Homework Answers
42.
| New purchases In | $2,500 | |
| Accounts payable | $2,500 |
The company follows the periodic inventory tracking method and is buying new inventory on account.
Correct option is B.
43.
| Unearned service revenue | $5,000 | |
| Service revenue | $5,000 |
This is an adjusting journal entry to recognize revenue that has been earned in the reporting period.
Correct option is C.
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42. Review the following journal entry and provide the most likely e ing journal entry and...
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• Prepare the journal entry to adjust the be e journal entry to adjust the beginning...
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Accounts Receivable
Accumulated Amortization
Accumulated Depreciation
Advertising Expense
Amortization Expense
Bad Debt Expense
Buildings
Cash
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Dividends
Dividends Payable
Donation Revenue
Equipment
Franchise Rights
Goodwill
Income Tax Expense
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Insurance Expense
Interest Expense
Interest Payable
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General Journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation
Advertising Expense
Amortization Expense
Bad Debt Expense
Buildings
Cash
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Dividends
Dividends Payable
Donation Revenue
Equipment
Franchise Rights
Goodwill
Income Tax Expense
Income Tax Payable
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Legal Expense
Licensing Rights
Logo and Trademarks
Notes Payable (long-term)
Notes Payable (short-term)
Notes Receivable...
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Journal Entry for Kean Dry Cleaners is owned and operated by
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Use the horizontal model, or write the journal entry, for each
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a. Issued 100,00 shared of $5-par-value common stock for
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B. Borrowed $250,000 from Oglesby National Bank and signed a 12%
note due in three years.
C. Incurred and paid $190,000 in salaries for the year.
D. Purchased $320,000 of merchandise inventory on account during
the year.
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