements of liabilities from delivering or producing goods, rendering services, or conducting other activities. Journal entries made at the end of a period by a company using the accrual basis of accounting. Journal entries made at the end of the period to return the balance in all nominal accounts to zero and transfer the net income or loss and the dividends to Retained Earnings. A liability resulting from the receipt of cash before the recognition of revenue. The name given to balance sheet accounts because they are permanent and are not closed at the end of the period. An asset resulting from the recognition of a revenue before the receipt of cash. The amount of cash or its equivalent that could be received by selling an asset currently. The assignment of an equal amount of depreciation to each period. Cash has been paid or received but expense or revenue has not yet been recognized. A system of accounting in which revenues are recognized when a performance obligation is satisfied and expenses are recognized when incurred. Cash has not yet been paid or received but expense has been incurred or revenue recognized. Financial statements prepared monthly, quarterly, or at other intervals less than a year in duration. Revenues are recognized in the income statement when a performance obligation is satisfied. The process of recording an item in the financial statements as an asset, a liability, a revenue, an expense, or the like. An asset resulting from the payment of cash before the incurrence of expense. The name given to revenue, expense, and dividend accounts because they are temporary and are closed at the end of the period. A system of accounting in which revenues are recognized when cash is received and expenses are recognized when cash is paid. A liability resulting from the recognition of an expense before the payment of cash. The association of revenue of a period with all of the costs necessary to generate that revenue. An account with a balance that is opposite that of a related account. The amount paid for an asset and used as a basis for recognizing it on the balance sheet and carrying it on later balance sheets. Outflows of assets or incurrences of liabilities resulting from delivering goods, rendering services, or carrying out other activities. A series of steps performed each period and culminating with the preparation of a set of financial statements.
Which of these accounts is included in the post-closing trial balance? A. Supplies Expense B. Accounts Payable C. Sales Revenue D. Insurance Expense
What 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