Questions from General Accounting

Q: Indicate whether the following accounts generally will have (a) debit

Indicate whether the following accounts generally will have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. (1) Cash. (4) Accounts Payable. (2) Accounts Receiv...

Q: “Depreciation is a valuation process that results in the reporting of

“Depreciation is a valuation process that results in the reporting of the fair market value of the asset.” Do you agree? Explain.

Q: Shinn Company purchased equipment for $18,000. By the

Shinn Company purchased equipment for $18,000. By the current balance sheet date, $6,000 had been depreciated. Indicate the balance sheet presentation of the data.

Q: Selected journal entries for the Finney Company are presented in BE2-

Selected journal entries for the Finney Company are presented in BE2-7. Post the transactions using the standard form of account. Reference Data BE 2-8:

Q: What is the debit/credit effect of an unearned revenue adjusting

What is the debit/credit effect of an unearned revenue adjusting entry?

Q: A company fails to recognize revenue earned but not yet received.

A company fails to recognize revenue earned but not yet received. Which of the following accounts are involved in the adjusting entry: (a) asset, (b) liability, (c) revenue, or (d) expense? For th...

Q: A company fails to recognize an expense incurred but not paid.

A company fails to recognize an expense incurred but not paid. Indicate which of the following accounts is debited and which is credited in the adjusting entry: (a) asset, (b) liability, (c) revenu...

Q: A company makes an accrued revenue adjusting entry for $900 and

A company makes an accrued revenue adjusting entry for $900 and an accrued expense adjusting entry for $700. How much was net income understated prior to these entries? Explain.

Q: On January 9, a company pays $5,000 for

On January 9, a company pays $5,000 for salaries, of which $2,000 was reported as Salaries Payable on December 31. Give the entry to record the payment.

Q: For each of the following items before adjustment, indicate the type

For each of the following items before adjustment, indicate the type of adjusting entry (prepaid expense, unearned revenue, accrued revenue, and accrued expense) that is needed to correct the misstate...