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Prepaid advertising would be reported on the balance sheet as a?
An asset
Example of periodicity concept in accounting field?
An example of the periodicity concept in the accounting field would be the aging of accounts receivable. A comparison of the balance sheet for one period against another would also be an example of periodicity concepts.
Does the worksheet contain a trial balance?
Yes, a typical worksheet will contain trial balances. In fact, worksheets often have two trial balances:A trial balance, which has all your accounts with unadjusted figures, straight from their balances.You would then go through and adjust some accounts, such as prepaid (prepaid advertising, prepaid insurance), payables (superannuation payable, wages payable), bad debts expense...An adjusted trial balance, which you would use after you have gone through your ledger accounts and made any adjustments (end of the month processes, like balance day adjustments..The headings in the Worksheet will often include:Acct. No. | Account | Trial Balance | Adjustments | Adjusted Trial Balance | Income Statement | Balance Sheet |Happy accounting!
Who of the following accounts would be closed at the end of the accounting period?
Accounts receivable
Does accounts receivable go on a balance sheet as liabilities and equity?
Accounts receivable would appear as an asset (+) on a balance sheet.
What are the accounting journal entries to record a prepaid expense?
Dr. Prepaid expence (balance sheet) Cr. Expense (income statement) e.g. you have already paid $1200 insurance, but at year end still have six months to go until you have to renew your premium. You would have expensed the full $1200 - now you need to remove the unused (prepaid) portion. Dr. Prepaid expense $600 Cr. Insurance $600
Where do accounts receivable go on the balance sheet?
Paid accounts receivable appears on a balance sheet, to the extent that the amounts paid are deducted from the accounts receivables balance and added to the bank account. Therefore, the effect on the balance sheet would be as follows: decrease in asset- accounts receivables increase in asset- Cash
What accounts will normally maintain a credit balance prepaid taxes interest income rent expense equipment?
Prepaid taxes and equipment are asset accounts, so would normally have a debit balance. Rent expense is an expense account, so would normally have a debit balance. Liability, equity, and income accounts normally have credit balances.
Where does accounts receivable go on a multi step income statement?
Accounts receivables would be included in the balance sheet. The income statement reports revenues and expenses. Accounts receivables is an asset account and all the asset, liablities and equity accounts are reported on the balance sheet.
Would Sage Accounting be better suited for personal or business accounts?
By and large, Sage Accounting has been deemed to be great with small business accounts. Currently, the agency has begun to specialize in this field with their software products.
Where can I download free accounting software?
I would look at Express Accounts and QuickBooks. Both of these are reliable!
How do you establish which cardholder accounts a specific accounting validation control?
To establish which cardholder accounts a specific accounting validation control affects, you would first identify the criteria used by the control, such as transaction types, amounts, or date ranges. Next, you would query the relevant database or accounting system to extract cardholder accounts that meet these criteria. Finally, reviewing the results will help determine which accounts are subject to the control, ensuring compliance and accuracy in financial reporting.
