Q1) If total liabilities increased by $10,000 and the assets increased by $10,000 during the accounting...
Q1)
If total liabilities increased by $10,000 and the assets increased by $10,000 during the accounting period, what is the change in the owner's equity amount?
A) No effect on owner's equity B) Decrease of $10,000 C) Increase of $20,000 D) Decrease of $40,000
Q2)
Which of the following entries records the owner taking cash for personal use?
A) Wage Expense, debit; Cash, credit B) Capital, debit; Cash, credit C) Withdrawals, debit; Cash, credit D) No entry is necessary since this is a personal transaction.
Q3)
Sally's Spices accrued and unpaid wages are $2,000. Which of the following is the required adjusting entry?
A) Debit Cash, $2,000; credit Salaries Expense, $2,000 B) Credit Salaries Expense, $2,000; debit Salaries Payable, $2,000 C) Debit Salaries Payable, $2,000; credit Cash, $2,000 D) Debit Salaries Expense, $2,000; credit Salaries Payable, $2,000
Q4)
Equipment with a cost of $590,000 has an accumulated depreciation of
$350,000. What is the book value of the equipment?
A) $306,250 O B) $240,000 C) $43,750 D) $120,000
Answer with just brief explanation(Formula) please.
Homework Answers
Add Answer to:
Q1)
If total liabilities increased by $10,000 and the assets
increased by $10,000 during the accounting...
1. If total assets increased by $175,000 during a specific period and liabilities decreased by $10,000...
1. If total assets increased by $175,000 during a specific period and liabilities decreased by $10,000 during the same period, the period's change in total owner's equity was a $185,000 increase. True or False 2. Drawings are an example of an expense. True or False
7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accu...
7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accumulated Depreciation account. D) the Depreciation Expense account. 8) An adjusting entry is completed: A) at the beginning of the accounting period. B) at the end of the accounting period. C) when the balance sheet is prepared. D) when accounts need to be balanced in the ledger. 9) Prior to recording adjusting entries, the Office Supplies account had a $359...
#2 GENERAL LEDGER LIABILITIES OWNER'S EQUITY Un Bal 10,000 Accounts Payable 3.300 Un Bal M. Capital...
#2 GENERAL LEDGER LIABILITIES OWNER'S EQUITY Un Bal 10,000 Accounts Payable 3.300 Un Bal M. Capital 22,100 Un Bal Un Ball M. Withdrawals 5,200 ACCOUNTS REC Salaries Payable Un Bal 26,900 Legal Fees Revenues 54,400 Un Bal PREPAID INSURANCE Un Ball 1,800 Uneared Legal Fees Utilities Expense S.000 Un Bal Office Supplies 2,000 Office Supplies Eup Office Equipment 5,000 Salaries Expense 26,000 Un Ball Un Bal Accumulated Depr. OE 1,500 Un Bal Insurance Expense Depreciation Expense 13 Compute balances of...
Make one substantive response on this accounting transactions and their respective interpretations. A proprietor by the...
Make one substantive response on this accounting transactions and their respective interpretations. A proprietor by the name of Chad Wilson, started a rental property business and during the month of June, he completed the following the transactions: a. The owner opened a business and deposited $30,000 from his personal funds. The keywords: Business and deposited. Since the accounts have been given to you in the accounting equation, which is Assets = Liabilities + Owner's Equity, you are to ensure...
#2 GENERAL LEDGER LIABILITIES OWNER'S EQUITY Un Bal 10,000 Accounts Payable 3.300 Un Bal M. Capital...
#2 GENERAL LEDGER LIABILITIES OWNER'S EQUITY Un Bal 10,000 Accounts Payable 3.300 Un Bal M. Capital 22,100 Un Bal Un Ball M. Withdrawals 5,200 ACCOUNTS REC Salaries Payable Un Bal 26,900 Legal Fees Revenues 54,400 Un Bal PREPAID INSURANCE Un Ball 1,800 Uneared Legal Fees Utilities Expense S.000 Un Bal Office Supplies 2,000 Office Supplies Eup Office Equipment 5,000 Salaries Expense 26,000 Un Ball Un Bal Accumulated Depr. OE 1,500 Un Bal Insurance Expense Depreciation Expense 13 Compute balances of...
Home Work II State whether the items are assets, liabilities, Owner's Equity, Revenue or expense accounts....
Home Work II State whether the items are assets, liabilities, Owner's Equity, Revenue or expense accounts. State whether they are income statement or balance sheet accounts, State whether they are permanent or temporary account. What is the normal balance for the following accounts is a debit or credit: a. Cash b. Supplies C. Notes payable d. Land e. Service revenue f. Accounts receivable & Rent expense h. Furniture i. Accounts payable j. Equipment k. Owner's Equity I. Inventory m. Rent...
The company's adjusted trial balance as follows includes the following accounts balances
The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000 Accumulated Depreciation, $25,000, Accounts Payable, $10,000; Owner's Capital $59,000, Withdrawals, $2,000, Fees Earned, $56,000: Depreciation Expense, $25,000, and Salaries Expense, $23,000. All accounts have normal balances. Prepare the first closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabil...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabilities. increase assets and increase liabilities. increase one asset and decrease another asset. An example of an expense is withdrawals by the owner. supplies consumed. prepaid insurance. investments. Asset and expense accounts normally have credit balances. large balances. debit balances. negative balances. Accounts that affect owner's equity are expenses, capital, and revenue....
a. Beadell invested $70,000 in a computer company Assets = Liabilities + Cash + + Accounts...
a. Beadell invested $70,000 in a computer company Assets = Liabilities + Cash + + Accounts Receivable Computer Equipment Accounts Payable – B. Beadell Capital Owner's Equity B Boadell + Revenues Withdrawals Expenses a. Beadell invested $70,000 in a computer company b. Bought computer equipment on account, $9,500. C. Beadell paid personal telephone bill from company checkbook, $225. d. Received cash for services rendered, $14,200. e. Billed customers for services rendered for month, $30,800. f. Paid current rent expense, $4,200....
10. The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have...
10. The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts Payable $1,500 Fees Earned $3,600 Accounts Receivable 1,800 Insurance Expense 1,300 Prepaid Insurance 2,000 Land 3,000 Cash 3,200 Wages Expense 1,400 Drawing 1,200 Capital 8,800 The total of all the assets is a. $10,000 b. $8,000 c. $9,700 d. $9,800 11. The classification and normal balance of the accounts payable account is an asset with a credit balance a liability with...
7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accumulated Depreciation account. D) the Depreciation Expense account. 8) An adjusting entry is completed: A) at the beginning of the accounting period. B) at the end of the accounting period. C) when the balance sheet is prepared. D) when accounts need to be balanced in the ledger. 9) Prior to recording adjusting entries, the Office Supplies account had a $359...
#2 GENERAL LEDGER LIABILITIES OWNER'S EQUITY Un Bal 10,000 Accounts Payable 3.300 Un Bal M. Capital 22,100 Un Bal Un Ball M. Withdrawals 5,200 ACCOUNTS REC Salaries Payable Un Bal 26,900 Legal Fees Revenues 54,400 Un Bal PREPAID INSURANCE Un Ball 1,800 Uneared Legal Fees Utilities Expense S.000 Un Bal Office Supplies 2,000 Office Supplies Eup Office Equipment 5,000 Salaries Expense 26,000 Un Ball Un Bal Accumulated Depr. OE 1,500 Un Bal Insurance Expense Depreciation Expense 13 Compute balances of...
#2 GENERAL LEDGER LIABILITIES OWNER'S EQUITY Un Bal 10,000 Accounts Payable 3.300 Un Bal M. Capital 22,100 Un Bal Un Ball M. Withdrawals 5,200 ACCOUNTS REC Salaries Payable Un Bal 26,900 Legal Fees Revenues 54,400 Un Bal PREPAID INSURANCE Un Ball 1,800 Uneared Legal Fees Utilities Expense S.000 Un Bal Office Supplies 2,000 Office Supplies Eup Office Equipment 5,000 Salaries Expense 26,000 Un Ball Un Bal Accumulated Depr. OE 1,500 Un Bal Insurance Expense Depreciation Expense 13 Compute balances of...
Home Work II State whether the items are assets, liabilities, Owner's Equity, Revenue or expense accounts. State whether they are income statement or balance sheet accounts, State whether they are permanent or temporary account. What is the normal balance for the following accounts is a debit or credit: a. Cash b. Supplies C. Notes payable d. Land e. Service revenue f. Accounts receivable & Rent expense h. Furniture i. Accounts payable j. Equipment k. Owner's Equity I. Inventory m. Rent...
The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000 Accumulated Depreciation, $25,000, Accounts Payable, $10,000; Owner's Capital $59,000, Withdrawals, $2,000, Fees Earned, $56,000: Depreciation Expense, $25,000, and Salaries Expense, $23,000. All accounts have normal balances. Prepare the first closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
a. Beadell invested $70,000 in a computer company Assets = Liabilities + Cash + + Accounts Receivable Computer Equipment Accounts Payable – B. Beadell Capital Owner's Equity B Boadell + Revenues Withdrawals Expenses a. Beadell invested $70,000 in a computer company b. Bought computer equipment on account, $9,500. C. Beadell paid personal telephone bill from company checkbook, $225. d. Received cash for services rendered, $14,200. e. Billed customers for services rendered for month, $30,800. f. Paid current rent expense, $4,200....
Most questions answered within 3 hours.
-
The mayor of a small town estimates that 33% of the
residents in the town favor...
asked 50 minutes ago -
1. True or false: According to the Gordon Growth Model, firms
that pay dividends will always...
asked 1 hour ago -
20
Lansing Corporation reported net income of $67 million for last
year. Depreciation expense totaled $15...
asked 1 hour ago -
Write a MATLAB userdefined function that calculates the product and
the ratio of two variables x...
asked 1 hour ago -
Timia needs some cash in a hurry. She owns her car outright and
is considering a...
asked 1 hour ago -
A sweepstakes posted the probabilities of winning each prize and
the prize amounts as shown in...
asked 1 hour ago -
Synthesis of fructose-2,6-bisphosphate is catalyzed by a
bifunctional enzyme that contains two catalytic domains: PFK2
(kinase...
asked 2 hours ago -
observation
initial burst volume
total volume titrated to reach end point
what happened to the rise...
asked 2 hours ago -
Let x1, x2,x3,and x4 be a random sample from
population with normal distribution with mean ?...
asked 2 hours ago -
A string of mass m and length L is under tension T. The speed of
a...
asked 2 hours ago -
Look at the descriptions of high sensation seekers in your book.
They look like they would...
asked 2 hours ago -
Write a method called is1to1 that accepts a map whose keys and
values are strings as...
asked 2 hours ago