Which of the following is an Adjusting Journal Entry? Debit Service Revenue, Credit Cash. O Debit Salaries Expense, Credit Salaries Payable. O Debit Utilities Expense, Credit Retained Earnings. O Debit Cash, Credit Accounts Payable.

Q: What differences are there between the trial balance before closing and the trial balance after…

A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…

Q: In which journal would the payment of salaries be posted? a.cash receipts journal b.special journal…

A: Journal entry for Payment of salaries:   Salaries A/c   To Cash A/c ( Being salaries paid )   As per…

Q: 1. What is the Supplies Expense in the adjusted trial balance columns of worksheet? A. Income…

A: Lets understand the meaning of the how adjustment is made for supplies expense for adjusted trail…

Q: Which of the following accounts will be closed with a credit? O a. Fees earned O b. Depreciation…

A: The question is related to Accouts which are closed by crediting them. All the nominal accounts  are…

Q: Revenue is recorded when services have been performed or products have been delivered to customers.…

A: Introduction: Accounting Principals are created in order to increase the precision of financial data…

Q: What is the normal balance for each of these accounts? equipment cash advertising expeense accounts…

A: All assets and expenses normally have debit balance and all liabilities and income have credit…

Q: What is the Unearned service revenue in the adjusted trial balance columns of worksheet?

A: Balance sheet represents the financial position of the company that involve the assets, liabilities,…

Q: If a company initially records prepaid expenses with debits to expense accounts, what type of…

A:

Q: Which among the following is considered as an expense? a. Accounts payable b. Rent expense c. Sales…

A: Expenses means the amount spent on running the business.

Q: The adjusting entry for accrued revenues includes O a. debit to an asset account. O b. credit to an…

A: Introduction: A general ledger entry made at the end of an accounting period to record any…

Q: Indicate whether each of the following items is a real ornominal account and whether it appears in…

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: Identify whether a debit or credit results in the indicated change for each of the following…

A: Double entry accounting (Double entry book-keeping): This is a system of accounting where a…

Q: Fill in the blank associated with each adjusting entry: a. Prepaid expense: Debit Supplies Expense;…

A: a. Prepaid expense: Debit Supplies Expense; credit Suppliesb. Deferred revenue: Debit deferred…

Q: Which of the following accounts is a temporary account? Multiple Choice Accounts receivable.…

A: Temporary accounts are written off in the income statement and not visible in the balance sheet.…

Q: Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: The adjusting entry for accrued expenses includes O a. a debit to an expense account.

A: First of all we have to understand the concept of accrued expenses, Accrued expenses are the…

Q: Adjusting entries affect at least one balance sheet account and at least one income statement…

A: For the given transactions, we have to select which account is debited and which is credited

Q: Which among the following is prepared to verify that the sum of debits is equal to sum of credits? O…

A: Solution: "Trial balance" is prepared to verify that the sum of debits is equal to sum of credits.…

Q: Directions: Give the account to be credited to complete the uncompleted adjusting entries: Accounts…

A: The adjusting journal entries are prepared by the corporation at the end of each accounting period.…

Q: Adjusting entries are: O a. Journal entries that are prepared to record the income statement…

A: The adjustment entries are prepared to adjust the expenses and revenues of the current year.

Q: Extending Adjusted Balances to the Income Statement and Balance Sheet Columns Select whether each…

A:

Q: Identify which of the following accounts would be listed on the company’s Post-Closing…

A: Closing entries are those journal entries which are passed at the end of accounting period in order…

Q: The adjusting entry to record accrued interest expense is: Debit Interest expense and credit…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: Post the transactions to T accounts which are Cash, Account Receivable and Service Revenue, lastly…

A: T-account: T-account refers to an individual account, where the increases or decreases in the value…

Q: Which account is least likely to appear in an adjustingjournal entry?a. Cashb. Interest Receivablec.…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year,…

Q: Typically an adjusting entry will include * ?which of the following Two Balance Sheet Accounts O Two…

A: Adjusting entries are entries to changes the journal entry which were already recorded.

Q: Which of the following accounts are debited to record increases?   A. assets and liabilities…

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

Q: The current assets of FDN Company's Statement of Financial Position would have the following: Trade…

A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…

Q: For each account, identify whether it is included in a post- closing trial balance. Included in…

A: Closing Entries - Closing entries are required to close the temporary accounts after making…

Q: Which of the following is not an adjusting entry? a. Debit Wages Expense Credit Wages Payable. b.…

A: An adjusting entry is prepared at the end of an accounting year to record the accrued expenses,…

Q: The trial balance of Beowulfwhich may require adjustment. Company includes the following balance…

A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…

Q: Do adjusting entries affect income statement accounts, bal-ance sheet accounts, or both? Explain.

A:

Q: The closing entry for an expense account would include a debit to: O The expense account and a…

A: Closing entries are used to close the temporary accounts and transfer the balance to a permanent…

Q: Adjusting entries affect at least one balance sheet account and at least one income statement…

A: Adjusting entry: It can be defined as the journal entry that is recorded at the closing of the…

Q: Which of the following account groups does not include a nominal account? a.Prepaid Insurance,…

A: Nominal account: Nominal account refers to the accounts which are related to the losses, expenses,…

Q: Which of the following accounts could be part of a regular journal entry, an adjusting entry,  a…

A: >Generally:--Income Statement accounts [Revenues and Expenses] are known as Temporary accounts,…

Q: It is calculated to verify the sum of the debit is equal to the sum of credit a. Journal b. Trial…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Adjusting entries always include A. only income statement accounts B.only balance sheet accounts…

A: Adjusting entries are made to balance the debit and credit of the balances. Adjusting entries are…

Q: Identify whether each of the following accounts is permanent or temporary A. Accounts Receivable…

A: The post-closing trial balance is prepared after all the adjustment entries and closing entries.…

Q: Which of these transactions requires an adjusting entry (Debit) to Accounts receivable? a. Expenses…

A: Accounts Receivables are debited when the sale is made but ash payment is deferred.

Q: Adjusting entries are: a. Journal entries that are prepared to record the income statement accounts.…

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

Q: The adjusting entry for unearned service revenue as bellow Unearned service revenue debit, service…

A: Since you have asked multiple questions, we will solve the first question for you . If you want any…

Q: the company rendered services on account, what is the entry? O debit cash, credit service revenue…

A: Rendering services is called service revenue for the business. For services rendered, amount may be…

Q: Identify the normal balance (debit or credit) for each of the following accounts. Nomal Ending…

A: Note: generall all the asseta nd expenses have the debit balances and all the income and liabilities…

Q: Which of the following is the entry to be recorded by alaw firm when it receives a payment from a…

A: The question is multiple choice question. Required  Choose the Correct Option.

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.