Which of the following is an example of an accrued expense? . The company owes a...
Which of the following is an example of an accrued expense? .
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The company owes a salary to an employee that worked in June but won't get paid until July.
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The company entered a payable invoice for equipment purchased.
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The company paid cash for supplies.
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The company pays for insurance with a policy period of 12 months on Jan 1, 20xx.
Homework Answers
Accrued expense is that expense which is incurred but not paid either wages accrued or salaries
So answer is a) The company owes a salary to an employee that worked in June but won't get paid until July.
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Which of the following is an example of an accrued expense?
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The company owes a...
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this is the unadjusted trial balance
Adjusting Entry Events: 1. Jim recalls finishing up a job search for Mack Brown. He forgot to bill Mack the $980. 2. Hoops had worked 8 ($10/hr.) hours as of the end of June. He will not be paid until July 5. 3. An inspection of the insurance policy purchased from No State Insurance on June 12 indicates that it is a 12 month policy that included coverage for the entire month of June....
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Financial Analysis Using Adjusted Account Data Selected T-account balances for Bloomfield Company are shown below as...
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im trying to figure out which accounts were affected by each instance and whether they are...
im trying to figure out which accounts were affected by each
instance and whether they are accruals or referals
i
need to know if each instance would affect the income statement,
balance sheet, or owners equity or any combination of the
three.
Adjusting Entry Events: 1. Jim recalls finishing up a job search for Mack Brown. He forgot to bill Mack the $980 2. Hoops had worked 8 ($10/hr.) hours as of the end of June. He will not be...
this is the unadjusted trial balance
Adjusting Entry Events: 1. Jim recalls finishing up a job search for Mack Brown. He forgot to bill Mack the $980. 2. Hoops had worked 8 ($10/hr.) hours as of the end of June. He will not be paid until July 5. 3. An inspection of the insurance policy purchased from No State Insurance on June 12 indicates that it is a 12 month policy that included coverage for the entire month of June....
expense, or accrued revenue) is need December 53-5 Veme Cova Company has the following balances in selected accounts on September 1, mig entries Х 31, 2019. $ -O Accounts Receivable -O Accumulated Depreciation Equipment 7,000 Equipment -0- Interest Payable 10,000 Notes Payable 2,100 Prepaid Insurance -0- Salaries and Wages Payable 2,450 Supplies 30,000 Unearned Service Revenue All the accounts have normal balances. The information below has been gathered at December 31, 2019. 1. Verne Cova Company borrowed $10,000 by signing...
Classifying Types of Adjustments Classify the following items as (a) accrued revenue, (b) accrued expense, (c) unearned revenue, or (d) prepaid expense: 1. Bill for ads that appeared in prior month's local newspaper. 2. Fees received but not yet earned. 3. Fees earned but not yet received. 4. Premium paid on a one-year insurance policy. 5. Rent received in advance for rental of office space. 6. Supplies on hand. 7. Rent paid in advance. 8. Wages owed but payable in...
Section 3-ACCRUED EXPENSES (ACCRUED LIABILITIES) Your company has a 5-day workweek with a weekly payroll of $20,000 distributed each Friday. If an accounting period ends on a Tuesday, the adjusting journal entry is: a Salary Expense 4,000 Salary Payable b. Salary Expense 8,000 Salary Payable 8,000 c. Accrued Salary 8,000 Salary Payable 8,000 d. Deferred Salary 4,000 Salary Payable 4,000 4,000 2. If a company receives a December electric bill for $1,000 and decides to pay it in January a....
Financial Analysis Using Adjusted Account Data Selected T-account balances for Bloomfield Company are shown below as of January 31, which reflect its accounting adjustments. The firm uses a calendar-year accounting period, but prepares monthly accounting adjustments, Supplies Jan. 31 Bal. 2,700 Supplies Expense Jan. 31 Bal 2,880 Prepaid Insurance Jan. 31 Bal. 1.722 Insurance Expense Jan. 31 Bal. 245 Truck Wages Payable 2,100 Jan. 31 Bal. Wages Expense Jan. 31 Bal. 9,600 Jan. 31 Bal. 26,100 Accumulated Depreciation - Truck...
Financial Analysis Using Adjusted Account Data Selected T-account balances for Bloomfield Company are shown below as of January 31, which reflect its accounting adjustments. The firm uses a calendar-year accounting period, but prepares monthly accounting adjustments. Supplies Jan. 31 Bal 2,700 Supplies Expense Jan. 31 Bal. 2,880 Prepaid Insurance Jan. 31 Bal. 1,722 Insurance Expense Jan. 31 Bal. 246 Wages Payable 2,100 Jan. 31 Bal. Wages Expense Jan. 31 Bal. 9,600 Truck Jan. 31 Bal 21,456 Accumulated Depreciation - Truck...
EX 3-1 Classifying types of adjustments Obj. 1,2,3 Classify the following items as (a) accrued revenue, (b) accrued expense, (c) unearned revenue, or (d) prepaid expense: 1. A two-year premium paid on insurance policy. 2. Fees earned but not yet received. 3. Fees received but not yet earned. 4. Salary owed but not yet paid. 5. Subscriptions received in advance by a magazine publisher. 6. Supplies on hand. 7. Taxes owed but payable in the following period. 8. Utilities owed...
im trying to figure out which accounts were affected by each
instance and whether they are accruals or referals
i
need to know if each instance would affect the income statement,
balance sheet, or owners equity or any combination of the
three.
Adjusting Entry Events: 1. Jim recalls finishing up a job search for Mack Brown. He forgot to bill Mack the $980 2. Hoops had worked 8 ($10/hr.) hours as of the end of June. He will not be...
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