On July 7, Swifty Industries purchased supplies of $2200 for cash. The entry to record the purchase will include a debit to Supplies and a credit to Cash. a debit to Accounts Receivable and a credit to Supplies. a debit to Supplies Expense and a credit to Accounts Receivable. a debit to Supplies and a credit to Accounts Payable. On August 13,2022, Swifty Services Co. purchased office equipment for $1210 and office supplies of $380 on account Which of the following journal entries is recorded correctly and in the standard format? Eastman Service Enterprises bills Trait Company for services rendered. Trait's journal entry to record payment of the account will include a debit to Accounts Receivable. Accounts Payable. Maintenance Expense. Owner's Capital. Crane Company provided consulting services and billed the client $3000. As a result of this event. owner's equity increased by $3000. assets increased by $3000. assets remained unchanged. assets and owner's equity both increased by $3000. Next auestion Which of the following journal entrics is recorded correctly and in the standard format? Salaries and Wages Expense 670 Cash 1610 Advertising Expense 940 On October 3, Ken Steele, a carpenter, received a cash payment for services previously billed to a client. Ken paid his telephone bill, and he also bought equipment on credit. For the three transactions, at least one of the journal entries will include a credit to Accounts Payable. credit to Notes Payable. credit to Owner's Capital. debit to Accounts Receivable. Which statement is false about posting? Posting is performed in alphabetical order. Posting is performed after journalizing. The explanation space of the ledger account is used infrequently. Accounts numbers are written in the reference column of the journal. An accounting record of the balances of all assets, liabilities, and owner's equity accounts is called a general ledger. chart of accounts. compound entry. general journal. The ledger should be arranged in alphabetical order. chronological order. dollar amount order. None of these choices are correct. A three column form of account is so named because it has columns for debit, credit, and date. debit, credit, and account name. debit, credit, and balance. debit, credit, and reference. The ledger accounts should be arranged in alphabetical order. order of appearance in the journal. fnancial statement order. chronological order. The usual ordering of accounts in the general ledger is liabilities, assets, owner's capital, revenues, expenses, and drawings. assets, liabilities, owner's capital, drawings, revenues, and expenses. assets, liabilities, drawings, owner's capital, expenses, and revenues. owner's capital, assets, liabilities, drawings, expenses, and revenues. Waterway Company showed the foliowing batances at the end of its first year: What did Waterway Company show as total credits on its trial balance? $59520$48780$67600$58190 In Yanirs Gyros trial balance, which type of balance should Yani expect for the type of account indicated? Asset - debit. Owner's Capital - debit. Liabilites - debit. Owner's Drawing - credit. Ina trial balance, what indicates that an amount is a final sum? dollar sign. bold font. single underline. double underline. In Yani's Gyros trial balance, which type of balance should Yani not expect for the type of account indicated? Liabilites-credit: Owner's Drawing - debit. Owner's Capital - credit. Asset - credit. Coronado Company showed the following balances at the end of its first year: What did Coronado Company show as total credits on its trial balance? $42600$42510$10870$39660 In Yani's Gyros trial balance, which type of balance should Yani not expect for the type of account indicated? Owner's Drawing - debit. Revenues - debit. Owner's Capital- credit. Expenses - debit. Customarily, a trial balance is prepared after each journal entry is posted. only at the inception of the business. at the end of an accounting period. at the end of each day. The fiscal year of a business is usually determined by the IRS. a lottery. the business. the SEC. On March 1, a customer places an order for a wedding cake with Stick Boy Bakery. The customer is sent a statement on March 30 and a check is recelved on April 10. The cake is delivered to the wedding reception on May 2. The bakery shop follows GAAP and applies the revenue recognition principle. When is the revenue from the sale of the wedding cake considered to be recognized? May 2. March 1. April 10, March 30. Chen Alterations Company follows the revenue recognition principle. Lynn Chen altered a fuxedo on April 30. The customer picks up the tumedo on May 1 and malis the payment to Chen on May 5 . Chen receives the check in the mail on May 6 . When was Chen's pertormance obligation satisfied? May6May1May5Apria30 The balance in the supplies account on June 1 was $5400, supplies purchased during June were $3200, and the supplies on hand at June 30 were $3630. The amount to be used for the appropriate adjusting entry is $4540$12230$4970$6830 Inits first period of operations, Marigold Company purchased supplies costing $7100 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $2070 still on hand. The adjusting journal entry to be made at the end of the period would be Debit Supplies Expense, $2070; Credit Supplies, $2070. Debit Supplies Expense, $5030; Credit Supplies, $5030. Debit Supplies, $5030; Credit Supplies Expense, $5030. Debit Supplies, \$2070; Credit Supplies Expense, $2070. What is the proper adjusting entry at June 30 , the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18580, and unexpired amounts per analysis of policies of $5990 ? Debit Prepald Insurance, $12590 : Credit Insurance Expense, $12590. Debit Insurance Expense, $5990; Credit Prepaid Insurance, $5990. Debit Insurance Expense, $18580; Credit Prepaid Insurance, $18580. Debit Insurance Expense, $12590; Credit Prepaid Insurance, $12590, Attempts: 0 of 1 used A new accountantworking for Concord Company records $880 Depreciation Expense on store equipment as follows: Dr. Depreciation 880 Expense Cr. Cash 880 The effect of this entry is to adjust the accounts to their proper amounts on December 31 . overstate the book value of the depreciable assets at December 31. understate the book value of the depreciable assets as of December 31 . understate total assets on the balance sheet as of December 31. During its first period of operations, Sheffield Laundry purchased $7600 worth of supplies on June 2 and recorded the purchase as an asset. On June 30 , an imentory of the supplies indicated only $1060 on hand. The adjusting entry that should be made by the compary on June 30 is Debit Supplies Expense, $6540; Credit Supplies, $6540. Debit Supplies, \$1060; Credit Supplies Expense, $1060. Debit Supplies, $6540; Credit Supplies Expense, $6540. Debit Supplies Expense, $1060; Credit Supplies, $1060. At March 1, Marigold Inc reported a balance in Supplies of $240. During March, the company purchased supplies for $710 and consumed supplies of $850. If no adjusting entry is made for supplies expenses will be understated by $710. net income will be understated by $850. owner's equity will be overstated by $850. assets will be understated by $240. Coronado Candies paid employee wages on and through Friday, January 26, and the next payroll will be paid in February. There are three more working days in January (29-31). Employees work 5 days a week and the company pays $1520 a day in wages. What will be the adjusting entry to accrue wages expense at the end of January? No adjusting entry is required. Salaries and Wages 1520 Expense Salaries and Wages 1520 Payable Salaries and Wages 7600 Expense Salaries and Wages 7600 Payable Salaries and Wages 4560 Expense Salaries and Wages 4560 Payable Current Attempt in Progress An adjusted trial balance proves the equality of the total debit balances and total credit balances of ledger accounts after all adjustments have been made. is prepared after the financial statements are completed. is a required financial statement under generally accepted accounting principles. cannot be used to prepare financial statements. Sheifield Co. was organized on April 1, 2022. The company prepares monthly financial statements. The adjusted trial balance amounts at April 30 are shown below. What are total liabilities in the April 30,2022 balance sheet? $9580$10230$8820$24090 Kingbird Co. was organized on April 1, 2022. The company prepares monthly financial statements. The adjusted trial balance amounts at April 30 are shown below. What are total assets in the April 30,2022 balance sheet? What are total assets in the April 30,2022 balance sheet? $24250$23610$24950$23550 Balance sheet accounts are considered to be nominal accounts. permanent accounts. temporary owner's equity accounts. capital accounts. The step in the accounting cycle that is performed on a periodic basis (i.e. monthly, quarterly) is posting to ledger accounts. journalizing and posting adjusting entries. preparing a post-closing trial balance. analyzing transactions. Closing entries are journalized and posted before the financial statements are prepared. after the financial statements are prepared. at the end of each interim accounting period. at management's discretion. Bramble Post Pavillion received a $850 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $580 and a credit to Service Revenue $580. The correcting entry is debit Cash, $270 and Accounts Receivable, $580 i credit Service Revenue, $850. debit Cash, $270 and Service Revenue, $580; credit Accounts Receivable, $850. debit Accounts Receivable, $850; credit Cash, $270 and Service Revenue, $580. debit Cash, $850; credit Accounts Receivable, $850. Identify which of the following are temporary accounts of San Migael Company. Equipment Accumulated Depreciation Owner's Capital Depreciation Expense Owner's Drawings