Showing 111 to 120 of 204 Questions
  • Required Each of the following independent events requires a year-end adjusting entry. Record each event and the related adjusting entry in general journal format. The first event is recorded as an example. Assume a December 31 closing date. a . Paid $8,400 cash in advance on October 1 for a one-year lease on office space. b . Paid $4,800

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  • Required Explain how each of the following posting errors affects a trial balance. State whether the trial balance will be out of balance because of the posting error, and indicate which side of the trial balance will have a higher amount after each independent entry is posted. If the posting error does not affect the equality of debits a

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  • Required Explain how each of the following posting errors affects a trial balance. State whether the trial balance will be out of balance because of the posting error, and indicate which side of the trial balance will have a higher amount after each independent entry is posted. If the posting error does not affect the equality of debits a

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  • Required For each of the following independent events, identify the account that would be debited and the account that would be credited. The accounts for the first event are identified as an example. a. Received cash by issuing common stock. b. Received cash for services to be performed in the future. c. Paid salaries payable. d. Provide

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  • Required For each of the following independent events, identify the account that would be debited and the account that would be credited. The accounts for the first event are identified as an example. a. Received cash for services to be performed in the future. b. Purchased supplies on account. c. Paid cash in advance for one year’s ren

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  • Required Identify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also explain how each event affects the accounting equation by placing a + for increase, - for decrease, and NA for not affected under each of the components of the accounting equation. Finall

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  • Required Indicate whether each of the following accounts normally has a debit balance or a credit balance: a. Salaries Expense b. Consulting Revenue c. Unearned Revenue d. Accounts Payable e. Dividends f. Land g. Salaries Payable h. Cash i. Prepaid Insurance j. Common Stock k. Interest Revenue l. Rent Expense

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  • Required Indicate whether each of the following accounts normally has a debit or credit balance: a. Interest Receivable b. Interest Revenue c. Prepaid Insurance d. Land e. Salaries Payable f. Salaries Expense g. Supplies Expense h. Consulting Revenue i. Utilities Payable j. Supplies k. Service Revenue l. Accounts Payable m. Operating Exp

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  • Required On December 31, 2016, Morgan Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance. Land …………………………………… $30,000 Unearned Revenue ……………………. 32,000 Dividends ……………………………… 8,000 Prepaid Rent

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  • Required On December 31, 2016, Wages Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance. Common Stock ………………. $ 50,000 Salaries Expense ………………. 32,000 Office Supplies ………………… 3,600 Advertising Expense …………… 5,

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