Homework Answers
Question 14
The entry would be
Debit Prepaid Rent
Credit Cash
3rd option is correct
Prepaid rent is debited because the amount pertains to coming months. This means that the expense is for the coming months and cannot be charged to expense account yet.
Question 15
If an entry is properly analyzed and recorded THE DEBITS WILL ALWAYS BE EQUAL TO CREDITS.
2nd option is correct
AN entry may have more than two accounts, it may have both assets or both liabilities accounts. Both account balances could increase or both could decrease or one could increase or decrease.
Question
HOW MUCH DO CUSTOMERS OWE THE BUSINESS?
Option 3rd is correct. Financial statements do not show expansion plans. Financial statements show the net income, not if the business has achieved its targets.
Question
Correct answer is INCOME STATEMENT. Option 3rd.
An income statements shows expense and income accounts not the PERMANENT ACCOUNTS such as Assets, Liabilities or Owner's Capital
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Question 14 The journal entry to record a payment made in January for rent for the...
Journal entry number one record entry to transfer fees income to income summary. Number to record...
Journal entry
number one record entry to transfer fees income to income summary.
Number to record entry to transfer expenses to income summary.
Number three record entry to transfer net income or net loss from
income summary to Capital. Number for record entry to transfer
drawings to Capital account. General ledger post the closing
entries to the owners capital account. Trial balance prepare a
post-closing trial balance
Danos Company's partial worksheet for the month ended December 31, 2019. is shown...
Selected transactions for Allie Mane, an interior decorator, in her first month of business, are as...
Selected transactions for Allie Mane, an interior
decorator, in her first month of business, are as
follows:
Jan.
2 Invested $10,000 cash in business.
3 Purchased used car for $3,000 cash for use in business.
4 Purchased a one-year insurance policy for $1,200.
9 Purchased supplies on account for $500.
18 Paid creditor $300 cash on balance owed.
28 Withdrew $1,000 cash for personal use by owner.
For each transaction, indicate the following. January 2
transaction is given as an...
Exercises CHAPTER 2 A list of accounts and their balances at a specific time Used to...
Exercises CHAPTER 2 A list of accounts and their balances at a specific time Used to decrease the balance in an asset account A list of all of a company's accounts An accounting record where transactions are recorded in chronological (date) order (g) (h) () E2-3 Kobayashi Company has the following accounts: Identify type of account, financial statement, and normal balance. Explain normal balances. (LO 1) (1) Account (2) Financial Statement Type of Account (3) Normal Balance Cash Asset M....
Which one of the Entries below will be included in the Journal Entry to record the...
Which one of the Entries below will be included in the Journal Entry to record the following transaction; Our Business paid $3,000 cash for Insurance for the next 3 months. Debit to Prepaid Insurance $3,000 Credit to Insurance Expense $3,000, Credit to Insurance Liability $3,000 Debit to Insurance Expense $3.000 Debit to Cash $3,000 The Basic Definition of "Closing" an Account is; To Reset the Balance to Zero To Delete the Account To Record the Account in the Trial Balance...
31) A business uses a credit to record: A) An increase in an expense account. B)...
31) A business uses a credit to record: A) An increase in an expense account. B) A decrease in an asset account. C) A decrease in an unearned revenue account. D) A decrease in a revenue account. E) A decrease in a capital account. 32) Identify the statement below that is correct: A) The left side of a T-account is the credit side. B) Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. C) The left...
Question 5 View Policies Current Attempt in Progress Selected transactions for Ayayai, an interior decorator corporation,...
Question 5 View Policies Current Attempt in Progress Selected transactions for Ayayai, an interior decorator corporation, in its first month of business, are as follows. 1. Issued stock to investors for $16,500 in cash. 2. Purchased used car for $10.200 cash for use in business. 3. Purchased supplies on account for $250. 4. Billed customers $3,790 for services performed. 5. Paid $130 cash for advertising at the start of the business. 6. Received $1,770 cash from customers billed in transaction...
Exercise 2-2 Selected transactions for A. Mane, an interior decorator, in her first month of business,...
Exercise 2-2 Selected transactions for A. Mane, an interior decorator, in her first month of business, are as follows. List of Accounts Jan. 2 Invested $10,000 cash in business. Exercise 2-2 3 Purchased used car for $3,000 cash for use in business. Accounts Payable Accounts Receivable Advertising Expense Buildings 9 Purchased supplies on account for $500 11 Billed customers S2,400 for services performed. 16 Paid $350 cash for advertising. 20 Received $7D0 cash from customers billed on January 11 23...
how to fill out the unadjusted trial balance|Adjustments| Adjusted Trial balance| income statement| balance sheet| Credit...
how to fill out the unadjusted trial balance|Adjustments|
Adjusted Trial balance| income statement| balance sheet|
Credit Debit $3,000 $3,000 $225 $225 $200 Date General Journal 8/01/2019 Cash G.Spencer, Capital 8/05/2019 Rent Expense Cash 8/16/2019 Wages Expense Cash 8/15/2019 Cash Service Revenue 8/22/2019 Supplies Accounts Payable 8/31/2019 G.Spencer, Drawing Cash $200 $3,250 Cash comes into the business and so debited) Capital contribution and so it is credited] Expense item and so it is debited] Cash goes out from the business and...
QUESTION 6 State the rules of debit and credit as applied to (a) asset accounts, (b)...
QUESTION 6 State the rules of debit and credit as applied to (a) asset accounts, (b) liability accounts, and (c) the owner's equity accounts (revenue, expenses, owner's drawings, and owner's capital). TT T Arial 3 (12pt) - PES Path: P Words: 04 QUESTION 7 Two students are discussing the use of a trial balance. They wonder whether the following errors, each considered separately, would prevent the trial balance from balancing. (a) The bookkeeper debited Cash for $600 and credited Salaries...
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....
Journal entry
number one record entry to transfer fees income to income summary.
Number to record entry to transfer expenses to income summary.
Number three record entry to transfer net income or net loss from
income summary to Capital. Number for record entry to transfer
drawings to Capital account. General ledger post the closing
entries to the owners capital account. Trial balance prepare a
post-closing trial balance
Danos Company's partial worksheet for the month ended December 31, 2019. is shown...
Selected transactions for Allie Mane, an interior
decorator, in her first month of business, are as
follows:
Jan.
2 Invested $10,000 cash in business.
3 Purchased used car for $3,000 cash for use in business.
4 Purchased a one-year insurance policy for $1,200.
9 Purchased supplies on account for $500.
18 Paid creditor $300 cash on balance owed.
28 Withdrew $1,000 cash for personal use by owner.
For each transaction, indicate the following. January 2
transaction is given as an...
Exercises CHAPTER 2 A list of accounts and their balances at a specific time Used to decrease the balance in an asset account A list of all of a company's accounts An accounting record where transactions are recorded in chronological (date) order (g) (h) () E2-3 Kobayashi Company has the following accounts: Identify type of account, financial statement, and normal balance. Explain normal balances. (LO 1) (1) Account (2) Financial Statement Type of Account (3) Normal Balance Cash Asset M....
Which one of the Entries below will be included in the Journal Entry to record the following transaction; Our Business paid $3,000 cash for Insurance for the next 3 months. Debit to Prepaid Insurance $3,000 Credit to Insurance Expense $3,000, Credit to Insurance Liability $3,000 Debit to Insurance Expense $3.000 Debit to Cash $3,000 The Basic Definition of "Closing" an Account is; To Reset the Balance to Zero To Delete the Account To Record the Account in the Trial Balance...
31) A business uses a credit to record: A) An increase in an expense account. B) A decrease in an asset account. C) A decrease in an unearned revenue account. D) A decrease in a revenue account. E) A decrease in a capital account. 32) Identify the statement below that is correct: A) The left side of a T-account is the credit side. B) Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. C) The left...
Question 5 View Policies Current Attempt in Progress Selected transactions for Ayayai, an interior decorator corporation, in its first month of business, are as follows. 1. Issued stock to investors for $16,500 in cash. 2. Purchased used car for $10.200 cash for use in business. 3. Purchased supplies on account for $250. 4. Billed customers $3,790 for services performed. 5. Paid $130 cash for advertising at the start of the business. 6. Received $1,770 cash from customers billed in transaction...
Exercise 2-2 Selected transactions for A. Mane, an interior decorator, in her first month of business, are as follows. List of Accounts Jan. 2 Invested $10,000 cash in business. Exercise 2-2 3 Purchased used car for $3,000 cash for use in business. Accounts Payable Accounts Receivable Advertising Expense Buildings 9 Purchased supplies on account for $500 11 Billed customers S2,400 for services performed. 16 Paid $350 cash for advertising. 20 Received $7D0 cash from customers billed on January 11 23...
how to fill out the unadjusted trial balance|Adjustments|
Adjusted Trial balance| income statement| balance sheet|
Credit Debit $3,000 $3,000 $225 $225 $200 Date General Journal 8/01/2019 Cash G.Spencer, Capital 8/05/2019 Rent Expense Cash 8/16/2019 Wages Expense Cash 8/15/2019 Cash Service Revenue 8/22/2019 Supplies Accounts Payable 8/31/2019 G.Spencer, Drawing Cash $200 $3,250 Cash comes into the business and so debited) Capital contribution and so it is credited] Expense item and so it is debited] Cash goes out from the business and...
QUESTION 6 State the rules of debit and credit as applied to (a) asset accounts, (b) liability accounts, and (c) the owner's equity accounts (revenue, expenses, owner's drawings, and owner's capital). TT T Arial 3 (12pt) - PES Path: P Words: 04 QUESTION 7 Two students are discussing the use of a trial balance. They wonder whether the following errors, each considered separately, would prevent the trial balance from balancing. (a) The bookkeeper debited Cash for $600 and credited Salaries...
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