Potential Matches:

1 : Implies that a company can divide its economic activities into artificial time periods

2 : Affairs of the business distinguished from those of its owners

3 : Presentation of error-free information with representational faithfulness= Presentation of error-free information with representational faithfulness

4 : Notes as part of necessary information to a fair presentation

5 : Economic activity can be identified with a particular unit of accountability

6 : Earnings process completed and realized or realizable

7 : Money is the common denominator of economic activity and provides an appropriate basis for accounting measurement and analysis

8 : Valuing assets at amounts originally paid for them

9 : Application of the same accounting principles as in the preceding year

10 : Business enterprise assumed to have a long life

Answer

:Consistency characteristic

:Historical cost principle

:Going concern principle

:Periodicity assumption

:Reliability characteristic

:Economic entity assumption

:Monetary unit assumption

:Revenue recognition principle

:Full disclosure principle

:

Economic entity assumption

2.Daniels Company deposits all receipts and makes all payments by check. The following information is available from the cash records.

MARCH 31

BANK RECONCILIATION

Balance per bank	$26,746
Add: Deposits in transit	2,100
Deduct: Outstanding checks	(3,800)
Balance per books	$25,046
Month of April Results	Per Bank	Per Books
Balance April 30	$27,995	$24,355
April deposits	8,864	13,889
April checks	13,100	14,080
April note collected	3,000	-0-
(not included in April deposits)
April bank service charge	35	-0-
April NSF check of
a customer returned by the bank
(recorded by bank as a charge)	900	-0-

Instructions

Calculate the amount of the April 30

(1) deposits in transit; and

(2) outstanding checks.

Show all your work for potential partial credit.

3.(TCO B) Adjusting Entries: Data relating to the balances of various accounts affected by adjusting or closing entries appear below. (The entries which caused the changes in the balances are not given.) You are asked to supply the missing journal entries which would logically account for the changes in the account balances. Interest receivable at 1/1/1X was $5,000. During 201X cash received from debtors for interest on outstanding notes receivable amounted to $5,000. The 201X income statement showed interest revenue in the amount of $4,900. You are to provide the missing adjusting entry that must have been made, assuming reversing entries are not made. For each journal entry write Dr. for debit and Cr. for credit.

4.Adjusting Entries: Accumulated depreciation-machinery at 1/1/1X was $150,000. At 12/31/1X, the balance of the account was $300,000. During 201X, one piece of equipment was sold. The equipment had an original cost of $100,000 and was 1/2 depreciated when sold. You are to prepare the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

5.Adjusting Entries: Allowance for Doubtful accounts made on 1/1/1X was $40,000. The balance in the allowance account on 12/31/1X after making the annual adjusting entry was $50,000 and during 201X bad debts written off amounted to $30,000. You are to provide the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

6.Adjusting Entries: Prepaid rent at 1/1/1X was $30,000. During 201X rent payments of $110,000 were made and charged to "rent expense." The 201X income statement shows as a general expense the item "rent expense" in the amount of $130,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. For each journal entry write Dr. for debit and Cr. for credit.

7.Adjusting Entries: Retained Earnings at 1/1/1X was $0 and at 12/31/1X was $400,000. During 201X, cash dividends of $60,000 were paid and a stock dividend of $100,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. For each journal entry write Dr. for debit and Cr. for credit.