Which of the following is most likely not considered an adjusting entry? The accrual of an electricity bill for electricity used but not yet paid The recognition of depreciation expense for the period The recognition of the used and unused portions of a prepaid rent The entry to record the collection of interest receivable

Which of the following is most likely not considered an adjusting entry? The accrual of an electricity bill for electricity used but not yet paid The recognition of depreciation expense for the period The recognition of the used and unused portions of a prepaid rent The entry to record the collection of interest receivable

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 12Q: If adjusting entries include these listed accounts, what other account must be in that entry as...

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Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. depreciation on fixed assets, $ 8,500 B. unexpired prepaid rent, $12,500 C. remaining balance of unearned revenue, $555
Identify which type of adjustment is indicated by these transactions. Choose accrued revenue, accrued expense, deferred revenue, deferred expense, or estimate. A. utilities owed but not paid B. cash received in advance for future services C. supplies inventory purchased D. fees earned but not yet collected E. depreciation expense recorded F. insurance paid for future periods
Which of the following adjusting entries involves the recognition of an accrued expense? a. recording depreciation on a long-lived asset b. writing off the portion of an insurance policy that has expired c. recognition of salaries owed to employees for work done during the current period that will be paid during the next accounting period d. recognition of bad debt losses that are expected to result from making sales on credit terms
Which of the following is created by the adjusting entry to recognize interest expense incurred but not yet paid? a. Deferred expense b. Prepaid asset c. Accrued asset d. Accrued expense
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 revenue
Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues (UR),accrued expenses (AE), or accrued revenues (AR). To record annual depreciation expense.
PLIZ FAST Which of the following is created by the adjusting entry to recognize interest expense incurred but not yet paid? a. Accrued asset b. Accrued expense c. Deferred expense d. Prepaid asset
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
39- Which of the following is created by the adjusting entry to recognize interest expense incurred but not yet paid? a. Accrued asset b. Accrued expense c. Prepaid asset d. Deferred expense
What is the impact of prepaid expenses before year end adjusting entries. The answer is A . Understate assets and overstate expenses . B . Overstate liabilities and understate expenses. C. Overstate assets and understate expenses . D. Understate liabilities and overstate expenses.
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 revenue
An end-of-period adjusting entry that debits Unearned Revenue most likely will credita. a revenue.b. an asset.c. a liability.d. an expense.