The balance in the unearned rent account for Jones Co. as of December 31 is $1,200. If Jones Co. fairesulted in document the adjusting enattempt for $600 of rent earned in the time of December, the effect on the balance sheet and income statement for December would certainly be...a. Assets understated $600; net revenue overstated $600b. Liabilities underdeclared $600; net earnings underproclaimed $600c. Liabilities overstated $600; net revenue understated $600d. Liabilities overdeclared $600; net earnings overstated $600
If the supplies account prior to adjustment on May 31, indicated a balance of $2,250, and also gives on hand also at May 31 totaled $950, the adjusting entry would certainly be:a. Delittle bit Supplies $950; crmodify Supplies Expense $950b. Debit Supplies $1,300; credit Supplies Expense $1,300c. Delittle Supplies Expense $950; credit Supplies $950d. Debit Supplies Expense $1,300; credit Supplies $1,300
If the estimated amount of depreciation on equipment for a period is $2,000, the adjusting entry to record depreciation would certainly be:a. Delittle bit Depreciation Expense $2,000; credit Equipment $2,000b. Debit Equipment $2,000; credit Depreciation Expense $2,000c. Delittle Depreciation Expense $2,000; credit Accumulated Depreciation $2,000d. Debit Accumulated Depreciation $2,000; crmodify Depreciation Expense $2,000
If the tools account has a balance of $22,500 and also its gathered depreciation account has a balance of $14,000, the book value of the equipment is:a. $36,500b. $22,500c. $14,000d. $8,500
If the adjusting enattempt for accrued weras of $7,500 was omitted, the adjusted trial balance totals would certainly be:a. Unequal, the delittle total would certainly exceed the credit by $7,500b. Unequal, the delittle bit full would exceed the credit by $15,000c. Unequal, the crmodify full would certainly exceed the credit full by $7,500d. Equal, assuming no various other errors or omissions
At the finish of the year $23,570 of fees have actually been earned but haven"t been bilresulted in clients. Journalize the adjusting enattempt to document the accrued fees.
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We-Sell Realty pays weekly salaries of $11,800 on Friday for a five-day work week finishing on that day. Journalize the necessary adjusting enattempt at the finish of the bookkeeping period, assuming that the period ends on Wednesday.
The balance of the unearned fees account, before adjustment at the end of the year, is $272,500. Journalize the adjusting entry forced, assuming the amount of unearned fees at the finish of the year is $189,750.
The provides account had a start balance of $3,375 and was debited for $6,450 for gives purchased in the time of the year. Journalize the adjusting entry forced at the end of the year, assuming the amount of provides on hand is $2,980.
The approximated amount of depreciation on devices for the present year is $6,880. Journalize the adjusting entry to record depreciation.
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For the year finishing August 31, Medical Company incorrectly omitted adjusting entries for (1) depreciation of $5,800, (2) fees earned that were not billed of $44,500, and (3) accrued wages of $7,300. Indicated the unified impact of the errors on (A) earnings, (B) prices, and also (3) net income for the year finished August 31.
A. Revenues were underproclaimed by $44,500B. Expenses were underproclaimed by $13,100C. Net revenue was underdeclared by $31,400
Bundle: Intermediate Accounting 16e Binder Ready Version + WileyPLUS Access Code1sixth EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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