Homework Answers
| 10 |
| A liability created when a business collects cash from customers in advance of providing services or delivering goods is called Unearned Revenues. |
| Unearned Revenues is reported as a Current Liability on Balance sheet |
| Option B is correct |
| 11 |
| Ending balance of the account = (26000+5000)-3500= $27,500,debit |
| Option D is correct |
12
| Office Supplies | |
| 3500 | |
| Cash | |
| 3500 | |
| Option D is correct |
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10) A liability created when a business collects chrom customers in advance of growing services or...
O Requirements 1. Complete the worksheet for San Jose Veterinary Hospital 2. Prepare the closing entries...
O Requirements 1. Complete the worksheet for San Jose Veterinary Hospital 2. Prepare the closing entries 3. Prepare a post-closing trial balance Print Done VOIKSILLE December 31, 2018 Unadjusted Trial Balance Adjustments income Statement Debit Credit Balan Debit Account Names Debit Credit Debit Credit Cash (1) S 500 33,500 9.700 1,300 9.000 29.000 (b) $ (a) 125 700 Adjusted Trial Balance Debit Credit 33,500 10.300 1,175 8,300 29.000 1.700 3.500 (C) 1700 3.500 330 330 (e) 1175 700 Accounts Receivable...
A sole proprietorship has the following transactions: The business receives $20,000 cash from the owner in...
A sole proprietorship has the following transactions: The business receives $20,000 cash from the owner in exchange for capital. The business purchases $700 of office supplies on account. The business purchases $4,000 of furniture on account. The business performs services for various clients totaling $11,000 on account. The business pays $2,500 for salaries expense and $3,500 for rent expense. The business pays $700 to a supplier for the office supplies purchased earlier. The business collects $2,000 from one of its...
T accounts? Trial Balance? The following events apply to Complete Business Service in 2018, its first...
T
accounts? Trial Balance?
The following events apply to Complete Business Service in 2018, its first year of operations: 1. Received $41,000 cash from the issue of common stock. 2. Earned $36,000 of service revenue on account. 3. Incurred $15,500 of operating expenses on account. 4. Received $25,500 cash for performing services. 5. Paid $13,500 cash to purchase land. 6. Collected $27,500 of cash from accounts receivable. 7. Received a $7,100 cash advance for services to be provided in the...
If a business has received cash in advance of services performed and credits a liability account,...
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
1. A business collects a payment of $20,000 on a note receivable, consisting of a $1000...
1. A business collects a payment of $20,000 on a note receivable, consisting of a $1000 interest and a $19000 principal. Which of the following journal entries would be recorded? Notes Receivable....DEBITED 19,000 Interest Expense....DEBITED 1000 ...........Cash.. ..... CREDITED 20,000 Cash DEBITED 20,000 ...........Notes Receivable.....CREDITED 19,000 .......... Interest Income..CREDITED 1,000 Notes Payable DEBITED 19,000 .............Cash................. CREDITED 18,000 ........ Interest Revenue.CREDITED 1,000 Cash DEBITED 19,000 ........Notes Receivable....CREDITED 18,000 .......... Interest Revenue....CREDITED 1000 • Entry B is correct. • Entry A is...
On April 1, a business collected $3,600 rent in advance, debiting Cash and crediting Unearned Revenue....
On April 1, a business collected $3,600 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. At December 31, the business must account for the amount of rent it has earned. a.On April 1, a business collected $3,600 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. On December 31, the business must account for the amount of rent it has earned....
Company D collects cash from a customer who purchased consulting services on account 3 weeks ago....
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* More Info (CI Vincent Yang practices medicine under the business title Vincent Yang, M. D....
* More Info (CI Vincent Yang practices medicine under the business title Vincent Yang, M. D. During July, the medical practice completed the following transactions: (Click the icon to view the transactions.) Read tt Requirement 1. Journalize each transaction. Explanations are not required. (Record debits first, then credits. Exclude explanations July 1: Yang contributed $66,000 cash to the business in exchange for capital. Date Accounts Debit Credit Jul. 1 Jul. 1 Yang contributed $66,000 cash to the business in exchange...
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in...
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March March 1 Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for common stock. 2 The company prepaid $6,000 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $6,000.) 3 The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. Payment is due within 10 days. 6 The...
journal entry worksheet for 1-12? The following events apply to Complete Business Service in 2018, its...
journal entry worksheet for 1-12?
The following events apply to Complete Business Service in 2018, its first year of operations: 1. Received $41,000 cash from the issue of common stock. 2. Earned $36,000 of service revenue on account. 3. Incurred $15,500 of operating expenses on account. 4. Received $25,500 cash for performing services. 5. Paid $13,500 cash to purchase land. 6. Collected $27,500 of cash from accounts receivable. 7. Received a $7,100 cash advance for services to be provided in...
O Requirements 1. Complete the worksheet for San Jose Veterinary Hospital 2. Prepare the closing entries 3. Prepare a post-closing trial balance Print Done VOIKSILLE December 31, 2018 Unadjusted Trial Balance Adjustments income Statement Debit Credit Balan Debit Account Names Debit Credit Debit Credit Cash (1) S 500 33,500 9.700 1,300 9.000 29.000 (b) $ (a) 125 700 Adjusted Trial Balance Debit Credit 33,500 10.300 1,175 8,300 29.000 1.700 3.500 (C) 1700 3.500 330 330 (e) 1175 700 Accounts Receivable...
A sole proprietorship has the following transactions: The business receives $20,000 cash from the owner in exchange for capital. The business purchases $700 of office supplies on account. The business purchases $4,000 of furniture on account. The business performs services for various clients totaling $11,000 on account. The business pays $2,500 for salaries expense and $3,500 for rent expense. The business pays $700 to a supplier for the office supplies purchased earlier. The business collects $2,000 from one of its...
T
accounts? Trial Balance?
The following events apply to Complete Business Service in 2018, its first year of operations: 1. Received $41,000 cash from the issue of common stock. 2. Earned $36,000 of service revenue on account. 3. Incurred $15,500 of operating expenses on account. 4. Received $25,500 cash for performing services. 5. Paid $13,500 cash to purchase land. 6. Collected $27,500 of cash from accounts receivable. 7. Received a $7,100 cash advance for services to be provided in the...
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
1. A business collects a payment of $20,000 on a note receivable, consisting of a $1000 interest and a $19000 principal. Which of the following journal entries would be recorded? Notes Receivable....DEBITED 19,000 Interest Expense....DEBITED 1000 ...........Cash.. ..... CREDITED 20,000 Cash DEBITED 20,000 ...........Notes Receivable.....CREDITED 19,000 .......... Interest Income..CREDITED 1,000 Notes Payable DEBITED 19,000 .............Cash................. CREDITED 18,000 ........ Interest Revenue.CREDITED 1,000 Cash DEBITED 19,000 ........Notes Receivable....CREDITED 18,000 .......... Interest Revenue....CREDITED 1000 • Entry B is correct. • Entry A is...
* More Info (CI Vincent Yang practices medicine under the business title Vincent Yang, M. D. During July, the medical practice completed the following transactions: (Click the icon to view the transactions.) Read tt Requirement 1. Journalize each transaction. Explanations are not required. (Record debits first, then credits. Exclude explanations July 1: Yang contributed $66,000 cash to the business in exchange for capital. Date Accounts Debit Credit Jul. 1 Jul. 1 Yang contributed $66,000 cash to the business in exchange...
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March March 1 Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for common stock. 2 The company prepaid $6,000 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $6,000.) 3 The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. Payment is due within 10 days. 6 The...
journal entry worksheet for 1-12?
The following events apply to Complete Business Service in 2018, its first year of operations: 1. Received $41,000 cash from the issue of common stock. 2. Earned $36,000 of service revenue on account. 3. Incurred $15,500 of operating expenses on account. 4. Received $25,500 cash for performing services. 5. Paid $13,500 cash to purchase land. 6. Collected $27,500 of cash from accounts receivable. 7. Received a $7,100 cash advance for services to be provided in...
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