Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 4, Problem 14PB
Prepare an adjusted
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Which of the following statements is incorrect?
A. Adjustments to prepaid expenses and unearned revenues involve previously recorded assets and liabilities.
B. Accrued expenses and accrued revenues involve assets and liabilities that had not previously been recorded.
C. Adjusting entries can be used to record both accrued expenses and accrued revenues.
D. Prepaid expenses, depreciation, and unearned revenues often require adjusting entries to record the effects of the passage of time.
E.Adj usting entries affect only balance sheet accounts.
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
Which of the following adjusting entries involves the recognition of an accrued expense?
a. recording depreciation on a long-lived asset
b. writing off the portion of an insurance policy that has expired
c. recognition of salaries owed to employees for work done during the current period that will be paid during the next accounting period
d. recognition of bad debt losses that are expected to result from making sales on credit terms
Chapter 4 Solutions
Principles of Accounting Volume 1
Ch. 4 - Which of the following is any reporting period...Ch. 4 - Which of the following is the federal, independent...Ch. 4 - Revenues and expenses must be recorded in the...Ch. 4 - Which of the following breaks down company...Ch. 4 - Which of the following is a twelve-month reporting...Ch. 4 - Which type of adjustment occurs when cash is...Ch. 4 - Which type of adjustment occurs when cash is not...Ch. 4 - If an adjustment includes an entry to a payable or...Ch. 4 - If an adjustment includes an entry to Accumulated...Ch. 4 - Rent collected in advance is an example of which...
Ch. 4 - Rent paid in advance is an example of which of the...Ch. 4 - Salaries owed but not yet paid is an example of...Ch. 4 - Revenue earned but not yet collected is an example...Ch. 4 - What adjusting journal entry is needed to record...Ch. 4 - Which of these transactions requires an adjusting...Ch. 4 - What critical purpose does the adjusted trial...Ch. 4 - Which of the following accounts balance would be a...Ch. 4 - On which financial statement would the Supplies...Ch. 4 - On which financial statement would the Dividends...Ch. 4 - On which financial statement would the Accumulated...Ch. 4 - On which two financial statements would the...Ch. 4 - Describe the revenue recognition principle. Give...Ch. 4 - Describe the expense recognition principle...Ch. 4 - What parts of the accounting cycle require...Ch. 4 - Why is the adjusting process needed?Ch. 4 - Name two types of adjusting journal entries that...Ch. 4 - Are there any accounts that would never have an...Ch. 4 - Why do adjusting entries always include both...Ch. 4 - Why are adjusting journal entries needed?Ch. 4 - If the Supplies account had an ending balance of...Ch. 4 - When a company collects cash from customers before...Ch. 4 - If the Prepaid Insurance account had a balance of...Ch. 4 - If adjusting entries include these listed...Ch. 4 - What is the difference between the trial balance...Ch. 4 - Why is the adjusted trial balance trusted as a...Ch. 4 - Indicate on which financial statement the...Ch. 4 - Identify whether each of the following...Ch. 4 - Identify whether each of the following...Ch. 4 - Identify which type of adjustment is indicated by...Ch. 4 - The following accounts were used to make year-end...Ch. 4 - Reviewing insurance policies revealed that a...Ch. 4 - On July 1, a client paid an advance payment...Ch. 4 - Reviewing payroll records indicates that employee...Ch. 4 - Supplies were purchased on January 1, to be used...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare adjusting journal entries, as needed,...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - From the following Company A adjusted trial...Ch. 4 - Identify whether each of the following...Ch. 4 - Identify whether each of the following...Ch. 4 - Indicate what impact the following adjustments...Ch. 4 - What two accounts are affected by the needed...Ch. 4 - Reviewing insurance policies revealed that a...Ch. 4 - On September 1, a company received an advance...Ch. 4 - Reviewing payroll records indicates that one-fifth...Ch. 4 - On July 1, a client paid an advance payment...Ch. 4 - Prepare journal entries to record the business...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare adjusting journal entries, as needed,...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - From the following Company B adjusted trial...Ch. 4 - Identify whether each of the following...Ch. 4 - To demonstrate the difference between cash account...Ch. 4 - Identify which type of adjustment is indicated by...Ch. 4 - Identify which type of adjustment is associated...Ch. 4 - Indicate what impact the following adjustments...Ch. 4 - What two accounts are affected by each of these...Ch. 4 - Using the following information: A. make the...Ch. 4 - Use the following account T-balances (assume...Ch. 4 - Use the following account T-balances (assume...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Determine the amount of cash expended for Salaries...Ch. 4 - Prepare adjusting journal entries, as needed,...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Using the following Company W information, prepare...Ch. 4 - From the following Company Y adjusted trial...Ch. 4 - Identify whether each of the following...Ch. 4 - To demonstrate the difference between cash account...Ch. 4 - Identify which type of adjustment is indicated by...Ch. 4 - Identify which type of adjustment is associated...Ch. 4 - Indicate what impact the following adjustments...Ch. 4 - What two accounts are affected by each of these...Ch. 4 - Using the following information, A. Make the...Ch. 4 - Use the following account T-balances (assume...Ch. 4 - Use the following account T-balances (assume...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Determine the amount of cash expended for...Ch. 4 - Prepare adjusting journal entries, as needed,...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Using the following Company X information, prepare...Ch. 4 - From the following Company Z adjusted trial...Ch. 4 - Assume you are the controller of a large...Ch. 4 - Assume you are employed as the chief financial...
Additional Business Textbook Solutions
Find more solutions based on key concepts
What advantages do matrix structures have compared to functional structures?
Principles of Management
E2-13 Identifying increases and decreases in accounts and normal balances
Learning Objective 2
Insert the mis...
Horngren's Accounting (11th Edition)
External users of accounting information would include ________________. employees managers investors superviso...
Principles of Accounting Volume 2
Define cost pool, cost tracing, cost allocation, and cost-allocation base.
Cost Accounting (15th Edition)
E6-14 Using accounting vocabulary
Learning Objective 1, 2
Match the accounting terms with the corresponding d...
Horngren's Accounting (12th Edition)
Discussion Questions 1. What characteristics of the product or manufacturing process would lead a company to us...
Managerial Accounting (4th Edition)
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
- Which of the following accounts balance would be a different number on the Balance Sheet than it is on the adjusted trial balance? A. accumulated depreciation B. unearned service revenue C. retained earnings D. dividendsarrow_forwardWhat 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 Casharrow_forwardCASH, MODIFIED CASH, AND ACCRUAL BASES OF ACCOUNTING Prepare the entry for each of the following transactions, using the (a) cash basis, (b) modified cash basis, and (c) accrual basis of accounting. 1. Purchase supplies on account. 2. Make payment on asset previously purchased. 3. Purchase supplies for cash. 4. Purchase insurance for cash. 5. Pay cash for wages. 6. Pay cash for phone expense. 7. Pay cash for new equipment. End-of-Period Adjusting Entries: 8. Wages earned but not paid. 9. Prepaid item purchased, partly used. 10. Depreciation on long-term assets.arrow_forward
- 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 casharrow_forwardPrepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Equipment was recently purchased, so there is neither depreciation expense nor accumulated depreciation.Accounts Payable 9,500; Accounts Receivable 14,260; Cash 22,222; Common Stock 30,000; Dividends 5,000; Equipment 12,000; Prepaid Insurance 25,444; Land 20,000; Notes Payable 26,000; Retained Earnings 12,815; Insurance Expense 12,689; Service Revenue 89,550; Supplies 2,750; Salaries Expense 53,500. Adjustments needed: Salaries due to employees, but unpaid at the end of the period, $2,000Insurance still unexpired at end of the period, $12,000arrow_forwardWhat adjusting journal entry is needed to record depreciation expense for the period? Group of answer choices 1.a debit to Depreciation Expense; a credit to Cash 2.a debit to Accumulated Depreciation; a credit to Depreciation Expense 3.a debit to Depreciation Expense; a credit to Accumulated Depreciation 4.a debit to Accumulated Depreciation; a credit to Casharrow_forward
- Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited from the following accounts: Cash; Accounts Receivable; Prepaid Insurance; Equipment; Accumulated Depreciation; Wages Payable; Unearned Revenue; Revenue; Wages Expense; Insurance Expense; and Depreciation Expense. Indicate which of the accounts is the income statement account and which is the balance sheet account. a. Entry to record revenue earned that was previously received as cash in advance. b. Entry to record wage expenses incurred but not yet paid (nor recorded). c. Entry to record revenue earned but not yet billed (nor recorded). d. Entry to record expiration of prepaid insurance. e. Entry to record annual depreciation expense.arrow_forward1. When an error is discovered after closing the nominal accounts, one of the accounts to be credited or debited is the owner’s capital account. True or False?2. All property, plant and equipment are capitalized. True or False?3. Accrual basis of accounting recognizes sales on credit and collection from accounts receivable. True or false?arrow_forwardWhich of the following would most likely lead to an accrued adjusting entry? A. Interest revenue earned and collected B. Wages incurred as an expense and paid C. Rent owed to the company and not yet received D. Supplies purchased but not usedarrow_forward
- The accountant of Newton Legal Services failed to make an adjusting entry for supplies that had been used for the year. Assume the supplies were initially recorded as an asset. Which of the following statements is true? A. The total assets will be understated. B. The total assets will be overstated. C. The equity will be understated. D. The total liabilities will be overstated.arrow_forwardFor each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected the account name and amount and indicating whether it is an addition (+) or a subtraction (–). Transaction a has been done as an illustration. Net income is not affected by every transaction. In some cases, only one column may be affected because all of the specific accounts affected by the transaction are included in that category. Recorded $200 of depreciation expense. Sold land that had originally cost $14,900 for $10,800 in cash. Recorded a $66,500 payment for the cost of developing and registering a patent. Recognized periodic amortization for the patent (in part c) using the maximum statutory useful life. Capitalized $3,100 of cash expenditures made to extend the useful life of production equipment. Expensed $2,000 of cash expenditures incurred for routine maintenance of production equipment. Sold…arrow_forwardThe Accountant for the a Company forgot to make an adjusting entry to record depreciation for the current year. The effect of this error would be: a An overstatement of net income and an understatement of assets. b An overstatement of assets offset by an understatement of owners' equity. c An overstatement of assets, net income, and owners' equity. d An overstatement of assets and of net income and an understatement of owners' equity.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY