Therefore, the credit to supplies in the adjusting entry is for the amount of supplies. Accrued expenses are ordinarily reported on the balance sheet as. Adjusting entries are required at the end of each fiscal period to align the revenues and expenses to the “right” period, in accord with the matching principle Matching Principle The matching principle is an accounting concept that dictates that companies report expenses at the same time as the revenues they are related to. Question 4. Prepaid rent, representing rent for the next six months’ occupancy, would be reported on the tenant’s balance. In order for the financial statements to be correct on the accrual basis of accounting, the accountant needs to record an adjusting entry dated as of December 31. Supplies are recorded as assets when purchased. Before beginning adjusting entry examples for Printing Plus, let’s consider some rules governing adjusting entries: Every adjusting entry will have at least one income statement account and one balance sheet account. If the bookkeeper doesn’t reverse this accrual enter, he must remember the amount of expense that was previously recorded in the prior year’s adjusting entry and only account for the new portion of the expenses incurred. Data for an adjusting entry described as "accrued wages, $2,020" means to debit: Wages Expense and credit Wages Payable Wages Payable and credit Wages Expense Accounts Receivable and credit Wages Expense Drawing and credit Wages Payable Question 10 The supplies account has a balance of $975 at the beginning of the year and was Percentage of credit sales method. An adjusting entry is a journal entry made at the end of an accounting period that allocates income and expenditure to the appropriate years. 17. Data for an adjusting entry described as "accrued wages, $2,020" would result in. Adjusting Entries – Why Do We Need Adjusting Journal Entries? Search for positions such as Junior Data Analyst or Junior Data Scientist. b.debit Fees Earned and a credit Revenue. D. Is only a memorandum entry 33. Cash will never be in an adjusting entry. It is acceptable for data to be used as a singular subject or a plural subject. Wages Expense and credit Wages Payable. Data for an adjusting entry described as "accrued wages, $2,020" requires a. a. debit to Wages Expense and a credit to Wages Payable. Supplies are recorded as … During July. Data for an adjusting entry described as "accrued wages, $2,020" means to debit. Wages Expense and credit Wages Payable B. b. debit to Wages Payable and a credit to Wages Expense. Some companies estimate bad debts as a … d. Adjusting entries provided by the accountant usually have a number that should be entered in the reference field as shown above (e.g. If cash is received in advance from a customer, then a) Assets will decrease. Wages Expense and credit Wages Payable b. Entries are often provided on several pages, with each entry separated by a line and with a new number. exam # XXXXX Additional data as of March 31, 20XX (ADJUSTING ENTRIES): a. Data for an adjusting entry described as ''accrued wages, $2,020" would result in a. a debit to Wages Expense and a credit to Wages Payable b. a debit to Wages Payable and a credit to Wages Expense c. a debit to Accounts Receivable and a credit Wages Expense d. a debit to Dividend and a credit to Wages Payable 18. Data cleaning is a crucial part of data analysis, particularly when you collect your own quantitative data. used. The reversing entry erases the prior year’s accrual and the bookkeeper doesn’t have to worry about it. Asset. Data for an adjusting entry described as "accrued wages, $2,020" means to debit A. b. Accrued salaries adjusting entry Accrued salaries adjusting entry The adjusting entry records the change in amount that occurred during the period. Skip to main content . liabilities Data for an adjusting entry described as “accrued wages, $800” means to debit: a) Capital Stock and credit Wages Payable b) Wages Expense and credit Wages Payable c) Wages Payable and credit Wages Expense d) Accounts Receivable and credit Wages Expense 12. The adjusting entry will consist of a debit of $2,000 to Interest Expense (an income statement account) and a credit of $2,000 to Interest Payable (a balance sheet account). B. a debit to Accounts Receivable and a credit Wages Expense. The Areal data is adjusted for time of observation and stored as a seperate entry in hcn_doe_mean_data.TOB adjustment is briefly described here.Following the TOB adjustment, the series is tested for homogeneity. Today the general journal is used to record adjusting entries and transactions other than payments, receipts, or payroll. Companies are often eager to fill entry-level data science jobs. For your examples, one of the adjusting entries should be an accrual and another a deferral. Interest earned on marketable securities, but not received $ 120 b. The company has separate insurance policies on its buildings and its motor vehicles. In computing, data is information that has been translated into a form that is efficient for movement or processing. c. *20. c.debit to Accounts Receivable and a credit to Fees Earned. After you collect the data, you must enter it into a computer program such as SAS, SPSS, or Excel.During this process, whether it is done by hand or … Data for an adjusting entry described as “accrued wages, $2,020” requires a debit to Wages Expense and a credit to Wages Payable; debit to Wages Payable and a credit to Wages Expense; debit to Accounts Receivable and a credit to Wages Expense; debit to Drawing and a credit to Wages Payable . C. Compound journal entry. b. Looking for Adjusting entries? Wages Payable and credit Wages Expense c. Accounts Receivable and credit Wages Expense d. Drawing and credit Wages Payable ANS: A DIF: 3 OBJ: 03 36. The unexpired insurance at the end of the fiscal period represents … Data for an adjusting entry described as "accrued revenue, $3,100" requires a. a.debit Fees Earned and a credit Accounts Receivable. In earlier times, these steps were followed manually and sequentially by an accountant. An incorrect journal entry. YE # 1, YE # 2, YE # 3, etc.). The general journal is described as the book of original entry. Data for an adjusting entry described as "accrues wages, $2,020" requires a. Debit to Wages Expense and a credit to Wages Payable. Data for an adjusting entry described as "accrued wages, $2,020" means to debit: Wages Expense and credit Wages Payable Wages Payable and credit Wages Expense Accounts Receivable and credit Wages Expense Drawing and credit Wages Payable Question 10 The supplies account has a balance of $975 at the beginning of the year and was Raw data is a term used to describe data in its most basic digital format. ... As described above, data scientists must have expertise in several different disciplines. Prepaid Insurance $10,440. Four types of adjusting entries are described at the beginning of the chapter. When a prepaid expense is initially debited to an expense account, a. Supplies are recorded as assets when purchased. Wages Payable and credit Wages Expense C. Accounts Receivable and credit Wages Expense D. Drawing and credit Wages Payable. This preview shows page 24 - 27 out of 141 pages.. Data for an adjusting entry described as “accrued wages, $2,020” requires a Remember, you do not change your journal entries for posting — if you debit in an entry you debit when you post. If the account has an existing credit balance of $400, the adjusting entry includes a $4,600 debit to bad debts expense and a $4,600 credit to allowance for bad debts. Unpaid salaries 100 c. An unrecorded and unpaid advertising bill was discovered 85 d. Supplies on hand determined by a physical count 90 e. Depreciation on equipment not recorded 2,380 f. One-half of the prepaid insurance premiums expired … In this example, estimated bad debts are $5,000. Relative to today's computers and transmission media, data is information converted into binary digital form. d.debit to Unearned Income and a credit to Accounts Receivable Definition and explanation: Accounting Cycle, also known as “accounting process” or “Book-keeping Process” is the start-to-end process to be followed sequentially, or at times, simultaneously for recording the financial and accounting events occurring in any organization. PS Music provided guest disc jockeys for KXMD for a total of 115 hours, for information on the amount of the accrued revenue to be billed to KXMD, see the contract described in the July 3, 2016, transaction at the end of Chapter 2. Using these descriptions, identify the type of each adjusting entry prepared in part a above. The next step is to post the adjusting journal entries. The net income reported on the income statement is $58,000. For each of the above numbered paragraphs, prepare the necessary adjusting entry (including an explanation). The data needed to determine adjustments are as follows: a. Adjusting entries are generally made in relation to prepaid expenses, prepayments, accruals, estimates and inventory. The adjusting entry on December 31 is debit Accounts Receivable and credit Fees Earned. Data for an adjusting entry described as "accrued wages, $2,020" means to debit a. If no adjusting entry is required, explain why. A. a debit to Dividends and a credit to Wages Payable. D. a debit to Wages Expense and a credit to Wages Payable A review of the ledger of Remina Company at December 31, 2019, produces the following data pertaining to the preparation of annual adjusting entries. We will use the same method of posting (ledger card or T-accounts) we used for step 3 as we are just updating the balances. C. a debit to Wages Payable and a credit to Wages Expense. financial statements as the procedures described in the chapter. 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