For the existing year, a company has earned (however not recorded or received) $200 of interemainder from investments. Demonstprice the required adjusting enattempt by completing the complying with sentence. The compelled adjusting entry would certainly be to delittle bit the

_____(Unearned revenue/Accounts receivable/Cash/Interemainder receivable) account and _____

(debit/credit) the _______

(Cash/Accounts receivable/Interest revenue/Interemainder receivable) account.

You are watching: Identify the accounts below that would be classified as long-term liabilities


Chimney Sweeps provided chimney cleaning solutions to numerous clients in the time of the month of February. Chimney"s customers have actually not yet been billed. Chimney"s customers owe $2,000 to Chimney. How will certainly Chimney Sweeps record this transaction?


StoryPublication Company type of offered solutions to several customers throughout the month of December. These solutions have not yet been passist by the customers. StoryBook have to document the adhering to adjusting entry at the end of December: (Select all that apply).


By the finish of the accountancy period, employees have earned salaries of $500, but they will not be phelp until the complying with pay period. Which of the complying with is the appropriate adjusting entry?


Select all that apply

Describe the effect of an accrued revenue adjustment on the earnings statement and also the balance sheet by choosing from the statements below. (Check all that apply.)


- An asset will be enhanced.

- Net revenue is enhanced.

- Total assets will certainly be enhanced.

- A revenue account will be increased


Sheldon Company type of had $500 for at some point of accrued salaries on December 31 of the prior year. On January 4 of the existing year, full salaries for the five-day week are passist. The journal entry to document the payment of salaries on January 4 includes:


At the finish of the previous year, a customer owed Chocolates R US $500. On January 31 of the present year, the customer phelp $900 total, which had the $500 owed plus $400 owed for the current month of January. What would certainly be the journal enattempt on January 31 that shows this? (Check all that use.)


Cash will certainly be debited for $900.

Accounts receivable will be attributed for $500.

Service revenue would be credited for $400.


McDarrel"s documents $500 of accrued salaries on December 31. Three days later, on January 3, complete salaries of $4,000 (including the $500 accrued at year end) are paid. Demonstprice the compelled journal enattempt on January 3 by picking from the options listed below. (Check all that use.)


Salaries payable will certainly be debited for $500.

Cash would certainly be attributed for $4,000.

Wages price would be debited for $3,500.


On December 28, I. Grsimple Catering Company kind of completed $600 of catering solutions. As of December 31, the customer had not been billed nor had actually the transactivity been recorded. Demonstrate the compelled adjusting enattempt by picking the correct statement below.


By the finish of the audit period, employees have earned salaries of $650, but they will not be phelp until the complying with pay period. Demonstprice the forced adjusting entry by completing the complying with sentence. The compelled adjusting enattempt would certainly be to delittle bit the Incomes ______

(expense/payable) account and ____

(debit/credit) the Wages _____

(expense/payable/unearned) account.


For the current year, Bubbles Office Supply had earned $600 of interest on investments. As of December 31, namong this interest had been received or videotaped. Demonstprice the required fifty percent of the adjusting entry by choosing the correct statement below.


At the finish of the previous year, a customer owed Days Company $400. On February 1 of the existing year, the customer paid $600 full, which contained the $400 owed plus $200 owed via February 1st. The journal entry on February 1 is? (Check all that apply.)


Accounts receivable will certainly be credited for $400.

Service revenue would be attributed for $200.

Cash will certainly be debited for $600.


Describe the effect of an accrued revenue adjustment on the earnings statement and also the balance sheet by picking from the statements listed below. (Check all that use.)


Total assets will be enhanced.

An asset will certainly be boosted.

A revenue account will be boosted.

Net income is increased.


On December 27, a business completed a $400 business that had actually not yet been billed or taped as of December 31. Demonstrate the required adjusting entry of the service by completing the following sentence. The compelled adjusting enattempt would certainly be to delittle the

(Unearned revenue/Accounts receivable/Cash/Service revenue) account and also

(debit/credit) the

(Unearned revenue/Accounts receivable/Cash/Service revenue) account.


Equipment was purchased in the middle of the year.

a 24-month insurance plan was prepaid

Six months of rent were phelp in breakthrough.

An advance payment was received from a customer previously in the month, however just partially earned by the finish of the month.

Supplies were purchased at the beginning of the year, but not all were used.


Which of the complying with refers to the preparation of an readjusted trial balance? (Check all that apply.)


An changed trial balance has one debit column and one credit column.

Accounts are mainly listed in the exact same order as detailed in the chart of accounts.

An readjusted trial balance is all set after adjustments have actually been posted.

The delittle and also credit column totals need to balance.

New accounts may must be added because of the adjusting process.


Illustrate your expertise of how to usage the readjusted trial balance to prepare the balance sheet by completing the following sentence. In order to prepare a balance sheet making use of the account balances on an readjusted trial balance, all of the

assets

Blank 1

Blank 1 assets , Correct Uneasily accessible (expenses/assets) and also their delittle balances are transferred to the balance sheet as well as every one of the

liabilities

Blank 2

Blank 2 liabilities , Correct Uneasily accessible (liabilities/revenues) and also their


A agency using a calendar year-end will document an adjusting enattempt for a bill received on January 15 for solutions obtained throughout the month of December on:


Which of the complying with statements accurately explains just how to use a worksheet to enter adjustments? (Check all that apply.)


Each adjustment is determined by a letter in parentheses that serves as a cross-referral to the delittle bit and also credit side of the adjustment.

The adjustments column totals must balance prior to moving on to the Adjusted Trial Balance columns.

As new accounts are included, they are added to the bottom of the worksheet listed below the other accounts.

Adjustments are gotten in in a middle column titled Adjustments.


Illustrate your understanding of just how to usage the readjusted trial balance to prepare a statement of retained revenue by completing the complying with sentence. In order to prepare the statement of maintained income, the balance of the

______

(Retained revenue / Cash) account balance as well as any kind of debit balance in the _____

(Dividends / Supplies) account is moved from the readjusted trial balance and also is supplied together with the reported net income (loss) from the Income statement.

Listen to the complete question


Blank 1: maintained earnings

Blank 2: dividends


Resee the complying with statements and recognize which is (are) correct about an adjusted trial balance and also how it is used In preparing financial statements. (Check all that use.)


The finishing Retained Salaries account balance on the balance sheet is transferred from the statement of maintained revenue.

The income statement is the first financial statement ready after preparing the changed trial balance.

Financial statements are all set more quickly making use of the adjusted trial balance than via the general ledger.

The changed trial balance has all accounts and balances showing up in financial statements.


Which statements below are true concerning long-term and also momentary accounts? (Check all that use.)


Retained Earnings is a long-term account, but Dividends is a momentary account.

Temporary accounts are reported on the income statement.

Permanent accounts will appear on a post-cshedding trial balance.

Permanent accounts are reported on the balance sheet.

Temporary accounts have actually a balance for one period only.


Illustrate your knowledge of how to use the changed trial balance to prepare an revenue statement by completing the complying with sentence. In order to prepare an revenue statement making use of the account balances on an readjusted trial balance, all of the ____________

(revenues/liabilities) and also their crmodify balances are transferred to the revenue statement and also every one of the __________

(expenses/assets) and also their ____________

(debit/credit) balances.


Blank 1: revenues

Blank 2: expenses

Blank 3: debit


Which of the complying with lists contains just short-lived accounts?


Wages Expense; Income Summary; Dividends


Which of the lists below includes only irreversible accounts?


Retained Earnings; Accounts Payable; Accumulated Depreciation


Recall the order in which financial statements are all set.


Income statement, statement of preserved income, balance sheet, statement of cash flows


Complete the adhering to statement. The objective of the cshedding procedure is to reset

temporary

___________(temporary/permanent) account balances to zero and to deliver the changes in all of these accounts to the Retained

______(Earnings/Summary/Withdrawal) account.


Blank 1: temporary

Blank 2: earnings


Which of the statements below is correct about the distinction between a short-term account and also a irreversible account?


A temporary account will not appear on a post-closing trial balance.


Which of the statements below describe(s) a temporary account? (Check all that apply.)


A short-term account has a balance for only one period.

A short-term account is closed at the end of an audit duration.


Which of the statements listed below describe(s) a permanent account? (Check all that apply.)


A long-term account is reported on the balance sheet.

A long-term account"s balance is brought forward to the following audit period.


Exsimple your understanding of the cshedding procedure by choosing the correct statements listed below. (Check all that use.)


the cshedding process helps to summarize a period"s profits and costs.

the closing process resets the balances in temporary accounts to zero.


When does the closing procedure take place?


At the end of an accounting period


Choose the statement listed below that defines what "closing" indicates.


Closing suggests to lug an account balance to zero.


Define the Income Overview account.


It is a short-term account provided throughout the closing procedure to summarize revenues and prices.


The cshedding process takes area at the ___ (end/beginning) of an audit period, after the _____(adjusted/unadjusted) trial balance is ready and _____ (after/before) the financial statements are all set.


Blank 1: end

Blank 2: adjusted

Blank 3: after


Rewatch and also finish the adhering to statement concerning the Income Rundown account. The Income Rundown account is

______(debited/credited) for the sum of all revenue accounts and also is ______ (debited/credited) for the amount of all price accounts and its balance will be transferred to the

_____(Retained Earnings/Cash) account.


Blank 1: credited

Blank 2: debited

Blank 3: preserved earnings


The Income Synopsis account have the right to be characterized as which of the following? (Check all that apply.)


A momentary account

An account provided throughout the cshedding process

An account whose balance equals net revenue or net loss

An account that includes a credit for the sum of all revenues


At year-finish, Zagnut Company kind of is start its cshedding procedure. Use the following account balances to show the cshedding of its price accounts. (Check all that use.)

Account

Debit

Credit

Service Fees

$10,000

Consulting Revenue

$2,000

Supplies Expense

$700

Insurance Expense

$900

Dividends

$120


Credit Insurance Expense for $900.

Crmodify to Supplies Expense for $700.

A delittle to Income Rundown for $1,600.


A agency had the following schosen balances:

Account

Debit

Credit

Service Revenue

$8,000

Rental Revenue

$2,000

Wages Expense

$500

Utilities Expense

$100


Delittle bit Income Outline $9,400; and also credit Retained Earnings $9,400.


Select the statement below that describes just how to use the Income Summary account.


The Income Overview account is used during the closing procedure to facilitate the closing of revenue and expense accounts.


At year-finish, ABC Company type of is start its cshedding procedure. Use the adhering to account balances to demonstrate the cshedding of its revenue accounts. (Check all that apply.)

Account

Debit

Credit

Service Fees

$15,000

Consulting Revenue

$12,000

Supplies Expense

$900

Rent Expense

$600

Dividends

$80


Delittle to Consulting Revenue for $12,000.

A credit to Income Outline for $27,000.

Delittle Service Fees for $15,000.


The journal enattempt to cshed every one of a company"s price accounts would certainly include a

________ (debit/credit) to each of the price accounts and also a matching

________(debit/credit) to the _________(statement/summary) account.


Blank 1: credit

Blank 2: debit

Blank 3: summary


The entries to cshed the revenue and also price accounts for Jefferkid Company type of are presented below. The following cshedding entry in the closing process would include: (Check all that apply.)

Account

Debit

Credit

Service Fees

10,000

Income Summary

10,000

(Close revenue accounts)

Income Summary

2,900

Wperiods Expense

2,900

(Close cost accounts)


A crmodify to the Retained Earnings account for $7,100.

A debit to Income Outline for $7,100.


The entries to cshed the revenue and expense accounts for Jefferson Company are shown below. The following closing entry in the cshedding process would include: (Check all that apply.)

Account

Debit

Credit

Service Fees

20,000

Income Summary

20,000

(Cshed revenue accounts.)

Income Summary

22,900

Rent Expense

22,900

(Cshed price accounts.)


A credit to Income Overview for $2,900.

A delittle to the Retained Salaries account for $2,900.


A firm had the complying with selected balances:

Account

Debit

Credit

Service Revenue

$4,000

Rental Revenue

$2,000

Wages Expense

$500

Utilities Expense

$100

Dividends

$80

The first closing journal enattempt would certainly encompass which of the following?


A crmodify to Income Rundown for $6,000.


Select the statements below that explain the objective of a post-closing trial balance. (Check all that apply.)


One purpose is to verify that all short-lived accounts have zero balances.

One function is to verify that total debits equal total crmodify for irreversible accounts.


In preparing a post-cshedding trial balance, which of the complying with statements are correct? (Check all that apply.)


The full of all delittle bit balances will certainly equal the full of all crmodify balances.

The preserved earnings account on the post-closing trial balance will certainly incorporate the net earnings or net loss for the period.

All irreversible accounts through a balance in the general ledger will be contained.


At year-finish, ABC Company type of is completing its cshedding procedure. Use the complying with account balances to show the closing of the Dividends account. (Check all that apply.)

Account

Debit

Credit

Consulting Fees

$5,000

Rental Revenue

$2,000

Wages Expense

$700

Rent Expense

$1,900

Dividends

$500


Delittle bit Retained Earnings $500.

Crmodify Dividends for $500.


Define "current" as it applies to assets and also liabilities on a classified balance sheet.


Which of the statements below is (are) correct regarding the audit cycle? (Check all that use.)


classified balance sheet has a number of categories for assets and liabilities including: (Check all that apply.)


Long-term investments.

Nonexisting (long-term) liabilities.

Current assets.

Plant assets.


Select the statement listed below that explains a post-cshedding trial balance.


It is a listing of all permanent accounts and their balances after cshedding.


Identify which of the following measures in the accountancy cycle is optional.


Reversing journal entries


Demonstrate your knowledge of preparing a post-cshedding trial balance by selecting the accounts below that would be included on it. (Check all that use.)


Permanent accounts

Liability accounts

Asset accounts


A classified balance sheet can be described as a balance sheet that: (Check all that use.)


lists current assets in the order of just how easily they have the right to be converted to cash.

is even more beneficial to decision makers.

organizes assets and liabilities into crucial subgroups.


Recheck out the statements listed below and pick the items that are correct concerning the operating cycle for a service. (Check all that apply.)


The operating cycle is the time expectations from as soon as cash is supplied to acquire goods and solutions till cash is obtained from the sale of items or solutions.

Most providers usage a one-year period or operating cycle in deciding which assets and liabilities are current.

The length of a company"s operating cycle counts on its activities.

Many operating cycles are less than one year.


Identify which of the accounts listed below would be classified as a present asset. (Check all that use.)


Accounts receivable

Prepassist rent

Office supplies

Cash


Which of the accounts below would certainly appear in the equity area of a classified balance sheet?


Retained Earnings


Identify the accounts below that would be classified as a irreversible investment. (Check all that use.)


Land held for future expansion

Notes receivable due in 2 years

Investments in bonds


Define plant assets by picking the correct statements below. (Check all that use.)


Plant assets are property, plant and equipment that are tangible.

Plant assets are hard to transform to cash conveniently.

Plant assets are devices and also other assets that have actually a life better than one year.

See more: How Are The Ideas In The Following Two Sentences Tied Together? ?


Identify the accounts below that would certainly be classified as intangible assets on a classified balance sheet. (Check all that use.)


Goodwill

Franchise

Patent

Trademark


What are present liabilities? (Check all that use.)


The complying with categories are on a classified balance sheet. List them in the order that they would appear.


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