E 1.07 – Listed Below are Several Terms and Phrases
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Pair each item from List A with List B.
Pair each item from List A with List B.
Indicate the accounts to be debited and credited in the transactions below using the provided chart of accounts. Also, specify whether the transaction is an external transaction, an adjusting journal entry, or a closing entry (using the numbers 1, 2, or 3). The company uses a perpetual inventory system, and all prepayments are initially recorded in permanent accounts.
The statement of shareholders’ equity presents the modifications in the temporary accounts of shareholders’ equity.
Analyze the impact of omitted information on Laramie Company’s 2021 Income Statement and 12/31/2021 Balance Sheet using the provided code (N, O, U) to indicate overstatements, understatements, or no effect on each component.
Assess the influence of omissions and errors found in O’Brian Co.’s adjusted trial balance for the year ending 12/31/2021 on the components of the company’s 2021 Income Statement and 12/31/2021 Balance Sheet. Utilize the provided code (N, O, U) to indicate the effect on each component.
To reverse salaries at the beginning of a period, the entry would involve a debit to Salaries Expense.
For a given transaction, which journals among the general journal (GJ), cash receipts journal (CR), cash disbursements journal (CD), sales journal (SJ), and purchases journal (PJ) should be used to record it?
Which of the following is NOT an example of an external transaction?
Which of the following is NOT an example of an internal transaction?
How should an expense incurred for advertising on account be recorded in the accounting books?