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principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

Provide the missing amounts of the accounting equation for each of the following companies. Assets Liabilities Equity Gianni $222,000 ? 147,000 Forest $387,000 7,000 ?
Provide the missing amounts of the accounting equation for each of the following companies. Assets Liabilities Equity Elias ? $ 33,000 186,000 Patel $125,000 ? 63,000
Prepare journal entries to record the following transactions that occurred in March:A. On first day of the month, purchased building for cash, $75,000B. On fourth day of month, purchased inventory,
Name two types of adjusting journal entries that are commonly made before preparing financial statements? Explain, with examples.
What two accounts are affected by each of these adjustments?A. Billed customers for services providedB. Adjusted prepaid insurance to correctC. Recorded depreciation expenseD. Recorded unpaid utility
What two accounts are affected by each of these adjustments?A. Recorded accrued interest on note payableB. Adjusted unearned rent to correctC. Recorded depreciation for the yearD. Adjusted salaries
Why do adjusting entries always include both balance sheet and income statement accounts?
Revenues and expenses must be recorded in the accounting period in which they were earned or incurred, no matter when cash receipts or outlays occur under which of the following accounting methods?A.
Assume you are the controller of a large corporation, and the chief executive officer (CEO) has requested that you explain to them why the net income that you are reporting for the year is so low,
Which of the following pairs increase with credit entries?A. Supplies and retained earningsB. Rent expense and unearned revenueC. Prepaid rent and common stockD. Unearned service revenue and accounts
Which of the following accounts is increased by a debit?A. Common StockB. Accounts PayableC. SuppliesD. Service Revenue
Reviewing payroll records indicates that employee salaries that are due to be paid on January 3 include $3,575 in wages for the last week of December. There was no previous balance in the Salaries
Which of these transactions requires an adjusting entry (debit) to Unearned Revenue?A. Revenue earned but not yet collectedB. Revenue collected but not yet earnedC. Revenue earned before being
Reviewing payroll records indicates that one-fifth of employee salaries that are due to be paid on the first payday in January, totaling $15,000, are actually for hours worked in December. There was
Using the following Company X information, prepare a Retained Earnings Statement:• Retained earnings balance January 1, 2019, $121,500• Net income for year 2019, $145,800• Dividends declared
On which two financial statements would the Retained Earnings account appear?A. Balance SheetB. Income StatementC. Retained Earnings StatementD. Statement of Cash Flows
On which financial statement would the Accumulated Depreciation account appear?A. Balance SheetB. Income StatementC. Retained Earnings StatementD. Statement of Cash Flows
On which financial statement would the Dividends account appear?A. Balance SheetB. Income StatementC. Retained Earnings StatementD. Statement of Cash Flows
From the following Company Z adjusted trial balance, prepare simple financial statements, as follows:A. Income StatementB. Retained Earnings StatementC. Balance Sheet Adjusted Trial Balance Debit $
From the following Company Y adjusted trial balance, prepare simple financial statements, as follows:A. Income StatementB. Retained Earnings StatementC. Balance Sheet Adjusted Trial Balance Debit $
On which financial statement would the Supplies account appear?A. Balance SheetB. Income StatementC. Retained Earnings StatementD. Statement of Cash Flows
Prepare an adjusted trial balance from the following account information, and also considering the adjustment data provided (assume accounts have normal balances).Adjustments needed:• Accrued
Using the following Company W information, prepare a Retained Earnings Statement.• Retained earnings balance January 1, 2019, $43,500• Net income for year 2019, $55,289• Dividends declared and
Prepare an adjusted trial balance from the following account information, and also considering the adjustment data provided (assume accounts have normal balances). Equipment was recently purchased,
Which of the following accounts’ balance would be a different number on the Balance Sheet than it is on the adjusted trial balance?A. Accumulated depreciationB. Unearned service revenueC. Retained
Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Building and Equipment were recently
Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Equipment was recently purchased, so there
What critical purpose does the adjusted trial balance serve?A. It proves that transactions have been posted correctlyB. It is the source document from which to prepare the financial statementsC. It
Prepare an adjusted trial balance from the adjusted account balances; solve for the one missing account balance: Dividends (assume accounts have normal balances). Equipment was recently purchased, so
Indicate on which financial statement the following accounts (from the adjusted trial balance) would appear: (A) Sales Revenue(B) Unearned Rent Revenue (C) Prepaid Advertising (D)
From the following Company A adjusted trial balance, prepare simple financial statements, as follows:A. Income StatementB. Retained Earnings StatementC. Balance Sheet Adjusted Trial
From the following Company B adjusted trial balance, prepare simple financial statements, as follows:A. Income StatementB. Retained Earnings StatementC. Balance Sheet Adjusted Trial Balance Debit $
Why is the adjusted trial balance trusted as a reliable source for building the financial statements?
What adjusting journal entry is needed to record depreciation expense for the period?A. A debit to Depreciation Expense; a credit to CashB. A debit to Accumulated Depreciation; a credit to
Prepare journal entries to record the following transactions. Create a T-account for Supplies, post any entries that affect the account, and tally ending balance for the account (assume Supplies
Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume
Prepare journal entries to record the following adjustments:A. Revenue earned but not collected, nor recorded, $14,000B. Revenue earned that had originally been collected in advance, $8,500C. Taxes
Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances).Adjustments needed:• Physical count of
Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances).Adjustments needed:Salaries due to
Determine the amount of cash expended for Insurance Premiums during the month, based on the entries in the following accounts (assume 0 beginning balances). Account Insurance Expense Balance Prepaid
Revenue earned but not yet collected is an example of which of the following?A. Accrued expenseB. Accrued revenueC. Deferred expense (prepaid expense)D. Deferred revenue (unearned revenue)
Determine the amount of cash expended for Salaries during the month, based on the entries in the following accounts (assume 0 beginning balances). Account Salaries Expense Balance Salaries
Prepare an adjusted trial balance from the following adjusted account balances (assume accounts have normal balances). Accounts payable Accounts receivable Administrative expense Cash Common
Prepare an adjusted trial balance from the following adjusted account balances (assume accounts have normal balances). Accounts payable Accounts receivable Administrative expense Cash Common
If adjusting entries include these listed accounts, what other account must be in that entry as well?(A) Depreciation expense (B) Unearned Service Revenue (C) Prepaid Insurance (D)
Salaries owed but not yet paid is an example of which of the following?A. Accrued expenseB. Accrued revenueC. Deferred expense (prepaid expense)D. Deferred revenue (unearned revenue)
Prepare journal entries to record the following transactions. Create a T-account for Unearned Revenue, post any entries that affect the account, tally ending balance for the account (assume Unearned
Prepare journal entries to record the following transactions. Create a T-account for Prepaid Insurance, post any entries that affect the account, and tally the ending balance for the account (assume
If the Prepaid Insurance account had a balance of $12,000, representing one year’s policy premium, which was paid on July 1, what entry would be needed to adjust the Prepaid Insurance account at
Rent paid in advance is an example of which of the following?A. Accrued expenseB. Accrued revenueC. Deferred expense (prepaid expense)D. Deferred revenue (unearned revenue)
Prepare journal entries to record the following adjustments.A. Insurance that expired this period, $18,000B. Depreciation on assets, $4,800C. Salaries earned by employees but unpaid, $1,200 268
When a company collects cash from customers before performing the contracted service, what is the impact, and how should it be recorded?
Rent collected in advance is an example of which of the following?A. Accrued expenseB. Accrued revenueC. Deferred expense (prepaid expense)D. Deferred revenue (unearned revenue)
Use the following account T-balances (assume normal balances) and correct balance information to make the December 31 adjusting journal entries. Prepaid insurance Taxes payable Unearned rental
Use the following account T-balances (assume normal balances) and correct balance information to make the December 31 adjusting journal entries. Unearned service revenue Supplies Interest
Prepare journal entries to record the following business transaction and related adjusting entry.A. January 12, purchased supplies for cash, to be used all year, $3,850B. December 31, physical count
Prepare journal entries to record the business transaction and related adjusting entry for the following:A. March 1, paid cash for one year premium on insurance contract, $18,000B. December 31,
If the Supplies account had an ending balance of $1,200 and the actual count for the remaining supplies was $400 at the end of the period, what adjustment would be needed?
Use the following account T-balances (assume normal balances) and correct balance information to make the December 31 adjusting journal entries. Prepaid insurance Salaries payable Unearned rental
Use the following account T-balances (assume normal balances) and correct balance information to make the December 31 adjusting journal entries. Unearned fee revenue Supplies Interest
If an adjustment includes an entry to Accumulated Depreciation, which type of adjustment is it?A. AccrualB. DeferralC. EstimateD. Cull
On July 1, a client paid an advance payment (retainer) of $10,000, to cover future legal services. During the period, the company completed $6,200 of the agreed-on services for the client. There was
Supplies were purchased on January 1, to be used throughout the year, in the amount of $8,500. On December 31, a physical count revealed that the remaining supplies totaled $1,200. There was no
Why are adjusting journal entries needed?
If an adjustment includes an entry to a payable or receivable account, which type of adjustment is it?A. AccrualB. DeferralC. EstimateD. Cull
Using the following information,A. Make the December 31 adjusting journal entry for depreciation.B. Determine the net book value (NBV) of the asset on December 31.• Cost of asset, $195,000•
Using the following information:A. Make the December 31 adjusting journal entry for depreciationB. Determine the net book value (NBV) of the asset on December 31• Cost of asset, $250,000•
Which type of adjustment occurs when cash is not collected or paid, but the related income or expense is reportable in the current period?A. AccrualB. DeferralC. EstimateD. Cull
On September 1, a company received an advance rental payment of $12,000, to cover six months’ rent on an office building. There was no beginning balance in the Unearned Rent account for the period.
On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services. During the period, the company completed $3,500 of the agreed-on services for the client. There was no
Are there any accounts that would never have an adjusting entry? Explain.
Which type of adjustment occurs when cash is either collected or paid, but the related income or expense is not reportable in the current period?A. AccrualB. DeferralC. EstimateD. Cull
Search the SEC website (https://www.sec.gov/edgar/searchedgar/companysearch.html) and locate the latest Form 10-K for a company you would like to analyze. Submit a short memo:• State the name and
Reviewing insurance policies revealed that a single policy was purchased on August 1, for one year’s coverage, in the amount of $6,000. There was no previous balance in the Prepaid Insurance
Which of the following is a twelve-month reporting cycle that can begin in any month, except January 1, and records financial data for that twelve-month consecutive period?A. Fixed yearB. Interim
Assume you are employed as the chief financial officer of a corporation and are responsible for preparation of the financial statements, including the adjusting process and preparation of the
Identify which type of adjustment is associated with this account, and what the other account is in the adjustment. Choose accrued revenue, accrued expense, deferred revenue, or deferred expense.A.
Identify which type of adjustment is associated with this account, and what is the other account in the adjustment? Choose accrued revenue, accrued expense, deferred revenue, or deferred expense.A.
What two accounts are affected by the needed adjusting entries?A. Supplies actual counts are lower than account balanceB. Employee salaries are due but not paid at year endC. Insurance premiums that
Why is the adjusting process needed?
Which of the following breaks down company financial information into specific time spans, and can cover a month, quarter, half-year, or full year?A. Accounting periodB. Yearly periodC. Monthly
Search the web for instances of possible impropriety relating to earnings management. This could be news reports, Securities and Exchange Commission violation reports, fraud charges, or any other
Indicate what impact the following adjustments have on the accounting equation, Assets = Liabilities + Equity (assume normal balances). A. B. C. D. Prepaid Insurance adjusted from $5,000 to
Identify which type of adjustment is indicated by these transactions. Choose accrued revenue, accrued expense, deferred revenue, or deferred expense.A. Rent paid in advance for use of propertyB. Cash
What parts of the accounting cycle require analytical processes, rather than methodical processes? Explain.
Search the US Securities and Exchange Commission website (https://www.sec.gov/edgar/ searchedgar/companysearch.html), and locate the latest Form 10-K for a company you would like to analyze. Submit a
To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income.A.
Identify whether each of the following transactions, which are related to expense recognition, are accrual, deferral, or neither.A. Recorded employee salaries earned, to be paid in future monthB.
Identify whether each of the following transactions, which are related to expense recognition, are accrual, deferral, or neither.A. Paid an expense for the current monthB. Prepaid an expense for
Describe the expense recognition principle (matching principle). Give specifics.
Which of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed
Indicate what impact the following adjustments have on the accounting equation: Assets = Liabilities + Equity (assume normal balances). A. B. C. D. Unearned Rent adjusted from $15,000 to
Indicate what impact the following adjustments have on the accounting equation, Assets = Liabilities + Equity (assume normal balances). A. Unearned Fees adjusted from $7,000 to $5,000 Recorded
Reviewing insurance policies revealed that a single policy was purchased on March 1, for one year's coverage, in the amount of $9,000. There was no previous balance in the Prepaid Insurance account
The following accounts were used to make year-end adjustments. Identify the related account that is associated with this account (the other account in the adjusting entry).A. Salaries PayableB.
Identify which type of adjustment is indicated by these transactions. Choose accrued revenue, accrued expense, deferred revenue, or deferred expense.A. Fees earned and billed, but not collectedB.
Identify which type of adjustment is indicated by these transactions. Choose accrued revenue, accrued expense, deferred revenue, deferred expense, or estimate.A. Utilities owed but not paidB. Cash
To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income.A.
Identify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither.A. Expense now, pay nowB. Expense later, pay nowC. Expense now, pay
Identify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither.A. Earn now, collect nowB. Earn now, collect laterC. Earn later,

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