Adjusting entries quizlet
[DOC File]Acct - California State University, Northridge
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24. Referring to Table 1, if uncollectible accounts are determined by the aging of receivables to be $3,450, the amount of net accounts receivable after adjusting entries for 20X5 would be: a. $13,950. b. $15,150. c. $17,400. d. $14,550. Table 3
[DOC File]CHAPTER 1
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The adjusting entries allocate to the current period the revenues and expenses that apply to the period, deferring the remainder to future periods. A deferral is the postponement of the recognition of an expense already paid or of a revenue already received. An accrual is the recognition of an expense or revenue that has arisen but that has not ...
[DOC File]Chapter 09 Plant and Intangible Assets
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84. The adjusting entries to record depreciation or amortization expense or to write down assets that have become impaired: A. Reduce both net income and cash balances. B. Reduce net income, but have no direct effect on cash balances. C. Decrease cash balances, but have no direct effect upon net income. D.
[DOC File]Comprehensive Problem 1 The Accounting Cycle
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Aug 20, 2007 · date description POST. ref. debit credit 1 20--Apr. Adjusting Entries 1 2 30 Office Supplies Expense 523 4 0 0 00 2 3 Office Supplies 142 4 0 0 00 3 4 4 5 30 Food Supplies Expense 524 30 7 0 0 00 5 6 Food Supplies 144 30 7 0 0 00 6 7 7 8 30 Insurance Expense 535 1 5 0 0 00 8 9 Prepaid Insurance 145 1 5 0 0 00 9 10 10 11 30 Depreciation Expense ...
[DOC File]Chapter 13 Current Liabilities and Contingencies
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Instructions: Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements. E13-12 (Premium entries) Yanni Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil).
[DOC File]Solutions for Homework ** Accounting 311 Cost ** Winter 2009
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From a management accountant’s standpoint, adjusting the product cost numbers to make both the Monarch and Regal lines look profitable would violate the standard of objectivity. Benzo should indicate to Duval that the product cost calculations are, indeed, appropriate. ... Journal entries: a. Work in Process–– Binding Department 144,000.
[DOC File]Chapter 05 Audit Evidence and Documentation
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10. Adjusting journal entries are ordinarily recorded by the client, while reclassifying journal entries need . not. be recorded. True False Multiple Choice Questions 11. To be effective, analytical procedures in the overall review stage of an audit engagement should be performed by. A.
[DOC File]TRUE-FALSE STATEMENTS
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Adjusting entries are an optional bookkeeping procedure. Additional True-False Questions. 32. To close net income to Retained Earnings, Income Summary is debited and Retained Earnings is credited. 33. In one closing entry, Dividends is credited and Income Summary is debited. 34. The post-closing trial balance will contain only stockholders ...
[DOC File]ANSWERS TO QUESTIONS
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Purpose—the student prepares an analysis of the changes in the allowance for doubtful accounts and supports it with an aging schedule. The adjusting entry is prepared. Problem 7-5 (Time 20–30 minutes) Purpose—a short problem that must be analyzed to make the necessary correcting entries.
[DOC File]ANSWERS TO QUESTIONS
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14. Adjusting entries are prepared prior to the preparation of financial statements in order to bring the accounts up to date and are necessary (1) to achieve a proper matching of revenues and expenses in measuring income and (2) to achieve an accurate presentation of …
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