which of the following would least likely require an adjusting entry at the end of the year? - prepaid advertising - land - unearned revenue
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which of the following would least likely require an
- prepaid advertising
- land
- unearned revenue
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- 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.
