Corporate Financial Accounting (15th Edition)

Chapter 3

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Earned income which is not yet recorded and billed... more

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a. The difference between the supplies on hand at ... more

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Prepaid insurance is classified as prepaid ... more

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If the rental fee earned is not recorded, the ... more

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Recording supplies used results in an increase in ... more

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Depreciation is not deducted directly from the ... more

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The adjusting entry doesn’t have an unequal effect... more

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Accumulated depreciation is adjusted when annual ... more

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Earned revenue but not yet received is an accrual ... more

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Accrual of revenues not yet billed to clients is ... more

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Accrued salaries are recorded as a debit to ... more

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To calculate the amount of earned fees, deduct the... more

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Compute the supplies expense by deducting the ... more

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Annual depreciation is recorded by debiting the ... more

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Revenue earned but not yet paid by the customer ... more

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Expenses incurred at the end of the period but are... more

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$269,750 ; The paid wages are calculated by ... more

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Unearned fees are an advanced collection of ... more

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This entry reduces the supplies for the amount of ... more

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$9,670 ; It is the company’s first year of ... more

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Depreciation is the reduction to the value of the ... more

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$7,117 million ; The unadjusted net income is ... more

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Failure to record the earned portion of the ... more

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$218,530 ; To get the correct net income of H ... more

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; The accounts that were affected by the ... more

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Following are the errors in the adjusting entries... more

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The supplies used, which are computed by deducting... more

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To arrive at the adjusted balance sheet, the ... more

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The matching principle is a fundamental element of... more

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Adjusting entries are prepared at the end of the ... more

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Adjusting entries are necessary to update the true... more

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The following are the usual items which require ... more

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If income has been earned already but not yet paid... more

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A credit to a liability account for it to increase... more

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Yes. Every adjusting entry affects the net income ... more

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Wages expense is usually adjusted at the end of ... more

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The adjustment made is a debit to accounts ... more

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Since salaries are made at the end of the six-day ... more

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Unearned rent is income that is already collected ... more

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The expired portion of the prepaid insurance is ... more

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To record the depreciation on equipment for the ... more

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; The accounts that were affected by the ... more

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; The accounts affected by the adjustments can be... more

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The first entry is for the recognition of the ... more

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Posting is the process of reflecting the journal ... more

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An adjusted trial balance is a list of all the ... more

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The owner of the company behaved in a professional... more

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To:  Mr. Instructor Date: January 3, 20Y9 RE:  ... more

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