Which of the following adjusting entries would most likely be reversed? Depreciation Unpaid Salaries Depreciation Bad expense
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A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: Which of the following statements regarding adjusting entries is false? Group of answer choices A.…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
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Q: . Which of the following adjusting entries cannot be reversed? a. An adjusting entry to accrue an…
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Q: true or false questions
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Q: An adjusting entry to recognize accrued salaries payable would cause which of the following? Group…
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- The Effect of Ignoring Adjusting Entries on Net Income For each of the following independent situations, determine whether the effect of ignoring the required adjusting entry will result in an understatement (U), will result in an overstatement (O), or will have no effect (NE) on net income for the period.If adjusting entries include these listed accounts, what other account must be in that entry as well? (A) Depreciation expense; (B) Unearned Service Revenue; (C) Prepaid Insurance; (D) Interest Payable.What is the impact of accrued expenses before year end adjusting entries ? The answer is .A. Understate expenses and understate liabilities. B. Understate assets and understate expenses . C. Overstate assets and understate expenses . D. Understate expenses and overstate liabilities.
- 1.Which of the following would be the correct adjustment if there was an increase in an accrual? Select one: a. The amount of the increase is deducted (credited) from the expense on the income statement and the increase is added (debited) to the existing accrual in the balance sheet b. The amount of the increase is added (credited) to the expense on the income statement and the increase is deducted (debited) to the existing accrual in the balance sheet c. The amount of the increase is included as an expense (a debit) on the income statement and the increase is added (credited) to the existing accrual in the balance sheet d. None of the above statements are correct 2. If it is known that a debtor cannot pay because of bankruptcy, the amount to be written off is shown as: Select one: a. A credit on the income statement and as a debit on the balance sheet by increasing the amount shown for receivables b. A debit on the income statement and as a credit on the balance sheet by…The entry to record depreciation is an example of an adjusting entry: a. to apportion a recorded cost C. To record unrecorded expense b. to apportion unearned revenue D. To record unrecorded revenueIf the adjusting entry is not made for unearned revenues, the result will be: A. Overstate assets and understate liabilities B. Overstate liabilities and understate revenue C. Understate net income and overstate owner’s equity D. Understate owner’s equity and overstate revenue
- Which of the following is not a type of adjusting entry? a. Depreciation of long-term physical assets b. Allocation of unearned revenue c. Correction of an error in the general journal d. Recording of accrued revenueIf it is impracticable to determine the cumulative effect of an accounting change to any of the prior periods, the accounting change should be accounted for a. as a cumulative effect change on the income statement b. as a prior period adjustment c. on a prospective basis d. as an adjustment to retained earningsWhich of the following items represents a deferral?A. Prepaid insuranceB. Wages payableC. Fees earnedD. Accumulated depreciation
- Its omission at year end will result to understated net income Group of answer choices A. Accrued expense B. Accrued income C. Unearned income D. Accrued expense and unearned incomeWhat is the total net effect on income (overstated or understated) if the adjusting entriesare not recorded?Failure to prepare an adjusting entry at the end of the period to record an accured expense would casue: (Choose all of the correct ones) A. An understatement of libailities B. An overstatement of revenue C. An understatement of expenses D. An overstatement of net income E. An overstatement of assets
