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the normal balance for a contra-asset account would be which of the following? a a credit...
Question 11 Our unearned revenue account had a credit balance of $5,000 before adjusting entries were...
Question 11 Our unearned revenue account had a credit balance of $5,000 before adjusting entries were recorded. On December 31, we determined that $3,000 of the $5,000 had been earned during the current year. What account and amount would we debit when we record this adjusting entry in the general journal? Group of answer choices unearned revenue, $2,000 service revenue, $2,000 unearned revenue, $3,000 service revenue, $3,000 Question 121 pts On December 31, we had accrued taxes of $6,000. What...
Identify the type of account (asset, liability, equity) and the normal balance (debit or credit) for...
Identify the type of account (asset, liability, equity) and the normal balance (debit or credit) for each account. a. Cash b. Dividends c. Office Equipment d. Accounts Payable e. Utilities Expense f. Common Stock g. Prepaid Insurance h. Service Revenues
Trial Balance April 30, 2016 Account Debit Credit $27,500 40,400 3,000 1,400 68,800 Cash Accounts receivable...
Trial Balance April 30, 2016 Account Debit Credit $27,500 40,400 3,000 1,400 68,800 Cash Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Accounts paya Salaries payable Unearned service revenue Common stock Retained earnings Dividends Service revenue Salaries expense Insurance expense Depreciation expense, equipment Utilities expense Supplies expense Total $34,100 ble 3,100 2,700 50,000 50,600 9,500 13,900 3,800 $ 154,400 $ 154,400 More Info a. Insurance coverage stlremaining at April 30, $300 b. Supplies used during the month, $250 c....
Aptos Architects, Inc. Trial Balance April 30, 2018 Account Debit Credit Cash $ 30,100 Accounts receivable...
Aptos Architects, Inc. Trial Balance April 30, 2018 Account Debit Credit Cash $ 30,100 Accounts receivable 18,500 3,200 Prepaid insurance Supplies 1,100 85,000 $ 43,800 Equipment Accumulated depreciation, equipment Accounts payable Salaries payable 3,600 Unearned service revenue 3,100 Common stock 75,000 Retained earnings 10,600 Dividends 2,800 Service revenue 8,400 Salaries expense 3,800 Insurance expense Depreciation expense, equipment Utilities expense Supplies expense $ 144,500 $ 144,500 Total a. Insurance coverage still remaining at April 30, $600 b. Supplies used during the...
Which of the following accounts does NOT have a normal balance? A. Office Supplies--Balance 1,000 debit...
Which of the following accounts does NOT have a normal balance? A. Office Supplies--Balance 1,000 debit B. Accounts Payable --Balance 1,000 credit C. Unearned Revenue--Balance 1,000 credit D. Utilities expense--Balance 1,000 debit E. Service Revenue-Balance 1,000 debit
Windsor, Inc. Trial Balance May 31, 2020 Account Number Credit 101 Cash 112 126 Debit $4,500...
Windsor, Inc. Trial Balance May 31, 2020 Account Number Credit 101 Cash 112 126 Debit $4,500 6,200 2,000 2,400 10,800 130 149 201 Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense 209 $ 4,500 2,000 16,200 7,500 311 400 726 729 3,300 1,000 $30,200 $30,200 In addition to those accounts listed on the trial balance, the chart of accounts for Windsor, Inc. also contains the following accounts...
Alpaca Company presented the following unadjusted trial balance. As you can see, the trial balance is...
Alpaca Company presented the following unadjusted trial balance. As you can see, the trial balance is not balanced since the former accountant made several errors. CREDIT $ 48,000 ALPACA CORPORATION TRIAL BALANCE JAN 31, 2020 DEBIT Cash $ 10,000 Accounts Receivable 80,000 Equipment 120,000 Accounts Payable Wages Payable Capital, Moose Service Revenues Wages Expense 16,200 Rent Expense 14,000 Insurance Expense Utilities Expense 3,000 TOTAL $ 255,200 123,200 86,000 12.000 $ 257,200 After reviewing the financial records, you found the following...
The unadjusted trial balance for Black Inc. follows. Unadjusted Trail Balance 31-Dec-20 Account Debit Credit Cash...
The unadjusted trial balance for Black Inc. follows. Unadjusted Trail Balance 31-Dec-20 Account Debit Credit Cash 6,320 Accounts receivable 6,000 Prepaid lease expense 19,200 Supplies 11,000 Equipment 20,000 Accumulated depreciation-equipment 3,000 Accounts payable 2,000 Note payable 8,000 Common share 20,000 Retained earnings 8,000 Dividends 10,000 Service revenue 50,000 Interest expense 480 Salaries expense 13,000 Utility expense 2,000 Miscellaneous expense 3,000 Totals 91,000 91,000 Additional information for accounting adjustments Black was required to pay the entire rental for a one-year lease...
11. The classification and normal balance of the accounts payable account is an asset with a...
11. The classification and normal balance of the accounts payable account is an asset with a credit balance a liability with a credit balance owner's equity with a credit balance revenue with a credit balance 12. A credit balance in which of the following accounts would indicate a likely error? a. Fees Earned b. Salary Expense c. Janet James, Capital d. Accounts Payable 13. The process of initially recording a business transaction is called ...
Alpaca Company presented the following unadjusted trial balance. As you can see, the trial balance is...
Alpaca Company presented the following unadjusted trial balance. As you can see, the trial balance is not balanced since the former accountant made several errors. ALPACA CORPORATION TRIAL BALANCE JAN 31, 2020 DEBIT CREDIT Cash $ 10,000 Accounts Receivable 80,000 Equipment 120,000 Accounts Payable $ 48,000 Wages Payable 0 Capital, Moose 123,200 Service Revenues 86,000 Wages Expense 16,200 Rent Expense 14,000 Insurance Expense 12,000 Utilities Expense 3,000 TOTAL $ 255,200 $ 257,200 After reviewing the financial records, you found the...
Identify the type of account (asset, liability, equity) and the normal balance (debit or credit) for each account. a. Cash b. Dividends c. Office Equipment d. Accounts Payable e. Utilities Expense f. Common Stock g. Prepaid Insurance h. Service Revenues
Trial Balance April 30, 2016 Account Debit Credit $27,500 40,400 3,000 1,400 68,800 Cash Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Accounts paya Salaries payable Unearned service revenue Common stock Retained earnings Dividends Service revenue Salaries expense Insurance expense Depreciation expense, equipment Utilities expense Supplies expense Total $34,100 ble 3,100 2,700 50,000 50,600 9,500 13,900 3,800 $ 154,400 $ 154,400 More Info a. Insurance coverage stlremaining at April 30, $300 b. Supplies used during the month, $250 c....
Aptos Architects, Inc. Trial Balance April 30, 2018 Account Debit Credit Cash $ 30,100 Accounts receivable 18,500 3,200 Prepaid insurance Supplies 1,100 85,000 $ 43,800 Equipment Accumulated depreciation, equipment Accounts payable Salaries payable 3,600 Unearned service revenue 3,100 Common stock 75,000 Retained earnings 10,600 Dividends 2,800 Service revenue 8,400 Salaries expense 3,800 Insurance expense Depreciation expense, equipment Utilities expense Supplies expense $ 144,500 $ 144,500 Total a. Insurance coverage still remaining at April 30, $600 b. Supplies used during the...
Windsor, Inc. Trial Balance May 31, 2020 Account Number Credit 101 Cash 112 126 Debit $4,500 6,200 2,000 2,400 10,800 130 149 201 Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense 209 $ 4,500 2,000 16,200 7,500 311 400 726 729 3,300 1,000 $30,200 $30,200 In addition to those accounts listed on the trial balance, the chart of accounts for Windsor, Inc. also contains the following accounts...
Alpaca Company presented the following unadjusted trial balance. As you can see, the trial balance is not balanced since the former accountant made several errors. CREDIT $ 48,000 ALPACA CORPORATION TRIAL BALANCE JAN 31, 2020 DEBIT Cash $ 10,000 Accounts Receivable 80,000 Equipment 120,000 Accounts Payable Wages Payable Capital, Moose Service Revenues Wages Expense 16,200 Rent Expense 14,000 Insurance Expense Utilities Expense 3,000 TOTAL $ 255,200 123,200 86,000 12.000 $ 257,200 After reviewing the financial records, you found the following...
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