Journalize the adjusting - Study guides, Class notes & Summaries

WGU D103 Intermediate Accounting 1: Units 2-4 Pre-Assessment 100% Solved Report a $3500 sale on account Debit: Accounts Receivable $3500; Credit: Service Revenue $3500 Journalize depreciation for the equipment that is $5,000 Debit: Depreciation Expense $5000; Credit: Accumulated-Depreciation Equipment $5000 Journalize the adjusting entry for an employer that owes $1300 for payroll on Jan 10, 2021, for the payroll period ending December 31, 2020. Debit: Salaries and Wages Expense $1300; Credit:...

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...

Intermediate Accounting 1- D103: Units 2-4 Pre-Assessment(WGU)With Complete Solutions.

MRTS 1342 Final Test Questions and Answers All Correct The Standard Chart of Accounts - Answer-Assets 100's Liabilities 200's Owner's Equity 300's Revenue 400's Expenses500's Accounting Cycle Steps - Answer-1. transactions 2. Journalize the transactions 3. Post to ledger accounts 4. Prepare a trial balance 5. Journalize and post adjusting entries 6. Prepare an adjusted trial balance 7. Prepare financial statements 8. Journalize and post closing entries 9. Prepare a post...

Report a $3500 sale on account - Correct Answer Debit: Accounts Receivable $3500; Credit: Service Revenue $3500 Journalize depreciation for the equipment that is $5,000 - Correct Answer Debit: Depreciation Expense $5000; Credit: Accumulated-Depreciation Equipment $5000 Journalize the adjusting entry for an employer that owes $1300 for payroll on Jan 10, 2021, for the payroll period ending December 31, 2020. - Correct Answer Debit: Salaries and Wages Expense $1300; Credit: Salaries an...

SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM’S TAXONOMY Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT True-False Statements 1. 1 K 9. 2 K 17. 4 K 25. 6 C sg33. 2 K 2. 1 K 10. 2 K 18. 4 C 26. 6 K sg34. 3 K 3. 1 C 11. 2 K 19. 5 C 27. 6 K sg35. 6 C 4. 1 C 12. 2 K 20. 5 K 28. 6 K sg36. 6 K 5. 1 K 13. 2 K 21. 5 C 29. 6 K sg37. 6 K 6. 1 K 14. 2 K 22. 6 K a 30. 7 K 7. 1 C 15. 3 C 23. 6 C sg31. 1 K 8. 2 K 16. 3 K 24. 6 C sg32. 2 K Multiple Choice Questions 38. 1 K 62. 2 K 8...

MIAMI UNIVERSITY EXAM 1-ACC 221 QUESTIONS AND VERIFIED ANSWERS Journalize the Adjusting Entry for Unearned Revenue: On January 1 we are given $2000 for 4 months of labor, and it is now February 28. What is the adjusting entry? - ANSWER-Unearned Revenue $500 Dr. Service Revenue $500 Cr. What is shown on the Income Statement - ANSWER-Revenues, Expenses, Net Income What Type of Account is Cost of Goods Sold? - ANSWER-Expense What is on the Balance Sheet? - ANSWER-Total Assets (Sum of As...

A schedule that contains all accounts needed to prepare financial statements is known as: - ANSWER-general ledger Reorganizing all the journal entries and grouping them by account is known as: - ANSWER-posting to the ledger Chart of Accounts (COA) - ANSWER-an ordered listing of accounts that a company has identified and made available for recording transactions Journal Entry - ANSWER-an accounting method for expressing the effects of a transaction on accounts in a debits-equal-credits f...

The three most well-known forms of business organization Sole proprietorships, partnerships, and corporation What section of a cash flows statement shows the amount of cash spent on new equipment acquired during the most recent accounting period? The investing section In what order are the following accounts and their balances listed on a classified balance sheet? Cash, accounts receivable, inventories, equipment Which of the following would not be reported among property, plant, and equipmen...

ACCT 212 Week 3 Homework. Question 1 Red Rentals Company faced the following situations: Journalize the adjusting entry needed at December 31, 2020, for each situation. Consider each fact sep arately. (Record debits first, then credits. Exclude explanations from any journal entries) Solution: Accrual accounting records the impact of a business transaction as it occurs. When the business performs a service, makes a sale, or incurs an expense, the transaction is recorded even if the business recei...