Prepaid expense - Study guides, Class notes & Summaries

company shows a balance in Salaries and Wages Payable of $50,000 at the end of the month. The next payroll amounting to $75,000 is to be paid in the following month. What will be the journal entry to record the payment of salaries? - Answer Debit Salaries and Wages Payable 50,000, Debit Salaries and Wages Expense 25,000; Credit Cash 75,000 Given the following adjusted trial balance: Cash $831 Accounts receivable 1,049 Inventory 1,562 Prepaid rent 43 Equipment 150 Accumulated depreciat...

Based on the account balances below, what is the total of the debit and credit columns of the adjusted trial balance? Service revenue $5300 Equipment $7400 Cash 2525 Prepaid insurance 1225 Unearned service revenue 5320 Depreciation expense 640 Salaries and wages expense 1050 Accum. depreciation 1280 Common stock 390 Retained earnings 550 Ans: $12,840 Oriole Company collected $13200 in May of 2016 for 4 months of service which would take place from October of 2016 through January of 2...

An adjusting entries for unearned revenue affects correct answers Revenue and Liabilities How will it affect total Assets in the balance sheet if tangible fixed assets are not depreciated at the end of the period? correct answers Total Assets are overstated How will it affect Income Statement if an accrued expense of $450 is forgotten to record at the end of the period? correct answers Net Income in the Income Statement will be overstated for $450 What accounting principle requires cred...

Accounting 211 exam 1What is the proper closing entry for dividends? - correct answer *Debit retained earnings, credit dividends* Ken just started a business and made the following 3 inventory purchases in November: -Nov 1- 150 units @ $780 -Nov 8- 200 units @ $1170 -Nov 22- 200 units @ $1260 A physical count of merchandise inventory on Nov 30 reveals that there are 150 units on hand. Using the average cost method, the amount allocated to ending inventory for November is: - correct answer...

Accounting 211 exam 1 questions well answered graded A+What is the proper closing entry for dividends? - correct answer *Debit retained earnings, credit dividends* Ken just started a business and made the following 3 inventory purchases in November: -Nov 1- 150 units @ $780 -Nov 8- 200 units @ $1170 -Nov 22- 200 units @ $1260 A physical count of merchandise inventory on Nov 30 reveals that there are 150 units on hand. Using the average cost method, the amount allocated to ending inventory...

cash Petty cash is usually shown on the balance sheet as: Owner drawings are not included in this statement Which is not correct about the Statement of Owners' Equity? Income statement for previous period When preparing the Statement of Cash Flows all of the following are needed except As many invoices are possible should be paid in cash Which is not an internal control for cash? Liability Accrued Wages is what type of account? Depreciation Expense $1,000...

CFA Level 1 Financial Statement Analysis 44 Questions with Answers Income statement - CORRECT ANSWER A financial statement that provides information about a company's profitability over a stated period of time. Also called statement of operations or profit and loss statement. Revenue - Expenses = Net income or loss Liquidity - CORRECT ANSWER The ability to purchase or sell an asset quickly and easily at a price close to fair market value. The ability to meet short-term obligations u...

Business Continuation Plans - Answer-continue the operation of the business in the event of a disabling sickness to a business owner or key employee Absolute Assignment v. Collateral Assignment - Answer-- absolute: a permanent and irrevocable transfer - collateral: a temporary and/or revocable transfer of benefits (collateral for debt) Accidental Bodily Injury Provision - Answer-require RESULT of injury unexpected or accidental Accidental Death and Dismemberment Insurance - Answer-- covers...

"No Gain No Loss" - a replacing policy pays for ongoing claims under the policy it replaces Absolute Assignment v. Collateral Assignment - - absolute: a permanent and irrevocable transfer - collateral: a temporary and/or revocable transfer of benefits (collateral for debt) Accidental Bodily Injury Provision - require RESULT of injury unexpected or accidental Accidental Death and Dismemberment Insurance - - covers fatal accident or dismemberment of accidental injury - pure accident cover...

prepaid service plans - correct answer this type of plan provided a set allowance (level of benefit) for hospital/medical services and paid them directly to the provider ex: blue cross blue shield indemnity plans - correct answer plans that reimbursed or indemnified a set dollar amount to the subscriber first dollar coverage - correct answer plan pays benefits from the minute an expense is incurred. the subscriber pays no expense. this model was used in early hospital and medical ...