Question: answer the first two the adjusting entry for the earning of the revenue or the incurring of the expense. For both unearned revenues and prepaid


the adjusting entry for the earning of the revenue or the incurring of the expense. For both unearned revenues and prepaid expenses, the cash payment occurs O concurrently with Ob before O c. after d. None of these choices are correct Which of the following would NOT cause the adjusted trial balance totals to be unequal? O a. The adjustment for prepaid insurance was omitted, Ob. The adjustment for depreciation of $3,935 was journalized as a debit to Depreciation Expense of $3,844 and a credit to Accumulated Depreciation of $3,935. Oc. The adjostment for accrued fees of $16,540 was journalized as a debit to Accounts Payable of $16,630 and a credit to Fees Eamed of $16,540. Od. All of these choices would cause the adjusted trial balance totals to be unequal. Which of the following statements about vertical analysis is NOT true? O a. It is useful for analyzing relationships within a financial statement. O b. The dollar amount of change in each line item is determined. O c. It is useful for analyzing changes in financial statements over time. O d. Each line item is expressed as a percentage of some total or key amount within the same statement
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
