In a worksheet, net income is entered in the adhering to columns:1)income statement (Dr) and balance sheet (Dr)2)income explain (Cr) and balance sheet (Dr)3)income statement (Dr) and also balance paper (Cr)4)income explain (Cr) and balance sheet (Cr)


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In the unadjusted trail balance the its worksheet because that the year ended December 31,2017, Knox Co reported equipment of $120,000. The year-end adjusting entries call for an mediate of $15,000 for depreciation price for the equipment. After ~ the readjusted trial balance is completed, what quantities should be shown in the financial explain columns? 1.a debit that $105,000 for devices in the balance paper column2.A credit transaction of $15,000 because that Depreciation price --Equipment in the earnings statement column3.a debit of $120,000 for tools in the balance paper column4.a debit the $15,000 for gathered Depreciation --Equipment in the balance sheet column
When a network loss has actually occurred, Income review is :a) debited and also Owner"s capital is creditedb) credited and Owner"s capital is debitedc) debited and also Owner"s drawings is creditedd) credited and also Owner"s drawings is debited
The proper order that the following steps in the accounting cycle is:1. Prepare unadjsuted trail balance, journalize transactions, article to ledger accounts, journalize and post adjusting entries2.journalize transactions, prepare unadjusted psychological balance, short article to ledger accounts, journalize and also post adjusting entries3.journalize transactions, post to ledger accounts, prepare unadjusted psychological balance, journalize and post adjusting entries
3.journalize transactions, article to ledger accounts, prepare unadjusted psychological balance, journalize and also post adjusting entries
when Ramirez Co purchased provides worth $500 it erroneously recorded a credit to supplies for $5,000 and also a debit to Cash because that $5,000. Prior to correcting this error:a)cash is overstated and supplies is overstatedb)cash is understated and also supplies is understatedc)cash is understated and supplies is over statedd)cash is overstated and also supplies is understated
d)cash is overstated and also supplies is understated-supplies should have actually been debited (increasing supplies) and also cash should have been attributed (decreasing cash)
cash that $100 received at the moment of business was performed to be journalized and posted as a debit come Cash $100 and a credit transaction to account Receivable $100. Suspect the incorrect entry is no reversed, the correcting entry is:1)debit business revenue $100 and also credit accounts receivable $1002)debit accounts receivable $100 and also credit company revenue $1003)debit cash $100 and also credit business revenue $1004)debit accounts receivable $100 and also credit cash $100
the correct order of presentation in a classified balance sheet because that the following present assets is: a)cash, inventory, accounts receivable, prepaid insuranceb)cash, account receivable, inventory, prepaid insurance
A agency has purchase a street of land. It expects to construct a production plant ~ above the floor in about 5 years before construction, the land will certainly be idle. The land must be reported as:1. Property, plant, and also equipment2. Land expense3. Permanent investment4. Intangible asset
3. Permanent investment-land would certainly be reported as property, plant, and equipment just if that is being at this time being supplied in the business
In a classified balance sheet, assets space usually classified utilizing the following categories:1. Current assets; permanent assets; property, plant, and also equipment; and intangible assets2.current assets; long-term assets; property, plant, and also equipment; and intangible assets3. Present assets; irreversible investments; tangible assets; and intangible assets4. Existing assets; longer-term investments; property, plant, and also equipment; and also intangible assets
On December 31, Kevin Hartman company correctly do an adjusting entrance to identify $2,000 of accrued earnings payable. Top top January 8 the the next year, total salaries that $3,400 to be paid. Suspect the correct reversing entry to be made top top January 1, the entry on January 8 will an outcome in a credit transaction to Cash $3,400 and the following debit(s):a. Salaries and wages payable $1,400 and salaries and also wages expense $2,000b. Salaries and wages payable $2,000 and also salaries and wages expense $1,400c. Salaries and also wages price $3,400d. Salaries and also wages payable $3,400
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