Adjusting entries made in ~ the end of an accounting period accomplish all of the following except:a)Assuring the financial explanation reflect the revenues earned and also the expenses incurred.b)Assigning earnings to the periods in i m sorry they room earned.c)Assuring that external transaction amounts remain unchanged.d)Assigning costs to the periods in i beg your pardon they room incurred.e)Updating liability and asset accounts to their appropriate balances.

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Which that the complying with is classified as a current asset?Unearned revenue.Land.Patent.Office supplies.Office equipment.
It is evident that an error occurred in the ready and/or posting of closing entries if:a) the income review account is debited because that the amount of net earnings for the period.b) every revenue and expense accounts have zero balances.c) only permanent accounts appear on the post-closing attempt balance.d) the Retained revenue account is debited because that the quantity of the net loss for the period.e) all balance sheet accounts have actually zero balances.
For the year finished December 31, a agency had profits of $187,000 and also expenses that $109,000. $37,000 in dividends to be paid during the year. Which of the complying with entries could not be a closing entry?Debit revenues $187,000; credit transaction Income an introduction $187,000.Debit Retained income $37,000; credit transaction Dividends $37,000.Debit Income summary $187,000; credit profits $187,000.Debit Income review $109,000, credit prices $109,000.Debit Income an introduction $78,000; credit transaction Retained revenue $78,000.
On might 1, Sellers Marketing company received $1,500 native Franco Marcelli for a marketing campaign effective from may 1 of the current year come April 30 of the adhering to year. The Cash receipt was videotaped as unearned fees and also at year-end ~ above December 31, $1,000 of the fees had actually been earned. Suspect adjustments are only made in ~ year-end, the adjusting entrance on December 31 would be:
A agency pays every of its 2 office employees every Friday at the rate of $100 per day for a five-day mainly that starts on Monday. If the monthly accounting period ends ~ above Tuesday and also the employees operated on both Monday and also Tuesday, the month-end adjusting entry to record the earnings earned however unpaid is:
A physical counting of provides on hand at the end of might for Masters, Inc. Shown $1,250 of supplies on hand. The general ledger balance before any type of adjustment is $2,100. What is the adjusting entry for office gives that need to be taped on may 31?
Which of the adhering to statements is incorrect?a) Adjusting entries have the right to be provided to document both accrued expenses and accrued revenues.b) Adjusting entries influence only balance paper accounts.c) Accrued expenses and accrued profits involve assets and also liabilities that had actually not previously been recorded.d) Prepaid expenses, depreciation, and also unearned revenues frequently require adjusting entries to document the impacts of the i of time.e) Adjustments come prepaid expenses and unearned profits involve previously recorded assets and also liabilities.
Which that the following statements is incorrect?a) jae won statements need to be prepared straight from info in the unadjusted attempt balance.b) An readjusted trial balance is a list of accounts and balances prepared after adjusting entries have been recorded and also posted to the ledger.c) one unadjusted psychological balance is a list of accounts and balances prepared prior to adjustments room recorded.d) gaue won statements have the right to be prepared straight from information in the changed trial balance.e) every trial balance quantity is used in prepare the jae won statements.
a) financial statements must be prepared straight from info in the unadjusted psychological balance.

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Palmer company is in ~ the end of that annual audit period. The accountant has journalized and posted all outside transactions and also all adjusting entries, has prepared an readjusted trial balance, and completed the financial statements. The following step in the audit cycle is:
If accrued wages were recorded on December 31 with a debit to salaries Expense and also a credit to earnings Payable, and also no reversing entries to be made on January 1, the entry to record payment the these earnings on the adhering to January 5 would include:
A company purchased a brand-new delivery van in ~ a cost of $45,000 on July 1. The delivery van is approximated to have a beneficial life that 6 years and also a salvage value of $3,000. The firm uses the straight-line technique of depreciation. Just how much depreciation cost will be tape-recorded for the van during the first year ended December 31?
On November 1, Jasper company loaned another agency $100,000 in ~ a 6.0% interest rate. The note receivable add to interest will certainly not be gathered until march 1 the the complying with year. The company\"s yearly accounting duration ends top top December 31, and adjustments are only made at year-end. The adjusting entry essential on December 31 is:
Debit attention Receivable, $1,000; credit Interest Revenue, $1,000. ($100,000 0.06
60/360 = $1,000)
Two bookkeeping principles central to accrual accounting basis that space relied top top in the adjusting procedure are:
On July 1 Olive Co. Paid $7,500 cash for management services to it is in performed end a two-year period. Olive follows a plan of recording all prepaid expenses to asset accounts at the time of cash payment. On July 1 Olive must record:
On January 1, Fashion front Magazine got $15,000 native subscribers for the yearly subscriptions that it recorded in Unearned Subscription Revenue. The concerns of the magazine room mailed to subscribers quarterly. What quantity of subscription revenue must the magazine acknowledge on in march 31 as soon as the an initial issue is sent in March?
The balances in Labeille audit Services\" office offers account top top February 1 and February 28 to be $1,200 and also $375, respectively. If the office supplies cost for the month is $1,900, what lot of office supplies was purchased during February?
$1,075$1,200 + provides Purchased − $1,900 = $375Supplies to buy − $700 = $375Supplies purchase = $1,075
A classified balance sheet presents information in a manner that renders it less complicated to calculate a company\"s current ratio.
On January 1, eastern College got $1,200,000 native its students because that the feather semester that it videotaped in Unearned Tuition and Fees. The ax spans 4 months start on January 2 and the college spreads the revenue evenly end the month of the term. Suspect the college prepares adjustments monthly, what lot of tuition revenue need to the college recognize on February 28?

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