Asked by babycrys44 on coursehero.com 17. which of the following accounts ordinarily appears in the post closing trial balance? a. supplies Expense B. Unearned rent C .Fees earned D. Zane White, Drawing 18. the classified balance sheet will show which asset subsections? A. current assets amd properety plant, and equipment. B. other revenues and property, plant and equipment. C. current assets and other equity D. current liabilities and short term assets. 19. which of the
following accounts should be closed to the capital account at the end of the year? a. equipment b.prepaid Insurance C.service revenue B.Unearned rent Please provide correct answers Answered by nzulah on coursehero.com um dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel
laoreet ac, dictum vitae odio. Do Unlock access to this and over Have an account? Log In  E3.4 (LO 1, 2, 3) Yilmaz A.Ş. encounters the following situations: Identify the type of adjusting entry needed. 1. Yilmaz collects ₺1,300 from a customer in 2020 for services to be performed in 2021. 2. Yilmaz incurs utility expense which is not yet paid in cash or recorded. 3. Yilmaz's employees worked 3 days in 2020 but will not be paid until 2021. 4. Yilmaz performs services for customers but has not yet received cash or recorded the transaction. 5. Yilmaz paid ₺2,800 rent on December 1 for the 4 months starting December 1. 6. Yilmaz received cash for future services and recorded a liability until the service was performed. 7. Yilmaz performed consulting services for a client in December 2020. On December 31, it had not billed the client for services provided of ₺1,200. 8. Yilmaz paid cash for an expense and recorded an asset until the item was used up. 9. Yilmaz purchased ₺900 of supplies in 2020; at year‐end, ₺400 of supplies remain unused. 10. Yilmaz purchased equipment on January 1, 2020; the equipment will be used for 5 years. 11. Yilmaz borrowed ₺12,000 on October 1, 2020, signing an 8% one‐year note payable. Instructions Identify what type of adjusting entry (prepaid expense, unearned revenue, accrued expense, or accrued revenue) is needed in each situation at December 31, 2020. Answer E3.4 1.Unearned revenue. 2.Accrued expense. 3.Accrued expense. 4.Accrued revenue. 5.Prepaid expense. 6.Unearned revenue. 7.Accrued revenue. 8.Prepaid expense. 9.Prepaid expense. 10.Prepaid expense. 11. Accrued expense. Revision material for Chapter 4 Use the following data, taken from the adjusted trial balance, for 1 and 2. DebitCredit Cash€ 5,712 Accounts Receivable3,904 Supplies480 Accounts Payable € 2,792 Unearned Service Revenue 160 Share Capital-Ordinary5,000 Retained Earnings 1,760 Dividends 300 Service Revenue4,064 Salaries and Wages Expense1,344 Miscellaneous Expense256 Supplies Expense 2,228 Salaries and Wages Payable 448 Total€14,224€14,224 1.What amount will be reflected for Retained Earnings in the Statement of Financial Position columns of the worksheet? a.€1,996 b.€1,760 c. €1,696 d.€2,060 Ans: B, LO: 1, Bloom: C, Difficulty: Medium, Min: 2, AACSB: Analytic, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting 2.What will be the total of the Statement of Financial Position credit column? a.€14,224 b.€10,160 c.€13,988 d.€10,396 Ans: D, LO: 1, Bloom: C, Difficulty: Medium, Min: 2, AACSB: Analytic, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting 3.Closing entries are necessary for a.permanent accounts only. b.temporary accounts only. Which of the following accounts should be closed to retained earnings at the end of the fiscal year a unearned rent B service revenue C prepaid insurance D equipment?Answer and Explanation: Answer: b. depreciation expense - machinery. Income statement accounts such as revenues and expenses, including depreciation are all closed to the Income Summary account at the end of the fiscal year as part of the closing process.
Which of the following accounts should be closed to retained earnings?Revenue, expense, and dividend accounts affect retained earnings and are closed so they can accumulate new balances in the next period, which is an application of the time period assumption.
Which of the following accounts should be closed to retained earnings at the end of the fiscal year?All Revenue and Expense accounts will need to be closed into Retained Earnings.
Which of the following accounts is closed at the end of a fiscal period?The temporary accounts get closed at the end of an accounting year. Temporary accounts include all of the income statement accounts (revenues, expenses, gains, losses), the sole proprietor's drawing account, the income summary account, and any other account that is used for keeping a tally of the current year amounts.
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Which of the following accounts should be closed to retained earnings at the end of the fiscal year a unearned rent B prepaid insurance C equipment D service revenue?
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