Which of the following statements is prepared from the unadjusted trial balance?Select one:0 A. Income StotementO B. Balance SheetO C. Stotement of Owner's EquityO D. none of the above
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- how do you know if a trial balance or income state, etc... is post-closing, unadjusted, or adjusted?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.Return inward appearing in trial balance is deducted from Select one: a. Asset b. Purchases c. Return outwards O d. Sales
- Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec. Retained Earningsd. Sales RevenueChoose the correct answer: Which of the following is equal to the SFP? A. Unadjusted trial balance C. Post-closing trial balance B. Adjusted trial balance D. Unbalance trial balance 2. Which of the following is to be extended to the SCI columns of the worksheet? A. Unearned income C. expired insurance premium B. Unused supplies D. accumulated depreciation 3. Which of the following is to be extended to the SFP columns of the worksheet? A. Unearned income C. expired insurance premium B. Unused supplies D. accumulated depreciation9. Allowance for Doubtful Accounts will appear on the balance sheet as a. a contra asset. a. a contra asset. b. a contra liability a liability. d. part of the owner's capital C.
- Allowance for Doubtful Accounts is classified as a(n) ______ account and has a normal ______ balance. a. contra asset, debit b. contra asset, credit c. owner's equity, credit d. owner's equity, debitif the unearned interest is credited in the adjusting entry, which of teh following will be affected? a. nominal accountb. capital accountc. liability accountd. asset accountInstruction: Fill in the blank on the type/nature of the adjustment or the pro-forma entry of the adjustment on the following: 1. The pro-forma adjusting entry to record the interest expense during the reporting period. 2. The expense account used to record the decline in value of assets due to wear and tear. 3. The pro-forma entry to record the estimated accounts that are uncollectible using the allowance method. 4. The expense account used for accounts that could not be collected to bring this account to its net realizable value. 5. The pro-forma entry to record the expense representing the uncollected accounts from customers using the direct method.
- Which of the following journals would correctly post an adjustment for deferred (prepaid) income? Select one: A. DR Income Account / CR Asset B. DR Asset / CR Income Account C. DR Income Account / CR Deferred Income D. DR Deferred income / CR Income AccountWhich one of these statements is true of the accumulated depreciation 1 account? O the account is to provide allowance related to the net debtor/receivable O the accumulated depreciation is a deduction to reduce the cost of non-current asse O the account is similar to depreciation expenses. the accumulated depreciation account will be shown in the trial balance on the deb side.Which of the following accounts would not appear in aclosing journal entry?a. Interest Revenueb. Accumulated Depreciationc. Retained Earningsd. Salaries and Wages Expense