ACCT 211 Learnsmart Assignment 3 Liberty University Solution

What is a plant asset?

The expense recognition (matching) principle aims to record _____________ in the same accounting period as the ___________that are earned as a result of those cost. This principle is a major part of the ______process.

Which of the following defines long-term liabilities?

$1,000 of supplies were purchased at the beginning of the month. $300 were used during the month. (The Supplies account was increased at the time of the initial purchase.) Demonstrate the required adjusting journal entry by selecting from the choices below.

Illustrate your understanding of how to use the adjusted trial balance to prepare the balance sheet by completing the following sentence.

In order to prepare a balance sheet using the account balances on an adjusted trial balance, all of the ___ and their debit balances are transferred to the balance sheet as well as all the __ and their __ balances.

Identify the accounts below that would be classified as current liabilities on a classified balance sheet.

Which of the statements below is correct regarding the difference between a temporary account and a permanent account?

Which of the lists below contains only permanent accounts?

Choose the statement(s) below which is (are) true regarding adjusting journal entries.

On December 27, a business completed a $400 service that had not yet been billed or recorded as of December 31. Demonstrate the required adjusting entry of the business by completing the following sentence. The required adjusting entry would be to debit the ___ account and _____ the ___ account.

For the current year, a business has earned (but not recorded or received) $200 of interest from investments. The required adjusting entry would be to debit the ___ account and ___ the ___ account.

Which of the following statements describes the expense recognition (matching) principle?

A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account was increased for the payment.

Demonstrate the required adjusting journal entry on Dec. 31 by selecting from the choices below.

Explain what unearned revenues are by selecting the statements below which are correct.

A company borrows $10,000 from the bank at 5% interest. The loan has been outstanding for 45 days. Demonstrate the required adjusting entry for this company by completing the following sentence.

The required adjusting entry would be to debit the Interest account and the Interest account.

Some of the steps in the accounting cycle are listed below. Place them in the correct order of use.

Define an adjusting journal entry.

A company had the following selected balances:

The first closing journal entry would include which of the following?

Identify which of the accounts below would be classified as a current asset.

Define the Income Summary account.

By the end of the accounting period, employees have earned salaries of $650, but they will not be paid until the following pay period. Demonstrate the required adjusting entry by completing the following sentence. The required adjusting entry would be to debit the Salaries ________ account and _______ the Salaries _______ account.

A classified balance sheet has several categories for assets and liabilities including: