ACCN 2010 Chapter 4 Homework

ACCN 2010 Chapter 4 Homework | Tulane University

Expenses paid in cash before they are used or consumed.choose the accounting concept                             Income Summary Prepaid expenses (prepayments) Book value Closing entries Adjusted trial balance Adjusting entries Temporary accounts Earnings management Permanent accounts Contra asset account Depreciation b.

The difference between the cost of a depreciable asset and its related accumulated depreciation.

choose the accounting concept                             Contra asset account Earnings management Book value Permanent accounts Adjusting entries Temporary accounts Prepaid expenses (prepayments) Depreciation Adjusted trial balance Closing entries Income Summary c.

A list of accounts and their balances after all adjustments have been made.

choose the accounting concept                             Depreciation Contra asset account Earnings management Permanent accounts Book value Closing entries Income Summary Temporary accounts Adjusted trial balance Prepaid expenses (prepayments) Adjusting entries d.

Entries made at the end of an accounting period to ensure that the revenue
recognition and expense recognition principles are followed.

choose the accounting concept                             Temporary accounts Adjusting entries Closing entries Book value Income Summary Depreciation Earnings management Prepaid expenses (prepayments) Contra asset account Permanent accounts Adjusted trial balance e.

Entries at the end of an accounting period to transfer the balances of temporary accounts
to a permanent stockholders’ equity account, Retained Earnings.

choose the accounting concept                             Earnings management Depreciation Temporary accounts Adjusted trial balance Permanent accounts Book value Contra asset account Prepaid expenses (prepayments) Closing entries Income Summary Adjusting entries f.

Revenue, expense, and dividend accounts whose balances a company transfers
to Retained Earnings at the end of an accounting period.

choose the accounting concept                             Income Summary Contra asset account Temporary accounts Closing entries Earnings management Depreciation Permanent accounts Prepaid expenses (prepayments) Adjusting entries Adjusted trial balance Book value g.

The planned timing of revenues, expenses, gains, and losses to smooth out bumps in net income.

choose the accounting concept                             Income Summary Adjusted trial balance Temporary accounts Prepaid expenses (prepayments) Earnings management Book value Adjusting entries Contra asset account Closing entries Permanent accounts Depreciation h.

An account that is offset against an asset account on the balance sheet.

choose the accounting concept                             Depreciation Permanent accounts Closing entries Adjusted trial balance Income Summary Earnings management Temporary accounts Book value Contra asset account Adjusting entries Prepaid expenses (prepayments) i.

A temporary account used in closing revenue and expense accounts.

choose the accounting concept                             Contra asset account Income Summary Prepaid expenses (prepayments) Adjusting entries Book value Depreciation Closing entries Permanent accounts Adjusted trial balance Earnings management Temporary accounts j.

Balance sheet accounts whose balances are carried forward to the next accounting period.

choose the accounting concept                             Contra asset account Adjusting entries Temporary accounts Income Summary Earnings management Prepaid expenses (prepayments) Book value Permanent accounts Depreciation Adjusted trial balance Closing entries k.

The process of allocating the cost of an asset to expense over its useful life.

choose the accounting concept                             Closing entries Adjusted trial balance Adjusting entries Depreciation Permanent accounts Income Summary Contra asset account Book value Prepaid expenses (prepayments) Temporary accounts Earnings management

2.

Mike Greenberg opened Sarasota Window Washing Inc. on July 1, 2022. During July, the following transactions were completed.

The chart of accounts for Sarasota Window Washing contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation—Equipment, Accounts Payable, Salaries and Wages Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, and Salaries and Wages Expense.