Unearned revenue can be best be described as an amount: Not collected and not currently matched with expense Collected and currently matched with expense Collected and not currently matched with expense Not collected and currently matched with expense The entries necessary to eliminate the balances of the nominal accounts in order to prepare them for the next accounting period. Adjusting entries Closing entries Reversing entries Journal entries

Q: fair value

A: While you recording prepaid adjusting journal entry. Entry :-    Actual Expenses A/C ....Dr.…

Q: Adjusting entries are needed:     Whenever revenue is not received in cash.     Whenever expenses…

A: Adjusting entries are journal entries that are prepared at the end of accounting period in order to…

Q: Which of the following is true about adjusting entries?

A:

Q: Question 1 Failing to made a required adjusting entry related to unearned revenue will cause a…

A: Note points -  every company must make the year-end adjustment entries. Failing to make such…

Q: An accountant failed to record the adjusting entry for accrued revenues. How does this error affect…

A: Accrued revenues are those which have been accrued but not yet paid.   Adjusting entry for accrued…

Q: Which of the following transactions would not be recorded in the general journal? a.Adjusting entry…

A: General journal is a subsidiary journal that records all the transactions associated with the…

Q: Describe the appropriate adjusting entry for prepaid expenses and for deferred revenues. What is the…

A:

Q: What are Accrued expenses?     Always recorded in cash-basis accounting     Expenses from an…

A: Accrued expenses means the expense which has been due but not paid.             There might be some…

Q: Which of the following statements related to the adjusted trial balance is incorrect Select one: a.…

A: Trial balance means a statement which is prepared from the balance of ledger account. Debit and…

Q: The purpose of adjusting journal entries made at the end of the accounting cycle is to  Group of…

A: At the end of the accounting period, there may be some incomes and expenses that may not have been…

Q: - Instruction: Fill in the blank on the type/nature of the adjustment or the pro-forma entry of the…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: An adjusting entry to recognize revenue that has been earned but not yet billed or collected will…

A: Following is the answer to the given question

Q: Failure to prepare an adjusting entry at the end of the period to record an accured expense would…

A: A successful adjusting entry at the end of the period to record an accrued expense would: Increase…

Q: SLO-2.2. are necessary at the end of an accounting period because some account balances do not show…

A: Adjusting entries are prepared at the end of the accounting period. These entries are essential to…

Q: Services were performed but not billed. What effect will this have on the income statement if an…

A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…

Q: The collection of an account that had been previously written off under the allowance method of…

A: Introduction Bad debts recovery under allowance method: Under this method, bad debts are estimated…

Q: Match each term with its definition. accrued expense [ Choose ] [Choose ] type of adjusting entry…

A: Accrued expenses, accrued revenue, deferred expenses and deferred revenues are four type of…

Q: Which of the following accounts would normally not be affected by an adjusting entry? Group of…

A: The purpose of recording an adjusting journal entry is to record the unrecognized revenues and…

Q: When, at the end of an accounting period, a revenue has been recognized in the fi nancial statements…

A: Income accrued (also referred to as accrued assets) is income received by the client but not yet…

Q: Which of the following is not a characteristic of adjusting entries? a. Reduce the balances of…

A: Adjusting entries are entries used to record events that occur during the period but that have not…

Q: The ending balance in the account Deferred Revenues (or Unearned Fees) * ?should report which of the…

A: Deferred revenue seems to be payments from a consumer for upcoming products or services. Since the…

Q: At the end of the month, the schedule of accounts payable (a list of ending amounts owed to…

A: Accounts payable is a part of current liabilities which shows the amount due to creditors in respect…

Q: It is obvious that an error occurred in the preparation and/or posting of closing entries if Group…

A: The closing entries are made to close the temporary accounts. It is prepared at the end of the…

Q: When, at the end of an accounting period, a revenue has been recognized in the fi nancial statements…

A: Accrued revenue: Accrued revenue is defined as that revenue recognized from sales of products or…

Q: All of the following about expense recognition principle are false, except: Oa Itis the basis for…

A: Expense represents the amount spent by the corporation during a particular period for the objective…

Q: he collection of customer’s account is credited to accounts payable. What is the effect of the error…

A: Answer) The correct Option is (D) No Effect Justifications: If collection from customer is credited…

Q: Discuss briefly how transactions are accounted for events after the reporting period.

A: Event after the reporting period: Events occurring after the balance sheet date means those…

Q: Which of the following statements is not correct?   Multiple Choice   Before the Income Summary…

A: Which of the following statements is not correct? Answer Option B:The owner's drawing account is…

Q: Which of the following will appear as a debit entry in a pre-adjustment trial balance of a sole…

A: Trial balance is the statement which is prepared for the purpose of checking if debits in the books…

Q: that had not previously been recorded. C. Adjusting entries can be used to record

A: An adjusting journal entry is a journal entry made at the conclusion of an accounting period in the…

Q: true or false questions

A: Adjusting entries are prepared at the end of the year to accrue the revenues and expenses accrued…

Q: Reversing entries are made at the beginning of the new accounting period in order to transfer all…

A: Revising Entries: It is possible to make an accounting period-ending journal entry that reverses…

Q: Failure to record the typical balance day adjustment to the Unearned Revenue account would: Select…

A: Unearned Revenue: If you get money for a service or product that has not yet been offered or…

Q: Which of the following statements is incorrect?   A. Adjustments to prepaid expenses and unearned…

A: An adjusting journal entry is a change made to an asset or liability account, as well as…

Q: A company records cash received from clients in advance for legal services in Unearned Revenue. If…

A: Adjusting entry means where some adjustment need to be made at the end of specified period for…

Q: hich of the following accounts ordinarily would not appear in the post-closing trial balance?  Hint:…

A: Temporary accounts are the accounts which has been closed and their balance has been moved to…

Q: Kellogg's journal entry to close the revenue and expense accounts should include a:

A: For the closure of revenues and expense accounts, net income for the period should be transferred to…

Q: Allowance for Uncollectible Accounts is a contra asset account, which means that its normal balance…

A: The questions here pertain to contra asset accounts. Note that contra asset accounts are those…

Q: Unearned revenue can be best be described as an amount: * Not collected and not currently matched…

A: Unearned revenue the amount of cash that is received in advance for which services have not been…

Q: An end-of-period adjusting entry that debits Unearned Revenue most likely will credit

A: Adjusting entries are those journal entries that are passed at the end of the accounting period in…

Q: Which of the following is most likely considered an adjusting entry? a. The entry to record the…

A: Solution: The entry to record bad debts expense is generally made at the end of period based on…

Q: If a company fails to make an adjusting entry to record supplies expense, then expense will be…

A: Adjusting entry for supplies expense decreases the balance of supplies (asset). If the adjusting…

Q: The adjusted trial balance shows Amounts that may be out of balance. Account balances after…

A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…

Q: Which of the following statements is NOT true about adjusting entries? A Adjusting entries are dated…

A: ADJUSTING ENTRIES ARE USUALLY MADE ON LAST DAY OF AN ACCOUNTING PERIOD . ADJUSTING ENTRIES ARE FOR…

Q: For each of the following situations, indicate whether itrepresents an accounting error and explain…

A: Accounting errors exists when there is omission of recording a transaction in the account or the…