A financial institution formed by a large organization for its members is a credit union.

For each of the following items before adjustment, indicate the type of adjusting entry (prepaid expense, unearned revenue, accr

igor_vitrenko [27]

Answer:

See explanation

Explanation:

(a) Assets are understated - If we do not adjust accrued revenue, the assets are understated. For example - if we do not add any outstanding rent revenue, the assets will become understated.

(b) Liabilities are overstated - If we do not adjust unearned revenue, the liabilities are overstated. For example - if we do not deduct any expired unearned revenue, the liabilities will become overstated.

(c) Liabilities are understated - If we do not adjust accrued expense, the liabilities are understated. For example - if we do not add any outstanding rent expense, the liabilities will become understated.

(d) Expenses are understated - If we do not adjust accrued expense and prepaid expense, the expenses are understated. For example - if we do not add any outstanding rent expense and expired prepaid expenses, the expenses will become understated.

(e) Assets are overstated - If we do not adjust prepaid expense, the assets are overstated. For example - if we do not deduct any expired prepaid insurance, the assets will become overstated.

(f) Revenue is understated - If we do not adjust accrued revenue and unearned revenue, the revenue is understated. For example - if we do not add any outstanding rent revenue and expired unearned revenue, the revenue will become understated.

3 0

3 years ago

promissory note received from a customer in exchange for an account receivable is recorded by the payee as

luda_lava [24]

Answer: Note Receivable

Explanation:

A Note Receivable is a written document from a party promising to repay another party with interest on amounts borrowed in form of cash or otherwise thereby creating a debtor - creditor relationship between them.

When a promissory note is received from a customer in exchange for an accounts receivable it is a Note Receivable and the Payee being the creditor will record it as such.

4 0

3 years ago

Ten years ago, Cary Company issued $1,500,000 of 7 percent, 10-year bonds at a price of 95. On the maturity date of January 2, a

vampirchik [111]

Answer:

Debit Bonds Payable for $1,500,000

Credit Cash for $1,500,000.

Explanation:

Although this bonds were issued at a discount, but the Discount on Bonds Payable account will have zero balance on the day of maturity because of the entry that has been made on each interest payment date.

Therefore, the necessary journal entry for January 2, 2019 to complete is as follows:

Debit Bonds Payable for $1,500,000

Credit Cash for $1,500,000

This entry will appear as follows:

Date Name of Account DR ($) CR ($)

02 Jan '19 Bond payable 1,500,000

Cash 1,500,000

(To record retirement of 10-year bonds at maturity.)

6 0

3 years ago

Prepare journal entries to record the following production activities.

blagie [28]

Answer:

1.Dr Work in progress inventory75,000

Dr Payable Factory payroll 75,000

2. Dr Factory overhead 20,000

Cr Factory Payroll Payable 20,000

3. Dr Factory wages payable 95,000

(75,000+20,000)

Cr Cash 95,000

Explanation:

Preparation to record Journal entry

1. Since the amount of $75,000 was been Incurred of the direct labour production this means we have to record the transaction as :

Dr Work in progress inventory75,000

Dr Payable Factory payroll 75,000

2. Since the amount of $20,000 was Incurred of indirect labor in production this means we have to record the transaction as:

Dr Factory overhead 20,000

Cr Factory Payroll Payable 20,000

3. Since factory payroll was paid the transaction will be recorded as :

Dr Factory wages payable 95,000

(75,000+20,000)

Cr Cash 95,000

5 0

3 years ago

What class of security risk represents an opportunity for hackers when they find an identified weakness in which necessary contr

kifflom [539]

A Security Vulnerability is a weakness, flaw, or error found within a security system that has the potential to be leveraged by a threat agent in order to compromise a secure network.

Vulnerability refers to "the great or country of being exposed to the opportunity of being attacked or harmed, either bodily or emotionally." A window of vulnerability (WOV) is a time frame inside which protection measures are faded, compromised, or missing. The expertise of social and environmental vulnerability, as a methodological technique, entails the analysis of the risks and assets of disadvantaged companies, which include the aged. The method of vulnerability in itself brings first-rate expectations of social coverage and gerontological planning. Varieties of vulnerability include social, cognitive, environmental, emotional or navy. When it comes to dangers and failures, vulnerability is an idea that links the relationship that people have with their environment to social forces and establishments and the cultural values that maintain and contest them.

Learn more about Vulnerability here

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7 0

1 year ago