Which of the following items that appeared on the bank reconciliation did not require an adjusting entry?
A) bank service charges
B) deposits in transit
C) NSF checks
D) A check for $630, recorded in the check register for $360.
B
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Jed and Abby are local real estate developers who want to build a new office park on a piece of forested land that is home to many spotted owls, an endangered species. The office park is expected to bring new companies and jobs to the area. Robert is an environmentalist and is particularly fond of the owls. He wants to see them thrive and opposes Jed and Abby's plan to develop the owls' natural habitat. Is there anything that Robert can do to stop construction?
What will be an ideal response?
As personal computers became popular, the sale of typewriters decreased significantly and now typewriters are only used by a very small segment of consumers. Typewriters are in the maturity stage of the product life cycle.
Answer the following statement true (T) or false (F)
What is the adjustment entry for that portion of revenue received in advance which has now been earned?
a. Unearned Revenue – Debit; Cash – Credit. b. Unearned Revenue – Debit; Revenue from Services – Credit. c. Revenue from Services – Debit; Unearned Revenue – Credit. d. Cash – Debit; Unearned Revenue – Credit.
Dixon, Inc. uses a standard cost system. On December 31, the last day of the accounting period, the account balances include the following:
What is the net operating income on a standard cost income statement of the company for the year ended December 31?
A) $8,780
B) $6,290
C) $8,470
D) $7,530