If a required accrued expense adjustment had not been

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Survey of Accounting
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Chapter 3 / Exercise E3-16
Survey of Accounting
Warren
Expert Verified
59.If a required accrued expense adjustment had not been made, the financial statements would have been affected as follows:a)net income understated, assets overstated, liabilities unaffected, and owner’s equity understatedb)net income understated, assets overstated, liabilities understated, and owner’s equity unaffectedc)net income overstated, assets unaffected, liabilities understated, and owner’s equity overstated d)net income overstated, assets overstated, liabilities understated, and owner’s equity overstatedcL.O. 3DifficultPage: 10660.If a required unearned revenue adjustment had not been made, the financial statements would have been affected as follows:a)net income understated, assets overstated, liabilities unaffected, and owner’s equity overstatedb)net income overstated, assets unaffected, liabilities understated, and owner’s equity unaffectedc)net income understated, assets unaffected, liabilities overstated, and owner’s equity understatedd)net income overstated, assets overstated, liabilities overstated, and owner’s equity unaffected
cL.O. 3DifficultPage: 10661. If the adjusting entry to record the current period’s prepaid rent expired is omitted:
L.O. 3DifficultPage: 10662.Adjusting entries always involve a(n):
L.O. 3ModeratePage: 9763.Net income is reported on the income statement at $63,000. Adjusting entries for accrued salaries of $600 and depreciation on equipment of $1,500 were accidentally omitted. The correct net income is:
65
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Survey of Accounting
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Chapter 3 / Exercise E3-16
Survey of Accounting
Warren
Expert Verified
dL.O. 3DifficultPage: 10666
CHAPTER 3Measuring Business Income: The Adjusting Process64.Net income is reported on the income statement at $80,000. Adjusting entries for accrued revenues of $6,000 and deferred revenue earned during the current period of $2,500 were accidentally omitted. The correct net income is:a) $88,500b) $81,000c)$77,500d) $78,500
aL.O. 3DifficultPage: 10665.If the adjusting entry to record revenue earned during the current period when the cash was received in the last accounting period is not recorded:
L.O. 3DifficultPage: 104

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