Homework Answers
Solution 22:
Balance in supplies at the end of february = $3,500 + $3,000 - $4,000 = $2,500 debit
Hence option d is correct.
Solution 23:
Cash balance at Sep 30, 2022 = Beginning cash balance + Collection - Disbursements
= $140,000 + $60,000 - $100,000 = $100,000 debit
Hence option d is correct.
Solution 24:
If the cash account has a credit balance, then true statement is "The account needs to be analyzed to determine the reason for credit balance"
Hence option c is correct.
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22. Ar February 1, 2022, the balance in Goebel Inc.'s supplies account was $3.500. During February,...
sumption 17. f allibilis decreased by 4000, then vedered by S4000 have decreased by ve decreased...
sumption 17. f allibilis decreased by 4000, then vedered by S4000 have decreased by ve decreased by $1.000, or stockholders' equity must have increased by 54,000 a nd stockholders' equity each increased by 59.000 asets must have increased by S4.000 S expare paid in the liabilities will decrease sockholders equity will increase d assets will decrease 19. The payment of a liability decreases assets and stockholders' equity Increases assets and decreases bites decreases assets and increases liabilities decreases assets and...
bconomiassumption monetary ni mion periodicity assumption 17. If total liabilities decreased by 4.000, then t e...
bconomiassumption monetary ni mion periodicity assumption 17. If total liabilities decreased by 4.000, then t e sex holders' equity must have decreased by 14.000 as must have decreased by $4.000 osobedien wets and sockholders' equity each increased by 12.000 sets must have increased by 54.000 18. If expenses are paid in casethen sets will increase b. liabilities will decrease wockholders equity will increase dass will decrease 19. The payment of a liability a decreases assets and stockholders' equity increases assets...
If the Cash account has a credit balance, which of the following statements is true? 1...
If the Cash account has a credit balance, which of the following
statements is true?
1
An error has occurred and must be corrected before financial
statements can be prepared.
2
Debit postings exceed the credit postings for the accounting
period.
3
The account needs to be analyzed to determine the reason for the
credit balance.
4
This is the normal balance for cash.
Current Attempt in Progress During January 2022, Blue Spruce Corp.paid a cash dividends of $2320. This...
Current Attempt in Progress During January 2022, Blue Spruce Corp.paid a cash dividends of $2320. This transaction O reduces stockholders' equity by $2320. O increases stockholders' equity by $2320. O reduces net income by $2320. O increases expenses by $2320. During February 2022, its first month of operations, the owner of Metlock, Inc. invested cash of $90000. Metlock had cash sales of $18000 and paid expenses of $31500. Assuming no other transactions impacted the cash account, what is the balance...
The balance in the supplies account on June 1 was $5. 00 sulis purchased during June...
The balance in the supplies account on June 1 was $5. 00 sulis purchased during June were $3,000, and the supplies on hand at June 30 were $3.500. The amount to be used for the appropriate adjusting entry a $4.000 b $4.500 c 58.500 d. $11,500. 10. 96 Depreciation expense for a period is the a original cost of an asset accumulated depreciation b. book value of the asset useful life. c. portion of an asser's cost that expired during...
Account Balances a. During February, $81,480 was paid to creditors on account, and purchases on account...
Account Balances a. During February, $81,480 was paid to creditors on account, and purchases on account were $104,290. Assuming that the February 28 balance of Accounts Payable was $35,040, determine the account balance on February 1. b. On October 1, the accounts receivable account balance was $50,700. During October, $441,100 was collected from customers on account. Assuming that the October 31 balance was $58,300, determine the fees billed to customers on account during October c. On April 1, the cash...
Karen Noonan opened Larkspur Cleaning Services Inc. on February 1, 2022. During February, the following transactions w...
Karen Noonan opened Larkspur Cleaning Services Inc. on February 1, 2022. During February, the following transactions were completed: Feb. 1 i 1 3 4 5 5 Issued 3,800 shares of Larkspur Cleaning Services common stock for $9,880. Each share has a $1.50 par. Borrowed $6,080 on a 2-year, 6% note payable. Paid $6,860 to purchase used floor and window cleaning equipment from a company going out of business ($3,660 was for the floor equipment and $3,200 for the window equipment)....
Principles of Accounting 1 made the following The accountant of Blueberry Inc. errors during March 2020....
Principles of Accounting 1 made the following The
accountant of Blueberry Inc. errors during March 2020. a. The cash
purchase of OMR 2,110 computers was recorded as a OMR 2,200 debit
to Office Equipment and a OMR 2,110 credit to Cash. b. An OMR 800
purchase of supplies on account was properly recorded as a debit to
the Supplies account but was incorrectly recorded as a credit to
the Cash Account. c. The company provided services valued at OMR
7,500...
1) The supplies account has a balance of $3,000 at the beginning of the year and...
1) The supplies account has a balance of $3,000 at the beginning of the year and was debited during the year for $1,400, representing the total of supplies purchased during the year. If $800 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is ______________? 2) ABC, Inc. Made a Prepaid Rent payment of $4,000 on January 1st. The company's monthly rent is $800. The...
The company has a Supplies account balance of $200 on January 1. During the year, the...
The company has a Supplies account balance of $200 on January 1.
During the year, the company purchased $1,500 of supplies. As of
December 31, a count revealed that there were $500 of supplies on
hand. Complete the necessary journal entry. (If no entry is
required for a transaction/event, select "No journal entry
required" in the first account field.)
1 Record the supplies used during the year. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31
sumption 17. f allibilis decreased by 4000, then vedered by S4000 have decreased by ve decreased by $1.000, or stockholders' equity must have increased by 54,000 a nd stockholders' equity each increased by 59.000 asets must have increased by S4.000 S expare paid in the liabilities will decrease sockholders equity will increase d assets will decrease 19. The payment of a liability decreases assets and stockholders' equity Increases assets and decreases bites decreases assets and increases liabilities decreases assets and...
bconomiassumption monetary ni mion periodicity assumption 17. If total liabilities decreased by 4.000, then t e sex holders' equity must have decreased by 14.000 as must have decreased by $4.000 osobedien wets and sockholders' equity each increased by 12.000 sets must have increased by 54.000 18. If expenses are paid in casethen sets will increase b. liabilities will decrease wockholders equity will increase dass will decrease 19. The payment of a liability a decreases assets and stockholders' equity increases assets...
If the Cash account has a credit balance, which of the following
statements is true?
1
An error has occurred and must be corrected before financial
statements can be prepared.
2
Debit postings exceed the credit postings for the accounting
period.
3
The account needs to be analyzed to determine the reason for the
credit balance.
4
This is the normal balance for cash.
Current Attempt in Progress During January 2022, Blue Spruce Corp.paid a cash dividends of $2320. This transaction O reduces stockholders' equity by $2320. O increases stockholders' equity by $2320. O reduces net income by $2320. O increases expenses by $2320. During February 2022, its first month of operations, the owner of Metlock, Inc. invested cash of $90000. Metlock had cash sales of $18000 and paid expenses of $31500. Assuming no other transactions impacted the cash account, what is the balance...
The balance in the supplies account on June 1 was $5. 00 sulis purchased during June were $3,000, and the supplies on hand at June 30 were $3.500. The amount to be used for the appropriate adjusting entry a $4.000 b $4.500 c 58.500 d. $11,500. 10. 96 Depreciation expense for a period is the a original cost of an asset accumulated depreciation b. book value of the asset useful life. c. portion of an asser's cost that expired during...
Account Balances a. During February, $81,480 was paid to creditors on account, and purchases on account were $104,290. Assuming that the February 28 balance of Accounts Payable was $35,040, determine the account balance on February 1. b. On October 1, the accounts receivable account balance was $50,700. During October, $441,100 was collected from customers on account. Assuming that the October 31 balance was $58,300, determine the fees billed to customers on account during October c. On April 1, the cash...
Karen Noonan opened Larkspur Cleaning Services Inc. on February 1, 2022. During February, the following transactions were completed: Feb. 1 i 1 3 4 5 5 Issued 3,800 shares of Larkspur Cleaning Services common stock for $9,880. Each share has a $1.50 par. Borrowed $6,080 on a 2-year, 6% note payable. Paid $6,860 to purchase used floor and window cleaning equipment from a company going out of business ($3,660 was for the floor equipment and $3,200 for the window equipment)....
Principles of Accounting 1 made the following The
accountant of Blueberry Inc. errors during March 2020. a. The cash
purchase of OMR 2,110 computers was recorded as a OMR 2,200 debit
to Office Equipment and a OMR 2,110 credit to Cash. b. An OMR 800
purchase of supplies on account was properly recorded as a debit to
the Supplies account but was incorrectly recorded as a credit to
the Cash Account. c. The company provided services valued at OMR
7,500...
The company has a Supplies account balance of $200 on January 1.
During the year, the company purchased $1,500 of supplies. As of
December 31, a count revealed that there were $500 of supplies on
hand. Complete the necessary journal entry. (If no entry is
required for a transaction/event, select "No journal entry
required" in the first account field.)
1 Record the supplies used during the year. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31
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