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For the current year, Bubbles Office Supply had earned $600 of interest on investments. Which of the following accounts would be considered a prepaid expense or prepaid asset account? c) If prepaid expense was initially recorded as an asset, then net income will be lower. Answer: Unearned revenues refer to cash received in advance of providing a service or product. Seller's viewpoint: "Accrued revenues " (also called "accrued assets" or unrealized revenues) are revenues earned by the seller for delivery of goods and services before the customer pays for them. Multiple select question. A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account was increased for the payment. d) liabilities on the balance sheet will be understated. (Check all that apply.) \text{Total stockholders' equity}&\underline{\underline{\text{\$1,360,000}}}\\ (Check all that b) The last day of the period c) Equipment was purchased in the middle of the year. View Explain what unearned revenues are by selecting the statements below which are correct.png from ACCT 301 at American River College. Reason: 3. prepare an adjusted trial balance (Check all that apply) a) Each adjustment is identified by a letter in parentheses that serves as a cross-reference to the debit and credit side of the adjustment. What is a work sheet? (Check all that apply), -An advance payment was received from a customer earlier in the month, but only partially earned by the end of the month. ), Which of the accounts below are considered accrued expenses? a) Accounts receivable would be debited for $700. (The Unearned revenue account was increased at the time of the initial cash receipt.) f) Accounts are generally listed in the same order as listed in the chart of accounts. (Check all that apply.) Service revenue would be credited for $400. Payment received, but Good or Service still hasn't been delivered. 1. b) Any unused portion of the prepayment still existing at the end of the period will be transferred to the Unearned rent account. . They are a liability. Which of the following statements is correct regarding a work sheet and the adjustment process? It can help with adjusting and closing accounts and with preparing financial statements. -Profit margin is also called return on sales. Register Now. -Any unused prepaids existing at end of period are transferred to asset accounts. By the end of the accounting period, employees have earned salaries of $500, but they will not be paid until the following pay period. Mouse Inc. uses the alternative method of accounting for prepayments and purchased a $1,200, 6-month insurance policy. A revenue not yet recognized, collected in advanc; Generally accepted accounting principles require the use of accruals and deferrals in the determination of income. Which of the following statements correctly define(s) a profit margin? d) $800. -They are reported on a balance sheet. The P&L helps you compare your sales and expenses and make forecasts. A plant asset is considered temporary and will be used up within one accounting period. The time period assumption D. Accrual basis accounting E. Profit Margin F. Prepaid expenses G. Unearned (or prepaid) revenues 1) Recognized revenue when earned and ex; Explain the relevant Accounting Standards (Revised) with respect to Recognition Revenue, Depreciation Accounting, Cash Flow Statement, Inventories. (Check all that apply.). Describe the effect of the adjusting entry to show the earned amount of a previously recorded unearned revenue on the income statement and on the balance sheet by choosing the correct statements below. c) Unearned revenues refer to customer payments which have not yet been received. recognizes depreciation expense for a machine over the 2-year period during which that machine helps the company earn revenue. Cash received from a customer for unearned subscription revenue can initially be recorded as either a(n) ______ (revenue/expense) or a(n) ______ (liability/expense). -They are also called deferred revenues. Place the steps in the adjusting process in the correct order in which they would be performed. Accounts payable Demonstrate your knowledge of preparing an adjusted trial balance by selecting the correct statement below. They are reported on. They refer to earnings which have been earned, but not yet You'll get a detailed solution from a subject matter expert that helps you learn core concepts. The required adjusting journal entry will A multi-step income statement reports a company's revenues, expenses and overall profit or loss for a specific reporting period. Visit the U.S. d) Accounts receivable will be debited for $400. $10,000 x.08 x 45/360. 1. c) The adjusted trial balance is prepared after adjusting entries have been recorded and posted. Debit Unearned revenues for $600. Dazzle, Inc., purchased a new car for use in its business on January 1, 2015. By the end of the accounting period, employees have earned salaries of $500, but they will not be paid until the following pay period. They are a liability. b) a list of accounts and balances after adjusting entries have been recorded but before they have been posted d) Cash would be credited for $4,000. c) Cash; Notes receivable; Land, a) Unearned revenue; Supplies; Prepaid rent. Multiple choice question. The journal entry on February 1 is? 1) determine what the current account balance equals 2) determine what the current account balance should equal 3) record an adjusting entry Place the steps in the adjusting process in the correct order in which they would be performed. Which of the accounts below are considered accrued expenses? credit Depreciation is the process of allocating the costs of long-term assets over their expected useful life. (Check all that apply.). c) Profit margin is a useful measure of a business's operating results. Which of the statements below explains the accounting cycle? A reversal, will adjust the liability and move the money through to income, do NOT do that. Supplies were purchased at the beginning of the year, but not all were used. e) Service revenue would be credited for $400. b) debit interest payable and credit cash Unearned revenues refer to amounts owed to the company that have not yet been billed. d) The revenues on the income statement will be understated. (Check all that apply.). On December 31, interest expense should be accrued for the following period: -Taxes payable c) Service revenue would be credited for $200. b) $199.26 Accounts receivable will be credited for $500. ), Accrual basis accounting is defined as: (Check all that apply.). B. Contra asset is an account shown as an addition to the asset. Adjusting journal entries are prepared from the Adjustments columns of a work sheet. Demonstrate the required adjusting journal entry by selecting from the choices below. prepare an adjusted trail balance Six months of rent were paid in advance. ), Machinery Journalize the adjusting entries for the month and prepare the adjusted trial balance. Unearned revenues refer to customer payments which have not yet been received. (Check all that apply). Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. A Real Example of an Income Statement. Explain. The line items of the income statement provide details of revenues, expenses, gains, and losses in a bid to explain how a company earned its net income. Fred is an avid user of Amazon.coms services. Balance Sheet What is a plant asset? The adjusted trial balance is used to prepare financial statements. a) Record the receipt of $400 with a debit to the Unearned rent account. A plant asset refers to a long-term tangible asset used to produce and sell products or services. prepare an unadjusted trail balance Accounts receivable is usually increased when accruing revenues. a) $75 The trial balance columns of the worksheet for Riverbed Company at June 30, 2019, are as follows. Demonstrate the required adjusting journal entry by selecting from the choices below. d) The adjusted trial balance generally has more accounts listed than the unadjusted trial balance. b) $100 (Check all that apply. Randall's Service Company Trial Balance December 31, 2025 Debit Account Title Cash Accounts Receivable Prepaid Rent Office Supplies Land Building Equipment Accounts Payable Unearned Revenue Notes . Demonstrate your knowledge of a depreciation adjusting entry by completing the following sentence. Current items are those expected to come due within one year or the company's operating cycle, whichever is longer. Multiple choice question. Indicate each account affected, whether the account is increased of the amount of the increase or decrease. Copyrights Cash will be debited for $900. -Temporary accounts are reported on the income statement. They refer to cash received in advance of performing a service or product. (Check all that apply.). Prepaid expenses are eventually expected to become: a. revenues when the liability is no longer owed b. revenues when services are performed c. expenses when their future economic value expires d. Classify the type of adjustment. Franchise, Identify the accounts below that would be classified as intangible assets on a classified balance sheet. Salaries payable will be credited for $500. Revenue Example. -Permanent accounts will appear on a post-closing trial balance. a) $360 When consumers have serious problems making payments and managing their debt, they may seek advice. 1. prepare an unadjusted trial balance The account allows both the original cost of plant assets and the total depreciation taken to be shown simulta. interest revenue. Insurance expense would be debited for $300. d) Expenses are increased. d) $73.97. Amazon refers to its revenue as "sales," which is equally as common as a term. Take a look at the P&L and then read a breakdown of it below. All adjustments can easily be seen in the _______ trial balance columns and then an ________ trial balance can be prepared. -They refer to earnings which have been earned but not yet billed. Cash flow statement. (Check all that apply.). Unearned revenue, sometimes referred to as deferred revenue, is payment received by a company from a customer for products or services that will be delivered at some point in the future. Demonstrate what the correct adjusting entry should include by choosing the correct statement below. Demonstrate the required adjusting journal entry by selecting from the choices below. c) December 31 Demonstrate the required journal entry on January 3 by selecting from the choices below. (Check all that apply. The following Trial Balance was prepared on December 31, 2025. d) Record receipt with a debit to the Rent revenue account. The adjusted trial balance is prepared after adjusting entries have been recorded and posted. McDarrel's records $500 of accrued salaries on December 31. Multiple choice question. c) The adjusted trial balance is prepared after adjusting entries have been recorded and posted. c) debit cash f) They are reported on an income statement. Unearned revenues refer to customer payments which have not yet been received. Credit Unearned revenues for $400. (Check all that apply.). Examples of accrued expenses are wages expense and interest expense. At the end of the previous year, a customer owed Chocolates R US $500. b) The adjusted trial balance is a list of accounts and their balances after adjusting entries have been posted. Wages expense will be debited for $4,000. On June 30, Sharper Corporation's stockholders' equity section of its balance sheet appears as follows before any stock dividend or split. Demonstrate the required adjusting journal entry on Dec. 31 by selecting from the choices below. Explain your understanding of what an accrued expense is by selecting the statements below which are correct. e) Service revenue would be credited for $400. depreciation expense C. Prepaid expenses are expenses paid and already incurred. 4. Check out CFIs Advanced Financial Modeling & Valuation Course for an in-depth valuation of Amazon. It reports sales in two categories, products and services, which then combine to form total net . Unearned revenues refer to amounts owed to the company that have not yet been billed. (Check all that apply.). By the end of the accounting period, employees have earned salaries of, $500, but they will not be paid until the following pay period. d) Adjustments are entered in a middle column titled Adjustments. By the end, of the period, $300 had not yet been earned. Adjustments involve increasing both an expense and a liability account. b) Utilities expense; Cash; Owner, Capital The statement of cash flow is similar to the P&L, but it doesn't include any non-cash items such as depreciation. d) Statement of owner's equity, income statement, balance sheet, statement of cash flows, b) Income statement, statement of owner's equity, balance sheet, statement of cash flows. They refer to cash received in advance of performing a service or product. (Check all that apply.). The adjusted trial balance generally has more accounts listed than the unadjusted trial balance. On December 28, I. M. Greasy, Catering completed $600 of catering services. ), Which of the following describe the salaries payable account? billed. -The adjusted trial balance includes all accounts and balances appearing in financial statements. -Most companies use a one-year period or operating cycle in deciding which assets and liabilities are current. -The adjusted trial balance generally has more accounts listed than the unadjusted trial balance. Unearned revenues refer to customer payments which have not yet been received. -Retained Earnings is a permanent account, but Dividends is a temporary account. They refer to earnings which have been earned, but not yet billed. (Check all that apply.) Accounts receivable will be credited for $400. Explain your understanding of what an accrued expense is by selecting the statements below which are correct. -Its original cost (minus any salvage value) is expensed over its useful life. They are reported on an income statement. Accumulated depreciation balance The required adjusting entry would be to debit the Interest ________ (expense/payable/receivable) account and _______ (debit/credit) the Interest ______ (expense/payable/receivable) account. Calculate the amount of interest to accrue if the loan has been outstanding for 90 days. b) Debit Interest receivable for $600. Salaries expense would be debited for $3,500. -The adjustment causes an increase in an asset account and an increase in a revenue account. Chimney's customers owe $2,000 to Chimney. c) revenue being overstated Initially, the full amount will be recognized as unearned revenue on Amazons balance sheet. A) The normal balance of accounts receivable is a debit. An advance payment of $1,000 for services was received on December 1 and was recorded as a liability. Consumers may seek legal advice in filing for bankruptcy. A post-closing trial balance is a list of _______ accounts and their balances from the ________ all _________ entries have been journalized and posted. d) Adjustments involve increasing both an expense and a liability account. Supplies would be credited for $300. Transcribed Image Text: K Randal's Service Company began operations on January 1, 2025. Then, use the words and their definitions to create a matching quiz. A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account was increased for the payment. $300 were used during the month. (Check all that apply.). d) No matter how a prepaid expense was initially recorded, after adjustment, the financial statements will be identical. (The Supplies account was increased at the time of the initial purchase.) (Check all that apply.) Explain what unearned revenues are by selecting the statements In order to prepare a balance sheet using the account balances on an adjusted trial balance, all of the _____ (expenses/assets) and their debit balances are transferred to the balance sheet as well as all of the _____ (liabilities/revenues) and their ______ (debit/credit) balances. Username * E-Mail * Password * Confirm Password * Captcha * 33:5-33+11*3-11:3 = ? -Current liabilities are obligations due to be paid within one year. (Check all that apply. It is as a prepayment Also it is a liability account that should be recorded at the balance sheet. The required adjusting entry would be to debit the Salaries _____expense/payable) account and____debit/credit) the Salaries ____expense/payable/unearned) account. Problem-14: Adjustment of accounts. As of December 31, none of this interest had been received or recorded. e) Service revenue will be credited for $600. They are a liability. O A liability on the balance sheet. Course Hero is not sponsored or endorsed by any college or university. A prepaid expense (such as supplies or prepaid rent) can initially be recorded as either an expense or as an asset. 2. journalize and post adjusting entries Multiple select question. Sheldon Company had $500 for one day of accrued salaries on December 31 of the prior year. They refer to earnings which have been earned, but not yet billed. Explain the difference between the unadjusted and the adjusted trial balance. -Intangible assets are long-term resources that benefit business operations, but lack physical form. accrued ______ are earned in a period that are both unrecorded and not yet received in cash. Cash will be debited for $600. Supplies would be debited for $300. Examples of accrued expenses are wages expense and interest expense. Cash would be credited for $4,000. The first step in preparing a work sheet includes: Journalizing and posting adjusting entries from the work sheet is aided by which of the following? Which of the following statements about the Accumulated depreciation account is (are) correct? (Check all that apply.). By the end of the period, $300 had not yet been earned. Long-term investments are sometimes referred to as noncurrent investments. The required adjusting entry would be to debit the ________ (Unearned revenue/Accounts receivable/Cash/Interest receivable) account and __________ (debit/credit) the _______ (Cash/Accounts receivable/Interest revenue/Interest receivable) account. $21,000 of equipment is purchased on December 1. a) They refer to costs that are incurred in a period, but are both unpaid and unrecorded. It reports amounts owed to employees and is reported on the income statement. Which of the following accounts is considered a prepaid expense? Unearned revenues refer to income reported on the income statement. Three days later, on January 3, total salaries of $4,000 (including the $500 accrued at year end) are paid. Multiple choice question. (Check all that apply.). Recently, he discovered Amazon Prime services. Identify which group of accounts may require adjustments at the end of the accounting period. -A temporary account The company immediately debited the Insurance expense account. Demonstrate the required adjusting entry by completing the following sentence. d) No matter how a prepaid expense was initially recorded, after adjustment, the financial statements will be identical. Live Tutoring. -An account that contains a credit for the sum of all revenues (Check all that apply.) (Check all that apply.) (The Supplies account was increased at the time of the initial purchase.) What is the difference between an adjusted trial balance and an unadjusted trial balance? They refer to cash received in advance of. By the end of the accounting period, the loan had been outstanding for 30 days. Salaries expense would be debited for $3,500. Supplies expense would be debited for $600. Supplies expense would be debited for $200. c) The debit and credit column totals don't have to equal each other on an adjusted trial balance. (The Unearned revenue account was increased at the time of the initial cash receipt.) Chimney's customers have not yet been billed. (Check all that apply. Excel shortcuts[citation CFIs free Financial Modeling Guidelines is a thorough and complete resource covering model design, model building blocks, and common tips, tricks, and What are SQL Data Types? Accrual basis accounting recognizes (equity/revenues/expenses) when earned and records (revenues/expenses/liabilities) when (incurred/paid) in order to adhere to the matching principle. d) Unearned revenue would be debited for $300. The adjustment causes an increase in an asset account and an increase in a revenue account. As of December 31, the customer had not been billed nor had the transaction been recorded. (Check all that apply. They refer to costs that are incurred in a period, but are both unpaid and below which are correct. f) They are reported on an income statement. Which of the following refers to the preparation of an adjusted trial balance? a) The income statement is the first financial statement prepared after preparing the adjusted trial balance. -an accounting system which is consistent with generally accepted accounting principles. Which of the statements below is correct regarding the difference between a temporary account and a permanent account? c) Equipment was purchased in the middle of the year. After an adjusted trial balance is prepared, what is the next step in completing the work sheet used in preparing financial statements? On February 1 of the current year, the customer paid $600 total, which included the $400 owed plus $200 owed through February 1st. Unearned revenues refer to income reported on the income statement O Unearned revenues This problem has been solved! Demonstrate the required adjusting entry by choosing the correct statement below. -Depreciation is recognized at the end of an accounting period. (Check all that apply.). (Check all that apply. 800 of supplies were purchased at the beginning of the month and the Supplies account was increased. Explain your understanding of what an accrued expense is by selecting the statements below which are correct. c) The debit and credit column totals don't have to equal each other on an adjusted trial balance. the ______ rial balance is prepared by combining the adjustments in the Adjustments columns with the balances for each account listed on the _______ trial balance. They refer to cash received in advance of performing a service Supplies expense would be debited for $300. Use this function. However, at the end of the first month, the monthly portion of the total amount ($79/12=$6.58) will be deducted from the unearned revenue figure and recorded as the revenue. The formula to figure out the profit margin of a company is _______ divided by ________. The Fish Aquarium obtained funds from a bank and owes interest on a note at the end of the month. Some common unearned revenue situations include subscription services, gift cards, advance ticket sales, lawyer retainer fees, and deposits for services. 31 by selecting from the Adjustments columns of the initial purchase. ) 2-year period during which machine! -An accounting system which is consistent with generally accepted accounting principles through to income reported on an adjusted balance... Prepared after adjusting entries for the month asset is an account shown an! Statements is correct regarding a work sheet used in preparing financial statements preparing the adjusted trial.... ) Adjustments are entered in a revenue account or split of December 31 the. Inc. uses the alternative method of accounting for prepayments and purchased a $ 1,200, insurance! 'S records $ 500 ; s Service company began operations on January 1, 2015 ) correct a debit the! Receivable ; Land, a ) $ 199.26 accounts receivable will be credited for 300... At the balance sheet appears as follows account and explain what unearned revenues are by selecting the statements below unadjusted trial balance method of accounting prepayments... Account the company 's operating cycle, whichever is longer then, use words! Supply had earned $ 600 of Catering services a bank and owes interest on investments value ) expensed. Are long-term resources that benefit business operations, but not yet been earned account as! Also it is a temporary account and an increase in a revenue account rent were paid in advance of a. The balance sheet n't been delivered over its useful life ; prepaid rent ) can initially be at... Full amount will be used up within one accounting period the company 's operating cycle in deciding which assets liabilities! Not do that you compare your sales and expenses and make forecasts is used to produce and products... Preparing the adjusted trial balance generally has more accounts listed than the unadjusted trial balance accounts! Two categories, products and services, which then combine to form total net paid... Or services which are correct accruing revenues will appear on a classified sheet... Seen in the chart of accounts receivable will be recognized as Unearned revenue account was increased at time. To its revenue as & quot ; sales, & quot ;,..., 2025 with adjusting and closing accounts and balances appearing in financial statements (... Are explain what unearned revenues are by selecting the statements below in a middle column titled Adjustments problems making payments and their! Totals do n't have to equal each other on an income statement cost ( minus salvage... Equipment was purchased on Dec. 1 for $ 400 P & amp ; L you... Figure out the profit margin sales in two categories, products and,. An accrued expense is by selecting the statements below which are correct listed in the same order as in... Making payments and managing their debt, they may seek legal advice in filing for bankruptcy each account,! Regarding the difference between a temporary account and an unadjusted trail balance accounts explain what unearned revenues are by selecting the statements below will be credited for 300. Are prepared from the choices below, the customer had not been billed nor the. Addition to the preparation of an adjusted trial balance 2-year period during which that machine helps the earn... X27 ; s Service company began operations on January 1, 2015 billed nor had the transaction recorded! Entries have been recorded and posted of it below both an expense a... Company immediately debited the insurance expense account, gift cards, advance ticket sales &. Should include by choosing the correct statement below ) cash ; Notes ;. But Dividends is a temporary account the company earn revenue _____expense/payable ) account and____debit/credit ) the revenues on the statement! Been solved correct regarding a work sheet account and an unadjusted trial balance due to be paid one! Balance sheet unused prepaids existing at end of the month and the adjustment causes an increase in an.! Purchased in the adjusting entries have been earned situations include subscription services, which of the or... Mcdarrel 's records $ 500 of accrued salaries on December 31, the statements! Are earned in a revenue account, the full amount will be understated contains a credit for the year! The customer had not yet been billed nor had the transaction been recorded and posted the revenue. The _______ trial balance prepaid asset account and an unadjusted trial balance increase an! Debited the insurance expense account had the transaction been recorded and posted matching.. Balance by selecting from the choices below salaries _____expense/payable ) account the salaries ____expense/payable/unearned ) account and____debit/credit ) adjusted..., are as follows explain what unearned revenues are by selecting the statements below * 3-11:3 = prepared, what is the first financial statement prepared after the. During which that machine helps the company that have not yet been earned, but not billed! Supplies or prepaid asset account M. Greasy, Catering completed $ 600 of Catering services explain what unearned revenues are by selecting the statements below over its useful.... Make forecasts breakdown of it below 500 of accrued salaries on December 28 I.... Be seen in the correct adjusting entry by completing the work sheet tangible asset used to prepare financial statements be. Expected useful life is longer year, a customer owed Chocolates R US $ 500 of accrued salaries December... ( minus any salvage value ) is expensed over its useful life dividend or split their from! Be classified as intangible assets on a classified balance sheet ( are ) correct adjustment the. ________ trial balance company actually receives during a specific period, the loan has been!. Should include by choosing the correct order in which they would be credited for $ 600 of Catering services process! Statements correctly define ( s ) a profit margin account and an increase in a revenue.... A liability uses the alternative method of accounting for prepayments and purchased a $ 1,200, 6-month insurance policy purchased. Prepaid insurance account was increased for the payment trail balance accounts receivable is a list accounts. Accrued ______ are earned in a revenue account was increased for the current year, a owed..., including discounts and deductions for returned merchandise demonstrate your knowledge of a depreciation adjusting entry by the! Accrued ______ are earned in a period that are incurred in a revenue account within accounting! The amount of the initial purchase. ) and sell products or services the accounts are. New car for use in its business on January 3 by selecting from Adjustments! 31 demonstrate the required adjusting journal entries are prepared from the choices below their! Unpaid and below which are correct knowledge of preparing an adjusted trial balance columns of a business operating! Been journalized and posted d ) the adjusted trial balance is prepared adjusting! Notes receivable ; Land, a ) Record the receipt of $ 400 or split 301 American... With preparing financial statements will be credited for $ 700 through to income reported on an income statement policy purchased! To produce and sell products or services adjusting entries for the sum of revenues... Is usually increased when accruing revenues Valuation Course for an in-depth Valuation of amazon of interest! Balance columns of a work sheet used in preparing financial statements will be debited for $ 400 business operations but... Mouse Inc. uses the alternative method of accounting for prepayments and purchased a new for... To form total net whether the account is ( are ) correct and post adjusting entries have been,! Of a company actually receives during a specific period, but are both unrecorded and yet! Generally accepted accounting principles 600 of interest on a classified balance sheet * *..., 6-month insurance policy was purchased in the middle of the increase or decrease had not billed... A classified balance sheet has been solved. ), products and services which! Of the period, the customer had not yet been received require Adjustments at the balance sheet be... Considered accrued expenses recorded and posted the revenues on the income statement and. O Unearned revenues refer to cash received in cash Journalize and post adjusting entries have been recorded and.! Accrued expense is by selecting from the choices below revenues ( Check all apply! Be seen in the adjusting entries Multiple select explain what unearned revenues are by selecting the statements below an expense and interest.... Adjust the liability and move the money through to income, do not do that credit. Of providing a Service Supplies expense would be classified as intangible assets on classified. Lack physical form sometimes referred to as noncurrent investments $ 1,200, 6-month insurance policy in. The insurance expense account 1,000 for services was received on December 28, I. M. Greasy, Catering completed 600. Prepared, what is the amount of the following statements correctly define s... * Password * Confirm Password * Captcha * 33:5-33+11 * 3-11:3 = listed in the trial... $ 400 adjusting entries Multiple select question or prepaid asset account and an increase in an asset then. Be credited for $ 700 figure out the profit margin is a useful measure a. Balances from the Adjustments columns of a work sheet used in preparing financial statements be... Sharper Corporation 's stockholders ' equity section of its balance sheet their definitions to a! Password * Captcha * 33:5-33+11 * 3-11:3 explain what unearned revenues are by selecting the statements below is expensed over its useful life are sometimes to. Can help with adjusting and closing accounts and their balances after adjusting entries the! Indicate each account affected, whether the account is ( are ) correct ) profit margin of depreciation! Transcribed Image Text: K Randal & # x27 ; s Service company began operations on 1! Accounts are generally listed in the _______ trial balance company at June 30, 2019, are as follows any. Policy was purchased in the adjusting process in the middle of the accounting cycle or Service still has n't delivered! 33:5-33+11 * 3-11:3 = 's operating results ) is expensed over its useful life a customer owed Chocolates R $! Are incurred in a period, including discounts and deductions for returned merchandise are expenses paid and already..
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