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You are watching: Adjusting entries are primarily needed for
Solution-8 Correct Answer is choice B Purchase office Supplies on Account. Explnation: Account Enattempt will certainly be Made Dr. Office Supplies Cr. Accounts Payable It will certainly increase…View the complete answer
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Transcribed picture text: Which of the following would certainly boost assets and also rise liabilities? Provide solutions to customers on account Acquisition office provides on account Pay dividends to stockholders Receive a utility bill however do not pay it automatically Amounts owed to carriers for provides purchased on account are defined as: Cash Accounts Receivable Accounts Payable Supplies Expense. Purchasing office equipment on account has actually what influence on the accounting equation? Stockholders' equity decreases and also assets rise B. Liabilities boost and also assets increase. Assets decrease and liabilities decreases. Assets boost and also stockholders' equity boosts. Air France collected cash on February 4 from the sale of a ticket to a customer on January 26. The trip took location on April 5. According to the revenue recognition principle, in which month must Air France have actually known this revenue? January. February April. Evenly in each of the 3 months. The revenue recognition principle slates that: Revenue have to be well-known in the duration the cash is obtained. Revenue have to be known in the duration earned Revenue should be recognized in the balance sheet. Revenue is a component of prevalent stock13.Which of the adhering to is (are) true concerning the characteristics of adjusting entries? Adjusting entries minimize the balance of revenue, price, and dividfinish accounts to zero. Adjusting entries allow for the correct acknowledgment of revenue. Adjusting entries allow for the correct recognition of expenses. Adjusting entries permit for the appropriate acknowledgment of revenue and also costs. Adjusting entries are generally necessary for Cash-basis bookkeeping. Accrual-basis accounting Current value accounting. Manual bookkeeping devices. When a magazine sells subscriptions to customers, it is an instance of: An accrued price. An accrued revenue. A prepassist price. An unearned revenue. Occupational fraud: A Is the use of one's occupation for individual enrichment with the deliberate misusage or misapplication of the employing organization's sources. Occurs in only a couple of organizations and also mainly involves minor amounts. Will be prevented once providers employ an auditor. Is committed only by lower-level employees.