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Century 21 Accounting General Journal

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter6: Work Sheet And Adjusting Entries For A Service Business

Section: Chapter Questions

Problem 1ANFS

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Question

choose true or false

The expanded accounting equation is
A = L+ (C + R-E - D) *
true
) False
A fiscal year is a period used for the
purpose
of preparing annual financial
statements. It is often required by law
to have a term of 12 months, but it is
not necessary when it starts or when
it ends (may start on 1/1/or 1/3 or 1/7
etc...) This depends on the company,
unless there is Regulatory body
obligating the company with a
specific start date. *
true
O False

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*Choose true or false for the following statements: 1. The time period assumption is often referred to as the expense recognition principle. a. True b. False 2. A company's calendar year and fiscal year are always the same. a. True b. False 3. Accounting time periods that are one year in length are referred to as interim periods. a. True b. False
The time period assumption is often referred to as the expense recognition principle. a. True b. False 2. A company's calendar year and fiscal year are always the same. a. True b. False 3. Accounting time periods that are one year in length are referred to as interim periods. a.True b.False
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.…
Bolitho Company is a service firm. It established a Deferred Revenue account because prepayments are required for its services. It also uses an Accrued Expense account to record billings of operating expenses.• The Deferred Revenue account had a balance of P670,000 on January 1. Total credits to this account during the year is P8,714,000. Its ending balance increased to P978,000 at yearend.• The Accrued Expense account had a balance of P421,000 on January 1. Total debits to this account during the year is P3,417,000 during the year. Its ending balance decreased by P120,000. How much is the net income during the year? How much is the total liabilities as of yearend? How much is the net cash flow during the year? [Indicate whether it is an inflow or outflow.]
Assume a company receives a bill for $10,000 for advertising done during the current year. If this bill is not yetrecorded at the end of the year, what will the adjustingjournal entry include?a. Debit to Advertising Expense of $10,000.b. Credit to Advertising Expense of $10,000.c. Debit to Accrued Liabilities of $10,000.d. Need more information to determine
Please fill in the missing amount and explain the formula you used. The more detailed explanation of the process is appreciated.1) Revenue for 2008 $8,000Dividends Declared $1,000Expenses for 2008 $3,000January 1 RE Balance $5,000December 31 RE Balance ?2) Revenues for 2008 $3,000Dividends declared in 2008 $2,000Expenses for 2008 $1,000January 1 retained earnings balance ?December 31 RE balance $6,0003) Revenues for 2008 $5,000Dividends declared in 2008 ?Expenses for 2008 $4,000January 1 RE balance $8,000December 31 RE balance $3,0004) Revenues for 2008 $6,000Dividends declared for 2008 $0Expenses for 2008 ?January 1 RE balance $12,000December 31 RE balance $8,0005) Revenues for 2008 ?Dividends declared in 2008 $3,000Expenses for 2008 $6,000January 1 RE balance $8,000December 31 RE balance $9,000
Basit ama Konuyu Anlayan Çözer Inc. adjusts its accounts on a monthlybasis. Below table shows the adjusted balances for end of September, August and June. According to the table below prepare the “quarterly income statement” for the 3 rd quarter. 30.09.2020 31.08.2020 30.06.2020Sales Revenue 100.000 85.000 60.000Salaries Expense 12.000 10.000 5.000Rent Expense 7.000 4.000 2.500Depreciation Expense 20.000 16.000 12.000
An adjusting entry recorded June salary expense that will be paid in July. Which statement best describes the effect of this adjusting entry on the company’s accounting equation?a. Assets are not affected, liabilities are increased, and stockholders’ equity is decreased.b. Assets are not affected, liabilities are increased, and stockholders’ equity is increased.c. Assets are decreased, liabilities are not affected, and stockholders’ equity is decreased.d. Assets are decreased, liabilities are increased, and stockholders’ equity is decreased.
1. make a trial balance by thinking of some amounts of different financial account balances at the end of the year for any company. note: there must be at least 2 revenue accounts and 5 or 6 expense accounts. there must be at least 3 currents assets accounts, 2 long term assets accounts with their accumulated depreciation, and 3 or 4 liabilities accounts.
The current pay period ends on Friday, January 2, yet the company’s fiscal year-end is onWednesday, December 31. If the company does not make the proper adjusting entry toaccrue payroll expenses at year-end, what would be the impact?a. Assets will be understated.b. Operating income will be overstated.c. Stockholders’ equity will be understated.d. Liabilities will be overstated.
Choose from the following list of terms and phrases to best complete the statements below. a. Fiscal year c. Accrual basis accounting e. Cash basis accounting b. Timeliness d. Annual financial statements f. Time period assumption 1. presumes that an organization’s activities can be divided into specific time periods. 2. Financial reports covering a one-year period are known as . 3. A(n) consists of any 12 consecutive months. 4. records revenues when services are provided and records expenses when incurred. 5. The value of information is often linked to its .
Statement I: Accounting period is always composed of 12 monthsStatement II: An accounting period could end in a month other than December. Both statements are correct Only statement II is correct Both statements are incorrect Only statement I is correct

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