Prepare an adjusted trial balance. Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expenses Maintenance and Repairs Expense Interest Expense Depreciation Expense Delivery Expense Rent Expense NOVAK FASHION CENTER Adjusted Trial Balance November 30, 2025 $ Debit $ Cre ...
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- Using accrual accounting, when is revenue recognized?A. When cash transfers B. When the performance obligation is fulfilled C. When products is received FOB shipping point D. When the products is shipped FOB destinThe adjusting entry to account for estimated customer returns and allowances involves a a. credit to Estimated Returns Inventory b. credit to Customer Refunds Payable c. debit to Customer Refunds Payable d. debit to Estimated Returns InventorAccount for accountspayable and analyzeaccounts payableturnover
- C. As the auditor of STUVWXYZ Partnership Ltd., you discovered the following transaction entries made in 2022 to the Cost and Expense Account control ledger. The respective contra accounts used by the accountant are indicated respectively. The company uses periodic method of recording inventories. Cost and Expense Account Purchase of raw materials P357,657 Purchase discount on purchase of raw Payment of utility bills Salaries of administrative personnel Salaries of sales personnel Commission paid to personnel Payment of machine maintenance Depreciation of building Wages of factory workers Loss incurred on sale of inventories (value of impaired inventories P70,0000 20,000 Sales discount granted to customers 27,300 materials P2,750 29,430 Gain on sale of raw materials, on account 5,000 35,785 22,570 10,530 85,200 Purchase return for defective items 22,470 77,800 15,320 Notes: 1. For debit transactions, the accountant used cash or accounts payable as the credit or contra account 2. For…Indicate the normal balance and category of each of the following accounts: CATEGORy options ARE: asset, contra-expense, contra-revenue, expense, liability, revenue. Account Normal Balance Category a. Sales Returns and Allowances b. Merchandise Inventory c. Miscellaneous Income d. Payroll Tax Expense e. Sales Discounts f. Cost of Goods Sold g. Income Tax Payable h. Prepaid ExpensesWhat document signals that a company should record thepurchase of goods on account?a. Purchase requisitionb. Purchase orderc. Receiving reportd. Supplier invoice
- Advanced collections from customers prior to the performance obligation being satisfied is accounted as what account? As a deposit reported as an asset on the balance sheet A liability reported on the balance sheet Revenue reported on the income statement Deferred revenue reported as comprehensive incomeSeveral accounts are listed below a. Purchases Returns and Allowances b. Sales Discounts c. Wages Expense d. Allowance for Doubtful Accounts e. Unearned Rent f. Income Taxes Payable g. Dividends Distributed h. Interest Revenue i. Inventory REQUIRED: List the accounts above that would normally have a credit balanceOptions I have for denominator are - average accounts receivable, net average total assets cost of goods sold current assets current liabilities interest expense net sales
- When converting from cash basis to accrual basis accounting, which of the following adjustments should be made to cash receipts from customers to determine accrual basis service revenue. a. Subtract ending accounts receivable. b. Subtract beginning unearned service revenue. c. Add ending accounts receivable. d. Add cash sales.The Sales Returns and Allowances account is reported as a a. Contra-revenue account on the income statement b. Current liability on the balance sheet c. Deduction from accounts receivables d. Selling expense on the incone statementHow to calculate the account receivable turnover ratio in a balance Sheet and income statement (explain it with the items on the income statement and balance Sheet eg.inventory, current receivable, current liability..and so on.