Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

SE1. CONCEPT Match the concepts priate assumptions or actions. the w Much A5 raniz. Assuumes a business will last indefinitely Prepa 3. Assumes revenues are

image text in transcribed
image text in transcribed
SE1. CONCEPT Match the concepts priate assumptions or actions. the w Much A5 raniz. Assuumes a business will last indefinitely Prepa 3. Assumes revenues are earned at a point in time 1. Assumes expenses should be assigned to the accounting period in which they are used to produce revenues Periodicity a. b. Continuity c.Accrual accounting d. Revenue recognition 4. Assumes net income that is measured for a short period of time, such as one quarter Adiustment for Prepaid Insurance 1SEU The Piepaid Insurance account began the year with a balance of $460O. During the year, insurance in the amount of $1.040 was purchased. At the end of the year (Decem ber 31), the amount of insurance still unexpired was $700, Prepare the year-end journal chtry to record the adjustment for insurance expense for the year. Adjustment for Supplies SE3.The Supplies account began the year with a balance of $380 During the year, sup- plies in the amount of $980 were purchased. At the end of the year (December 31), the inventory of supplies on hand was$440 Prepare the year-end journal entry to record headjustment for supplies expense for the year. djustment for Depreciation 4The depreciation expenso on office equipment for the month of March is $100. s is the third monty that the office equipment, whiek.cost 1,900 has been owned pare the adjusting entry to record depreciation for March and show the balance sheet sentation for office equipment and related accounts after the March 31 adjustment. ustment for Accrued Wages Chapter 3: Measuring Business Income: Adiustina the Accounts SEZOTHE Prepaid Insurance account began the year with a balancc.of $460, During the car,insurance in the amount of $1.040 was purchased. At the end of the year (Decem ber 31), the amount of insurance still unexpired ahtry to record the adjustment for insurance expense for the year. was $700, Prepare the year-end journal 03 Adjustment for Supplies

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Laboratory Auditing For Quality And Regulatory Compliance

Authors: Donald C. Singer, Raluca-Ioana Stefan, Jacobus F. Van Staden

1st Edition

0367392461, 978-0367392468

More Books

Students also viewed these Accounting questions

Question

d. How were you expected to contribute to family life?

Answered: 1 week ago