which of the following would least likely require an adjusting entry at the end of the year? - prepaid advertising - land - unearned revenue
Q: The following accounts were used to make year-end adjustments. Identify the related account that is…
A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…
Q: To reduce in accounting costs, a firm always expenses its routine operating expenditures immediately…
A: The company received P1,200 as a one year rent in advance and it has debited cash account and…
Q: How should material seasonal variations in revenue be reflected in interim financial statements?a.…
A: Material seasonal variations in revenue occurs due to seasonal availability of materials and the…
Q: On which of the following would the year-end retained earnings balance be stated correctly? A.…
A: When closing entries are passed during closing of trail balance, the following ledger are closed and…
Q: 6. Which of the following is least likely to be an adjusting entry a. The entry to accrue salaries…
A: solution note : dear student as per the Q&A guideline we are required to answer the first…
Q: Choose the correct. How should material seasonal variations in revenue be reflected in interim…
A: Variance: Variance refers to the difference level in the actual cost incurred and standard cost.…
Q: Both are sub parts of single question 1.1 Which of the following is an example of an accrued…
A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are…
Q: Concept Introduction: Adjusting entries are required to adjust the accounts according to the accrual…
A: Journal entries means the book of prime entry incuding debit and credit item. Adjusting entry means…
Q: Prepaid Expense us an expense that is paid in advance in the current year which the benefits are…
A: Prepaid expenses:-It is an amount that is initially recorded as an asset in the balance sheet and…
Q: The following accounts were used to make year-end adjustments. Identify the related account that is…
A: The adjustment entries are made at the end of the period to adjust the profits and expenses of the…
Q: If a company recorded accrued salaries expense of $500 at the end of its fiscal year, what reversing…
A: Reversing entries: Reversing Entries are the entries that will be made to remove adjusting entries…
Q: The following information is available for the required adjusting entries: 3. Half of the unearned…
A: Adjusting Entries: Adjusting entries are those which are recorded at the end of the accounting year.…
Q: Prepare year-end adjusting entries for the following transactions. Omit explanation.
A: 1. In 3rd entry, adjustment entry will be passed for rent Expired which is ($36,000 - $…
Q: Unearned Revenue Adjusting Entries Olney Cleaning Company had the following items that require…
A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…
Q: Required: For each of the above independent and unrelated errors, determ the effect on the 2020…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Assume that a company’s fiscal year ends on December 31. Which of the following events involves an…
A: Adjusting Entries: Adjusting entries are accounting journal entries made after a trial balance is…
Q: Which is the proper time period to record the effect of a change in accounting estimated? A.…
A: Accounting is the process of work of keeping financial accounts. It is a process of recording…
Q: If an accrued expense is not recorded at the end of the year, what is the impact on the financial…
A: Adjusting entries:An adjusting entry is prepared when the trial balance is not up-to-date, and…
Q: State the effect the following situation would have on the amount of annual net income reported for…
A: Given situation is: The collection of USD 5,000 for services yet unperformed as of December 31, was…
Q: Suppose that at the end of the year there is an outstanding note receivable. The adjusting entry to…
A: 1. Accounting Equation - The accounting Equation is calculated using the following equation - Assets…
Q: If the following adjusting entry is omitted, what effect will it have on the financial statements?…
A: Unearned income seems to be revenue collected for a good or service that the company has yet to…
Q: According to AASB110, which of the following is an adjusting event? Select one: a. All of the above…
A: As per AASB 110, the events that provides the evidence of the conditions that are in existence at…
Q: When converting to IFRS, a company must:(a) recast previously issued financial statements in…
A: International Financial Reporting Standards (IFRS): IFRS are a set of international accounting…
Q: . Which of the following adjusting entries cannot be reversed? a. An adjusting entry to accrue an…
A: Solution: Adjusting entries are prepared at the end of accounting period adjust the books to record…
Q: Unearned Sales Revenue of P 120,000 was overlooked at the end of 2021. What would be the adjusting…
A: Unearned revenue refers to revenue received but not yet earned. Here, the unearned sales revenue…
Q: 1. A commission income account in the trial balance at the end of the year showed a balance of Php…
A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…
Q: recorded under the accrual basis of accounting A. deferred income - end B. prepaid expense - beg C.…
A: (c) Accrued income-beg , is added to income received to determine the total income for the yearthat…
Q: The adjusting entry for accrued fees was omitted at the end of the current year. Indicate which…
A: Required adjusting entry:
Q: Prepare the December 31 year-end entry that companies record to adjust the Revenue and the Unearned…
A: Unearned revenue is the money received by the enterprises for which the service/ product are yet to…
Q: Identify whether each of the following transactions, which are related to expense recognition, are…
A: As per the accrual concept of accounting, any expense or revenue should be recognized when the…
Q: State the effect the following situation would have on the amount of annual net income reported for…
A: Unearned Revenue is money received from customer for which money has received but product/services…
Q: Which of the following circumstances will cause an asset to be overstated if no adjusting entry is…
A: Hey there, Since multiple questions as per guidelines only the first question (11) will be answered.…
Q: Which of the following happens only at the end of the year? a. Closing of temporary accounts b.…
A: Accounting the whole process of recording, classifying and summarising accounting information in…
Q: In year 2022, payment of rent for the month is debited to Rent Income. What is the effect of the…
A: Solution Concept When the expense is not recorded the effect is understatement of the expenses and…
Q: The following accounts were used to make year-end adjustments. Identify the related account that is…
A: The revenues and expenses are to be recorded as and when they are incurred irrespective of cash…
Q: An item that will not be included in the statement of receipts and payments is? A.depreciation…
A: Statement of receipts and payments will includes all cash and Bank receipts and Payments whether…
Q: Which of the following is most likely not considered an adjusting entry? The accrual of an…
A: The adjustment entries are prepared at year end to adjust the revenue and expenses of the current…
Q: Which of the following accounts will not be closed to Retained Earnings at the end of the fiscal…
A: There are two types of accounts. One is permanent accounts and other is temporary accounts.…
Q: 1. If at the end of the year, the Estimated Uncollectible Account is to be provided at 3% of its…
A: “Since you have posted a many question with multiple sub-parts, we will solve first question with…
Q: The balance in the unearned fees account, before adjustment at the end of the year, is $316,290.…
A: Routine transactions, such as client billings and supplier invoicing, should not be recorded using…
Q: Which of the following types of adjusting entries would result in a decrease in the amount of a…
A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…
Q: At the end of the current year, $27,480 of fees have been earned but have not been billed to…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. The…
Q: The Yellow Canoe Company made year-end adjusting entries affecting each of the following accounts:…
A: Reversing entries are made at the beginning of a new accounting period, It is simply made to remove…
Q: Which of the following accounts will not be closed to Retained Earnings at the end of the fiscal…
A: All the temporary accounts are closed to permanent accounts such as all the expenses, losses, gains,…
Q: Which of the following adjusting entries would record wages that have been earned but not yet paid…
A: Adjusting entries are used by the management at the end of the accounting period. These are prepared…
which of the following would least likely require an
- prepaid advertising
- land
- unearned revenue
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The following accounts were used to make year-end adjustments. Identify the related account that is associated with this account (the other account in the adjusting entry). A. Salaries Payable B. Depreciation Expense C. Supplies D. Unearned RentOn which of the following would the year-end Retained Earnings balance be stated correctly? A. Unadjusted Trial Balance B. Adjusted Trial Balance C. Post-Closing Trial Balance D. The WorksheetWhich of the following statements concerning reversing entries is true? a. Reversing entries are required by Generally Accepted Accounting Principles. b. Reversing entries are most often used with accrual-type adjustments. c. Reversing entries are dated December 31, the end of the fiscal year. d. Reversing entries are recorded before adjusting entries.
- Which of the following statements concerning reversing entries is true? Reversing entries are required by Generally Accepted Accounting Principles. Reversing entries are most often used with accrual-type adjustments. Reversing entries are dated December 31, the end of the fiscal year. Reversing entries are recorded before adjusting entries.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.Which of the following accounts should be closed to Retained Earnings at the end of the fiscal year? a.Equipment b.Service Revenue c.Prepaid Insurance d.Unearned Rent
- A commission income account in the trial balance at the end of the year showed a balance of 12,000. 1/5 of the amount is already earned. What is the year end adjusting entry?Required Explain how each of the following events or series of events and the related adjusting entry will affect the amount of net income and the amount of cash flow from operating activities reported on the year-end financial statements. Identify the direction of change (increase or decrease) and the amount of the change. If there is no change, leave the cell blank. Organize your answers according to the following table. The first event is recorded as an example. If an event does not have a related adjusting entry, record only the effects of the event. (Not all cells will require entry. Do not round intermediate calculations.) Paid $2,200 cash on October 1 to purchase a one-year insurance policy. Purchased $1,300 of supplies on account. Paid $700 cash on accounts payable. The ending balance in the Supplies account, after adjustment, was $350. Provided services for $7,600 cash. Collected $10,500 in advance for services to be performed in the future. The contract called for…In year 2022, payment of rent for the month is debited to Rent Income. What is the effect of the error in year 2022 revenue and expenses? Group of answer choices Revenue - understated; Expenses - understated Revenue - understated; Expenses - overstated Revenue - overstated; Expenses - understated Revenue - overstated; Expenses - overstated
- 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.The following accounts were used to make year-end adjustments. Identify the related account that is associated with this account (the other account in the adjusting entry). Salaries Payable Depreciation Expense Supplies Unearned RentWhat is the impact of accrued expenses before year end adjusting entries ? The answer is .A. Understate expenses and understate liabilities. B. Understate assets and understate expenses . C. Overstate assets and understate expenses . D. Understate expenses and overstate liabilities.