Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 4, Problem 3PB
Identify which type of adjustment is indicated by these transactions. Choose accrued revenue, accrued expense, deferred revenue, or deferred expense.
A. fees earned and billed, but not collected
B. recorded
C. fees collected in advance of services
D. salaries owed but not yet paid
E. property rentals costs, prepaid for future months
F. inventory purchased for cash
Expert Solution & Answer
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Check out a sample textbook solutionStudents have asked these similar questions
Which type of adjustment occurs when cash is either collected or paid, but the related income or expense is not reportable in the current period?
Group of answer choices
1.accrual
2.deferral
3.estimate
4.cull
Rent paid in advance can be categorized as
a.
Deferred expense (Prepaid expense)
b.
Accrued revenue
c.
Deferred revenue (Unearned revenue)
d.
Accrued expense
J. To record cash payment of a prepaid expense.
Explanation
Insurance Expense
Journal Entries
Prepaid Insurance
Interest Receivable
Interest Revenue
Interest Expense
Interest Payable
Accounts Payable
Cash
Cash
Accounts Receivable (from services)
Prepaid Rent
Cash
Unearned Revenue
Cash
Services Revenue
Unearned Revenue
Depreciation Expense
Accumulated Depreciation
Salaries Expense
Salaries Payable
ma
Dobit
3,180
3,300
2,208
1,700
12,300
500
19,250
4,200
38,217
13,280
Credit
3,180
3,300
2,208
1,700
12,300
500
19,250
4,200
38,217
13,280
Chapter 4 Solutions
Principles of Accounting Volume 1
Ch. 4 - Which of the following is any reporting period...Ch. 4 - Which of the following is the federal, independent...Ch. 4 - Revenues and expenses must be recorded in the...Ch. 4 - Which of the following breaks down company...Ch. 4 - Which of the following is a twelve-month reporting...Ch. 4 - Which type of adjustment occurs when cash is...Ch. 4 - Which type of adjustment occurs when cash is not...Ch. 4 - If an adjustment includes an entry to a payable or...Ch. 4 - If an adjustment includes an entry to Accumulated...Ch. 4 - Rent collected in advance is an example of which...
Ch. 4 - Rent paid in advance is an example of which of the...Ch. 4 - Salaries owed but not yet paid is an example of...Ch. 4 - Revenue earned but not yet collected is an example...Ch. 4 - What adjusting journal entry is needed to record...Ch. 4 - Which of these transactions requires an adjusting...Ch. 4 - What critical purpose does the adjusted trial...Ch. 4 - Which of the following accounts balance would be a...Ch. 4 - On which financial statement would the Supplies...Ch. 4 - On which financial statement would the Dividends...Ch. 4 - On which financial statement would the Accumulated...Ch. 4 - On which two financial statements would the...Ch. 4 - Describe the revenue recognition principle. Give...Ch. 4 - Describe the expense recognition principle...Ch. 4 - What parts of the accounting cycle require...Ch. 4 - Why is the adjusting process needed?Ch. 4 - Name two types of adjusting journal entries that...Ch. 4 - Are there any accounts that would never have an...Ch. 4 - Why do adjusting entries always include both...Ch. 4 - Why are adjusting journal entries needed?Ch. 4 - If the Supplies account had an ending balance of...Ch. 4 - When a company collects cash from customers before...Ch. 4 - If the Prepaid Insurance account had a balance of...Ch. 4 - If adjusting entries include these listed...Ch. 4 - What is the difference between the trial balance...Ch. 4 - Why is the adjusted trial balance trusted as a...Ch. 4 - Indicate on which financial statement the...Ch. 4 - Identify whether each of the following...Ch. 4 - Identify whether each of the following...Ch. 4 - Identify which type of adjustment is indicated by...Ch. 4 - The following accounts were used to make year-end...Ch. 4 - Reviewing insurance policies revealed that a...Ch. 4 - On July 1, a client paid an advance payment...Ch. 4 - Reviewing payroll records indicates that employee...Ch. 4 - Supplies were purchased on January 1, to be used...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare adjusting journal entries, as needed,...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - From the following Company A adjusted trial...Ch. 4 - Identify whether each of the following...Ch. 4 - Identify whether each of the following...Ch. 4 - Indicate what impact the following adjustments...Ch. 4 - What two accounts are affected by the needed...Ch. 4 - Reviewing insurance policies revealed that a...Ch. 4 - On September 1, a company received an advance...Ch. 4 - Reviewing payroll records indicates that one-fifth...Ch. 4 - On July 1, a client paid an advance payment...Ch. 4 - Prepare journal entries to record the business...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare adjusting journal entries, as needed,...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - From the following Company B adjusted trial...Ch. 4 - Identify whether each of the following...Ch. 4 - To demonstrate the difference between cash account...Ch. 4 - Identify which type of adjustment is indicated by...Ch. 4 - Identify which type of adjustment is associated...Ch. 4 - Indicate what impact the following adjustments...Ch. 4 - What two accounts are affected by each of these...Ch. 4 - Using the following information: A. make the...Ch. 4 - Use the following account T-balances (assume...Ch. 4 - Use the following account T-balances (assume...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Determine the amount of cash expended for Salaries...Ch. 4 - Prepare adjusting journal entries, as needed,...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Using the following Company W information, prepare...Ch. 4 - From the following Company Y adjusted trial...Ch. 4 - Identify whether each of the following...Ch. 4 - To demonstrate the difference between cash account...Ch. 4 - Identify which type of adjustment is indicated by...Ch. 4 - Identify which type of adjustment is associated...Ch. 4 - Indicate what impact the following adjustments...Ch. 4 - What two accounts are affected by each of these...Ch. 4 - Using the following information, A. Make the...Ch. 4 - Use the following account T-balances (assume...Ch. 4 - Use the following account T-balances (assume...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Determine the amount of cash expended for...Ch. 4 - Prepare adjusting journal entries, as needed,...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Using the following Company X information, prepare...Ch. 4 - From the following Company Z adjusted trial...Ch. 4 - Assume you are the controller of a large...Ch. 4 - Assume you are employed as the chief financial...
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- Identify which type of adjustment is associated with this account, and what the other account is in the adjustment. Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. Salaries Payable B. Interest Receivable C. Unearned Fee Revenue D. Prepaid Rentarrow_forwardIdentify which type of adjustment is indicated by these transactions. Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. rent paid in advance for use of property B. cash received in advance for future services C. supplies inventory purchased D. fees earned but not yet collectedarrow_forwardWhich type of adjustment occurs when cash is not collected or paid, but the related income or expense is reportable in the current period? A. accrual B. deferral C. estimate D. cullarrow_forward
- Which type of adjustment occurs when cash is either collected or paid, but the related income or expense is not reportable in the current period? A. accrual B. deferral C. estimate D. cullarrow_forwardWhat adjusting journal entry is needed to record depreciation expense for the period? A. a debit to Depreciation Expense; a credit to Cash B. a debit to Accumulated Depreciation; a credit to Depreciation Expense C. a debit to Depreciation Expense; a credit to Accumulated Depreciation D. a debit to Accumulated Depreciation; a credit to Casharrow_forwardIdentify which type of adjustment is indicated by these transactions. Choose accrued revenue, accrued expense, deferred revenue, deferred expense, or estimate. A. utilities owed but not paid B. cash received in advance for future services C. supplies inventory purchased D. fees earned but not yet collected E. depreciation expense recorded F. insurance paid for future periodsarrow_forward
- Describe the effect on the financial statements when an adjustment is prepared that records (a) unrecorded revenue and (b) unrecorded expense.arrow_forwardIf an adjustment includes an entry to a payable or receivable account, which type of adjustment is it? A. accrual B. deferral C. estimate D. cullarrow_forwardRent collected in advance is an example of which of the following? A. accrued expense B. accrued revenue C. deferred expense (prepaid expense) D. deferred revenue (unearned revenue)arrow_forward
- If an adjustment includes an entry to Accumulated Depreciation, which type of adjustment is it? A. accrual B. deferral C. estimate D. cullarrow_forwardIdentify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. earn now, collect now B. earn now, collect later C. earn later, collect nowarrow_forwardFor journal entries 1 through 10, identify the explanation that mostly closely describes it. A. To record this period's depreciation expense. B. To record accrued salaries expense. C. To record this period's use of a prepaid expense. D. To record accrued interest revenue. E. To record accrued interest expense. F. To record the earning of previously unearned income. G. To record cash receipt of unearned revenue. H. To record cash payment of an accrued expense. 1. To record cash receipt of an accrued revenue. J. To record cash payment of a prepaid expense. Explanation Insurance Expense Journal Entries Prepaid Insurance Interest Receivable Interest Revenue Interest Expense Interest Payable Accounts Payable Cash Cash Accounts Receivable (from services) Prepaid Rent Cash Unearned Revenue Services Revenue Cash Unearned Revenue Depreciation Expense Accumulated Depreciation Debit 3,180 3,300 2,208 1,700 12,300 500 19,250 4,200 38,217 Credit 3,180 3,300 2,208 1,700 12,300 500 19,250 4,200…arrow_forward
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