Prepare adjusting entry for supplies. LO 2AP Prepare adjusting entry for depreciation. LO 2AP Prepare adjusting entry for prepaid expense.
Q Preparing adjusting entries. Foster Company initially records prepaid and unearned items in income statement accounts. Given Foster Company's practices which of the following choices applies to the preparation of adjusting entries at the end of the company's first accounting period?
Unpaid salaries will be recorded with a debit to Prepaid Salaries and a credit to Salaries Expense. The cost of unused office supplies will be recorded with a debit to Supplies Expense and a credit to Office Supplies.
Earned but unbilled consulting fees will be recorded with a debit to Unearned Consulting Fees and a credit to Consulting Fees Earned. None of the above is correct. Q Analyzing accounting adjustments. Calculate Revell's profit margin. Interpret the profit margin calculation. Q Identifying accounting adjustments.
Classify the following adjusting entries as involving prepaid expenses Pamortization Aunearned expenses Uaccrued expenses Eor accrued revenues R.
Entry to record annual amortization expense. Entry to show wages earned but not yet paid.
Entry to show revenue earned but not yet billed. Entry to show expiration of prepaid insurance. Entry to show revenue earned that was previously received as cash in advance. Q Recording and analyzing adjusting entries.
Adjusting entries affect one balance sheet account and one income statement account. For the entries listed below identify the account to be debited and the account to be credited.
Indicate which of the two accounts is the income statement account and which is the balance sheet account.The Income Statement will include the following accounts? the clearing account.
The Adjusted Trial Balance includes the postings of the adjustments for the period in the balance of the accounts. Which of the statements below indicates that a company earned a net income for the period?
debit Insurance Expense, $11,; credit Prepaid. The assumption that the assets and liabilities of the business are accounted for on the books of the company but not included in the records of the owner is the. The essential difference between an unadjusted trial balance and an adjusted trial balance is that an Washington Company had the following account balances: Accounts recievable.
The adjusted trial balance of Gertz Company included the following selected accounts: Debit Credit Sales $, Sales Returns and Allowances $ 50, Sales Discounts 9, Cost of Goods Sold , . View Notes - gertz from ECONOMIC acc at University of Phoenix. The adjusted trial balance of Gertz Company included the following selected accounts: Debit Credit Sales $, Sales Returns and.
The Trial Balance Worksheet prints out a blank report with columns where you may write in your own information.
There are three Worksheet formats available: Unadjusted, Adjusted, and Tax. All three formats look at the balances in the Chart of Accounts. b) Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, E The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared.