What is the name of the Account Titles of : Accrued interest of $150 that has not yet been paid.
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What is the name of the Account Titles of : Accrued interest of $150 that has not yet been paid.
Accrual Expenses are those expenses which have been incurred but not yet paid. Therefore, the accrued interest of $150 that has not yet been paid are come under accrual expenses and shown in current liabilities section under the heading Accrued interest expenses in the balance sheet.
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- An item that will not be included in the statement of receipts and payments is? A.depreciation B.Rent expense paid C.Inventory purchased by cheque. Membership fees received during the current year for the next yearWhich account would be credited when closing the account for fees earned for the year? accounts receivable fees earned revenue unearned fee revenue income summaryWhich of the following transactions involves the exchange of a liability for an expense? Providing services for a customer on account Purchasing supplies on account Paying a utility bill on account Taking out a 6-month loan from the bank
- Which is the correct adjusting entry for accrued interest expense? Multiple Choice Debit Credit Interest receivable $ 1,000 Interest revenue $ 1,000 Debit Credit Interest payable $ 1,000 Interest expense $ 1,000 Debit Credit Interest expense $ 1,000 Interest payable $ 1,000 Debit Credit Interest revenue $ 1,000 Interest receivable $ 1,000Choose the correct answer Which of the following accounts is increased by a credit?A. CashB. Accounts receivableC. Accounts payableD. Owner’s drawings At the beginning of the period, the owner’s capital account of a business has a balance of ₱220,000. During the period, the total debits and credits to that account were ₱60,000 and ₱70,000, respectively. How much is the ending balance of the owner’s capital account? A. 230,000B. 210,000C. 350,000D. 90,000Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accruedrevenue, or (4) accrued expense:a. Cash received for services not yet rendered. b. Insurance paid for the next yearc. Interest revenue earned but not received.d. Salaries owed but not yet paid.
- Which of the following entries records the receipt of cash for two months' rent? The cash was received in advance of providing the service. a.Prepaid Rent, debit; Rent Revenue, credit. b.Cash, debit; Prepaid Rent, credit. c.Cash, debit; Rent Expense, credit. d.Cash, debit; Unearned Rent, credit.Interest on Mookie The Beagle COncierge's Loan Payable to CK has been incurred, but not recorded or paid. The interest that has been incurred is calculated as principal multiplied by the interest rate multiplied by the time period ($1,000 x 6% x 1/12 = $5.00). Interest Expense of $5.00 must be recorded as an accrued expense and Accounts Payable, a liability, recorded for the amount that Mookie the beagle concierge is obligated to pay later. so an adjusting entry is needed to bring accounts up to date at january 31. What is the journal entry needed?Which account would be credited when closing the account for rent expense for the year? A. Prepaid Rent B. Rent Expense C. Rent Revenue D. Unearned Rent Revenue
- What two accounts are affected by each of these adjustments? A. recorded accrued interest on note payable B. adjusted unearned rent to correct C. recorded depreciation for the year D. adjusted salaries payable to correct E. sold merchandise to customers on accountWhen the cash short and over account has a debit balance at the end of the month, it is considered (a) an expense. (b) an asset. (c) revenue. (d) a liability.Identify whether each of the following transactions, which are related to expense recognition, are accrual, deferral, or neither. A. paid an expense for the current month B. prepaid an expense for future months C. made a payment to reduce accounts payable D. incurred a current-month expense, to be paid next month
