Homework Answers
12. Accumulated Depreciation is credited
Entry for Depreciation expense
Debit - Depreciation
Credit - Accumulated Depreciation
13. Accumulated Depreciation represents the Depreciation of the asset since the date of Asset is purchased. In other words it is the cumulative depreciation of every year depreciation charged to profit and loss account.
14. Book value of Asset = Original Purchase Cost - Accumulated Depreciation. It represents the net book value of the asset.
15. Deferred Revenue refers to the revenue received for the future period and work not yet performed
For example, If in January an Advertising company received $40,000 for work to be performed in March the advance received will be accounted as Deferred Revenue by debiting Cash and crediting Deferred Revenue Account
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please answer all the question 12, 13, 14, 15
12. In the recording of depreciation expense,...
Please answer using formulas and Cell References к IZ 13 14 Given Information:* 15 Answers: (a) Straight-Line Depreciati...
Please answer using formulas and Cell References
к IZ 13 14 Given Information:* 15 Answers: (a) Straight-Line Depreciation Year Expense $96,000 $24,000 Accumulated Depreciation Book Value 19 10,000 Original Cost Estimated Residual Value Estimated Useful Years Estimated Units Actual Units: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 3 Adjusting Entry Depreciation Expense Accumulated Depreciation 21 22 23 24 25 26 27 28 29 1,000 1,800 2,200 2,400 2,000 1,600 11,000 (b) Double-Declining-Balance Accumulated Expense...
What is the depreciation expense for the last year using the units-of-production method $______ What...
What is the depreciation expense for the last year using
the units-of-production method $______
What is the accumulated
depreciation balance at the end of the last year using the
double-declining balance $________
What is the account balance in Paid-In Capital in Excess
of Par - Preferred $______
What is the EXACT wording and amounts that should appear
on the Preferred Stock line
(top line)?
wording:_______________________________________________________________
Straight Line Method (Year End Book Value = Cost less Accumulated...
Which of the following is a contra account? O A. Unearned Revenue O B. Depreciation Expense...
Which of the following is a contra account? O A. Unearned Revenue O B. Depreciation Expense C. Accumulated Depreciation O D. Book Value
Please Solve These Questions From E4-12 to E4-14 E4-12 Max Weinberg Company discovered the following errors...
Please Solve These Questions From E4-12 to E4-14
E4-12 Max Weinberg Company discovered the following errors made in January 2010. 1. A payment of Salaries Expense of $600 was debited to Equipment and credited to Cash, both for $600. 2. A collection of $1,000 from a client on account was debited to Cash $100 and credited to Service Revenue $100. 3. The purchase of equipment on account for $980 was debited to Equipment $890 and credited to Accounts Payable $890....
Use the following to answer questions 10-13 Indicate which of the following accounts should be debited...
Use the following to answer questions 10-13 Indicate which of the following accounts should be debited and which should be credited. An example has been provided (ex). Purchase Office Supplies in exchange for cash Debit : N (Supplies) Credit: C (Cash)...See below. Only include the letter of the account not the account name. A Accounts payable B. Accounts receivable C Cash D. Common stock E. Dividends F. Equipment G. Notes payable H. Prepaid rent L. Rent expense J. Retained earnings...
Answer all of these thank you 8. A debit to wages expense can be balanced by...
Answer all of these thank you
8. A debit to wages expense can be balanced by a credit to what account. A. Wages Payable B. Fees Earned C. Fees Unearned D. Depreciation 9. A credit to prepaid insurance can be balanced by a debit to what account. A. Insurance Expense B. Notes Payable C. Revenue D. Unearned Revenue 10. A credit to rental revenue can be balanced by a debit to what account. A. Depreciation B. Rental Expense C. Accounts...
Question 2 12 points Save Answer Below is a selected group of accounts. For each account,...
Question 2 12 points Save Answer Below is a selected group of accounts. For each account, indicate the normal balance and identify the financial statement where found. For example, your answers should be entered in the following format EXAMPLE Account Normal Balance Financial Statement Cash Debit Balance Sheet Financial Statement Normal Balance Credit T Account Utilities Payable Accounts Receivable Interest Revenue Equipment Owner's Drawings Salaries and Wages Expense Prepaid Insurance Accumulated Depreciation- Equipment Service Revenue Mortgage Payable Advertising Expense Accumulated...
what am i doing wrong with depreciation and utilities expense for my closing entries? EDIT: lol...
what am i doing wrong with depreciation and utilities expense
for my closing entries? EDIT: lol nvm im dumb
1,800 13 Jan 31 Depreciation Expense Accumulated Depreciation 1,800 Income Tax Expense Jan 31 2,300 14 Income Tax Payable 2,300 Jan 31 67,500 15 Service Revenue Retained Earnings 67,500 Retained Earnings Jan 31 16 63,200 Salaries Expense 43,200 Supplies Expense 8,500 7,400 Depreciation Expense Utilities Expense 1,800 Income Tax Expense 2,300 Retained Earnings 17 Jan 31 5,080 Dividends 5,080 General Ledger...
question 13 and m24 = 37°, find m2C. 2. 4. (12, 13) (14, 15) 13. If...
question 13
and m24 = 37°, find m2C. 2. 4. (12, 13) (14, 15) 13. If mZl = x + 28 and m22 = 2x – 26, find the value x for which it follows that AB/| DC . %3D exterior angle LĄCE of AABC.
Use the following to answer questions 12 – 15 At December 31, KC Co reported accounts...
Use the following to answer questions 12 – 15 At December 31, KC Co reported accounts receivable of $75,000 and an allowance for uncollectible accounts of $400 (credit). An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 8% of accounts receivable. 12. $_ _Estimate the amount of uncollectible receivables: 13. $. __When recording the adjusting entry for bad debt expense how much should Allowance for Uncollectible accounts be credited? 14. On January 10, a customer's...
Please answer using formulas and Cell References
к IZ 13 14 Given Information:* 15 Answers: (a) Straight-Line Depreciation Year Expense $96,000 $24,000 Accumulated Depreciation Book Value 19 10,000 Original Cost Estimated Residual Value Estimated Useful Years Estimated Units Actual Units: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 3 Adjusting Entry Depreciation Expense Accumulated Depreciation 21 22 23 24 25 26 27 28 29 1,000 1,800 2,200 2,400 2,000 1,600 11,000 (b) Double-Declining-Balance Accumulated Expense...
What is the depreciation expense for the last year using
the units-of-production method $______
What is the accumulated
depreciation balance at the end of the last year using the
double-declining balance $________
What is the account balance in Paid-In Capital in Excess
of Par - Preferred $______
What is the EXACT wording and amounts that should appear
on the Preferred Stock line
(top line)?
wording:_______________________________________________________________
Straight Line Method (Year End Book Value = Cost less Accumulated...
Which of the following is a contra account? O A. Unearned Revenue O B. Depreciation Expense C. Accumulated Depreciation O D. Book Value
Please Solve These Questions From E4-12 to E4-14
E4-12 Max Weinberg Company discovered the following errors made in January 2010. 1. A payment of Salaries Expense of $600 was debited to Equipment and credited to Cash, both for $600. 2. A collection of $1,000 from a client on account was debited to Cash $100 and credited to Service Revenue $100. 3. The purchase of equipment on account for $980 was debited to Equipment $890 and credited to Accounts Payable $890....
Use the following to answer questions 10-13 Indicate which of the following accounts should be debited and which should be credited. An example has been provided (ex). Purchase Office Supplies in exchange for cash Debit : N (Supplies) Credit: C (Cash)...See below. Only include the letter of the account not the account name. A Accounts payable B. Accounts receivable C Cash D. Common stock E. Dividends F. Equipment G. Notes payable H. Prepaid rent L. Rent expense J. Retained earnings...
Answer all of these thank you
8. A debit to wages expense can be balanced by a credit to what account. A. Wages Payable B. Fees Earned C. Fees Unearned D. Depreciation 9. A credit to prepaid insurance can be balanced by a debit to what account. A. Insurance Expense B. Notes Payable C. Revenue D. Unearned Revenue 10. A credit to rental revenue can be balanced by a debit to what account. A. Depreciation B. Rental Expense C. Accounts...
Question 2 12 points Save Answer Below is a selected group of accounts. For each account, indicate the normal balance and identify the financial statement where found. For example, your answers should be entered in the following format EXAMPLE Account Normal Balance Financial Statement Cash Debit Balance Sheet Financial Statement Normal Balance Credit T Account Utilities Payable Accounts Receivable Interest Revenue Equipment Owner's Drawings Salaries and Wages Expense Prepaid Insurance Accumulated Depreciation- Equipment Service Revenue Mortgage Payable Advertising Expense Accumulated...
what am i doing wrong with depreciation and utilities expense
for my closing entries? EDIT: lol nvm im dumb
1,800 13 Jan 31 Depreciation Expense Accumulated Depreciation 1,800 Income Tax Expense Jan 31 2,300 14 Income Tax Payable 2,300 Jan 31 67,500 15 Service Revenue Retained Earnings 67,500 Retained Earnings Jan 31 16 63,200 Salaries Expense 43,200 Supplies Expense 8,500 7,400 Depreciation Expense Utilities Expense 1,800 Income Tax Expense 2,300 Retained Earnings 17 Jan 31 5,080 Dividends 5,080 General Ledger...
question 13
and m24 = 37°, find m2C. 2. 4. (12, 13) (14, 15) 13. If mZl = x + 28 and m22 = 2x – 26, find the value x for which it follows that AB/| DC . %3D exterior angle LĄCE of AABC.
Use the following to answer questions 12 – 15 At December 31, KC Co reported accounts receivable of $75,000 and an allowance for uncollectible accounts of $400 (credit). An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 8% of accounts receivable. 12. $_ _Estimate the amount of uncollectible receivables: 13. $. __When recording the adjusting entry for bad debt expense how much should Allowance for Uncollectible accounts be credited? 14. On January 10, a customer's...
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