Homework Answers
true
reversing entries are not mandatory. Reversing entries are made on the first day of an accounting period to remove accrual adjusting entries that were made at the end of the previous accounting period . Reversing entries reduces the double counting of revenues and expenses and it gives more efficiency to the actual invoices that will be processed in the new accounting period. therefor the new accounting period will be less complicated.
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Reversing entries are optional and are only made so that the accounting at the beginning of...
Certain adjusting entries made at the end of an accounting period are reversed at the beginning...
Certain adjusting entries made at the end of an accounting
period are reversed at the beginning of the following period.
Required:
Analyze the following four adjusting entries made on December 31,
and determine whether a reversing entry is needed.
Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period Required: Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed. Date DebitCredit...
Reversing entries: a. are necessary when journal entries have been incorrectly recorded. b. are a required...
Reversing entries: a. are necessary when journal entries have been incorrectly recorded. b. are a required step in the accounting cycle. c. will often result temporarily in abnormal account balances in some accounts. d. are required only if the company uses accounting software to record journal entries. e. must be made before preparing the post closing trial balance
Assume that no reversing entries are made by this firm. If wages of $11 200 were...
Assume that no reversing entries are made by this firm. If wages of $11 200 were accrued by it at the end of the year and the first payment of wages in the subsequentyear was $101 600 how would this payment be recorded? Select one: O a. Debit salaries payable $11 200; debit salaries expense $101 600; credit cash $112 800 O b. Debit salaries expense $90 400; credit cash $90 400 O c. Debit salaries payable $11 200; debit...
1. The use of reversing entries is: a) required b) required whenever adjusting entries are omitted...
1. The use of reversing entries is: a) required b) required whenever adjusting entries are omitted c)optional d)optional unless computerized accounting systems are used 2. Which of the following accounts should be closed to Income Summary at the end of the fiscal year? a) Service Revenue b) Equipment c) Prepaid Insurance d) Unearned Rent 3. After all of the account balances have been extended to the Balance Sheet columns of the ned-of-period spreadsheet, the totals of the debit and credit...
Adjusting entries are used to update accounts at the end of an accounting period. O O...
Adjusting entries are used to update accounts at the end of an accounting period. O O True False
best answer explanation 5. Reversing entries are most commonly used in relation to year-end adjusting entries...
best answer explanation
5. Reversing entries are most commonly used in relation to year-end adjusting entries that a. allocate the expired portion of a depreciable asset to expense. b. amortize intangible assets. c. provide for bad debt expense. d. accrue interest revenue on notes receivable 6 Of the following adjusting entries, which one would cause an increase in assets at the end of the period? a. The entry to record the earned portion of rent received in advance b. The...
please help me with this Accounting Extra Credit Problem Adjusting Entries, Closing Entries, Reversing Entries, and...
please help me with this
Accounting Extra Credit Problem Adjusting Entries, Closing Entries, Reversing Entries, and Effects on Individual Accounts, Income Statement, and Balance Sheet Note: Miracle Garden Supply uses a periodic inventory system The workbook includes a partial worksheet consisting of (1) An Unadjusted Trial Balance (2) Year-end Adjustments (3) An Adjusted Trial Balance The year-end adjusting journal entries (AJES) have already been recorded, each AJE is identified by a lower case letter in parenthesis (for example, (a) (b)(c),...
C riod will not wishes to enter receipts and payments in all not require reversing entries...
C riod will not wishes to enter receipts and payments in all not require reversing entries the Cated manner and give the d ons in the entries for each part auch a manner thaiments at the end of The next period. Record the 1. An insuran insurance policy for years was acquired on April 1, 2017 for $24.00 Rent of $15.000 for six months for a par t e b ine was received the next r y Dec 1.2017 1....
Adjustments to expense accounts at the end of the accounting period are made to adhere to...
Adjustments to expense accounts at the end of the accounting period are made to adhere to accrual accounting principles, specifically the ______ principle. true or false
At the end of an accounting period wages expense of $190 000 is closed to the...
At the end of an accounting period wages expense of $190 000 is closed to the profit and loss summary account. The wages are made up of $180 000 paid in cash and accrued wages of $10 000. A reversing entry is made for accrued wages on the first day of the next accounting period. The first payment to employees for wages in the new year is $25 000. How would this payment be recorded? Select one: O a. Debit...
Certain adjusting entries made at the end of an accounting
period are reversed at the beginning of the following period.
Required:
Analyze the following four adjusting entries made on December 31,
and determine whether a reversing entry is needed.
Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period Required: Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed. Date DebitCredit...
Assume that no reversing entries are made by this firm. If wages of $11 200 were accrued by it at the end of the year and the first payment of wages in the subsequentyear was $101 600 how would this payment be recorded? Select one: O a. Debit salaries payable $11 200; debit salaries expense $101 600; credit cash $112 800 O b. Debit salaries expense $90 400; credit cash $90 400 O c. Debit salaries payable $11 200; debit...
Adjusting entries are used to update accounts at the end of an accounting period. O O True False
best answer explanation
5. Reversing entries are most commonly used in relation to year-end adjusting entries that a. allocate the expired portion of a depreciable asset to expense. b. amortize intangible assets. c. provide for bad debt expense. d. accrue interest revenue on notes receivable 6 Of the following adjusting entries, which one would cause an increase in assets at the end of the period? a. The entry to record the earned portion of rent received in advance b. The...
please help me with this
Accounting Extra Credit Problem Adjusting Entries, Closing Entries, Reversing Entries, and Effects on Individual Accounts, Income Statement, and Balance Sheet Note: Miracle Garden Supply uses a periodic inventory system The workbook includes a partial worksheet consisting of (1) An Unadjusted Trial Balance (2) Year-end Adjustments (3) An Adjusted Trial Balance The year-end adjusting journal entries (AJES) have already been recorded, each AJE is identified by a lower case letter in parenthesis (for example, (a) (b)(c),...
C riod will not wishes to enter receipts and payments in all not require reversing entries the Cated manner and give the d ons in the entries for each part auch a manner thaiments at the end of The next period. Record the 1. An insuran insurance policy for years was acquired on April 1, 2017 for $24.00 Rent of $15.000 for six months for a par t e b ine was received the next r y Dec 1.2017 1....
At the end of an accounting period wages expense of $190 000 is closed to the profit and loss summary account. The wages are made up of $180 000 paid in cash and accrued wages of $10 000. A reversing entry is made for accrued wages on the first day of the next accounting period. The first payment to employees for wages in the new year is $25 000. How would this payment be recorded? Select one: O a. Debit...
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