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- 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 RevenueIdentify 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 monthWhat 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 account
- Which account would be credited when closing the account for fees earned for the year? A. Accounts Receivable B. Fees Earned Revenue C. Unearned Fee Revenue D. Income SummaryIf an adjustment includes an entry to a payable or receivable account, which type of adjustment is it? A. accrual B. deferral C. estimate D. cullIf the Prepaid Insurance account had a balance of $12,000, representing one years policy premium, which was paid on July 1, what entry would be needed to adjust the Prepaid Insurance account at the end of December, before preparing the financial statements?
- The following accounts were used to make year-end adjustments. Identify the related account that is associated with this account (the other account in the adjusting entry). A. Salaries Payable B. Depreciation Expense C. Supplies D. Unearned RentFor each of the following accounts, identify whether it would be closed at year-end (yes or no) and on which financial statement the account would be reported (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Accounts Payable B. Accounts Receivable C. Cash D. Dividends E. Fees Earned Revenue F. Insurance Expense G. Prepaid Insurance H. SuppliesFor each of the following accounts, identify whether it would be closed at year-end (yes or no) and on which financial statement the account would be reported (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Retained Earnings B. Prepaid Rent C. Rent Expense D. Rent Revenue E. Salaries Expense F. Salaries Payable G. Supplies Expense H. Unearned Rent Revenue
- ACCRUED INTEREST PAYABLE The following is a list of outstanding notes payable as of December 31, 20--: REQUIRED 1. Compute the accrued interest at the end of the year. 2. Prepare the adjusting entry in the general journal.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?1. What is the adjusting entry for the doubtful accounts expense for the current year? 2. What is the net realizable value of accounts receivable at year-end? Please include solutions with the answers. Thank you!
