dentify the impact on the accounting equation of the following transactions. 1. Purchased 36-month insurance policy for cash. 2 Purchased supplies on account. 3. Received utility bill to be paid at later date. 4. Paid utility bill previously accrued. 2 3. Increase Decrease
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- Which account would be credited when closing the account for rent expense for the year?A. Prepaid RentB. Rent ExpenseC. Rent RevenueD. Unearned Rent Revenue1. Purchased 18-month insurance policy for cash. enter an account title enter an account title 2. Paid weekly payroll. enter an account title enter an account title 3. Purchased supplies on account. enter an account title enter an account title 4. Received utility bill to be paid at later date.Determine the amount of cash expended for Insurance Premiums during the month, based on the entries in the following accounts (assume 0 beginning balances).
- Which account would be credited when closing the account for fees earned for the year? A. Accounts Receivable B. Fees Earned Revenue C. Unearned Fee Revenue D. Income Summarycompare the current year balance in prepaid insurance and insurance expense with the prior year's balances considering any changes in operations. You said that you would examine reconciliation of the account and segregation of duties, can you give an example as to why?Suppose that at the end of the year there is an outstanding note receivable. The adjusting entry to recognize the interest to be paid has what effect on the accounting equation?
- Businesses using the allowance method for the recognition of uncollectible accounts expense commonly experience four accounting events: a. Recognition of uncollectible accounts expense through a year-end adjusting entry. b. Write-off of uncollectible accounts. c. Recognition of revenue on account. d. Collection of cash from accounts receivable. Required Show the effect of each event on the elements of the financial statements, using a horizontal statements model like the one shown here. Use the following coding scheme to record your answers: increase is +, decrease is –, leave the cell blank for not affected. In the cash flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). The first transaction is entered as an example. Effect of Events on the Financial Statements Balance Sheet Income Statement Stockholders' Net Event Assets Liabilities Revenue Expense Cash Flow Equity Income 1. %3D + 2. 3. 4. +1. In the _____, a balance is calculated at the end of each each, incorporating any purchases, credits, or payments that were made that day. 2. If you deposit a sum of money P in a savings account or if you borrow a sum of money P from a lender, then P is reffered to as the ______?.______ a debt means that the debr is retired in a given length of time by equal periodic payments that include compound interest. 3. An _____ is a sequence of equal period payments, If payments are made at the end of each time interval, the annuity is called an _____.? Fill in the blank for each questions thanks.Which of the following entries records the cash prepayment of insurance for the next 12 months? (Choose correct answer choice) A. Cash, debit; Prepaid Insurance, credit B. Insurance Expense, debit; Cash, Credit C. Insurance Expense, debit; Accounts Payable, credit D. Prepaid Insurance, debit; Cash, credit
- How would each of the following items be reported on the balance sheet? a. Accrued vacation pay. b. Estimated taxes payable. c. Service warranties on appliance sales. d. Bank overdraft. e. Employee payroll deductions unremitted. f. Unpaid bonus to officers. g. Deposit received from customer to guarantee performance of a contract. h. Sales taxes payable. i. Gift certificates sold to customers but not yet redeemed. j. Premium offers outstanding. k. Discount on notes payable. l. Personal injury claim pending. m. Current maturities of long-term debts to be paid from current assets. n. Cash dividends declared but unpaid. o. Dividends in arrears on preferred stock. p. Loans from officers.please answer in good accounting form thankyou 6. At year-end, what amount should be reported as total noncurrent liabilities?Determine if this shall result in recognition of liabilities 10. receipt of cash from a customer for goods to be delivered next month a. yes b. no