Homework Answers
Correct answer is liabilities are overstated, as the entry made are not correct. When a cash is received on account, cash account is debited and Accounts receivable is credited. But instead Accounts Payable are credited which is a liability to the company. So Liabilities are overstated.
To correct the entry, record a reversal entry and debit accounts payable and credit cash and then record the entry as mentioned above.
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8 of 20 (4 complete) This Question: 1 pt This Test Pixel Copies recorded a cash...
Hughes Copies, Inc., erroneously recorded a purchase of equipment on account by debiting Equipment and crediting...
Hughes Copies, Inc., erroneously recorded a purchase of equipment on account by debiting Equipment and crediting Cash. What will be an effect of this error on the trial balance? Equipment understated Cash overstated Equipment overstated Liabilities understated
This Question: 1 pt 3 of 20 (0 complete) This Test:20p Sedlor Properties purchased office supplies...
This Question: 1 pt 3 of 20 (0 complete) This Test:20p Sedlor Properties purchased office supplies on account for $800 Which journal entry records the payment on account of those office supplies? (Assuifle the occurred in a prior period.) Date Accounts and Explanation Debit Credit 800 OA. Office Supplies Cash OB. Accounts Payable Cash 800 OC Accounts Payable Accounts Receivable 800 OD. Cash 800 Accounts Payable answer De here to search
Please fix my answers Home Team Corporation recently hired Steve Willits as its bookkeeper. Mr. Willits...
Please fix my answers
Home Team Corporation recently hired Steve Willits as its bookkeeper. Mr. Willits is somewhat inexperienced and has made numerous errors recording daily business transactions. Indicate the effects of the errors described as follows on each of the financial statement elements shown in the column headings. Use the following symbols: O for overstated, U for understated, and NE for no effect. Answer is complete but not entirely correct. Error Owners' Equity NE XU X NE Recorded the...
1.Indicate the proper journal entry to record payment of a cash dividend previously declared: Select one:...
1.Indicate the proper journal entry to record payment of a cash dividend previously declared: Select one: a. Debit Cash, credit Dividend Payable b. Debit Dividends, credit Cash 2.A bookkeeper erroneously recorded a $7 accrual of wages payable using this journal entry: Sales Discount $7 Inventory $7 Indicate the effect of the error on Expenses, Assets, and Liabilities, respectively: Select one: a. No Error, Understated, No Error b. Overstated, No Error, Understated c. Understated, Understated, Understated d. No Error, No Error,...
This Question: 1 pt 13 of 20 (10 complete) This Test: 20 pts possible The proportion...
This Question: 1 pt 13 of 20 (10 complete) This Test: 20 pts possible The proportion of users of VISA credit cards with overdue accounts is to be estimated with a confidence of 98%. Alex would like to determine the sample size needed in order that the margin of error is within 4 percentage points. He has used the correct formula to calculate the appropriate sample size to be guaranteed the margin of error is within 4 percentage points. Which...
Which of the statements of the rules of debit and credit is true? O A. Increase...
Which of the statements of the rules of debit and credit is true? O A. Increase Accounts Payable with a credit and the normal balance is a credit OB. Decrease Accounts Receivable with a credit and the normal balance is a credit. OC. Decrease Cash with a debit and the normal balance is a debit. OD. Increase Revenue with a debit and the normal balance is a debit. Click to select your answer. Tyne here to search Which type of...
This Question: 1 pt 1 of 20 (14 complete) This Test: 20 pts possible Assume that...
This Question: 1 pt 1 of 20 (14 complete) This Test: 20 pts possible Assume that the weekly payroll of in the Woods Camping Supplies is $300. December 31, end of the year, falls on Tuesday, and in the Woods will pay its employee on Friday for the full week. What adjusting entry will in the Woods make on Tuesday, December 31? (Use five days as a full work week.) Date Accounts and Explanation Debit Credit OA 120 Salaries Expense...
ACC-250-T0101 Test: ACC-250 Practice Quiz 1 6 This Question: 1 pt Which of the following events...
ACC-250-T0101 Test: ACC-250 Practice Quiz 1 6 This Question: 1 pt Which of the following events is not recorded by accountants? O A. purchase of a building for $200,000 cash OB. sale of merchandise on account O C. signing a $400,000 note to purchase land OD. effects of an economic boom ACC-250-T0101 Test: ACC-250 Practice Quiz 1 (Topics 1 & This Question: 1 pt Which of the following is a financial statement that presents a business's accounting equation? O A....
This Question: 1 pt < 5 of 20 (0 complete) This Test: 20 pts pos: Question...
This Question: 1 pt < 5 of 20 (0 complete) This Test: 20 pts pos: Question Help A group of battery powered toys produced in a day at a factory has a defect rate of 0.5%. Suppose a quality inspector randomly inspects 200 of the toys. Complete the following statement: The quality inspector should expect defective toys, with an error of O A. 1;0.5% OB. 10; 0.5% O C. 10; 5% OD. 1;5% Click to select your answer. « Previous...
1. On 12/31/12, as part of the year-end adjusting journal entries, the Strickland Company accrues three...
1. On 12/31/12, as part of the year-end adjusting journal entries, the Strickland Company accrues three day's wages of $600 ($200 per day). The proper 12/31/12 closing entries are made. No reversing entry is made on 1/1/13. Strickland pays the weekly payroll of $1,000 on 1/2/13. The balance in the Wage Expense account after the 1/2/13 journal entry will be: Select one: a. $0 b. $400 c. $600 d. $1,000 e. $1,200 2. Which principle is most representative of the...
This Question: 1 pt 3 of 20 (0 complete) This Test:20p Sedlor Properties purchased office supplies on account for $800 Which journal entry records the payment on account of those office supplies? (Assuifle the occurred in a prior period.) Date Accounts and Explanation Debit Credit 800 OA. Office Supplies Cash OB. Accounts Payable Cash 800 OC Accounts Payable Accounts Receivable 800 OD. Cash 800 Accounts Payable answer De here to search
Please fix my answers
Home Team Corporation recently hired Steve Willits as its bookkeeper. Mr. Willits is somewhat inexperienced and has made numerous errors recording daily business transactions. Indicate the effects of the errors described as follows on each of the financial statement elements shown in the column headings. Use the following symbols: O for overstated, U for understated, and NE for no effect. Answer is complete but not entirely correct. Error Owners' Equity NE XU X NE Recorded the...
This Question: 1 pt 13 of 20 (10 complete) This Test: 20 pts possible The proportion of users of VISA credit cards with overdue accounts is to be estimated with a confidence of 98%. Alex would like to determine the sample size needed in order that the margin of error is within 4 percentage points. He has used the correct formula to calculate the appropriate sample size to be guaranteed the margin of error is within 4 percentage points. Which...
Which of the statements of the rules of debit and credit is true? O A. Increase Accounts Payable with a credit and the normal balance is a credit OB. Decrease Accounts Receivable with a credit and the normal balance is a credit. OC. Decrease Cash with a debit and the normal balance is a debit. OD. Increase Revenue with a debit and the normal balance is a debit. Click to select your answer. Tyne here to search Which type of...
This Question: 1 pt 1 of 20 (14 complete) This Test: 20 pts possible Assume that the weekly payroll of in the Woods Camping Supplies is $300. December 31, end of the year, falls on Tuesday, and in the Woods will pay its employee on Friday for the full week. What adjusting entry will in the Woods make on Tuesday, December 31? (Use five days as a full work week.) Date Accounts and Explanation Debit Credit OA 120 Salaries Expense...
ACC-250-T0101 Test: ACC-250 Practice Quiz 1 6 This Question: 1 pt Which of the following events is not recorded by accountants? O A. purchase of a building for $200,000 cash OB. sale of merchandise on account O C. signing a $400,000 note to purchase land OD. effects of an economic boom ACC-250-T0101 Test: ACC-250 Practice Quiz 1 (Topics 1 & This Question: 1 pt Which of the following is a financial statement that presents a business's accounting equation? O A....
This Question: 1 pt < 5 of 20 (0 complete) This Test: 20 pts pos: Question Help A group of battery powered toys produced in a day at a factory has a defect rate of 0.5%. Suppose a quality inspector randomly inspects 200 of the toys. Complete the following statement: The quality inspector should expect defective toys, with an error of O A. 1;0.5% OB. 10; 0.5% O C. 10; 5% OD. 1;5% Click to select your answer. « Previous...
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