Kimmel, Survey of Accounting, le with Job Order Costing Help l CALCULATOR PRINTE

Question

Kimmel, Survey of Accounting, le with Job Order Costing Help l CALCULATOR PRINTER VERSION BACK Question 2 The bookkeeper for Oriole Company asks you to results in a decrease in Assets,Liablities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liabilty or Equity Item that was reduced.) (a) Interest on notes payable of $360 is accrued. (b) Services performed but unbilled totals $1,840. (c) Salaries of $950 earned by employees have not been recorded Assets Liabilities Stockholders' Equity Sal./WagesCom Accounts Adjustment Receivable Interest Payable Payable Stock +Rev Exp. Div Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER 26

Explanation / Answer

ASSETS= LIABILITIES + STOCKHOLDERS EQUITY ADJUSTMENT ACCOUNTS RECEIVABLE INTEREST PAYBALE + SALARY /WAGES PAYABLE + cOMMON STOCK + REVENUE - EXPENSE - DIVIDEND A)                                 360.00 -            360.00 B)                                 1,840.00           1,840.00 C)                            950.00 -            950.00 Net adjustment                                 1,840.00                                 360.00                            950.00           1,840.00 -        1,310.00 ASSETS=LIABILITIES+CAPITAL ASSETS=1840 LIABILITIES=360+950=1310 Equity=1840-1310=530 therefore 1840=1310+530 that is 1840=1840

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