Homework Answers
A1. Option b)prepaid expenses
A2. Option b), assets - liabilities = shareholders equity
A3. Option a), increase by $61000
A4. Option D), Dr expense, Dr share capital
A5. Option A, assets= liabilities + owners equity
A6. Option D), cost of goods sold
A7. Option B, Unearned revenue
A8. Option D, debit accounts payable credit cash
A9. Option B, $500
A10. Option D, neither a or b
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Please select the most appropriate answer from each question below Onli required from each question n...
b) Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and...
b) Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and Decrease (Dec.). = Liabilities Assets Equity Contributed Capital Retained Earnings Common = Liabilities Assets (d) Dividends Stock Revenues Expenses c) Fill in the normal balance of the account Account type Asset Expenses Dividends Liabilities Normal Balance Debit Revenues Common Stock d) Determining the balance in the following T-account Cash 25,000 1,000 2,000 3,000
13) When a company receives a prepayment from a customer and provides services to the customer...
13) When a company receives a prepayment from a customer and provides services to the customer 4 months later, what is the effect on the company’s accounting equation when the company provides the services? Group of answer choices Assets decrease and stockholders’ equity decreases Assets decrease and liabilities decrease Assets increase and stockholders' equity increases Liabilities decrease and stockholders' equity increases 14) Donaldson Corp wanted to expand the size of its manufacturing plant in order to generate more profits. The...
Which of the following is not a possible journal entry? Debit Expenses: Credit Assets...
Which of the following is not a possible journal entry? Debit Expenses; Credit Assets Debit Expenses; Credit Liabilities Debit Assets; Credit Revenues Credit Assets; Credit Revenues Heimer, Inc. provides services to customers totaling $14,000, for which it billed the customers. How would the transaction be recorded? DR: Accounts Receivable 14,000 CR: Service Revenue 14,000 DR: Cash 14,000 CR: Service Revenue 14,000 DR: Accounts Payable 14,000 CR: Service Revenue 14,000 DR: Accounts Receivable 14,000 CR: Cash 14,000 When a company receives a prepayment from a customer and provides services to the customer...
12. Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and...
12. Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and Decrease (Dec.). Assets Liabilities + Equity Contributed Capital Common Stock Retained Earnings Assets Liabilities Dividends Revenues Expenses 13. Fill in the normal balance of the account Normal Balance Debit Account type Asset Expenses Dividends Liabilities Revenues Common Stock 14. Prepare journal entries to record the following transactions that occurred in April: A. on first day of the month, issued common stock for cash, S15,000...
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if...
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if omitted, will overstate or understate assets, liabilities, owner's equity, revenues, expenses, or net income. Indicate the amount and direction of the misstatement that would result if the end of period adjusting entry suggested by the transaction was omitted. Place your results in the table following the transactions and use (+) for overstate, (-) for understate, and (NE) for no effect. 1. Morrison purchased supplies...
Search in Document Heading 2 Heading3 LO2. What is double-entry accounting? a) Draw a T-account and...
Search in Document Heading 2 Heading3 LO2. What is double-entry accounting? a) Draw a T-account and label the debit and credit side. b) Filin the expanded accounting equation with Debit (DR), Credit (CR), and Iacrease (Ine.) and Decrease (Dec.). Assets- Liabilities+ Equity Owner, Owner, WdraRevenuessens Assets Liabilities c) Fill in the normal balance of the account Normal Balance Debit Account type Asset Expenses Owner, Withdrawals Liabilities Revenues Owner, Capital d) Determining the balance in the following T-account Cash 25,000 1,000...
Answer these problems please thank you 14. The Insurance Company purchased some equipment for $4,000 in...
Answer these problems please
thank you
14. The Insurance Company purchased some equipment for $4,000 in stock, $5,000 in land, and $3,000 on credit. Account Effect on Account Debit Credit Equipment increase decrease Equity increase decrease Land increase decrease Accounts Payable increase decrease Account DB CR 15. The Insurance Company purchased $1,000 of liability insurance with cash for their vehicles. Account Effect on Account Debit/Credit Insurance Expense increase decrease Cash increase decrease Account DB CR Debit/Credit 16. The Insurance Company...
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....
Dunbar Corporation was incorporated on July 1, 2018. Dunbar Corporation issued shares to each of the...
Dunbar Corporation was incorporated on July 1, 2018. Dunbar Corporation issued shares to each of the six owners who paid a total of $3,000 cash. On the basis of transaction analysis, the following entry should be recorded in the accounts (dr = debit and cr = credit) Select one: a. cash (cr), $3,000; share capital (dr), $3,000. b. cash (dr), $3,000; revenue (cr), $3,000. c. cash (dr), $3,000; share capital (cr), $3,000. d. cash (cr), $3,000; shareholders' equity (dr), $3,000.
MULTIPLE CHOICE. Choose the one alternative that best completu question. (5 points each) 1) If a...
MULTIPLE CHOICE. Choose the one alternative that best completu question. (5 points each) 1) If a company receives $12,000 cash from its sole stockholder to establish a corporation, the effect on the accounting equation would be: A) Assets decrease $12,000 and equity decreases $12,000. B) Assets increase $12,000 and liabilities decrease $12,000. C) Liabilities increase $12,000 and equity decreases $12,000. D) Assets increase $12,000 and liabilities increase $12,000. E) Assets increase $12,000 and equity increases $12,000. 2) If a company...
b) Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and Decrease (Dec.). = Liabilities Assets Equity Contributed Capital Retained Earnings Common = Liabilities Assets (d) Dividends Stock Revenues Expenses c) Fill in the normal balance of the account Account type Asset Expenses Dividends Liabilities Normal Balance Debit Revenues Common Stock d) Determining the balance in the following T-account Cash 25,000 1,000 2,000 3,000
12. Fill in the expanded accounting equation with Debit (DR), Credit (CR), and Increase (Inc.) and Decrease (Dec.). Assets Liabilities + Equity Contributed Capital Common Stock Retained Earnings Assets Liabilities Dividends Revenues Expenses 13. Fill in the normal balance of the account Normal Balance Debit Account type Asset Expenses Dividends Liabilities Revenues Common Stock 14. Prepare journal entries to record the following transactions that occurred in April: A. on first day of the month, issued common stock for cash, S15,000...
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if omitted, will overstate or understate assets, liabilities, owner's equity, revenues, expenses, or net income. Indicate the amount and direction of the misstatement that would result if the end of period adjusting entry suggested by the transaction was omitted. Place your results in the table following the transactions and use (+) for overstate, (-) for understate, and (NE) for no effect. 1. Morrison purchased supplies...
Search in Document Heading 2 Heading3 LO2. What is double-entry accounting? a) Draw a T-account and label the debit and credit side. b) Filin the expanded accounting equation with Debit (DR), Credit (CR), and Iacrease (Ine.) and Decrease (Dec.). Assets- Liabilities+ Equity Owner, Owner, WdraRevenuessens Assets Liabilities c) Fill in the normal balance of the account Normal Balance Debit Account type Asset Expenses Owner, Withdrawals Liabilities Revenues Owner, Capital d) Determining the balance in the following T-account Cash 25,000 1,000...
Answer these problems please
thank you
14. The Insurance Company purchased some equipment for $4,000 in stock, $5,000 in land, and $3,000 on credit. Account Effect on Account Debit Credit Equipment increase decrease Equity increase decrease Land increase decrease Accounts Payable increase decrease Account DB CR 15. The Insurance Company purchased $1,000 of liability insurance with cash for their vehicles. Account Effect on Account Debit/Credit Insurance Expense increase decrease Cash increase decrease Account DB CR Debit/Credit 16. The Insurance Company...
MULTIPLE CHOICE. Choose the one alternative that best completu question. (5 points each) 1) If a company receives $12,000 cash from its sole stockholder to establish a corporation, the effect on the accounting equation would be: A) Assets decrease $12,000 and equity decreases $12,000. B) Assets increase $12,000 and liabilities decrease $12,000. C) Liabilities increase $12,000 and equity decreases $12,000. D) Assets increase $12,000 and liabilities increase $12,000. E) Assets increase $12,000 and equity increases $12,000. 2) If a company...
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