Homework Answers
| 1 |
| The requirement that transactions be recorded at their exchange price at the transaction date is called the cost principle. |
| Under cost principle, all transactions are recorded at actual cash amount to carry the transaction. |
| Option D cost principle is correct |
| 2 |
| Assets have debit balances and liabilities have credit balances. |
| Option C is correct |
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The requirement that transactions be recorded at their exchange price at the transaction date is called...
What is the amount of equity on September 1 and September A. $86,000; 54,000 B. 586,000;...
What is the amount of equity on September 1 and September A. $86,000; 54,000 B. 586,000; 5106,000 C. $74,000; $106,000 D. $74,000, $4,000 E None of these answers is correct 25. The rule that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash, and (3) measures revenue as the amount of cash plus the cash equivalent value of any noncash...
Question Completion Status: F. Should I buy into this company? QUESTION 27 Match the statements with...
Question Completion Status: F. Should I buy into this company? QUESTION 27 Match the statements with the appropriate terms the statement describes. A. v A revenue not yet recognized; collected in advance for $1,200. A. Unearned Revenue Office supplies paid for and on hand that will be used in the next D. V period. A v Unrecorded interest on a notes payable of $180. B. Accrued Revenue C. Accrued Expense D. Insurance paid in advance. D. Prepaid Expense 8. v...
Requirement 2: Compute 2019 net income using the December 31, 2019, ending balances. Ignore income taxes....
Requirement 2: Compute 2019 net income using the December 31, 2019, ending balances. Ignore income taxes. DO NOT PREPARE A FORMAL INCOME STATEMENT. In December, 2019, Boomer Co. began business and had the following transactions: 1. Issued common stock in exchange for $60,000 cash. 2. On December 1, borrowed $100,000 from 1" Bank by issuing a 5-year, 12% note. The first annual interest payment is due on December 1, 2020 3. Paid $96,000 to purchase a building 4. Paid $1,500...
STOCK TRANSACTIONS Show the effects of each transaction on the balance sheet equation, and prepare journal...
STOCK TRANSACTIONS Show the effects of each transaction on the balance sheet equation, and prepare journal entries to receord the transactions. Ref. Liabilities + Assets Cash (+A) (a) 250,000 Strait Corp. sold 10,000 shares of $1 par value stock for $25 per share on May 1. Equity Common Stock (+SE) Additional Paid-in Capital (+SE) 10,000 240,000 Date Credit Debit 250,000 1-May Account Cash Common Stock Additional Paid-in Capital 10,000 240,000 Liabilities + Equity Assets Cash (-A) (b) (16,000) | (16,000)...
No Debit Depil Credit Date May 03 General Journal No Transaction Recorded May 05 No Transaction...
No Debit Depil Credit Date May 03 General Journal No Transaction Recorded May 05 No Transaction Recorded May 07 No Transaction Recorded 4 May 08 No Transaction Recorded Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price...
Requirement 1. Journalize the transactions in the Emergency Pharmacies general journal. Round all answers to the...
Requirement 1. Journalize the transactions in the Emergency Pharmacies general journal. Round all answers to the nearest dollar. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Mar. 1, 2018: Borrowed $100,000 from Margate Bank. The five-year, 7% note requires payments due annually, on March 1. Each payment consists of $20,000 principal plus one year's interest. Date Accounts Debit Credit 2018 Mar. 1 100,000 Cash Notes Payable 100,000 1. Journalize the transactions in the...
Requirement 1. Journalize Windy's transactions that occurred during 2018. The company uses the allowance method. (Record...
Requirement 1. Journalize Windy's transactions that occurred during 2018. The company uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) (a.) Sales of $178,000 ($162,000 on account: $16,000 for cash). Ignore Cost of Goods Sold. (Prepare a single compound journal entry) Date Accounts and Explanation Debit Credit 0 Requirements 2018 1. Journalize Windy's transactions that occurred during 2018. The company uses the allowance method. Post Windy's transactions to...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabil...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabilities. increase assets and increase liabilities. increase one asset and decrease another asset. An example of an expense is withdrawals by the owner. supplies consumed. prepaid insurance. investments. Asset and expense accounts normally have credit balances. large balances. debit balances. negative balances. Accounts that affect owner's equity are expenses, capital, and revenue....
Mastery Problem: Analyzing Transactions KL Company Inc. In February, Katie Long formed KL Company Inc. Transactions...
Mastery Problem: Analyzing Transactions KL Company Inc. In February, Katie Long formed KL Company Inc. Transactions for the month of March have been posted to the T accounts. An intern has prepared a trial balance from th T accounts, but there seem to be some errors. T accounts Bal. 3/25 3/28 3/30 Cash 8,000 3/3 7,425 3/27 4,500 3/29 7,825 3/31 2,300 1,275 3,625 1,875 Bal. Accounts Receivable 1,950 9,875 3/30 7,825 3/18 Bal 3/7 Supplies 225 1,450 Office Equipment...
Part A. Requirement #3 After posting all transactions, please calculate the ending balance for each t-account....
Part A. Requirement #3 After posting all transactions, please calculate the ending balance for each t-account. Then check your ending balances for each of the following accounts Cash $125 Repair Revenue $13,800 Interest Expense $ Wages Expense $5,000 ****If the ending balances do not match, complete the following steps: 1. 2. 3. Check your math Verify that you have posted your transactions correctly Re-evaluate your journal entries Part B, Requirement #6 After posting the adjusting entries, please calculate the ending...
What is the amount of equity on September 1 and September A. $86,000; 54,000 B. 586,000; 5106,000 C. $74,000; $106,000 D. $74,000, $4,000 E None of these answers is correct 25. The rule that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash, and (3) measures revenue as the amount of cash plus the cash equivalent value of any noncash...
Question Completion Status: F. Should I buy into this company? QUESTION 27 Match the statements with the appropriate terms the statement describes. A. v A revenue not yet recognized; collected in advance for $1,200. A. Unearned Revenue Office supplies paid for and on hand that will be used in the next D. V period. A v Unrecorded interest on a notes payable of $180. B. Accrued Revenue C. Accrued Expense D. Insurance paid in advance. D. Prepaid Expense 8. v...
Requirement 2: Compute 2019 net income using the December 31, 2019, ending balances. Ignore income taxes. DO NOT PREPARE A FORMAL INCOME STATEMENT. In December, 2019, Boomer Co. began business and had the following transactions: 1. Issued common stock in exchange for $60,000 cash. 2. On December 1, borrowed $100,000 from 1" Bank by issuing a 5-year, 12% note. The first annual interest payment is due on December 1, 2020 3. Paid $96,000 to purchase a building 4. Paid $1,500...
STOCK TRANSACTIONS Show the effects of each transaction on the balance sheet equation, and prepare journal entries to receord the transactions. Ref. Liabilities + Assets Cash (+A) (a) 250,000 Strait Corp. sold 10,000 shares of $1 par value stock for $25 per share on May 1. Equity Common Stock (+SE) Additional Paid-in Capital (+SE) 10,000 240,000 Date Credit Debit 250,000 1-May Account Cash Common Stock Additional Paid-in Capital 10,000 240,000 Liabilities + Equity Assets Cash (-A) (b) (16,000) | (16,000)...
No Debit Depil Credit Date May 03 General Journal No Transaction Recorded May 05 No Transaction Recorded May 07 No Transaction Recorded 4 May 08 No Transaction Recorded Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price...
Requirement 1. Journalize the transactions in the Emergency Pharmacies general journal. Round all answers to the nearest dollar. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Mar. 1, 2018: Borrowed $100,000 from Margate Bank. The five-year, 7% note requires payments due annually, on March 1. Each payment consists of $20,000 principal plus one year's interest. Date Accounts Debit Credit 2018 Mar. 1 100,000 Cash Notes Payable 100,000 1. Journalize the transactions in the...
Requirement 1. Journalize Windy's transactions that occurred during 2018. The company uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) (a.) Sales of $178,000 ($162,000 on account: $16,000 for cash). Ignore Cost of Goods Sold. (Prepare a single compound journal entry) Date Accounts and Explanation Debit Credit 0 Requirements 2018 1. Journalize Windy's transactions that occurred during 2018. The company uses the allowance method. Post Windy's transactions to...
Mastery Problem: Analyzing Transactions KL Company Inc. In February, Katie Long formed KL Company Inc. Transactions for the month of March have been posted to the T accounts. An intern has prepared a trial balance from th T accounts, but there seem to be some errors. T accounts Bal. 3/25 3/28 3/30 Cash 8,000 3/3 7,425 3/27 4,500 3/29 7,825 3/31 2,300 1,275 3,625 1,875 Bal. Accounts Receivable 1,950 9,875 3/30 7,825 3/18 Bal 3/7 Supplies 225 1,450 Office Equipment...
Part A. Requirement #3 After posting all transactions, please calculate the ending balance for each t-account. Then check your ending balances for each of the following accounts Cash $125 Repair Revenue $13,800 Interest Expense $ Wages Expense $5,000 ****If the ending balances do not match, complete the following steps: 1. 2. 3. Check your math Verify that you have posted your transactions correctly Re-evaluate your journal entries Part B, Requirement #6 After posting the adjusting entries, please calculate the ending...
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