【财务会计】Chapter3ADJUSTINGTHEACCOUNTS Chapter3-1 StudyObjectives 1.Explainthetimeperiodassumption.2.Explaintheaccrualbasisofaccounting.3.Explainthereasonsforadjustingentries.4.Identifythemajortypesofadjustingentries.5.Prepareadjustingentriesfordeferrals.6.Prepareadjustingentriesforaccruals.7.Describethenatureand...
【题目】prepare the adjusting entry for the month ended Oct 31 and indicate the effect each adjustment would have on net incomeWingenbach Plumbing had a35,000contractwithaconstructioncompanytoper formplumbingservices foraho.Paymentwastobereceivedattheendofthejob.AsofOct31,8,000 worth of services had...
Therefore, adjusting entries are needed to ensure that the revenue recognition and matching principles are followed. 公司在一个日历或财政年度,业务交易可以跨越两年。 因此,需要调整分录以确保遵循收入确认和匹配原则。 Rule for Adjusting Entries Every adjusting entry will affect an income statement account an...
If retained earnings were understated and liabilities were overstated, which of the following errors could have been the cause (a)Making the adjustment entry for depreciation expenses twice. (b)Failure to record interest accrued on a note payable. (c)Failure to make the adjusting entry to record...
1. Accrued Revenues:Accrued revenues occur when a company has earned revenue but has not yet received cash. This situation often arises when goods or services have been provided, but payment is expected to be received in a later accounting period. By making an adjusting entry, the company reco...
A、Increase an expense; increase a liability. B、Increase an asset; increase revenue. C、Decrease a liability; increase revenue. D、Increase an expense; decrease an asset. E、Increase an expense; decrease a liability.查看答案更多“The adjusting entry to record an accrued revenue is:”相关的...
First, an adjusting entry can be an entry made at the end of a period. These adjusting entries record an unrecognized revenue or expense occurred during the current period, but concluded in the next or another period. The second type of adjusting entries are the correcting entries. Perform ...
12.A Reversing entries simplify subsequent entries for accrued expenses and accrued revenues by eliminating the need to record the removal of the accrued liability or accrued receivable when the accrual is settled. 13.A The following reversing entry could be made as of the first day of the next...
3, pp. 71–73Study Session 7-23-dExplain the need for accruals and other adjustments in preparing financial statements.A is correct. The adjusting entry to record the expiry of a prepaid expense is the reduction of an asset (the prepaid) and the recognition of the expense....
61.Incurred but unpaid expenses that are recorded during the adjusting process with a debit to an expense and a credit to a liability are:D A. Net expenses.B.Intangible expenses .C.Prepaid expenses.D.Accrued expenses. 62.The adjusting entry to record an accrued expense isincrease an expense...