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please explain im trying to understand the concept Debit Credit 15,000 55,000 2,000 7,000 12,000 1,000 4,000 40,000 330,000 120,000 39,000 150,000 70,000 22,000 30,000
please explain im trying to understand the concept
Debit Credit 15,000 55,000 2,000 7,000 12,000 1,000 4,000 40,000 330,000 120,000 39,000 150,000 70,000 22,000 30,000 Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Prepaid rent Supplies Prepaid Advertising Note Receivable Interest Receivable Land Buildings Accumulated Depreciation Buildings Equipment Accumulated Depreciation Equipment Accounts Payable Notes Payable Interest Payable Salary & Wage Payable Unearned revenue Unearned rent revenue Common Stock Retained Earnings Sales Revenue Rent Revenue Utilities Expenses Depreciation expense -buildings Depreciation expense-equipment Insurance expense Advertising Expense Bad debt expense Supplies expense Rent expense Salaries and Wages Expense Maintenance and Repairs Expense 4,000 3,000 400,000 119,000 365,000 36,000 54,000 2,000 8,000 24,000 8,000 1,000 2,000 48,000 185,000 24,000 1,090,000 1,090,000 3.)If XYZ's unadjusted trial balance shows 33,000 in prepaid rent, the adjusting entry on 12/31/21 is: if the company fails to make an adjusting entry, the impact on the accounting equation is: 4.) If KLM recorded the receipt of payment for a 2 year lease to a permanent account, the adjusting entry on 12/31/21 is: If the company fails to make an adjusting entry, the impact on the accounting equation is: 5.)If KLM recorded the receipt of payment for a 2 year lease to a temporary account, the adjusting entry on 12/31/21 is: If the company fails to make an adjusting entry, the impact on the accounting equation is: 6.) If KLM's unadjusted trial balance shows 30,000 in deferred rent revenue, the adjusting entry on 12/31/21 is: if the company fails to make an adjusting entry, the impact on the accounting equation is: if the company fails to make an adjusting entry, the impact on the accounting equation is: 1 2 3 4 5 6 Understated Overstated No Effect Assets Liabilities Understated Overstated No Effect Understated Overstated Equity No Effect Understated Retained earnings Overstated No Effect Understated Overstated Revenue No Effect Understated Overstated COGS No Effect Understated Expenses Overstated No Effect Understated Overstated No Effect Net Income Debit Credit 15,000 55,000 2,000 7,000 12,000 1,000 4,000 40,000 330,000 120,000 39,000 150,000 70,000 22,000 30,000 Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Prepaid rent Supplies Prepaid Advertising Note Receivable Interest Receivable Land Buildings Accumulated Depreciation Buildings Equipment Accumulated Depreciation Equipment Accounts Payable Notes Payable Interest Payable Salary & Wage Payable Unearned revenue Unearned rent revenue Common Stock Retained Earnings Sales Revenue Rent Revenue Utilities Expenses Depreciation expense -buildings Depreciation expense-equipment Insurance expense Advertising Expense Bad debt expense Supplies expense Rent expense Salaries and Wages Expense Maintenance and Repairs Expense 4,000 3,000 400,000 119,000 365,000 36,000 54,000 2,000 8,000 24,000 8,000 1,000 2,000 48,000 185,000 24,000 1,090,000 1,090,000 3.)If XYZ's unadjusted trial balance shows 33,000 in prepaid rent, the adjusting entry on 12/31/21 is: if the company fails to make an adjusting entry, the impact on the accounting equation is: 4.) If KLM recorded the receipt of payment for a 2 year lease to a permanent account, the adjusting entry on 12/31/21 is: If the company fails to make an adjusting entry, the impact on the accounting equation is: 5.)If KLM recorded the receipt of payment for a 2 year lease to a temporary account, the adjusting entry on 12/31/21 is: If the company fails to make an adjusting entry, the impact on the accounting equation is: 6.) If KLM's unadjusted trial balance shows 30,000 in deferred rent revenue, the adjusting entry on 12/31/21 is: if the company fails to make an adjusting entry, the impact on the accounting equation is: if the company fails to make an adjusting entry, the impact on the accounting equation is: 1 2 3 4 5 6 Understated Overstated No Effect Assets Liabilities Understated Overstated No Effect Understated Overstated Equity No Effect Understated Retained earnings Overstated No Effect Understated Overstated Revenue No Effect Understated Overstated COGS No Effect Understated Expenses Overstated No Effect Understated Overstated No Effect Net IncomeStep by Step Solution
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