Which of the following transactions would not be recorded in the general journal? a.Adjusting entry for depreciation b.Closing entry for rent expense c.Owner withdrawal of cash d.Adjusting entry for supplies used

Q: Which of the following accounts will appear on the post-closing trial balance? Question 37 Owner's…

A:

Q: What adjusting journal entry is needed to record depreciation expense for the period? Group of…

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

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: Accounts Requiring Adjustment Indicate with a Yes or No whether or not each of the following…

A: Adjusting journal entry records those financial transactions which requires some adjustment at the…

Q: Adjusting entries are needed to correctly measure the​ ________.       A. net income​ (loss) on the…

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

Q: What is the impact of prepaid expenses before year end adjusting entries. The answer is A .…

A: Prepaid expense is the one which is paid by the company in advance.

Q: Which of the following accounts would not appear in the post closing trial balance? Equipment…

A: Post-closing trial balance:The post-closing trial balance is prepared after all the income statement…

Q: Which of the following accounts will be credited to close it? a.Accumulated Depreciation b.Rent…

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

Q: Which of the following options is not recorded in the Balance sheet? a. Goodwill b. Building c. Rent…

A: Note: All the assets, liabilities and equity accounts are recorded in the balance sheet. And all the…

Q: Indicate which of the following accounts of the ABC Co. should be closed (temporary or nominal…

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Q: If the advance payment of an expense was initially recorded in an expense account,  the adjusting…

A: Whenever transactions are recorded relating to an expense, any advance payment for the future period…

Q: Select the correct entry to adjust the unadjusted trial balance for depreciation expense. Select…

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

Q: Which of the following business events would not be recorded in the accounting records? Group of…

A: Option A, B and D are business events which are required to be recorded in accounting records,…

Q: What would be the adjusting entry to record depreciation each period?   a. Debit Accumulated…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: Which of the following adjusting entries involves the recognition of an accrued expense? a.…

A: Accrued expenses are those which are due but yet to be paid in the future.So it is recognised before…

Q: Which of the following would most likely lead to an accrued adjusting entry? A. Interest revenue…

A: Accrued adjusting entry is made when expense is accrued but not paid or revenue is earned but not…

Q: Which of the following is not accomplished by an adjusting entry?   A. Updating liability and asset…

A: Adjusting entries are made to allocate income and expenses to their proper period.

Q: e of an office building B. Depreciation of vehicles C. Maintenance of machinery D. Sales discount…

A: Income statement records income and expenses. It shows the net income or loss of a company for a…

Q: Select the term on the right that best completes the statement on the left. Terms may be used once,…

A: Adjusting entries are prepared at the end of the accounting year, in order to maintain the accrual…

Q: Which of the following accounts would normally not be affected by an adjusting entry? Group of…

A: The purpose of recording an adjusting journal entry is to record the unrecognized revenues and…

Q: What adjusting journal entry is needed to record depreciation expense for the period? A.a debit to…

A: Adjusting journal entry are entries which are made at the end of every accounting year to record the…

Q: Prepare an adjusted trial balance from the adjusted account balances; solve for the one missing…

A: Dividends (assume accounts have normal balances). Equipment was recently purchased, so there is…

Q: Which of the following is an example of an adjusting entry? Recording the billing of customers for…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Use the following account T-balances (assume normal balances) and correct balance information to…

A: Journal entry: It is also called as book of original entry. All financial transactions occurred in a…

Q: Which of the following will appear as a debit entry in a pre-adjustment trial balance of a sole…

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Q: Which of the following accounts showing a balance on the post-closing trial balance indicate an…

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Q: Choose the correct answer:   Which of the following is equal to the SFP? A. Unadjusted trial…

A: Abbreviations used in the Question : SFP means Statement of Financial Position of Balance Sheet SCI…

Q: Which of the following is not accomplished by an adjusting entry?   A. Updating liability and asset…

A: Adjusting entries are prepared to ensure the financial statement is following the accrual base…

Q: What is the impact of accrued expenses before year end adjusting entries ? The answer is .A.…

A: Accrued expenses are those expenses which are recoginzed on the financial statements of the company…

Q: Identify the classification of account. And Choose the letter of the correct answer. Questions: 1.…

A: General explanation -  Assets we can touch feel and they will give cash inflows into the…

Q: true or false questions

A: Adjusting entries are prepared at the end of the year to accrue the revenues and expenses accrued…

Q: Unearned revenue can be best be described as an amount: Not collected and not currently matched with…

A: Unearned revenue is the amount received in advance. Nominal accounts can be eliminated at the end of…

Q: Which of the following describes the purpose(s) of closing entries? a. Adjust the balances of asset…

A: Closing entries are prepared at the end of the year to transfer the balance of temporary accounts to…

Q: The following items are recorded in the general journal, except Select one: A. Purchase of…

A: >Journal entries are the first accounting treatment that is given to a transaction, where in the…

Q: Which of the following statements is incorrect?   A. Adjustments to prepaid expenses and unearned…

A: An adjusting journal entry is a change made to an asset or liability account, as well as…

Q: The goal of closing entries does NOT​ include:   A. to clear revenue and expense accounts.   B. to…

A: Definition of  closing entries: In a specified period of time temporary accounts are maintained.

Q: A major purpose of preparing closing entries is toa. update the Retained Earnings account.b. adjust…

A: Definition: Closing entries: The journal entries prepared to close the temporary accounts to the…

Q: hich of the following accounts ordinarily would not appear in the post-closing trial balance?  Hint:…

A: Temporary accounts are the accounts which has been closed and their balance has been moved to…

Q: Which of the following accounts will usually appear in the post-closing trial balance? a.  Accounts…

A: Note: Permanent account appears on a post closing trial balance. Temporary account does not appear…

Q: Unearned revenue can be best be described as an amount: * Not collected and not currently matched…

A: Unearned revenue the amount of cash that is received in advance for which services have not been…

Q: hich of the following transactions is recorded in the revenue journal? a. sale of excess office…

A: Revenue Journal- Revenue journal is also known as a sales journal. All the credit sales of goods…

Q: Which of the following accounts is  not  closed? a. Depreciation Expense b. Dividends c. Service…

A: Concept introduction:   At the end of every accounting period, temporary accounts are closed and the…

Q: Which of the following will appear as a debit entry in a pre-adjustment trial balance of a sole…

A: Pre adjustment trial balance is the summary of all general ledger account balances in the business…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is