A deferral, in accrual accounting, is any account where the income or expense is not recognised until a future date (accounting period), e.g. annuities, charges, taxes, income, etc. The deferred item may be carried, dependent on type of deferral, as either an asset or liability.
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Which of the following accounts would likely be included in a deferral adjusting entry unearned revenue At the end of the fiscal year, the usual adjusting entry to prepaid insurance to record expired insurance was omitted.
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Which of the following accounts would likely be included in a deferral adjusting entry? 9. How will the following adjusting journal entry affect the accounting equation? Unearned Subscription Revenue 11,500 Subscription Revenue 11,500 10. Listed below are accounts to use for transactions (a) through (j), each identified by a number. Following ...
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Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $14,000 and unexpired insurance of $3,000, for the fiscal year ending on April 30? a. debit Insurance Expense, $3,000; credit Prepaid Insurance, $3,000 b. debit Insurance Expense, $14,000; credit Prepaid Insurance, $14,000
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Question: Which Of The Following Accounts Would Likely Be Included In Adeferral Adjusting Entry?a. Interest Revenueb. Unearned Revenue C. Salaries Payabled. Accounts Receivable
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Over at Sales Rep Company, for its financial statements to comply with the accrual method of accounting it needs to record the following accrual adjusting entry as of December 31 (assuming its billing will take place in early January): debit the asset account Commissions Receivable for $5,000; credit Commissions Revenues for $5,000.
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Which of the following accounts would likely be included in a deferral adjusting entry? Unearned Revenue A balance in the prepaid rent account after adjusting entries are made, represents a(n)
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Which one of the accounts below would likely be included in an accrual adjusting entry? A. Insurance Expense B. Prepaid Rent C. Interest Expense D. Unearned Rent. Which one of the following accounts below would likely be included in a deferral adjusting entry? A. Interest Revenue B. Unearned Revenue C. Salaries Payable D. Accounts Receivable
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deferral-type adjusting entry definition. A journal entry that adjusts an amount already recorded on the books of a company because part of the amount pertains to a future accounting period. To learn more, see Explanation of Adjusting Entries.
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Unearned rent would likely be included in an accrual adjusting entry.
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The following assets are included in Fortible Auto Parts, Inc.'s December 31, 2015, balance sheet. Accounts Receivable (net of Allowance for Uncollectible Accounts) $ 65,000 Accumulated Depreciation, Building 32,000 Building 150,000 Cash 80,000 Land 160,000 Merchandise Inventory 90,000 Trademark 125,500