Finance Questions
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What is the normal balance of Common Stock
An advance payment of $1,000 for services was received on December 1and was recorded as a liability. By the end of the year, $400 had been earned.Record the Dec. 31 adjusting entry
By the end of the accounting period, employees have earned salaries of $650, but they will not be paid until the following pay period. Record the adjusting entry
When preparing a trial balance, there are certain steps that need to be followed. Place the steps in the correct order.
A company borrowed $10,000 from the bank at 5% interest. The loan has been outstanding for 45 days. Record the adjusting entry
What is the normal balance of Dividends
Transferring entries from the general journal to the general ledger is called
The closing process takes place at the _______ (beginning/end) of an accounting period,after the ________ (unadjusted/adjusted) trial balance is prepared and ___________ (before/after) the financial statements are prepared
On December 1, a company pays $3,600 for a 36-month insurance policy. After one month, accrual accounting requires _________ (100/3,600) of insurance expense be reported on the income statement ending Dec. 31However if cash basis accounting is used ___________ (100/3600) of insurance expense would be reported at the time of purchase
A trial balance is _________ of accounts and their balances at a point in time and is used to confirm that the sum of _______ account balances
What is the normal balance for a dividend?
What accounts in section two are NOT on the income statement?
What is the normal balance for pad in capital?
What is the original entry for accrued revenues
What is the original balance of retained earnings?
What is the original entry for accrued expenses
If utilities have been incurred, but not yet paid what would be the entry?
What are the effects of deferred revenues on the income statement?
What is the impact accrued receivables have on the income statement?
What is the normal balance of retained earnings?