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63) Given the following transactions in the month of July for Kootenay Outdoor Adventures, prepare journal entries; and, a trial balance and balance sheet as of July 31, 2013. a)  Owner, Bill Thompson invested $35,000 cash and equipment with a value of $67,500 into the business. b)  Purchased supplies on account, $250. c) .
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31) Stan's Shoe Repairs recorded $2,000 of unearned service revenue being earned and the collection of $4,000 cash for service revenue previously accrued. The impact of these two entries on total service revenue is: A) a decrease of $2,000. B) an increase of $4,000. C) an increase of $6,000. D) an increase of $2,000. 32).
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Objective 3-6 1) Accrual accounting is not relevant under international financial reporting standards (IFRS). 2) The concept of accrual accounting is accepted around the world. 3) The use of IFRS for publicly accountable enterprises has the same impact on the adjusting process as the use of ASPE. 4) Companies reporting under IFRS and.
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Objective 3-5 1) The income statement should be prepared after the balance sheet is prepared. 2) Accrual accounting provides several opportunities for unethical accounting. 3) Net income appears on the: A) balance sheet. B) income statement. C) statement of owner's equity. D) income statement and the statement of owner's equity. 4) The financial statement that lists the revenue.
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51) Prepare journal entries in good form for the following transactions: a)Owner, Janet Simpson, invested equipment valued at $5,800 and cash of $5,000 into the business. b)Purchased office supplies for cash, $250. c)Paid $800 for current month's rent of office space. d)Billed a client $2,000 for services rendered. e)Owner, Janet Simpson, withdrew $1,000 for personal.
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Objective 3-4 1) The adjusted trial balance includes all accounts contained in the ledger with updated, adjusted balances. 2) Capital on the adjusted trial balance represents capital at the end of the accounting period. 3) All accounts in the general ledger appear on a company's: A) income statement. B) balance sheet. C) adjusted trial balance. D) statement.
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106) The steps in the accounting cycle (excluding the preparation of the worksheet) are listed below in random order. List the steps in the proper sequence, inserting the number 1 to 11. a)Prepare a post closing trial balance________ b)Prepare an adjusted trial balance________ c)Analyse transactions as they occur________ d)Prepare an unadjusted trial ________ e)Compute the.
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24) Given the following transactions for the The Warren Candle Company, prepare a trial balance as of August 31, 2013. a)  Owner, Wendy Warren invested $16,000 cash and equipment with a value of $7,500 into the business. b)  Purchased supplies on account, $350. c)  Rented office space paying one month's rent, $950. d)  Performed.
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100) State the effect on net income, total assets, and total liabilities if the following adjustments were not made. a) Service revenue earned but not yet collected, $2,400. b) Utilities expense incurred but not yet recorded, $1,200. c) Unearned revenue earned during the period, $5,600. d) Supplies used during the period, $1,700. e) Amortization on.
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57) Journalize the following transactions for Benjie's Repair Shop and prepare a trial balance dated June 30, 2014. a) Owner, Benjie Brown invested $6,000 cash into the business. b) Rented a garage and paid one month's rent, $1,200. c) Purchased $80 of supplies for cash. d) Performed repair services on account, $1,700. e) Paid $1,100.
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28) Given the following transactions in the month of July for Kootenay Outdoor Adventures, prepare journal entries; and, a trial balance and balance sheet  as of July 31, 2013. a)  Owner, Bill Thompson invested $35,000 cash and equipment with a value of $67,500 into the business. b)  Purchased supplies on account, $250. c) .
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26) Journalize the following transactions for Benjies's Repair Shop and prepare a trial balance dated June 30, 2014. a) Owner, Benjie Brown invested $6,000 cash into the business. b) Rented a garage and paid one month's rent, $1,200. c) Purchased $80 of supplies for cash. d) Performed repair services on account, $1,700. e) Paid $1,100.
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  Table 3-3 The unadjusted trial balance of Holitzner Roof Repairs appears below as at December 31, 2014. DebitCredit Cash$5,300 Accounts receivable7,600 Roofing supplies1,100 Equipment6,000 Accumulated amortization$1,200 Salaries payable1,100 Interest payable Unearned service revenue300 Note payable10,000 Carmen Holitzner, capital6,400 Carmen Holitzner, withdrawals600 Service revenue3,000 Salaries expense500 Amortization expense Rent expense2,100 Roofing supplies expense Interest expense__________ $22,600$22,600 102) Refer to Table 3-3. Given the following information, prepare the necessary adjusting entries at.
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11) The financial statements will contain errors if they are prepared before the adjusting entries are completed. 12) When a prepaid expense is recorded initially as an asset, the adjusting entry transfers the used portion of the asset to the expense account. 13) Unearned revenue recorded initially as unearned revenue is adjusted.
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53) Journalize the following transactions for Redmond Storage and prepare a trial balance dated June 30, 2014. a) Owner, Roger Redmond invested $10,000 cash into the business. b) Rented an office and paid one month's rent, $1,100. c) Purchased $450 of supplies on account. d) Performed a service on account, $1,550. e) Paid $2,500 cash.
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13) Based on the following adjusted account balances, prepare a statement of owner's equity for the MacMahan Services for the year ended December 31, 2014. Service revenue 8,300 Advertising expense1,100 Salary expense6,800 Mandy MacMahan, Capital, Jan. 1, 20145,150 Insurance expense900 Supplies expense1,350 Mandy MacMahan, Withdrawals3,200 Table 3-5 The adjusted trial balance of Sally's Landscaping as at December 31, 2014.
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55) Given the following transactions for the The Warren Candle Company, prepare a trial balance as of August 31, 2013. a)  Owner, Wendy Warren invested $16,000 cash and equipment with a value of $7,500 into the business. b)  Purchased supplies on account, $350. c)  Rented office space paying one month's rent, $950. d)  Performed.
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Objective 3-A1 1) A prepaid expense recorded initially as an expense is adjusted by crediting the asset account. 2) When a prepaid expense is recorded initially as an expense, the adjusting entry transfers the unused portion of the expense to the asset account. 3) A liability account is credited when a prepaid expense.
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  Match the following descriptions with the most appropriate caption: A) tangible capital asset B) depreciation C) time-period assumption D) recognition value E) recognition criteria for revenues F) intangible capital asset G) accrued revenue H) carrying value I) matching objective J) unearned revenue K) adjusting entry L) cash-basis accounting 90) Deferred revenue 91) Property, plant, and equipment 92) Amortization 93) On December 31, 2013,.
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  Match the following descriptions with the most appropriate caption: A) tangible capital asset B) depreciation C) time-period assumption D) recognition value E) recognition criteria for revenues F) intangible capital asset G) accrued revenue H) carrying value I) matching objective J) unearned revenue K) adjusting entry L) cash-basis accounting 10) The asset's cost less accumulated amortization 11) Based on the following adjusted trial balance, prepare.
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  Objective 3-1 1) The recognition criteria for revenues tell accountants when to record revenue by making a journal entry and the amount of revenue to record. 2) The matching objective directs accountants as to when to record expenses on the income statement to be matched against liabilities on the balance sheet. 3) The.
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Objective 3-3 1) The adjusting entry to record $500 of expired insurance would include a debit to insurance expense. 2) Revenue that has been earned but not yet collected is called an accrued revenue. 3) Adjusting entries only involve income statement accounts. 4) Adjusting entries assign revenues to the period in which they are.
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64) Janet Smythe started her personal coaching business, Smythe Personal Coaching, on November 1, 2014. Janet records purchasing supplies as assets and cash received from clients on deposit as unearned revenue. The following transactions occurred during the first month of operations: Nov. 1Janet Smythe invested $25,000 personal cash in the business.
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    Match the following. A) posting 19) Transferring the amount from the journal to the ledgerDiff: 1 20) Following is a list of errors made during the posting process. Indicate the exact dollar impact each error would have on (1) total assets, (2) total liabilities, and (3) owner's equity. a) A $600 debit to the.
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11) The matching objective is the basis for recording: A) revenues. B) expenses. C) assets. D) liabilities. 12) Robert Rogers, a professional accountant, performed accounting services for a client in December. A bill was mailed to the client on December 30. Robert received a cheque in the mail on January 5. The recognition criteria for.
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  Table 2-1 The following is a list of the accounts and their balances appearing in the ledger of Henry Garage Repairs as of December 31, 2014, the company's year end. The accounts are in alphabetical order and have normal balances.              Accounts payable$450 Accounts receivable 1,250 Cash 400 Equipment  .
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96) Compute the amounts indicated for each of the following independent situations. Situation A B C D Beginning prepaid insurance balance ? $1,300 $600 $3,300 Payments for insurance during the year $2,500 ? $4,300 $2,600 Ending prepaid insurance balance $1,400 $4,250 ? $600 Insurance expense on the income statement $2,600 $1,700 $1,150 ? 97) Prepare adjusting entries for the following items on December 31, the end of the fiscal year for Carson Carpets. The company initially.
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10) The following unadjusted account balances and adjustment data are for Nugent Consulting as of December 31, 2014: Cash$12,900 Prepaid insurance2,000 Office supplies1,300 Office equipment10,500 Accumulated amort.-office equipment3,500 Accounts payable2,900 Salary payable0 Unearned service revenue4,500 Neela Nugent, Capital11,750 Neela Nugent, Withdrawals5,600 Service revenue13,350 Salary expense3,700 Amort. expense-office equipment0 Supplies expense0 Insurance expense0 Adjustment data: Office supplies on hand December 31, 2014, $250 Prepaid insurance expired during 2014, $325 Unearned.
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16) State whether the following errors would cause the trial balance to be out of balance by placing a check mark in the appropriate column. InOut of BalanceBalance   a)Services rendered for $200 cash were recorded twice in the journal and posted twice to the ledger.________   ________ b)Services rendered on account for $300 were recorded.
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65) The steps in the accounting cycle (excluding the preparation of the worksheet) are listed below in random order. List the steps in the proper sequence, inserting the number 1 to 11. a)Prepare a postclosing trial balance________ b)Prepare an adjusted trial balance________ c)Analyse transactions as they occur________ d)Prepare an unadjusted trial balance________ e)Compute the adjusted.
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14) Given a random list of accounts with their normal balances, prepare a trial balance for Sanders Mobile as of December 31, 2013. List the accounts in the appropriate order. Capital$75,200 Building55,000 Accounts receivable19,500 Note payable63,000 Service revenue68,000 Supplies2,500 Advertising expense12,800 Land48,000 Equipment9,800 Salary expense47,000 Accounts payable34,000 Withdrawals15,500 Utilities expense19,800 Cash?  ?  ? 15) A new employee with little accounting knowledge prepared the following trial.
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71) Johnson Bookkeeping has a computer that was purchased July 1, 2013, for $1,800. Ms. Johnson thinks that the computer will be obsolete by June 30, 2015, and will have no value at that time. What is the required adjusting journal entry on December 31, 2013? A) Dr. Accumulated Amortization, Computer 450    .
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Objective 2-4 1) Journalizing is the process of copying information from the ledger to the journal. 2) A journal produces a balance in each account. 3) If the debit part of a journal entry is not posted but the credit part is, assets will always be overstated. 4) When posting transactions debits must always.
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51) Net income is reported on the income statement at $63,000. Adjusting entries for accrued salaries of $600 and amortization on equipment of $1,500 were accidentally omitted. The correct net income is: A) $65,100. B) $62,400. C) $61,500. D) $60,900. 52) Net income is reported on the income statement at $75,000. Adjusting entries for accrued.
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12) The following unadjusted account balances and adjustment data are for Global Advertising as of December 31, 2014: Cash$14,000 Prepaid insurance3,000 Office supplies900 Office equipment15,500 Accumulated amort.-office equipment4,500 Accounts payable1,600 Salary payable0 Unearned service revenue5,500 Bill Johnson, Capital14,900 Bill Johnson, Withdrawals11,000 Service revenue29,700 Salary expense11,800 Amort. expense-office equipment0 Supplies expense0 Insurance expense0 Adjustment data: Office supplies on hand December 31, 2014, $500 Prepaid insurance expired during 2014, $275 Unearned.
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Objective 3-2 1) Accrual accounting records the effect of every business transaction as it occurs. 2) Accrual accounting records the effect of every business transaction as it occurs. 3) Under accrual accounting receivables and payables are not recorded. 4) The two most widely used methods of accounting are: A) financial and managerial. B) cash-basis and financial. C).
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22) Journalize the following transactions for Redmond Storage and prepare a trial balance dated June 30, 2014. a) Owner, Roger Redmond invested $10,000 cash into the business. b) Rented an office and paid one month's rent, $1,100. c) Purchased $450 of supplies on account. d) Performed a service on account, $1,550. e) Paid $2,500 cash.
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