Type of adjustmentClassify the following items as (1) prepaid expense, (2) unearnedrevenue, (3) accrued revenue, or (4) accrued expense: A. Cash received for use of land next monthB. Fees earned but not receivedC. Rent expense owed but not yet paidD. Supplies on hand

Type of adjustmentClassify the following items as (1) prepaid expense, (2) unearnedrevenue, (3) accrued revenue, or (4) accrued expense: A. Cash received for use of land next monthB. Fees earned but not receivedC. Rent expense owed but not yet paidD. Supplies on hand

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 3PA: Identify which type of adjustment is indicated by these transactions. Choose accrued revenue,...

See similar textbooks

Related questions

Q: Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the…

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

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: The data needed to determine year-end adjustments are as follows: a. Unexpired insurance at August…

A: Adjusting entries are entries that are passed at the end of the period to accurately present all…

Q: your

A: Event/Adjustment Net Income Cash Flows From Operating Activities Direction of change Amount of…

Q: 2. Use the following adjustment information to complete the Adjustments columns of the work sheet.…

A: Work sheet:A worksheet is a tool that is used while preparing a financial statement. It is a type of…

Q: Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the…

A: Since we only answer up to 3 sub-parts, we’ll answer the first three. Please resubmit the question…

Q: Adjusting Entries On May 31, the following data were accumulated to assist the accountant in…

A: Adjusting entry means the entry which is passed out at the end of specified period to make necessary…

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: 1) A - Describe the nature of the Adjustment process.

A: 1) A) The analysing and evaluating of account at the end of each accounting period. The adjustment…

Q: The worksheet for Gibler Rental Company appears below. Using the adjustment data below, complete the…

A: Trial balance is a summary or list of all ledger balances of a company which categorizes all…

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: 1. Bill for ads that appeared in prior month’s local newspaper. 2. Fees received but not yet…

A: Accrued Expense- Accrued expenses are those expenses that are due for payment but not paid.…

Q: The data needed to determine year-end adjustments are as follows: a. Unexpired insurance at October…

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…

Q: Journalize the adjusting entries (a) to adjust the unearned fees account and (b) to record the…

A: Adjusting entries: The entries that are made at the end of an accounting period in accordance with…

Q: Prepare adjusting journal entries, as needed. If an amount box does not require an entry, leave it…

A: Given information is: Consider the account balances excerpted from the unadjusted trial balance and…

Q: Selected account balances before adjustment for Newhouse Realty at March 31, the end of the current…

A: Adjusting Entries and the recorded in accordance with the matching concept which states that…

Q: Identify the impact on the income statement and balance sheet if adjusting entries for the following…

A: Adjusting entries: Adjusting entries are journal entries usually made at the end of an accounting…

Q: The balances for the accounts listed below appear in the Adjusted Trial Balance at the end of the…

A: Financial Statements are prepared by the management for reporting purposes. These are the essential…

Q: Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accruedrevenue, or…

A: Classification of items given:

Q: When adjusting entries were made at the end of the year, the accountant for Parker Companydid not…

A: Adjusting entries refer to the the journal entries which are passed at the end of accounting period…

Q: Use the information in the adjusted trial balance presented below to calculate total current…

A: The current liabilities are the liabilities payable within a year. These are the short term…

Q: Accounts requiring adjustment OBJ. 1 Indicate with a Yes or No whether or not each of the following…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: Instructions: А. Determine the type of adjustment (prepaid insurance, Unused Supplies, unearned…

A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…

Q: Indicate the impact on the income statement and balance sheet if the following adjusting entries…

A: Not recording supplies expenses overstated the revenue, assets, and owners equity and understated…

Q: Indicate the impact on the income statement and balance sheet if following adjusting entries were…

A: an attorney has earned 1/2 of a retainer fee that was received and recorded last month. no…

Q: Adjusting Entries Selected account balances before adjustment for Newhouse Realty at March 31, the…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the…

A: Adjusting entries are the also known as adjusting journal entries, they are recorded at the end of…

Q: Type of Adjustment Classify the following items as (1) prepaid expense, (2) unearned revenue, (3)…

A: INTRODUCTION Adjusting entries are those entries which are prepared are at the end of accounting…

Q: Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accruedrevenue, or…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: b.Service Revenue

Q: the following items as: (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or (4)…

A: As more than one question are posted I am providing you answer for 1st question. 1) Prepaid…

Q: Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the…

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

Q: Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the…

A: Journal entries are prepared to record the financial and non financial transaction of the business…

Q: Adjusting entries are sorted into two groups, accruals and deferrals. What is the classification…

A: As per the accrual accounting principle, each business transaction should be recorded in the period…

Q: Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the…

A: Journal: Recording of a business transactions in a chronological order.

Q: Use the following account information and consider the adjustment data provided (assume accounts…

A: Adjusted trial balance refers to the statement that shows the balances of all the ledgers in one…

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: Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or…

A: Adjustment type of this transaction is Deferrals.

Q: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the…

A: Adjusting journal entries are prepared at the end of reporting period in order to adhere with…

Q: Selected account balances before adjustment for Intuit Realty at November 30, the end of the current…

A: Journal entries are the building blocks of accounting, which is the act of recording the economic or…

Q: The Yellow Company made year-end adjusting entries affecting each of the following accounts: Office…

A: Reversing entries are made at the beginning of each accounting year to reverse or cancel the…

Q: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the…

A: Solution:- Introduction:- Adjusting entries are required to adjust the accounts based on the accrual…

Q: Prepare an adjusted trial balance from the following account information, considering the adjustment…

A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…

Q: Instructions: Below are terms pertinent to adjusting entries. Match each definition with its related…

A: 1. Accrued expenses: Accrued expenses refer to the expenses that are incurred but cash is not yet…

Q: Classify the following items as (a) accrued revenue, (b) accrued expense, (c) unearned revenue, or…

A: Let's just quickly run through all four concepts discussed 1. Accrued revenue is revenue that has…

Q: Adjusting entry for accrued feesAt the end of the current year, $59,500 of fees have been earned but…

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are…

Question

Type of adjustment
Classify the following items as (1) prepaid expense, (2) unearned
revenue, (3) accrued revenue, or (4) accrued expense:

A. Cash received for use of land next month
B. Fees earned but not received
C. Rent expense owed but not yet paid
D. Supplies on hand

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Identify which type of adjustment is indicated by these transactions. Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. fees earned and billed, but not collected B. recorded depreciation expense C. fees collected in advance of services D. salaries owed but not yet paid E. property rentals costs, prepaid for future months F. inventory purchased for cash
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
Identify which type of adjustment is indicated by these transactions. Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. rent paid in advance for use of property B. cash received in advance for future services C. supplies inventory purchased D. fees earned but not yet collected
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 Rent
Identify whether each of the following transactions, which are related to expense recognition, are accrual, deferral, or neither. A. paid an expense for the current month B. prepaid an expense for future months C. made a payment to reduce accounts payable D. incurred a current-month expense, to be paid next month
What two accounts are affected by each of these adjustments? A. recorded accrued interest on note payable B. adjusted unearned rent to correct C. recorded depreciation for the year D. adjusted salaries payable to correct E. sold merchandise to customers on account
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
Prepare an adjusted trial balance from the following account information, and also considering the adjustment data provided (assume accounts have normal balances). Equipment was recently purchased, so there is neither depreciation expense nor accumulated depreciation. Adjustments needed: Remaining unpaid Salaries due to employees at the end of the period, $0 Accrued Interest Payable at the end of the period, $7,700
Identify which type of adjustment is associated with this account, and what the other account is in the adjustment. Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. Salaries Payable B. Interest Receivable C. Unearned Fee Revenue D. Prepaid Rent
Identify whether each of the following accounts would be considered a permanent account (yes/no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Accumulated Depreciation B. Buildings C. Depreciation Expense D. Equipment E. Fees Earned Revenue F. Insurance Expense G. Prepaid Insurance H. Supplies Expense I. Dividends
Prepare an adjusted trial balance from the following account information, and also considering the adjustment data provided (assume accounts have normal balances). Adjustments needed: Accrued interest revenue on investments at period end, $2,200 Insurance still unexpired at end of the period, $12,000
What adjusting journal entry is needed to record depreciation expense for the period? A. a debit to Depreciation Expense; a credit to Cash B. a debit to Accumulated Depreciation; a credit to Depreciation Expense C. a debit to Depreciation Expense; a credit to Accumulated Depreciation D. a debit to Accumulated Depreciation; a credit to Cash