Which of the following circumstances will cause an asset to be overstated if no adjustingentry is made when the accounting year ended on 31 March 2020?A rental deposit of RM900 for 3 months paid on 31 March 2020.A monthly utility bills for June paid on 31 March 2020.A six-month subscription fees of RM1,200 received on 1 October 2019.An annual building insurance for RM2,400 paid on 1 January 2020.11.А.В.С.The record for office supplies was not adjusted at the end of an accounting period. This willcause which of the followings?A liability is overstated; an expense is understated.An asset is overstated; an expense is understated.An asset is understated; a liability is understated.A liability is understated; an asset is overstated.12.А.В.С.D.A journal entry was wrongly debited to an asset account instead of the accumulateddepreciation account. This will cause which of the followings?Total depreciation will be overstated.Total expenses will be understated.Total assets will be overstated.13.А.В.С.D.Total liabilities will be overstated A truck was acquired for RM96,000 on 1 Jan 2020. The truck is expected to be replaced witha newer model at the end of its fifth year with a trade-in value estimated to be aroundRM21,000. The value of the truck and its accumulated depreciation at the end of the thirdyear, are shown as:A.Truck RM57,600; Accumulated Depreciation RM57,500Truck RM75,000; Accumulated Depreciation RM75,000Truck RM45,000; Accumulated Depreciation RM51,000D.В.С.Truck RM51,000; Accumulated Depreciation RM45,000An office building with an acquisition cost of RM960,000 on 1 April 2019 is depreciated at10% per annum. The necessary adjusting entry for the period ended at 31 December 2019 isCredit (RM)19.Debit (RM)RM72,000Depreciation ExpenseAccumulated DepreciationDepreciation ExpenseAccumulated DepreciationAccumulated DepreciationDepreciation ExpenseAccumulated DepreciationDepreciation ExpenseА.RM72,000В.RM96,000RM96,000C.RM72,000RM72,000D.RM96,000RM96,000The balance in the Office Supplies account before adjustment at 31 December 2019 wasRM48,000. A physical check on office supplies has indicated an available balance ofRM8,000. The adjusting entry necessary is:Debit (RM)RM8,000Credit (RM)Office Supplies ExpenseOffice SuppliesOffice SuppliesOffice Supplies ExpenseOffice Supplies ExpenseOffice SuppliesOffice Supplies ExpenseOffice SuppliesA.RM8,000В.RM40,000RM40,000С.RM40,000RM40,000D.RM48,000RM48,000

Hey there, Since multiple questions as per guidelines only the first question (11) will be answered.…

Which of the following circumstances will cause an asset to be overstated if no adjusting entry is made when the accounting year ended on 31 March 2020? А. В. A rental deposit of RM900 for 3 months paid on 31 March 2020. A monthly utility bills for June paid on 31 March 2020. С. A six-month subscription fees of RM1,200 received on 1 October 2019. An annual building insurance for RM2,400 paid on 1 January 2020. D.

Which of the following circumstances will cause an asset to be overstated if no adjusting entry is made when the accounting year ended on 31 March 2020? А. В. A rental deposit of RM900 for 3 months paid on 31 March 2020. A monthly utility bills for June paid on 31 March 2020. С. A six-month subscription fees of RM1,200 received on 1 October 2019. An annual building insurance for RM2,400 paid on 1 January 2020. D.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 10P: Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any...

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Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any adjustments: Additional adjustment information: (a) depreciation on buildings, 1,100; on equipment, 600; (b) bad debts expense, 240; (c) interest accumulated but not paid: on note payable, 50; on mortgage payable, 530 (this interest is due during the next accounting period); (d) insurance expired, 175; (e) salaries accrued but not paid 370; (f) rent was collected in advance and the performance obligation is now satisfied, 800; (g) office supplies cm hand at year-end, 230 (expensed when originally purchased earlier in the year); and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2020. Required: 1. Transfer the account balances to a 10-column worksheet and prepare a trial balance. 2. Prepare the adjusting entries in the general journal and complete the worksheet. 3. Prepare the companys income statement, retained earnings statement, and balance sheet. 4. Prepare closing entries in the general journal.
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