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murzikaleks [220]
3 years ago
9

Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period Required

: Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed. Date DebitCredit Reversing entry Reversing entry Description necessary not necessary Dec. 31Rent Expense 1,000 Prepaid Rent 1,000 31 Taxes Expense 1,750 Taxes Payable 1,750 31 Deferred Rent Revenue 1,550 Rent Revenue 1,550 31 Salaries Expense 150 Salaries Payable 150
Business
2 answers:
frutty [35]3 years ago
6 0

Answer:

No reversing entry is needed as they are all posted correctly

Explanation:

1. Rent Expense 1,000 Prepaid Rent 1,000

This entry is correct because it rent had been prepaid, then the entry would have been to debit 'Prepaid Rent'and credit Cash/Bank. However at the end of the period when rent is accrued, you debit 'rent expense' and credit 'prepaid rent'

2.Taxes Expense 1,750 Taxes Payable 1,750

This entry is correct because at the end of the period when Tax is accrued, you debit 'Tax expense' and credit 'Tax payable' because tax is always paid much later in a future period not the current period

3. Deferred Rent Revenue 1,550 Rent Revenue 1,550

This entry is correct because at the end of the period when rent income is earned, but has been paid for before: you debit 'Deferred Rent Revenue' and credit 'Rent Revenue' because (at least a portion of) the deferred rent revenue is now earned.

4. Salaries Expense 150 Salaries Payable 150

This entry is correct because at the end of the period when Salary is accrued, you debit 'Salary expense' and credit 'Salaries payable'

zepelin [54]3 years ago
5 0

Answer:Answer: Dr: Rent expense $1,000, Cr : Prepaid Rent $1,000, Dr:Tax expense $1,750, Cr: Tax payable $1,750, Dr: Deferred Rent Revenue $1,550, Cr: Rent Revenue $1,550, Dr:Salaries expense $150, Cr: Salaries payable $150

Explanation:

The journal entry will be

Account Name. Dr. Cr

$ $

Rent expense. 1,000

Rent prepaid. 1,000

Account Name. Dr. Cr

$ $

Tax expense. 1,750

Tax payable. 1,750

Account Name. Dr. Cr

$ $

Deferred Rent Revenue. 1,550

Rent Revenue. 1,550

Account Name. Dr. Cr

$ $

Salaries expense. 150

Salaries payable. 150

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Characteristics of capital projects include: Group of answer choices Involves long-lived assets Usually requires long-range plan
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Characteristics of capital projects include (B) usually requires long-range planning and extensive financing.

<h3>What are capital projects?</h3>
  • A Capital Project is one that serves to maintain or improve a City asset, also known as infrastructure.
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<h3>Characteristics of capital projects:</h3>
  1. Long-lasting assets are involved (e.g, buildings, roads and bridges, etc.)
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Correct question:

Characteristics of capital projects include:

Group of answer choices -

(A) Involves long-lived assets.

(B) Usually requires long-range planning and extensive financing.

(C) Usually has a year-to-year focus.

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John discovered his company's accountant was "skimming" money from the business. The accountant agreed to pay John a one-time pa
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There are no options listed, but what I can tell you for sure is that John's actions were both unethical and illegal.

What John did is unethical because it is not moral and it goes against all the principles that guide professional conduct. John also did something illegal because he was an accomplice in committing fraud against the company. He knowingly benefited from the accountant's illegal actions, and that is basically the legal definition of an accomplice to a crime.

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For an automobile company, the total overhead applied was $48,000,000 at the end of the year. Actual overhead was $52,850,000. C
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Answer:

Net income decreased by $4,850,000.

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Given total overhead applied = $48000000

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Over / under Applied overhead = 48000000-52850000

Over / under Applied overhead = -$4850000

From the calculation, it can be seen that the overhead is underapplied therefore when under applied overhead allocated to cost of goods sold then cost of goods sold decreased by $4850000.

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