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Author Question: Identify the effects of each of the following items on the accounting equation. Show the correct ... (Read 117 times)

Destiiny22

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on: Jul 5, 2018
Identify the effects of each of the following items on the accounting equation. Show the correct dollar amount and write in the name of the account involved. The first entry has been done for you.
 
  a. Supplies used up during the period, 100
  b. Prepaid rent used up during the period, 320
  c. Interest accrued on a note payable but unpaid, 250
  d. Depreciation on long-term assets, 6,000
  e. The portion of unearned revenue that has been earned, 1,400
  f. A 12,000, 12-month insurance policy was purchased 3 months ago. An end of the year adjustment must be made
 
   Assets Liabilities Shareholders' equity
   CC Retained earnings
  a. (100) Supplies (100) Supplies expense
  b.
  c.
  d.
  e.
  f.

Question 2

A check drawn by a company in payment of a voucher for 965 was recorded in the journal as 695 . This itemwould be included in the bank reconciliation as a(n)
 a. deduction from the balance per the company's records
  b. addition to the balance per the bank statement
  c. deduction from the balance per the bank statement
  d. addition to the balance per the company's records


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livaneabi

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Reply #1 on: Jul 5, 2018
Answer to Question 1

Assets Liabilities Shareholders' equity
CC Retained earnings
a. (100) Supplies (100) Supplies expense
b. (320) Prepaid rent (320) Rent expense
c. + 250 Interest payable (250) Interest expense
d. (6,000) Accum.
depreciation (6,000) Depreciation
expense
e. (1,400) Unearned
revenue + 1,400 Revenue
f. (3,000) Prepaid
insurance (3,000) Insurance expense

Answer to Question 2

a


Destiiny22

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Reply #2 on: Jul 5, 2018
Thank you :)


livaneabi

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Reply #3 on: Jul 5, 2018
Happy to help you


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