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FromBalanceSheetsDec. Adjusting entries are needed: A. The entry to record revenue earned but not yet received c. The entry to record the earned portion of rent recei. a. an increase in liabilities b. decrease in liabilities c. decrease in revenue d. increase in assets, Inventory held by a business is a(an) __________ and when sold becomes a(an) __________. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Owner Capital a. (If you click "Add or remove columns," you will find that you can obtain comparisons of a number of key statistics for either the most recent year or quarter.) a. revenue, expense b. liability, asset c. asset, liability d. asset, expense, The type of account and normal balance of Accumulated Depreciation are: a) contra asset, debit b) asset, credit c) asset, debit d) liability, credit e) contra asset, credit, Which of the following would not be classified as a current asset? Account adjustments, also known as adjusting entries, are entries that are made in the general journal at the end of an accounting period to bring account balances up-to-date. Revenue c. Stockholders' equity d. Liability, Which of the following accounts will appear on the company's income statement? Indicate which items will be erroneously stated, because of the error, on (A) the income statement for the year and (B) the balance sheet as of October 31. - Liabilities will increase. 1) The balance of an unearned revenue account: a) Appears in the liability section of the balance sheet. Cash, contributed capital, and retained earnings. Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: At the end of the current year, $23,570 of fees have been earned but have not been billed to clients. Createyouraccount. [1001][1562], [1652][1001]\left[\begin{array}{rr}-1 & 6 \\ 5 & 2\end{array}\right]\left[\begin{array}{ll}1 & 0 \\ 0 & 1\end{array}\right] 1) Which of the following situations does not require Empire Company to record an adjusting entry at the end of January? b. debit Insurance Expense, $14,000; credit Prepaid Insurance, $14,000 c. accrued a. Expenses have normal debit balances. By writing-down a fixed asset's depreciable cost now, there is less depreciation expense to match against future revenues. a) Before financial statements and after a trial balance has been prepared. Answered: Which of the following is most likely | bartleby At the end of the period, it was determined that $15,000 worth of coupons had been used by customers to rent videos. b. debit Cash; credit Salaries Payable Basic type of adjusting entry includes recording entry to convert a liability to a revenue, to convert an asset to an expense, and in order to record accrued unpaid expenses. The accrued salaries were included in the first salary payment in November. C. Assets - Liabilities - Dividends, Identify the type of account for the following: Equipment a. c) Expenses decrease stockholders' equity. Decrease in liabilities and reduction in net income. = 15 * 3/20 Adjusting entries are recorded to make adjustments to all general ledger and subsidiary-ledger accounts to reflect the true & correct value at the end of the fiscal reporting period. Assets + Dividends + Expenses = Liabilities + Common Stock + Revenues c. Assets - Liabilities - Divide, Which of the following would be caused by recording an adjusting journal entry to recognize depreciation?