Acc 201 exam 2 - Study guides, Class notes & Summaries

Based on the account balances below, what is the total of the debit and credit columns of the adjusted trial balance? Service revenue $5300 Equipment $7400 Cash 2525 Prepaid insurance 1225 Unearned service revenue 5320 Depreciation expense 640 Salaries and wages expense 1050 Accum. depreciation 1280 Common stock 390 Retained earnings 550 Ans: $12,840 Oriole Company collected $13200 in May of 2016 for 4 months of service which would take place from October of 2016 through January of 2...

company shows a balance in Salaries and Wages Payable of $50,000 at the end of the month. The next payroll amounting to $75,000 is to be paid in the following month. What will be the journal entry to record the payment of salaries? - Answer Debit Salaries and Wages Payable 50,000, Debit Salaries and Wages Expense 25,000; Credit Cash 75,000 Given the following adjusted trial balance: Cash $831 Accounts receivable 1,049 Inventory 1,562 Prepaid rent 43 Equipment 150 Accumulated depreciat...

Revenue Recognition Principle - Answer Recognize revenue GENERALLY when you deliver a product or service. For example, if someone pays you $1000 in advance for 100 hours tutoring them, you can't report this officially as revenue on the income statement until you start the tutoring. Initially, the company will call this a liability until it delivers the product or service even if cash has been received. The title of this liability is either Unearned Revenue or Deferred Revenue. Each time yo...

Under revenue recognition principle service-type businesses recognize revenue: - ANSWER When the service is performed. A company purchased office supplies costing $4500 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $810 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: - ANSWER debit Supplies Expense, $3690; credit Supplies, $3690. $4500-$810=$3690 (Supp...

Under revenue recognition principle service-type businesses recognize revenue: - ANSWER When the service is performed. A company purchased office supplies costing $4500 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $810 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: - ANSWER debit Supplies Expense, $3690; credit Supplies, $3690. $4500-$810=$3690 (Suppli...

Under revenue recognition principle service-type businesses recognize revenue: - ANSWER When the service is performed. A company purchased office supplies costing $4500 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $810 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: - ANSWER debit Supplies Expense, $3690; credit Supplies, $3690. $4500-$810=$3690 (Supplies pu...

NR 601 MIDTERM EXAMS 2024 (2 LATEST VERSIONS) / NR 601 ACTUAL MIDTERM EXAM WITH 400 QUESTIONS AND CORRECT VERIFIED ANSWERS GRADED A+ CHAMBERLAIN COLLEGE (NEWEST!!!) You are working as NP in Fast Track of ER. 76yo male presents w/LUQ pain. There can be many conditions that present as LUQ pain, but which of the following is least likely to cause pain here? - ANSWER-Acute pancreatitis A 55 yo Caucasian male follows up after referral to cardiologist. He thinks his med is causing a cough ...

Acc 201 Exam 1 2024 Updated Questions and Correct Solutions External users of accounting information include: A. Shareholders B. customers C. creditors D. government regulators E. All the above - Answer -E 2. The operating functions of a business include: A. Research and development B. Purchasing C. Marketing D. Distribution E.All of the above - Answer -E 3. The private board that currently has the authority to establish U.S. generally accepted accounting principles isthe: A. APB...

Acc 201 Exam 1 Questions and Answers Already Graded A External users of accounting information include: A. Shareholders B. customers C. creditors D. government regulators E. All the above E 2. The operating functions of a business include: A. Research and development B. Purchasing C. Marketing D. Distribution E.All of the above E 3. The private board that currently has the authority to establish U.S. generally accepted accounting principles isthe: A. APB B. FASB C. AAA D. AICPA E....