Reversing entries Study guides, Class notes & Summaries

Wall Street Prep The Premium Package Review: Accounting & Financial Statement Analysis Exam Latest 2023/2024 Questions and Answers (Score: 95%, 38 correct out of 40). Score: 95%, 38 correct out of 40 Question 1 Assume US GAAP to answer this question. In 2017, $2 million in wages were earned and no cash wages were paid. In 2018, $8 million in wages were earned and $7 million in cash wages were paid. Cash wages were used to first pay wages earned in 2017 with the remainder used to pay wage...

ACCOUNTING PROCESS 1. Which is a logical order in the accounting cycle? a. Posting, financial statements and unadjusted trial balance b. Financial statements, closing entries and reversing entries c. Financial statements, adjusting entries and recording d. Closing entries, reversing entries and adjusting entries 2. The double entry accounting system means a. Each transaction is recorded with two journal entries. b. Each item is recorded in a journal entry and then in a general ledger. c...

Question 1 Assume US GAAP to answer this question. In 2017, $2 million in wages were earned and no cash wages were paid. In 2018, $8 million in wages were earned and $7 million in cash wages were paid. Cash wages were used to first pay wages earned in 2017 with the remainder used to pay wages earned in 2018. Any earned but unpaid wages will be paid during the first quarter of 2019. Using only the information provided, which of the following statements is most accurate? • Liabilities increased ...

Intermediate Accounting: Chapter 2Debits increase asset accounts and decrease liability accounts. - correct answer True Adjusting journal entries are required to comply with the realization and matching principles. - correct answer True The adjusted trial balance contains only permanent accounts. - correct answer False A reversing entry at the beginning of a period for salaries would include a debit to salaries expense. - correct answer False The sale of merchandise on account wo...

CHAPTER 3 ACCCOB 1 Exam 2023 Accounting cycle of a partnership form of business. - 1. Analyzing business documents 2. Posting ledgers 3. Trial Balanace 4. Worksheet 5. Recording adjusting entries 6. Financial statements 7. Recording and posting closing entries 8. PCTB 9. Recording and posting reversing entries Accounts used in partnerships - *CAPITAL ACCOUNT (Debited) - permanent withdrawals - retirement/selling of interest in partnership - distribution of loss (Credited) - init...

Accounting - Bookkeeping is typically done before accounting, the process of identifying, measuring, and communicating economic decisions to permit informed judgments Bookkeeping - A part of accounting that involves only the recording of economic events Not guaranteed success in the accounting profession The accounting cycle - the process by which companies produce their financial statements for a specific period 10 steps? External vs internal transactions - External transactions are exch...

Wall Street Prep Updated Exam 2023 | Premium Package Review | Accounting & Financial Statement Analysis Exam Question 1 Assume US GAAP to answer this question. In 2017, $2 million in wages were earned and no cash wages were paid. In 2018, $8 million in wages were earned and $7 million in cash wages were paid. Cash wages were used to first pay wages earned in 2017 with the remainder used to pay wages earned in 2018. Any earned but unpaid wages will be paid during the first quarter of 2019....

The purpose of preparing a trial balance is a. To ensure that there were no errors committed b. To prove that all journal entries were posted correctly c. To prove the equality of the monetary totals of debits and credits d. All of these - c. To prove the equality of the monetary totals of debits and credits If an entity uses the income method of initial recording of income, the year end adjusting entry involves a. Crediting an income account for the earned portion of the advance payment r...

Wall Street Prep Premium Exam 2023 Questions with 100% correct Answers Score: 95%, 38 correct out of 40 | Taken On: Question 1 Assume US GAAP to answer this question. In 2017, $2 million in wages were earned and no cash wages were paid. In 2018, $8 million in wages were earned and $7 million in cash wages were paid. Cash wages were used to first pay wages earned in 2017 with the remainder used to pay wages earned in 2018. Any earned but unpaid wages will be paid during the first quart...

Question 1 Assume US GAAP to answer this question. In 2017, $2 million in wages were earned and no cash wages were paid. In 2018, $8 million in wages were earned and $7 million in cash wages were paid. Cash wages were used to first pay wages earned in 2017 with the remainder used to pay wages earned in 2018. Any earned but unpaid wages will be paid during the first quarter of 2019. Using only the information provided, which of the following statements is most accurate? • Liabilities in...