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ACC1100 - ACF1100 - Introduction to financial accounting - S1 2025

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On 1 July the Winter Shoe Store paid $6,000 to their landlord for 6 month’s rent in advance beginning 1 July. Prepaid Rent was increased by the full amount. If financial statements are prepared on 31 July, the adjusting entry to be made by the Winter Shoe Store is:

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Failure to prepare an adjusting entry at the end

of the period to record an accrued expense would cause:

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A law firm received $2,000 cash for legal

services to be provided in the future. The full amount was recorded in the

liability account ‘Revenue Received in Advance’. If the legal services have

been provided at the end of the accounting period and no adjusting entry is

made, this would cause:

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At the end of the financial year, the usual

adjusting entry for depreciation on equipment was omitted. Which of the

following statements is true?

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If an entity fails to adjust a Prepaid Rent

account for rent that has been incurred, what effect will this have on that

month's financial statements?

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An adjusting entry:

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Accumulated depreciation is a/an:

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The Harris Company Ltd purchased a computer for

$3,000 on 1 December. It is estimated that annual depreciation on the computer

will be $600. If financial statements are to be prepared on 31 December, the

company should make the following adjusting entry:

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Reese Ltd purchased office supplies costing $4,000 and recorded them in the Office supplies account. At the end of the accounting period, a physical count of office supplies revealed only $1,600 left on hand. The appropriate adjustment to be made at the end of the period would be:
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An entity fails to adjust the Income Received

in Advance account for rent that has been earned on one of its properties, what

effect will this have on the financial statements?

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