An adjusting entry that credits salaries payable is

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Financial Accounting
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Chapter 10 / Exercise 10-3
Financial Accounting
Warren/Reeve/Duchac
Expert Verified
44) An adjusting entry that credits Salaries Payable is an example of a(n) ________.A) accrued expenseB) unearned revenueC) accrued revenueD) prepaid expenseAnswer:
ADiff: 2LO: 3-3AACSB: ConceptAICPA Functional: Measurement45) An adjusting entry that debits Accounts Receivable is an example of a(n) ________.
BDiff: 2LO: 3-3AACSB: ConceptAICPA Functional: Measurement46) An expense that has been incurred but not yet paid is called a(n) ________.
DDiff: 1LO: 3-3AACSB: ConceptAICPA Functional: Measurement47) Revenue that has been earned but not yet collected in cash is called a(n) ________.
ADiff: 1LO: 3-3AACSB: ConceptAICPA Functional: Measurement20
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The document you are viewing contains questions related to this textbook.
Financial Accounting
The document you are viewing contains questions related to this textbook.
Chapter 10 / Exercise 10-3
Financial Accounting
Warren/Reeve/Duchac
Expert Verified
48) The advance cash receipts of future revenues are called ________.A) accrued revenuesB) prepaid expensesC) unearned revenuesD) accrued expensesAnswer:
CDiff: 1LO: 3-3AACSB: ConceptAICPA Functional: Measurement49) The advance cash payments of future expenses are called ________.
BDiff: 1LO: 3-3AACSB: ConceptAICPA Functional: Measurement50) In accounting, depreciation refers to the ________.
ADiff: 1LO: 3-3AACSB: ConceptAICPA Functional: Measurement51) The Accumulated Depreciation account is ________.
ADiff: 1LO: 3-3AACSB: ConceptAICPA Functional: Measurement21
52) On January 1, 2015, the Accounts Receivable of Linda Inc. had a debit balance of $20,000. During January, the company provided services for $600,000 on account. The company collected $250,000 from its customers on account in January. What was the endingbalance in the Accounts Receivable account at the end of January?A) $350,000B) $620,000C) $370,000D) $600,000Answer: Explanation: C) Ending balance as of January 31, 2015 in Accounts Receivable = Opening balance + Debits - CreditsEnding balance in Accounts Receivable = $20,000 + $600,000 - $250,000 = $370,000
C
Diff: 2LO: 3-3AACSB: ApplicationAICPA Functional: Measurement

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