answer key activity 12, 13.docx - Activity 12 In this...

This preview shows page 1 - 2 out of 3 pages.

Activity 12In this activity let us check your understanding on the basic adjusting entries. Thisknowledge is crucial for the next level, your performance in the next level shall depend on yourcompetence of this level. A perfect score is needed to pass this level. On the space providedwrite the correct type of adjustment that is describe for each item. You may answer the type ofadjustment more than once.1.Pre-collected or deferredincome not yet earned; but collected in advance.2.Prepayments,Unused supplies; to be used in the next accounting period.3.Pre-collected or deferredrent Income collected; but not earned yet.4.Accrualrent Income not yet collected; but already earned.5.Accrual, an expense incurred; but not yet paid or recorded.6.Accrual,Income earned; but not yet collected.7.Prepaymentan expense not yet incurred; but already paid in advance.8.Accrualsalaries incurred;but not yet paid.9.Depreciationexpired cost of an asset allocated in one accounting period.10.Provision for doubtful accountspractice in accounting to recognize those receivableswhich is estimated to be uncollectible.

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 3 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Fall
Professor
professor_unknown
Tags
Depreciation, Generally Accepted Accounting Principles, Magic Trading

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture