Match Each Transaction with the Type of Entry That Will

question 153

Essay

Match each transaction with the type of entry that will be required at April 30,the company's year-end.
Transaction
1____ .The company has $8,300 in Prepaid Rent at the beginning of April and uses $3,600 of that for its April rent.
2____ .The company provides lawn care in April for customers who will be billed and make payment in May.
3____ .The company owes interest on loans for the month of April and will not pay this interest until May.
4____ .The company uses $1,600 worth of fertilizer from its stock of supplies.
5____ .The company provides lawn care in April for customers who paid in March.
6____ .The company transfers revenues of $50,000 and expenses of $32,000 to Retained Earnings.
7____ .The company makes an entry to allocate the use of equipment during the current account period.
8____ .The company transfers the balance in the Dividends account of $1,200 to Retained Earnings.
9____ .The company records income taxes.
10____ .The weekly payroll of $5,000 to be paid next week is recorded.
Type of Entry
A - Accrual adjusting entry
D - Deferral adjusting entry
C - Closing entry

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Definitions:

Negative Emotions

Emotions that are generally perceived as undesirable, such as sadness, anger, and fear, and are often a response to undesirable experiences or thoughts.

Adaptation-level Phenomenon

The psychological experience of judging new stimuli and events based on past experiences or a baseline level of past stimuli.

Day-to-day Happiness

The experience of joy, contentment, or positive well-being, combined with a sense that one's life is good, meaningful, and worthwhile on a daily basis.

Money Buy Happiness

The debate concerning whether material wealth can significantly increase an individual's level of happiness or well-being.