Homework Answers
Answer:
| B) | ||
| Assets | Liabilities | Equity |
| -$700-Unearned Revenue A/c | ||
| $700 -Revenue A/c | ||
Add Answer to:
I need help with B! Thanks :)
3. Smith Company received a deposit for work in...
I needed help with c! Thanks :) 3. Smith Company received a deposit for work in...
I needed help with c! Thanks :)
3. Smith Company received a deposit for work in advance for $3,000 in May a. Record the transaction for this deposit received in May. Assets Cash 3000 Liabilities Unearned Revenues Equity 3000 b. During the month of June, some work was completed and $700 can now be recorded as revenue. What adjustment should be recorded to the accounting equation to properly state the accounts at June 30 (include account and dollar amount)? Assets...
3. Smith Company received a deposit for work in advance for $3,000 in May. a. Record...
3. Smith Company received a deposit for work in advance for $3,000 in May. a. Record the transaction for this deposit received in May. Assets Liabilities Equity b. During the month of June, some work was completed and $700 can now be recorded as revenue. What adjustment should be recorded to the accounting equation to properly state the accounts at June 302 Assets Liabilities Equity C. If the above adjustment is not recorded at the end of the month, June...
Clicker Assignment: Ch. 4 Clicker questions will be asked in class based on your completion of...
Clicker Assignment: Ch. 4 Clicker questions will be asked in class based on your completion of this preparation guide. Example in class question: What is the answer to Question 2? You will not have time to complete this guide in class! 1. The revenue recognition principle states that companies recognize revenue in the accounting period in which 2. List the two subcategories of deferral accounts and the two subcategories of accrual accounts: and Deferrals: Accruals: and 3. Smith Company received...
cash received bully Chapter 3 10. Early in the accounting period, Sam Smith paid $6,000 for...
cash received bully Chapter 3 10. Early in the accounting period, Sam Smith paid $6,000 for services in advance of receiving them. Cash was debited and Unearned Service Fees was credited for $6.000. At the end of the accounting period, two-thirds of the services paid for had yet to be performed. The proper adjusting entry is: 11. Leona Harper received $10,000 from a tenant on December 1 for five months' rent of an office. This rent was for December, January...
On October 1, year 1, Josh Smith, attorney, accepted an $38,000 cash advance from his client,...
On
October 1, year 1, Josh Smith, attorney, accepted an $38,000 cash
advance from his client, james Company, for services to be
performed over the next six months.
Required:
a. Recored the deferral and the related December 31, Year 1,
adjustment for Josh Smith is an accounting equation.
b. Record the deferral and the related December 31, year 1,
adjustment for james company in an accounting equation.
On October 1, Year 1, Josh Smith, attorney, accepted an $38,000 cash advance...
I needed help with the blanks in B! :) Thanks The supplies account of ABC Corp....
I needed help with the blanks in B! :) Thanks
The supplies account of ABC Corp. on December 31 shows a balance of $4,000. An actual count of the supplies shows the balance is $3,400. 4. What should be recorded to the accounting equation to adjust the balance in the supplies account to properly reflect the balance at December 31? a. Assets Liabilities AR 600 Equity 600 b. If the above transaction is not recorded at the end of the...
8) Daisy Co. previously received & recorded $5,000 cash from a client for future consulting services....
8) Daisy Co. previously received & recorded $5,000 cash from a client for future consulting services. Now Daisy Co. has provided $3,000 of the services and earned that revenue. What is the necessary adjusting entry? Debit Credit If this adjustment is not made, the following are overstated, understated, or not impacted: (completed for you on this question) Assets: not impacted Revenue: understated Liabilities: overstated Expense:_not impacted Stockholders' Equity: understated 9) Interest of $450 has accrued on a note payable. What...
compute the missing amount for Smith company will need to work through owners equity. Score: 0...
compute the missing amount for Smith company will need to work
through owners equity.
Score: 0 of 3 pts 3 of 7 (2 complete) E1-24 (similar to) The records of Smith Company show the following at December 31, 2018 E (Click the icon to view the data.) Requirements 1. Compute the missing amount for Smith Company. You will need to work through owner's equity 2. Did Smith earn a net income or suffer a net loss for the year? Compute...
I needed help with the blanks in B! :) Thanks At the end of the October,...
I needed help with the blanks in B! :) Thanks
At the end of the October, XYZ Corp. owes employee wages of $750, but hasn't paid them (they will be paid in Nov.) 5. a. What should be recorded to the accounting equation to account for the wages that are owed? Assets Liabilities 750 Equity b. If the above transaction is not recorded at the end of the month, October expenses will be liabilities will be (indicate understated or overstated...
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer....
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer. The payment was for four months of services (4x $12,000 - $48,000) which XYZ will provide to the customer starting on June 1, 2020. On June 1, 2020 XYZ made the following entry in its accounting system. Cash 48,000 Uņearned Revenue 48,000 If XYZ has not made any other entry related to this advance payment, and on June 30, 2020 fails to make the...
I needed help with c! Thanks :)
3. Smith Company received a deposit for work in advance for $3,000 in May a. Record the transaction for this deposit received in May. Assets Cash 3000 Liabilities Unearned Revenues Equity 3000 b. During the month of June, some work was completed and $700 can now be recorded as revenue. What adjustment should be recorded to the accounting equation to properly state the accounts at June 30 (include account and dollar amount)? Assets...
3. Smith Company received a deposit for work in advance for $3,000 in May. a. Record the transaction for this deposit received in May. Assets Liabilities Equity b. During the month of June, some work was completed and $700 can now be recorded as revenue. What adjustment should be recorded to the accounting equation to properly state the accounts at June 302 Assets Liabilities Equity C. If the above adjustment is not recorded at the end of the month, June...
Clicker Assignment: Ch. 4 Clicker questions will be asked in class based on your completion of this preparation guide. Example in class question: What is the answer to Question 2? You will not have time to complete this guide in class! 1. The revenue recognition principle states that companies recognize revenue in the accounting period in which 2. List the two subcategories of deferral accounts and the two subcategories of accrual accounts: and Deferrals: Accruals: and 3. Smith Company received...
cash received bully Chapter 3 10. Early in the accounting period, Sam Smith paid $6,000 for services in advance of receiving them. Cash was debited and Unearned Service Fees was credited for $6.000. At the end of the accounting period, two-thirds of the services paid for had yet to be performed. The proper adjusting entry is: 11. Leona Harper received $10,000 from a tenant on December 1 for five months' rent of an office. This rent was for December, January...
On
October 1, year 1, Josh Smith, attorney, accepted an $38,000 cash
advance from his client, james Company, for services to be
performed over the next six months.
Required:
a. Recored the deferral and the related December 31, Year 1,
adjustment for Josh Smith is an accounting equation.
b. Record the deferral and the related December 31, year 1,
adjustment for james company in an accounting equation.
On October 1, Year 1, Josh Smith, attorney, accepted an $38,000 cash advance...
I needed help with the blanks in B! :) Thanks
The supplies account of ABC Corp. on December 31 shows a balance of $4,000. An actual count of the supplies shows the balance is $3,400. 4. What should be recorded to the accounting equation to adjust the balance in the supplies account to properly reflect the balance at December 31? a. Assets Liabilities AR 600 Equity 600 b. If the above transaction is not recorded at the end of the...
8) Daisy Co. previously received & recorded $5,000 cash from a client for future consulting services. Now Daisy Co. has provided $3,000 of the services and earned that revenue. What is the necessary adjusting entry? Debit Credit If this adjustment is not made, the following are overstated, understated, or not impacted: (completed for you on this question) Assets: not impacted Revenue: understated Liabilities: overstated Expense:_not impacted Stockholders' Equity: understated 9) Interest of $450 has accrued on a note payable. What...
compute the missing amount for Smith company will need to work
through owners equity.
Score: 0 of 3 pts 3 of 7 (2 complete) E1-24 (similar to) The records of Smith Company show the following at December 31, 2018 E (Click the icon to view the data.) Requirements 1. Compute the missing amount for Smith Company. You will need to work through owner's equity 2. Did Smith earn a net income or suffer a net loss for the year? Compute...
I needed help with the blanks in B! :) Thanks
At the end of the October, XYZ Corp. owes employee wages of $750, but hasn't paid them (they will be paid in Nov.) 5. a. What should be recorded to the accounting equation to account for the wages that are owed? Assets Liabilities 750 Equity b. If the above transaction is not recorded at the end of the month, October expenses will be liabilities will be (indicate understated or overstated...
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer. The payment was for four months of services (4x $12,000 - $48,000) which XYZ will provide to the customer starting on June 1, 2020. On June 1, 2020 XYZ made the following entry in its accounting system. Cash 48,000 Uņearned Revenue 48,000 If XYZ has not made any other entry related to this advance payment, and on June 30, 2020 fails to make the...
Most questions answered within 3 hours.
-
Which of these four researchers is most likely to have made Type
1 error
Kim who...
asked 2 minutes ago -
Create ER Model
Assets are resources that are used in CMS to display content.
Each asset...
asked 2 minutes ago -
In a performance test, each of two cars takes 8.9 s to
accelerate from rest to...
asked 3 minutes ago -
Sapphire Aerospace operates 52 weeks per year, and its cost of
goods sold last year was...
asked 7 minutes ago -
A. Suppose your manager indicates that for a normally
distributed data set you are analyzing, your...
asked 7 minutes ago -
For each the following molecules draw the best possible
structure based on formal charges for each...
asked 8 minutes ago -
A proton moves in the plane of this paper toward the top of the
page. A...
asked 17 minutes ago -
different divisions differing lines of business use
different costs of capital because their cost of equity...
asked 13 minutes ago -
Give an algorithm to determine whether or not the elements
of
an array of integers are...
asked 20 minutes ago -
. Gravimetric analysis. The gravimetric analysis that we will
perform in lab occurs according to the...
asked 39 minutes ago -
Learning curve problem:
A company was ordered to make 6 custom made parts. the labor
costs...
asked 36 minutes ago -
When you don’t recall operator precedences you can Guess
Experiment with the compiler Look in a...
asked 39 minutes ago