In the Space Below,state Whether Each Situation Is a Deferral

question 159

Essay

In the space below,state whether each situation is a deferral or an accrual.
______
a.
Depreciation on machinery is $7,200 for the accounting period.
______
b.
Interest that has been incurred on a loan but that has not yet been paid or recorded is $675.
______
c.
Office supplies of $965 were on hand at the beginning of the period. Purchases of office supplies during the period totaled $640. At the end of the period, $120 in office supplies remained.
______
d.
Commissions amounting to $975 were earned but not yet collected by year end.
______
e.
Prepaid Rent had a $2,500 balance prior to adjustment. By year end, 50 percent had expired.
______
______ f. Federal income taxes for the year were estimated to be $4,680.

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Definitions:

Aniridia

A congenital condition characterized by the complete or partial absence of the iris, affecting the individual's vision.

Genotype AAbbCc

The genetic makeup of an organism consisting of two alleles for one trait, with one being dominant A, aa indicating recessive, and Bb Cc being heterozygous.

Color Scale

A range or sequence of colors used to represent quantitative values or to show a gradual transformation.

Recessive Alleles

Recessive alleles are a type of gene that is masked by the presence of a dominant allele and only expresses its phenotype when paired with an identical allele.