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Financial statements can be prepared from the information provided by an adjusted trial
balance.
Answer:
The expense recognition principle requires that expenses be matched with revenues.
Answer:
Control over cash disbursements is improved if major expenditures are paid by check.
Answer:
Adjusting entries are often made because some business events are not recorded as they
occur.
Answer:
For each transaction given, enter in the tabulation given below a "D" for debit and a "C"
for credit to reflect the increases and decreases of the assets, liabilities, and
stockholders' equity accounts. In some cases there may be a "D" and a "C" in the same
box.
Answer:
Rhodes National purchased software on October 1, 2015 for $14,400. The company
expects to use the software for 3 years. It has no salvage value.
1> What adjusting journal entry should the company make at the end of each month if
monthly financials are prepared? (annual depreciation is $4,800)
2> What balance will be reported on the December 31, 2015 balance sheet for
Accumulated Depreciation?
Answer:
A corporation is not an entity which is separate and distinct from its owners.
Answer:
In the case of an exchange of plant assets resulting in a loss on disposal, the cost of the
new asset acquired is equal to the ______________ of the asset given up plus any cash
paid by the purchaser.
Answer:
The entry to record the declaration of a stock dividend increases _______________,
and decreases ________________.
Answer:
