Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Will rate on multiple accounts if all 3 are answered Question 11) If total liabilities decreased by $22,500, then d. assets and shareholders' equity must

Will rate on multiple accounts if all 3 are answered image text in transcribed
image text in transcribed
image text in transcribed
Question 11) If total liabilities decreased by $22,500, then d. assets and shareholders' equity must have both increased by $22,500. c. assets must have increased by $22,500, or shareholders' equity must have decreased by $22,500. Ob. only shareholders' equity must have decreased by $22,500. O e. assets must have decreased by $22,500. a. assets must have increased by $22,500. November 1: SALL paid three months' rent in advance to SANE Ltd covering the period from November 1, 2019 to January 31, 2020: $24,000. December 20: $28,000 of service was provided to ZACK Ltd on account, but SALL has not yet billed ZACK and as a result no record has been made in SALL's books. December 31: The gas bill for the month of December was received on January 16: $1,650. In the books of SALL, the adjusting entry required on December 31 for the transaction on November 1 would include: O a. a credit to prepaid expense for $24,000. b. a debit to rent expense for $16,000. O c. a credit to prepaid expense for $8,000. O d. a credit to rent expense for $16,000. e. a credit to rent payable for $8,000. . a a Question 17) Adjusting entries can be classified as c. prepayments and postponements. d. accruals and advances. e. accruals and prepayments. a. postponements and advances. b. prepayments and unearned revenues

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

Auditing A Practical Approach

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton, Valerie Warren

3rd Canadian edition

1-119-40285-5, 111940276X, 978-1119566007

More Books

Students also viewed these Accounting questions

Question

5 What does it mean to think of an organisation as an open system?

Answered: 1 week ago

Question

What are you curious about regarding James and his family?

Answered: 1 week ago

Question

b. A workshop on stress management sponsored by the company

Answered: 1 week ago