Which of the complying with statements is correct?a. The cost of supplies provided is report on the declare of owner"s equity.b. The expense of supplies supplied represents an operating price of the business.c. Gathered Depreciation-Equipment is presented in the liabilities ar of a balance sheet.d. At the moment of their acquisition, prepaid expenses are videotaped in expense accounts.

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A consecutive, twelve-month accounting duration is dubbed a(n)a. Accumulation year.b. Budget year.c. Accounting year.d. Readjusted year
Accumulated Depreciation, Equipment, is shown as:a. A liability on the Balance Sheetb. A palliation of resources on the statement of Owner"s Equityc. A contra legacy on the Balance Sheetd. An price on the earnings Statement.
If the prepaid expenses are not adjusted, heritage on the balance sheeta. Will certainly be overstated.b. Will be understated.c. Will not it is in affected.d. May be one of two people overstated or understated.
On June 1, Sidney Consulting solutions paid $18,000 because that 12 months of advance rent top top its office building. Select the adjusting entry do on December 31, to record the quantity of rental that had actually expired.a. Prepaid Rent....................9,000 rent Expense.............9,000b. Prepaid Rent.................10,500 rent Expense..........10,500c. Rental Expense...............18,000 Prepaid Rent............18,000d. Rental Expense...............10,500 Prepaid Rent............10,500
d. Rent Expense...............10,500 Prepaid Rent............10,500$18,000/12 months = $1,500; ($1,500 * 7 months = $10,500)
The adjusting entry come account because that the expiration that prepaid insurance is composed ofa. A debit come Insurance Expense and also a credit to Prepaid Insurance.b. A debit come Insurance Expense and also a credit to built up Depreciation.c. A debit come Prepaid Insurance and a credit transaction to built up Depreciation.d. A debit to accumulated Depreciation and a credit transaction to Prepaid Insurance.
On December 31, Treats Catering Inc."s trial balance reflects a $1,000 balance in the provides account. However, a physical counting of the supplies established that just $400 of supplies actually continue to be in the supply cabinet. Pick the adjusting entry made on December 31, to document the amount of offers that had been used throughout the year.a. Supplies............................1,000 provides Expense.......1,000b. Provides Expense..............400 Supplies.........................400c. Supplies Expense.............600 Supplies........................600d. Supplies.............................600 provides Expense........600
c. Gives Expense.............600 Supplies........................600$1,000 - $400 = $600 the supplies had actually been used.
On a worksheet, the readjusted balance the the Depreciation price account is expanded to:a. The revenue Statement Debit columnb. The income Statement credit transaction columnc. The Balance paper Debit columnd. The Balance Sheet credit transaction column
On November 1, 2016, Peaches Consulting company paid $4,800 because that 12 month of breakthrough rent on its office space. The correct adjusting entry on December 31 to display the lot of rent that had actually expired would include:a. Debit Rent expense $400; credit transaction Prepaid rent $400b. Debit Rent price $800; credit transaction Prepaid rent $800c. Debit Prepaid rental $4,000; credit Rent cost $4,000d. Debit Rent expense $4,800; credit transaction Prepaid rent $4,800
b. Debit Rent expense $800; credit Prepaid rental $800$4,800/12 months = $400 every month * 2 month = $800
On October 1, 2016, Jay Walker firm purchased a one-year insurance plan for $660. The exactly adjusting entrance on December 31, 2016, isa. Debit Insurance cost $660; credit transaction Prepaid insurance allowance $660b. Debit Insurance price $495; credit transaction Prepaid insurance allowance $495c. Debit Prepaid insurance money $55; credit Insurance price $55d. Debit Insurance price $165; credit transaction Prepaid insurance money $165.
d. Debit Insurance expense $165; credit transaction Prepaid insurance allowance $165.$660/12 months = $55 per month * 3 month = $165
Which of the adhering to entries records the depreciation on tools for the fiscal year-end adjustment?a. Debit accumulated Depreciation; credit Depreciation Expenseb. Debit Depreciation Expense; credit transaction Equipmentc. Debit Depreciation Expense; credit built up Depreciationd. Debit Depreciation; credit transaction Depreciation Expense
Equipment costing $13,500 with an approximated salvage value of $1,020 and also an approximated life that 4 years was purchased on November 1, 2016. Utilizing the straight-line depreciation method, what is the amount of depreciation cost to be recorded at December 31, 2016?a. $260b. $520c. $3,120d. $1,020
On a worksheet, the adjusting entry come account because that depreciation the equipment consists ofa. A debit to Depreciation Expense and also a credit to Equipment.b. A debit to Depreciation Expense and a credit to accumulated Depreciation.c. A debit come Equipment and also a credit transaction to accumulated Depreciation.d. A debit to accumulated Depreciation and also a credit to Equipment.
On a worksheet, the readjusted balance of the revenue account Fees revenue would be prolonged to:a. The income Statement Debit column.b. The Balance Sheet credit transaction column.c. The Balance paper Debit columnd. The earnings Statement credit transaction column.
On a balance sheet, collected Depreciation—Equipment is reporteda. As a deduction native the expense of the equipment.b. As a liability.c. As an expense.d. As a deduction from the full of the assets.
Which that the adhering to statements is not correct?a. Typically accepted audit principles require that the original price of a irreversible asset continue to show up in the asset account till the disposition of the asset.b. The publication value the a long-term asset is diminished each year together depreciation is recorded.c. Buildings and also trucks are instances of long-term assets.d. Salvage worth is computed by subtracting the gathered depreciation from the price of a irreversible asset.
d. Salvage value is computed by subtracting the built up depreciation native the expense of a long-term asset.
If irreversible assets space not adjusted, costs on the earnings statementa. Will be overstated.b. Will be understated.c. Will not be affected.d. May be either overstated or underrated.
The balance in the account built up DEPRECIATION, tools willa. Be reported on the earnings Statement.b. Be report on the explain of Owner"s Equity.c. Will be reported on the Balance Sheet.d. Not appear on any kind of financial statement.
Which of the complying with statements is no correct?a. The difference in between the full of the income Statement Debit column and also the complete of the revenue Statement Credit tower of the worksheet represents one of two people net earnings or net loss.b. Net income is taped on the worksheet in the revenue Statement Debit column and also the Balance Sheet credit column.c. Only the balances the accounts that are influenced by adjustments have to be recalculated prior to they are tape-recorded in the changed Trial Balance section of the worksheet.d. If an account has actually a debit balance in the trial Balance section of the worksheet and also there is a credit transaction entry in the Adjustments section, the credit transaction amount is added when computer the balance to be displayed in the changed Trial Balance ar of the worksheet.
d. If an account has a debit balance in the attempt Balance ar of the worksheet and there is a credit transaction entry in the Adjustments section, the credit transaction amount is added when computing the balance come be displayed in the changed Trial Balance ar of the worksheet.
When a psychological balance is in balance,a. Adjusting entries room not required.b. The general ledger is complimentary of errors.c. The debit account balances same the credit transaction account balances.d. The company has deserve a network income.
The adjustments make on the worksheeta. Are posted to the ledger yet are not recorded in the journal.b. Are videotaped in the journal yet are not posted to the ledger.c. Require not be gone into in the journal or the ledger.d. Are taped in the journal and then posted to the general ledger accounts.
On January 1, abc Catering purchased an oven for $2,000. The cooktop was intended to last 5 years and have no rescue value. Select the adjusting entry do on December 31, to document the depreciation the the stove for one year.a. Depreciation Expense.......500 collected Depreciation - Equipment.......500b. Accumulated Depreciation - Equipment.......400 Equipment.......400c. Depreciation Expense.......400 Equipment.......400d. Depreciation Expense.......400 gathered Depreciation - Equipment.......400
d. Depreciation Expense.......400 collected Depreciation - Equipment.......400$2,000/5 years = $400
During its very first year the business, XYZ Inc. To buy $2,400 the supplies. By the end of the year, only $500 of offers remain in the it is provided cabinet. Identify the amount to be report in the offers account in the readjusted Trial Balance section of the worksheet prepared on December 31.a. $500b. $1,900c. $2,400d. $2,900
The adjusting entry come account because that the expiration that prepaid insurance is composed ofa. A debit come Insurance Expense and a credit transaction to Prepaid Insuranceb. A debit come Insurance Expense and also a credit transaction to built up Depreciation.c. A debit to Prepaid Insurance and a credit to collected Depreciation.d. A debit to built up Depreciation and also a credit to Prepaid Insurance.
On a worksheet, the changed balance the a contra heritage account would be expanded toa. The Balance paper Debit columnb. The Balance Sheet credit column.c. The revenue Statement Debit columnd. The income Statement credit column.
J. B. Consulting purchased a maker for $6,000 ~ above November 1, 2016. The company expects the useful life that the machine to it is in 5 years and have no salvage value. If the firm uses the straight-line method to depreciate the machine, what will certainly be the depreciation adjustment for the year finishing December 31, 2016?a. Debit Depreciation expense $200 and Credit built up Depreciation $200.b. Debit Depreciation cost $1,200 and Credit accumulated Depreciation $1,200.c. Debit gathered Depreciation $200 and also Credit Depreciation expense $200.d. Debit Depreciation expense $200 and also Credit equipment $200.

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a. Debit Depreciation expense $200 and also Credit gathered Depreciation $200.($6,000 - $0)/60 month = $100; 2 month * $100 = $200
If a worksheet is ready at the finish of the accountancy year,a. Preparation of the jae won statements is not required.b. The adjusting entries perform not have to be journalized.c. Just a balance sheet is required.d. The financial statements are ready using the worksheet data.
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