FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
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Question
Chapter 3, Problem 3MC
To determine
Identify which of the given entry is an example of an adjusting entry.
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Which of the following is recorded in the cash payments journal?
a. adjusting entry for accrued salaries
b. receipt of cash on supplies returned
c. receipt of cash from services rendered
d. payment of employees' salaries
In which journal would the payment of salaries be posted? a.cash receipts journal b.special journal c.cash payments journal d.expense journal
True Or False?
The entry to record a cash receipt from a customer when the service is to be provided in a future period involves a debit to an unearned revenue account.
Chapter 3 Solutions
FINANCIAL ACCOUNTING
Ch. 3 - Prob. 1MCCh. 3 - Prob. 2MCCh. 3 - Prob. 3MCCh. 3 - Prob. 4MCCh. 3 - Prob. 5MCCh. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Prob. 5Q
Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - Prob. 16QCh. 3 - Prob. 17QCh. 3 - Prob. 18QCh. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21MECh. 3 - Prob. 22MECh. 3 - Prob. 23MECh. 3 - Prob. 24MECh. 3 - Prob. 25MECh. 3 - Prob. 26MECh. 3 - Prob. 27MECh. 3 - Prob. 28MECh. 3 - Prob. 29MECh. 3 - Prob. 30MECh. 3 - Prob. 31ECh. 3 - Prob. 32ECh. 3 - Prob. 33ECh. 3 - Prob. 34ECh. 3 - Prob. 35ECh. 3 - Prob. 36ECh. 3 - Prob. 37ECh. 3 - Prob. 38ECh. 3 - Prob. 39ECh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51PCh. 3 - Prob. 52PCh. 3 - Prob. 53PCh. 3 - Prob. 54PCh. 3 - Prob. 55CPCh. 3 - Prob. 56CPCh. 3 - Prob. 57CPCh. 3 - Prob. 58CP
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- If a journal entry includes a debit or credit to the Cash account, it is most likely which of the following? A. a closing entry B. an adjusting entry C. an ordinary transaction entry D. outside of the accounting cyclearrow_forwardIdentify the items from the following list that are likely to serve as source documents. Is this a Item source document? a. Invoice from supplier b. Ledger c. Statement of cash flows d. Company revenue account e. Sales receipt f. General journal g. Prepaid insurance account h. Employee time clock record i. Credit card receiptarrow_forwardWhich of the following is an example of revenue or expense to be recognized in the current period’s income statement? A)Cash received from a client before the service is provided B)Inventory purchased for sale to customers C)Cost of utilities used during the period D)Cash collected from an account receivablearrow_forward
- Which of the following entries records receiving the cash payment from a customer for previous services performed on account. (AP = Accounts Payable, AR = Accounts Receivable)arrow_forwardWhich of the following transactions is recorded in the revenue journal? a. sale of excess office equipment for cash b. rendering services for cash c. rendering services on account d. sale of excess office equipment on accountarrow_forwardIn which journal is the receipt of a promissory note from a customer on account recorded ? a. revenue journal b. cash receipts journal c. general journal d. purchases journalarrow_forward
- Deferred revenues represent liabilities recorded when cash is received from customers in advance of providing a good or service. What adjusting journal entry is required at the end of a period to recognize the amount of deferred revenues that were recognized during the period?arrow_forwardWhen a customer pays in advance for products or services, which of the following accounts is credited? a.Sales Revenue b.Cash c.Unearned Revenue d.Accounts Receivablearrow_forwardWhen using a manual accounting information system, which of the following transactions would be recorded in the general journal? Depreciation of office furniture. Cash payment of rent. Sale of merchandise inventory on account. Purchase of merchandise inventory on account,arrow_forward
- When converting from cash basis to accrual basis accounting, which of the following adjustments should be made to cash receipts from customers to determine accrual basis service revenue. a. Subtract ending accounts receivable. b. Subtract beginning unearned service revenue. c. Add ending accounts receivable. d. Add cash sales.arrow_forwardThe entry to record the purchase of supplies on account would include a: a. debit to the Retained Earnings account b. credit to the Supplies account c. credit to the Accounts Payable account d. credit to the Cash accountarrow_forwardIf a journal entry includes a debit or credit to the Cash account, it is most likely which of thefollowing?A. a closing entryB. an adjusting entryC. an ordinary transaction entryD. outside of the accounting cyclearrow_forward
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