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The expense recognition principle matches customers with businesses. expenses with revenues. creditors with businesses. assets with liabilities. Under accrual-basis accounting net income is calculated by matching cash outflows against cash inflows. events that change a company's financial statements are recognized in the period they occur rather than in the period in which cash is paid or received. cash must be received before revenue is recognized. the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles. An adjusting entry is always a compound entry. affects two balance sheet accounts. affects two income statement accounts. affects a balance sheet account and an income statement account. Adjusting entries can be classified as deferrals and postponements. accruals and deferrals. accruals and advances. postponements and advances. Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when the amount is entered. D. not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 1. Depreciation on equipment is $900 for the accounting period. 2. There was no beginning balance of supplies and purchased $500 of supplies during the period. At the end of the period $150 of supplies were on hand. 3. Prepaid rent had a $1,000 normal balance prior to adjustment. By year end $400 was unexpired. On June 1, during its first month of operations, Crooked Rain purchased supplies for $4,500 and debited the supplies account for that amount. At June 30 , an inventory of supplies showed $1,000 of supplies on hand. What adjusting journal entry should be made for June? (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts) On January 1, Chan \& Chan, CPAs received a $15,000 cash retainer for accounting services to be rendered ratably over the next. 3 months. The full amount was credited to the liability account Unearned Service Revenue. Assuming that the revenue is recognized equally over the 3-month period, what adjusting journal entry should be made at January 31 ? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) On July 1, 2022, Damlen Jurado Company pays $12,000 to its insurance company for a 2-year insurance policy. Prepare the necessary journal entries for Damlen Jurado on July 1 and December 31. (Credit account titles are automatically indented when the omount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Record journol entries in the order presented in the problem.) Sunland Company purchased supplies costing $7160 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $2020 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be Debit Supplies Expense, $5140; Credit Supplies, $5140. Debit Supplies, $2020; Credit Supplies Expense, $2020. Debit Supplies Expense, \$2020; Credit Supplies, $2020. Debit Supplies, $5140; Credit Supplies Expense, $5140. Depreciation expense for a period is the market value of the asset useful life. book value of the asset useful life. portion of an asset's cost that expired during the period. original cost of an asset - accumulated depreciation. Sunland Company purchased equipment for $43200 on January 1, 2022. The company expects to use the equipment for 3 years. It has no salvage value. The company records an even amount of depreciation each month over the assets life. Monthly depreciation expense on the asset is $1200 $43200. $0. $14400. On January 1, 2022, Bramble Company purchased equipment for $40400. The company is depreciating the equipment at the rate of $760 per month. The book value of the equipment at December 31,2022 is $0. $40400. $9120. $31280. The income statement for the month of June, 2021 of Sweet Enterprises contains the following information: The entry to close the revenue account includes a debit to Income Summary for $6660, debit to Income Summary for $970. credit to Income Summary for $6660. credit to Income Summary for $970. The income statement for the month of June, 2021 of Sweet Enterprises contains the following information: The entry to close the expense accounts includes a debit to Salaries and Wages Expense for $2890. credit to Income Summary for $5670. credit to Rent Expense for $1520. debit to Income Summary for $1300. The income statement for the month of June, 2021 of Ayayai Enterprises contains the following information: After the revenue and expense accounts have been closed, the balance in Income Summary will be a credit balance of $6890. a debit balance of $1380. a credit balance of $1380. Compute the dollar amount of current assets based on the following account balances. These are selected account balances on December 31, 2021. What is the total amount of property, plant, and equipment that will appear on the balance sheet? $933000$1127000$1096000$1391000
