FUND OF FINANCIAL ACCOUNTING
5th Edition
ISBN: 9781259712609
Author: PHILLIPS
Publisher: MCG
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Textbook Question
Chapter 4, Problem 5MC
An
- a. A decrease in assets and stockholders’ equity.
- b. A decrease in assets and liabilities.
- c. An increase in expenses, liabilities, and stockholders’ equity.
- d. An increase in expenses and liabilities and a decrease in stockholders’ equity.
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An adjusting journal entry to recognize accrued salariespayable would cause which of the following?a. A decrease in assets and stockholders’ equity.b. A decrease in assets and liabilities.c. An increase in expenses, liabilities, and stockholders’equity.d. An increase in expenses and liabilities and a decreasein stockholders’ equity.
An adjusting entry to recognize accrued salaries payable would cause which of the following?
Group of answer choices
A. An increase in expenses and liabilities.
B. A decrease in liabilities and an increase in expenses.
C. A decrease in assets and liabilities.
D. An increase in revenues and liabilities.
The effects of paying salaries for the current period are to:a. increase assets and increase stock- holders' equity.b. increase assets and increase liabilities.c. decrease assets and decrease liabilities.d. decrease assets and decrease stock- holders' equity.
Chapter 4 Solutions
FUND OF FINANCIAL ACCOUNTING
Ch. 4 - Prob. 1QCh. 4 - Explain the relationships between adjustments and...Ch. 4 - Prob. 3QCh. 4 - Prob. 4QCh. 4 - What is a contra-asset? Give an example of one.Ch. 4 - Explain the differences between depreciation...Ch. 4 - What is an adjusted trial balance? What is its...Ch. 4 - On December 31, a company makes a 59,000 payment...Ch. 4 - Using the information in question 8, determine the...Ch. 4 - Using the information in question 8, prepare the...
Ch. 4 - What is the equation for each of the following...Ch. 4 - Prob. 12QCh. 4 - What is the purpose of closing journal entries?Ch. 4 - Prob. 14QCh. 4 - Prob. 15QCh. 4 - What is a post-closing trial balance? Is it a...Ch. 4 - The owner of a local business complains that the...Ch. 4 - Which of the following accounts would not appear...Ch. 4 - Which account is least likely to appear in an...Ch. 4 - When a concert promotions company collects cash...Ch. 4 - On December 31, an adjustments made to reduce...Ch. 4 - An adjusting journal entry to recognize accrued...Ch. 4 - Prob. 6MCCh. 4 - Company A has owned a building for several years....Ch. 4 - Which of the following trial balances is used as a...Ch. 4 - Assume the balance in Prepaid Insurance is 2,500...Ch. 4 - Assume a company receives a bill for 10,000 for...Ch. 4 - Prob. 1MECh. 4 - Understanding Concepts Related to Adjustments...Ch. 4 - Matching Transactions with Type of Adjustment...Ch. 4 - Recording Adjusting Journal Entries Using the...Ch. 4 - Determine Accounting Equation Effects of Deferral...Ch. 4 - Prob. 6MECh. 4 - Determining Accounting Equation Effects of Accrual...Ch. 4 - Recording Adjusting Journal Entries Using be...Ch. 4 - Preparing Journal Entries for Deferral...Ch. 4 - Preparing Journal Entries for Deferral...Ch. 4 - Preparing Journal Entries for Deferral and Accrual...Ch. 4 - Reporting Adjusted Account Balances Indicate...Ch. 4 - Preparing an Adjusted Trial Balance Macro Company...Ch. 4 - Reporting an Income Statement The Sky Blue...Ch. 4 - Reporting a Statement of Retained Earnings Refer...Ch. 4 - Prob. 16MECh. 4 - Recording Closing Journal Entries Refer to the...Ch. 4 - Preparing and Posting Adjusting Journal Entries At...Ch. 4 - Preparing and Posting Adjusting Journal Entries At...Ch. 4 - Prob. 20MECh. 4 - Prob. 21MECh. 4 - Prob. 22MECh. 4 - Prob. 23MECh. 4 - Prob. 24MECh. 4 - Prob. 25MECh. 4 - Prob. 26MECh. 4 - Prob. 1ECh. 4 - Identifying Adjustments and Preparing Financial...Ch. 4 - Prob. 3ECh. 4 - Determining Adjustments and Accounting Equation...Ch. 4 - Determining Adjustments and Accounting Equation...Ch. 4 - Determining Adjustments and Accounting Equation...Ch. 4 - Recording Adjusting Journal Entries Refer to E4-6....Ch. 4 - Recording Typical Adjusting Journal Entries...Ch. 4 - Determining Accounting Equation Effects of Typical...Ch. 4 - Determining Adjusted Income Statement Account...Ch. 4 - Reporting Depreciation The adjusted trial balance...Ch. 4 - Recording Transactions Including Adjusting and...Ch. 4 - Analyzing the Effects of Adjusting Journal Entries...Ch. 4 - Reporting an Adjusted Income Statement Dyer, Inc.,...Ch. 4 - Recording Adjusting Entries and Preparing an...Ch. 4 - Recording Four Adjusting Journal Entries and...Ch. 4 - Recording Four Adjusting Journal Entries and...Ch. 4 - Prob. 18ECh. 4 - Analyzing, Recording, and Summarizing Business...Ch. 4 - Preparing Adjusting Entries, an Adjusted Trial...Ch. 4 - Preparing an Adjusted Trial Balance, Closing...Ch. 4 - Analyzing and Recording Adjusting Journal Entries...Ch. 4 - Prob. 3CPCh. 4 - Identifying and Preparing Adjusting Journal...Ch. 4 - Preparing a Trial Balance, Closing Journal Entry,...Ch. 4 - Analyzing and Recording Adjusting Journal Entries...Ch. 4 - Prob. 3PACh. 4 - Identifying and Preparing Adjusting Journal...Ch. 4 - Preparing a Trial Balance, Closing Journal Entry,...Ch. 4 - Recording Adjusting Journal Entries Cactus...Ch. 4 - Determining Accounting Equation Effects of...Ch. 4 - Identifying and Preparing Adjusting Journal...Ch. 4 - From Recording Transactions to Preparing Accrual...Ch. 4 - Prob. 2COPCh. 4 - Recording Transactions (Including Adjusting...Ch. 4 - From Recording Transactions (Including Adjusting...Ch. 4 - From Recording Transactions to Preparing Accrual...Ch. 4 - Prob. 6COPCh. 4 - Finding Financial Information Refer to the...Ch. 4 - Prob. 2SDCCh. 4 - Ethical Decision Making: A Mini-Case Assume you...Ch. 4 - Adjusting the Accounting Records Assume it is now...
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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
- For each item that follows, indicate whether a debit or a credit applies. A. increase in prepaid insurance B. increase in utilities expense C. increase in commissions earned D. increase in supplies E. decrease in retained earnings F. decrease in income taxes payable G. increase in unearned revenue H. increase in salaries expense I. decrease in notes receivable J. increase in common stockarrow_forwardIndicate the net effect ( for increase; for decrease; 0 for no effect) of each of the following transactions on each part of the accounting equation, . For example, for payment of an accounts payable balance, . A. Payment of principal balance of note payable B. Purchase of supplies for cash C. Payment of dividends to stockholders D. Issuance of stock for cash E. Billing customer for physician services providedarrow_forwardWhat is the impact on the accounting equation when a current months utility expense is paid? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changesarrow_forward
- What two accounts are affected by the needed adjusting entries? A. supplies actual counts are lower than account balance B. employee salaries are due but not paid at year end C. insurance premiums that were paid in advance have expiredarrow_forwardAn adjusting entry recorded June salary expense that will be paid in July. Which statement best describes the effect of this adjusting entry on the company’s accounting equation?a. Assets are not affected, liabilities are increased, and stockholders’ equity is decreased.b. Assets are not affected, liabilities are increased, and stockholders’ equity is increased.c. Assets are decreased, liabilities are not affected, and stockholders’ equity is decreased.d. Assets are decreased, liabilities are increased, and stockholders’ equity is decreased.arrow_forwardWhat effect does “recognizing revenue at the end of the accounting period for rent previously received in advance” have on the accounting equation for an insurance company? Liabilities decrease and shareholders’ equity increases. Assets decrease and liabilities decrease. Assets increase and shareholders’ equity increases. Assets increase and liabilities decrease.arrow_forward
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