Homework Answers
| Accrual-Basis | Cash-Basis | ||||
| Transaction | Revenue | Expense | Revenue | Expense | |
| 1 | Receive cash from customers at the time of service, $2,700. | 2700 | 2700 | ||
| 2 | Issue common stock for cash, $5,000. | ||||
| 3 | Receive cash from customers who were previously billed, $1,200. | 1200 | |||
| 4 | Incur utilities cost in the current month but do not pay, $500. | 500 | |||
| 5 | Pay workers' salaries for the current month, $600. | 600 | 600 | ||
| 6 | Pay for rent one year in advance, $2,400. | 2400 | |||
| 7 | Repay a long-term note to the bank, $2,000. | ||||
| 8 | Pay workers' salaries for the previous month, $750. | 750 | |||
| 9 | Pay dividends to stockholders, $400. | ||||
| 10 | Purchase office supplies for cash, $440. | 440 | |||
Per HOMEWORKLIB RULES, the first question has been answered. Please post the remaining independent question separately. Thank you.
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Required For each transaction, determine the amount of revenue or expense, if any, that is recorded...
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded...
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting in the current period. Accrual-Basis Revenue Expense Cash-Basis Revenue Expense Transaction 1. Receive cash from customers in advance, $600. 2. Pay utilities bill for the previous month, $150 3. Pay for insurance one year in advance, $2,000. 4. Pay workers' salaries for the current month, $800. 5. Incur costs for employee salaries in the current month but...
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded...
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual basis acc cash-basis accounting in the current period. Accrual-Basis Cash-Basis Revenue Expense Revenue Expense Transaction 1. Receive cash from customers in advance, $430. 2. Pay utilities bill for the previous month, $65. 3. Pay for insurance one year in advance, $1,150. 4. Pay workers' salaries for the current month, $630 5. Incur costs for employee salaries in the current month but do...
6 Required Information (The following information applies to the questions displayed below.] Jaguar Auto Company provides...
6
Required Information (The following information applies to the questions displayed below.] Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018. trial balance (before any adjusting entries) appears below. Credits Debits $ 16,500 13.900 21.500 17,400 84.000 $ 26,500 10.900 Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense...
Required Information (The following information applies to the questions displayed below.] Jaguar Auto Company provides general...
Required Information (The following information applies to the questions displayed below.] Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018. trial balance (before any adjusting entries) appears below. Credits Debits $ 16,500 13.900 21.500 17,400 84.000 $ 26,500 10.900 Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Depreciation...
Show whether each transaction would be handled as a revenue or an expense using both the...
Show whether each transaction would be handled as a revenue or an
expense using both the cash basis and Acura basis accounting
systems by completing the table provided.
Big Day Catering completed the following selected transactions during May 2018 (Click the loon to view the transactions) Read the requiremerts t 1. Show whether each transacton would be handled as a revenue or an expense using both the cash basis and accrual basis accounting systems by completing the table provided. (Expenses...
prepare an adjusted trail balance Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable...
prepare an adjusted trail balance
Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salarles Payable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salarles Expense Depreciation Expense Insurance Expense Supplies Expense Utilities Expense Interest Expense 17.000 14,000 22.000 18,000 85.000 $ 27,000 11,000 0 0 O 30,000 25.000 9,000 2.000 220.000 153,000 0 11,000 0 Totals $322.000 $322,000 Information necessary to prepare the year-end adjusting entries appears below. a. Depreciation on the...
Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31....
Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018, trial balance (before any adjusting entries) appears below. Accounts Debits Credits Cash $ 15,500 Accounts Receivable 13,700 Supplies 20,500 Prepaid Insurance 16,200 Equipment 82,000 Accumulated $ 25,500 Depreciation Accounts Payable 10,700 Salaries Payable Utilities Payable Interest Payable Notes Payable 28,500 Common Stock 22,000 Retained Earnings 8,700 Dividends 1,700 Service Revenue 216,400 Salaries Expense 151,500 Depreciation Expense 0 Insurance Expense 0...
Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31....
Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018, trial balance (before any adjusting entries) appears below. Accounts Debits Credits Cash $ 15,500 Accounts Receivable 13,700 Supplies 20,500 Prepaid Insurance 16,200 Equipment 82,000 Accumulated $ 25,500 Depreciation Accounts Payable 10,700 Salaries Payable Utilities Payable Interest Payable Notes Payable 28,500 Common Stock 22,000 Retained Earnings 8,700 Dividends 1,700 Service Revenue 216,400 Salaries Expense 151,500 Depreciation Expense 0 Insurance Expense Supplies...
Use the following transactions to answer questions 17 - 19 Determine the amount of revenue or...
Use the following transactions to answer questions 17 - 19 Determine the amount of revenue or expense that would be reported at the time of the transaction under the two methods. An example transaction has been completed for you. Example: Purchased office supplies for cash, $440 Transaction Accrual-basis Revenue Expense Cash-basis Revenue | Expense $o $0 $440 example Purchased office supplies for cash, $440 (no accrued expense, hasn't been used yet...cash flowed for the operating cost so it's a cash...
please help me configure the correct amount for salaries expense. thank you The unadjusted trial balance...
please help me configure the correct amount for salaries
expense. thank you
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below. December 31 is the company's reporting year-end. Credits Debits 10,250 6,250 2.500 180,000 42,500 75,000 30.000 26,750 Account Title Cash Accounts receivable Prepaid insurance Land Buildings Accumulated depreciation-buildings Office equipment Accumulated depreciation-office equipment Accounts payable Salaries payable Deferred rent revenue Common stock Retained earnings Service revenue Interest revenue Rent revenue Salaries expense...
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting in the current period. Accrual-Basis Revenue Expense Cash-Basis Revenue Expense Transaction 1. Receive cash from customers in advance, $600. 2. Pay utilities bill for the previous month, $150 3. Pay for insurance one year in advance, $2,000. 4. Pay workers' salaries for the current month, $800. 5. Incur costs for employee salaries in the current month but...
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual basis acc cash-basis accounting in the current period. Accrual-Basis Cash-Basis Revenue Expense Revenue Expense Transaction 1. Receive cash from customers in advance, $430. 2. Pay utilities bill for the previous month, $65. 3. Pay for insurance one year in advance, $1,150. 4. Pay workers' salaries for the current month, $630 5. Incur costs for employee salaries in the current month but do...
6
Required Information (The following information applies to the questions displayed below.] Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018. trial balance (before any adjusting entries) appears below. Credits Debits $ 16,500 13.900 21.500 17,400 84.000 $ 26,500 10.900 Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense...
Required Information (The following information applies to the questions displayed below.] Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018. trial balance (before any adjusting entries) appears below. Credits Debits $ 16,500 13.900 21.500 17,400 84.000 $ 26,500 10.900 Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Depreciation...
Show whether each transaction would be handled as a revenue or an
expense using both the cash basis and Acura basis accounting
systems by completing the table provided.
Big Day Catering completed the following selected transactions during May 2018 (Click the loon to view the transactions) Read the requiremerts t 1. Show whether each transacton would be handled as a revenue or an expense using both the cash basis and accrual basis accounting systems by completing the table provided. (Expenses...
prepare an adjusted trail balance
Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salarles Payable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salarles Expense Depreciation Expense Insurance Expense Supplies Expense Utilities Expense Interest Expense 17.000 14,000 22.000 18,000 85.000 $ 27,000 11,000 0 0 O 30,000 25.000 9,000 2.000 220.000 153,000 0 11,000 0 Totals $322.000 $322,000 Information necessary to prepare the year-end adjusting entries appears below. a. Depreciation on the...
Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018, trial balance (before any adjusting entries) appears below. Accounts Debits Credits Cash $ 15,500 Accounts Receivable 13,700 Supplies 20,500 Prepaid Insurance 16,200 Equipment 82,000 Accumulated $ 25,500 Depreciation Accounts Payable 10,700 Salaries Payable Utilities Payable Interest Payable Notes Payable 28,500 Common Stock 22,000 Retained Earnings 8,700 Dividends 1,700 Service Revenue 216,400 Salaries Expense 151,500 Depreciation Expense 0 Insurance Expense 0...
Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018, trial balance (before any adjusting entries) appears below. Accounts Debits Credits Cash $ 15,500 Accounts Receivable 13,700 Supplies 20,500 Prepaid Insurance 16,200 Equipment 82,000 Accumulated $ 25,500 Depreciation Accounts Payable 10,700 Salaries Payable Utilities Payable Interest Payable Notes Payable 28,500 Common Stock 22,000 Retained Earnings 8,700 Dividends 1,700 Service Revenue 216,400 Salaries Expense 151,500 Depreciation Expense 0 Insurance Expense Supplies...
Use the following transactions to answer questions 17 - 19 Determine the amount of revenue or expense that would be reported at the time of the transaction under the two methods. An example transaction has been completed for you. Example: Purchased office supplies for cash, $440 Transaction Accrual-basis Revenue Expense Cash-basis Revenue | Expense $o $0 $440 example Purchased office supplies for cash, $440 (no accrued expense, hasn't been used yet...cash flowed for the operating cost so it's a cash...
please help me configure the correct amount for salaries
expense. thank you
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below. December 31 is the company's reporting year-end. Credits Debits 10,250 6,250 2.500 180,000 42,500 75,000 30.000 26,750 Account Title Cash Accounts receivable Prepaid insurance Land Buildings Accumulated depreciation-buildings Office equipment Accumulated depreciation-office equipment Accounts payable Salaries payable Deferred rent revenue Common stock Retained earnings Service revenue Interest revenue Rent revenue Salaries expense...
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