Homework Answers
| Sales Income | Revenue |
| Administration Costs | Expense |
| Interest Received | Revenue |
| Account Payable | Current Liabilities |
| Account Receivable | Current Assets |
| Capital Introduced | Shareholder's Equity |
| Unearned Income | Current Liabilities |
| Accrued Salaries | Current Liabilities |
| Prepaid rent | Current Assets |
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Determine whether the following are revenue or expense accounts: Sales Income Choose Administration Costs Choose ▲...
Identify each of the following accounts as a revenue, expense, asset, liability, or equity by placing...
Identify each of the following accounts as a revenue, expense, asset, liability, or equity by placing initials (R, Exp. A, L or Eq) in the blanks. Place your answers on the data sheet. (1) Owner, capital (2) Accounts Receivable (3) Owner, drawings Sales (5) Service Revenue (6) Rent Expense (7) Equipment (8) Prepaid Insurance (9) Accounts Payable (10) Supplies (11) Cash (12) Unearned Revenue The following accounts appear on either the Income Statement (IS) or Balance Sheet (BS). In the...
ncorporated in answers. Then determine whether owners equity will increase or decrease. Prepaid 6,000 for 3...
ncorporated in answers. Then determine whether owners equity will increase or decrease. Prepaid 6,000 for 3 months rent on 1 May. Adjustment was done for May. 2 Earned 4,000 of Subscriptions Revenue which had already being paid for by the client. 3 Work in Progress (for Services) is calculated to be 1,000. (Use accrued revenue). 4 Office Supplies totatled 3,000. 5 Accrue 8000 in Salaries Worksheet for the month ended 30 June Unadjusted TB Adjustments Dr Adjusted T Dr Account...
Determine the normal balance for each of the follow Bank Account Asset Owners Equity Accounts Payable...
Determine the normal balance for each of the follow Bank Account Asset Owners Equity Accounts Payable Liability Accounts Receivable Check Determine the normal balance for the following Prepaid Insurance Interest Payable Unearned Income Owners Drawings Sales Revenue Rent Expense
The trial balance of Yewlett Company includes the following balance sheet accounts, which may require adjustment....
The trial balance of Yewlett Company includes the following balance sheet accounts, which may require adjustment. For each account that requires adjustment, indicate (a) the type of adjusting entry (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (b) the related account in the adjusting entry. (a) Type of Adjustment (b) Related Account Account Accounts Receivable Prepaid Insurance Accumulated Depreciation Equipment Interest Payable Unearned Service Revenue The adjusted trial balance of Parsons Company at December 31, 2020, includes the...
For each account listed, write the type of account (Asset, Liability, Equity, Revenue or Expense) and...
For each account listed, write the type of account (Asset, Liability, Equity, Revenue or Expense) and what statement it goes on (Income Statement, Statement of Retained Earnings or Balance Sheet) Account Name Account Type Statement Cash Accounts Payable Accounts Receivable Prepaid Insurance Unearned Revenue Rent Payable Rent Salaries Utilities Sales Fees Earned Common Stock Retained Earnings (Beginning Balance) Retained Earnings (Ending Balance) Inventory Supplies Supplies Expense Dividends Insurance Buildings
Indicate whether a debit will increase (l) or decrease (D) each of the following accounts listed...
Indicate whether a debit will increase (l) or decrease (D) each of the following accounts listed in items 1 through 15. Increase (1) or Decrease (D) Account Inventory Depreciation expense Accounts payable Prepaid rent Sales revenue Common stock Salaries payable Cost of goods sold Utilities expense Equipment Accounts receivable Utilities payable Rent expense Interest expense Interest revenue
1. Close Revenue Accounts 2. Close expense accounts. 3. Close dividends account. Credit Debit 11,800 163,000...
1. Close Revenue Accounts
2. Close expense accounts.
3. Close dividends account.
Credit Debit 11,800 163,000 6,300 38,000 430,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 138,000 43,000 43,000 5,300 16,800 265,000 78,600 14,500 530,000 245,000 133,000 28,000 43,000 3,300 3,800 1,119,700 1,119,700
Given the following expense/revenue and payments/receipts ...determine the requested balances. Insurance expense 25000 Rent Expense 18000...
Given the following expense/revenue and payments/receipts ...determine the requested balances. Insurance expense 25000 Rent Expense 18000 Interest Revenue 15000 Interest Expense 8000 Salary Expense 10000 The following balances are excerpted from the Company's balance sheet 12/31/2020 12/31/2019 Prepaid Insurance 1800 ? Prepaid Rent 2500 ? Interest Receivable ? 3800 Interest Payable ? 2800 9000 ? Salaries Payable Insurance premium paid? Rental payments? Interest Received? Interest Paid ? Salaries Paid? 22000 17000 14000 7200 11000
list of accounts Sandhill Company had the following adjusted trial balance. $3,840 Sandhill Company Adjusted Trial...
list of accounts
Sandhill Company had the following adjusted trial balance. $3,840 Sandhill Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash Accounts Receivable 4,070 Supplies 400 Accounts Payable $1,700 Unearned Service Revenue 190 Owner's Capital 3,900 Owner's Drawings Service Revenue 5,920 Salaries and Wages Expense 1,300 Miscellaneous Expense 200 Supplies Expense 1,930 Salaries and Wages Payable 540 $12,250 $12,250 510 Prepare closing entries at June 30, 2020. (Credit account...
10. (9 pts) Indicate what type of account each of the following is: (Asset, Liability, Equity,...
10. (9 pts) Indicate what type of account each of the following is: (Asset, Liability, Equity, Revenue, or Expense) TYPE TYPE ACCOUNT T Accumulated Depreciation Contributed Capital Cost of Goods Sold Income Tax Expense Interest Expense Interest Payable Prepaid Interest Salaries Payable Unearned Rent ACCOUNT Inventory Accounts payable Land Rent receivable Income Tax Payable Building Wage expense Accounts receivable Equipment 11. (23 pts) Prepare a balance and an income statement for Price Company. The company's trial balance in alphabetical order)...
Identify each of the following accounts as a revenue, expense, asset, liability, or equity by placing initials (R, Exp. A, L or Eq) in the blanks. Place your answers on the data sheet. (1) Owner, capital (2) Accounts Receivable (3) Owner, drawings Sales (5) Service Revenue (6) Rent Expense (7) Equipment (8) Prepaid Insurance (9) Accounts Payable (10) Supplies (11) Cash (12) Unearned Revenue The following accounts appear on either the Income Statement (IS) or Balance Sheet (BS). In the...
ncorporated in answers. Then determine whether owners equity will increase or decrease. Prepaid 6,000 for 3 months rent on 1 May. Adjustment was done for May. 2 Earned 4,000 of Subscriptions Revenue which had already being paid for by the client. 3 Work in Progress (for Services) is calculated to be 1,000. (Use accrued revenue). 4 Office Supplies totatled 3,000. 5 Accrue 8000 in Salaries Worksheet for the month ended 30 June Unadjusted TB Adjustments Dr Adjusted T Dr Account...
Determine the normal balance for each of the follow Bank Account Asset Owners Equity Accounts Payable Liability Accounts Receivable Check Determine the normal balance for the following Prepaid Insurance Interest Payable Unearned Income Owners Drawings Sales Revenue Rent Expense
The trial balance of Yewlett Company includes the following balance sheet accounts, which may require adjustment. For each account that requires adjustment, indicate (a) the type of adjusting entry (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (b) the related account in the adjusting entry. (a) Type of Adjustment (b) Related Account Account Accounts Receivable Prepaid Insurance Accumulated Depreciation Equipment Interest Payable Unearned Service Revenue The adjusted trial balance of Parsons Company at December 31, 2020, includes the...
For each account listed, write the type of account (Asset, Liability, Equity, Revenue or Expense) and what statement it goes on (Income Statement, Statement of Retained Earnings or Balance Sheet) Account Name Account Type Statement Cash Accounts Payable Accounts Receivable Prepaid Insurance Unearned Revenue Rent Payable Rent Salaries Utilities Sales Fees Earned Common Stock Retained Earnings (Beginning Balance) Retained Earnings (Ending Balance) Inventory Supplies Supplies Expense Dividends Insurance Buildings
Indicate whether a debit will increase (l) or decrease (D) each of the following accounts listed in items 1 through 15. Increase (1) or Decrease (D) Account Inventory Depreciation expense Accounts payable Prepaid rent Sales revenue Common stock Salaries payable Cost of goods sold Utilities expense Equipment Accounts receivable Utilities payable Rent expense Interest expense Interest revenue
1. Close Revenue Accounts
2. Close expense accounts.
3. Close dividends account.
Credit Debit 11,800 163,000 6,300 38,000 430,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 138,000 43,000 43,000 5,300 16,800 265,000 78,600 14,500 530,000 245,000 133,000 28,000 43,000 3,300 3,800 1,119,700 1,119,700
Given the following expense/revenue and payments/receipts ...determine the requested balances. Insurance expense 25000 Rent Expense 18000 Interest Revenue 15000 Interest Expense 8000 Salary Expense 10000 The following balances are excerpted from the Company's balance sheet 12/31/2020 12/31/2019 Prepaid Insurance 1800 ? Prepaid Rent 2500 ? Interest Receivable ? 3800 Interest Payable ? 2800 9000 ? Salaries Payable Insurance premium paid? Rental payments? Interest Received? Interest Paid ? Salaries Paid? 22000 17000 14000 7200 11000
list of accounts
Sandhill Company had the following adjusted trial balance. $3,840 Sandhill Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash Accounts Receivable 4,070 Supplies 400 Accounts Payable $1,700 Unearned Service Revenue 190 Owner's Capital 3,900 Owner's Drawings Service Revenue 5,920 Salaries and Wages Expense 1,300 Miscellaneous Expense 200 Supplies Expense 1,930 Salaries and Wages Payable 540 $12,250 $12,250 510 Prepare closing entries at June 30, 2020. (Credit account...
10. (9 pts) Indicate what type of account each of the following is: (Asset, Liability, Equity, Revenue, or Expense) TYPE TYPE ACCOUNT T Accumulated Depreciation Contributed Capital Cost of Goods Sold Income Tax Expense Interest Expense Interest Payable Prepaid Interest Salaries Payable Unearned Rent ACCOUNT Inventory Accounts payable Land Rent receivable Income Tax Payable Building Wage expense Accounts receivable Equipment 11. (23 pts) Prepare a balance and an income statement for Price Company. The company's trial balance in alphabetical order)...
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