The journal entry to close the revenue account would include which of the following?

Which of the following events would require a year-end adjusting entry?

The journal entry to close the revenue account would include which of the following?

On October 1, Year 1 Allen Company paid $24,000 cash to lease office space for one year beginning immediately. How would the adjustment on December 31, Year 1 to recognize rent expense affect the company’s financial statements? Balance SheetIncome StatementStatement of Cash FlowsAssets=Liabilities+Stockholders’ EquityRevenue−Expense=Net IncomeA.(6,000) (6,000) 6,000 (6,000) B.(6,000) 6,000 6,000 (6,000)(6,000) Operating ActivityC.(2,000) (2,000) 2,000 (2,000) D.(4,000) (4,000) 4,000 (4,000)(4,000) Operating Activity

ABC Company experienced an accounting event that is shown in the following T-accounts: CashDebitCredit3,000 Unearned RevenueDebitCredit 3,000 Which of the following reflects how this event affects the company’s financial statements?

Amelia Consulting Services collected $12,000 cash for services to be provided in the future. Which of the following shows how recognizing the cash receipt will affect the company’s balance sheet? Balance SheetAssets=Liabilities+Stockholders’ EquityCash+Prepaid Rent=Unearned Revenue+Common Stock+Retained EarningsA. + =12,000+ +(12,000)B.12,000+ =12,000+ + C.12,000+ = + +12,000D. + =(12,000)+ +12,000

What happens when a company collects cash from accounts receivable?

What is the purpose of the accrual basis of accounting?

Which of the following are shown on the balance sheet? Total assets Land Common Stock Net Change in Cash Revenue Notes Payable Retained Earnings Total Liabilities and Stockholders’ Equity Expenses Net Income Beginning cash balance Dividends

A transaction has been recorded in the T-accounts of Gibbs Company as follows: CashDebitCredit1,500 Unearned RevenueDebitCredit 1,500 Which of the following could be an explanation for this transaction?