Homework Answers
Answer : Option (D) Unearned revenue
From the given options Unearned revenue is apt answer because in business most of the case money is collected in advance before providing of goods to the Customer.In such case advance collected cash is treated as liability and posted in liability side of the balance sheet. in this case journal entry is
Cash
unearned revenue
After some time goods will be delivered to customer then the journal entry is
Unearned revenue
Revenue
This entry is future adjusting journal entry when goods is delivered.
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4. Which account typically gives rise to an adjusting journal entry in the future? a. Accounts...
General Journal entry options: No Journal Entry Required Accounts Payable Accounts Receivable Ac...
General Journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation
Advertising Expense
Amortization Expense
Bad Debt Expense
Buildings
Cash
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Dividends
Dividends Payable
Donation Revenue
Equipment
Franchise Rights
Goodwill
Income Tax Expense
Income Tax Payable
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Legal Expense
Licensing Rights
Logo and Trademarks
Notes Payable (long-term)
Notes Payable (short-term)
Notes Receivable...
Record the entry to close the dividends account. Record the entry to close the expense accounts...
Record the entry to close the dividends account.
Record the entry to close the expense accounts using the
retained earnings account.
I only need help with those two part thank you!!
Credits Debits 28,700 18, see 31,00 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 9, 3ee 10, see 49, see 9,400 77, 7ee 77,700 The following is a summary of the transactions for the year: a. Service revenue, $134,000, of which $40,200...
1. Which of these accounts would not be present in the closing entries? a. Dividends Payable b. Utilities Expense c. Fee...
1. Which of these accounts would not be present in the closing entries? a. Dividends Payable b. Utilities Expense c. Fees Earned Revenue d. Insurance Expense 2. Which account would be credited when closing the account for fees earned for the year? a. Income Summary b. Accounts Receivable c. Fees Earned Revenue d. Unearned Fee Revenue 3. Which of the following accounts is considered a temporary or nominal account? a. Fees Earned Revenue b. Prepaid Advertising c. Unearned Service Revenue...
E4-12 Recording Transactions Including Adjusting and Closing Journal Entries [LO 4-2, LO 4-5] The following accounts...
E4-12 Recording Transactions Including Adjusting and Closing Journal Entries [LO 4-2, LO 4-5] The following accounts are used by Mouse Potato, Inc., a computer game maker. Codes Accounts Accounts Receivable Accumulated Depreciation Cash Deferred Revenue Depreciation Expense Equipment Interest Expense Interest Payable Accounts Interest Revenue Notes Payable (long-term) Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Service Revenue Supplies Supplies Expense Required: For each of the following Independent situations, give the journal entry by selecting/entering the appropriate code(s)...
The preparation of adjusting entries requires a debit entry to one account and a credit entry to another account
CP 3-1 The preparation of adjusting entries requires a debit entry to one account and a credit entry to another account. ABa. Insurance Expense b. Rent Earned c. Prepaid Rent d. Interest Payable e. Interest Receivable f. Fees Earned g. Unused Supplies h. Unearned Commissions Revenue i. Salaries Payablej. Depreciation Expense1. Commissions Earned 2. Supplies Expense 3. Salaries Expense 4. Unearned Fees 5. Accumulated Depreciation 6. Rent Expense 7. Prepaid Insurance 8. Interest Earned 9. Interest Expense 10. Unearned Rent Required: Match each account in column A with the appropriate account in column B
42. Review the following journal entry and provide the most likely e ing journal entry and...
42. Review the following journal entry and provide the most likely e ing journal entry and provide the most likely explanation of what is happening to require this journal entry to be recorded: New Purchases In S2,500 Accounts Payable $2,500 A) The company follows the perpetual inventory tracking method and is buying new inventory on account. B) The company follows the periodic inventory tracking method and is buying new inventory on account. C) The company follows the perpetual inventory tracking...
T13-4 (similar to) 8. Hartley Carpentry had the following accounts and account balances after adjusting entries....
T13-4 (similar to) 8. Hartley Carpentry had the following accounts and account balances after adjusting entries. Assume all accounts have balance for Hartley Carpentry as of December 31, 2018. (Click the icon to view the account balances.) December 31, 2018 Balance Account Title Debit Credit Cash Accounts Receivable Office Supplies Land Equipment Accumulated Depreciation--Equipment Accounts Payable Utilities Payable Unearned Revenue Common Stock Dividends Service Revenue Salaries Expense Depreciation Expense Eaulament Enter any number in the entry had the following accounts...
11) Which of the following entries records the cash payment of an Account Payable? a. debit...
11) Which of the following entries records the cash payment of an Account Payable? a. debit Cash; credit Accounts Payable b. debit Accounts Receivable; credit Cash c. debit Cash; credit Expense d. debit Accounts Payable; credit Cash 12) Haselhof Company purchases equipment for $2,400 and supplies for $700 from Behrman Co. for $3,100 cash. The entry for this transaction will include a a. debit to Equipment $2,400 and a debit to Supplies Expense $700 for Behrman. b. credit to Cash...
A business paid $3,200 on account. The journal entry would: O A. debit Accounts Payable for...
A business paid $3,200 on account. The journal entry would: O A. debit Accounts Payable for $3,200 and credit Cash for $3,200. O B. debit Cash for $3,200 and credit Accounts Payable for $3,200 O C. debit Accounts Receivable for $3,200 and credit Revenue for $3,200 O D. debit Cash for $3,200 and credit Retained Earnings for $3,200.
3. Which of the following is recorded in the cash payments journal? a. adjusting entry for...
3. Which of the following is recorded in the cash payments journal? a. adjusting entry for accrued salaries b. receipt of cash on supplies returned c. receipt of cash from services rendered d. payment of employees' salaries 4. When posting the column totals of a cash payments journal, a debit should be posted to a. Cash b. Accounts Payable c. Sales Discounts d. Unearned Revenue 5. Generally, the revenue account for a merchandising business is entitled a. Sales b. Net...
General Journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation
Advertising Expense
Amortization Expense
Bad Debt Expense
Buildings
Cash
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Dividends
Dividends Payable
Donation Revenue
Equipment
Franchise Rights
Goodwill
Income Tax Expense
Income Tax Payable
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Legal Expense
Licensing Rights
Logo and Trademarks
Notes Payable (long-term)
Notes Payable (short-term)
Notes Receivable...
Record the entry to close the dividends account.
Record the entry to close the expense accounts using the
retained earnings account.
I only need help with those two part thank you!!
Credits Debits 28,700 18, see 31,00 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 9, 3ee 10, see 49, see 9,400 77, 7ee 77,700 The following is a summary of the transactions for the year: a. Service revenue, $134,000, of which $40,200...
E4-12 Recording Transactions Including Adjusting and Closing Journal Entries [LO 4-2, LO 4-5] The following accounts are used by Mouse Potato, Inc., a computer game maker. Codes Accounts Accounts Receivable Accumulated Depreciation Cash Deferred Revenue Depreciation Expense Equipment Interest Expense Interest Payable Accounts Interest Revenue Notes Payable (long-term) Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Service Revenue Supplies Supplies Expense Required: For each of the following Independent situations, give the journal entry by selecting/entering the appropriate code(s)...
42. Review the following journal entry and provide the most likely e ing journal entry and provide the most likely explanation of what is happening to require this journal entry to be recorded: New Purchases In S2,500 Accounts Payable $2,500 A) The company follows the perpetual inventory tracking method and is buying new inventory on account. B) The company follows the periodic inventory tracking method and is buying new inventory on account. C) The company follows the perpetual inventory tracking...
T13-4 (similar to) 8. Hartley Carpentry had the following accounts and account balances after adjusting entries. Assume all accounts have balance for Hartley Carpentry as of December 31, 2018. (Click the icon to view the account balances.) December 31, 2018 Balance Account Title Debit Credit Cash Accounts Receivable Office Supplies Land Equipment Accumulated Depreciation--Equipment Accounts Payable Utilities Payable Unearned Revenue Common Stock Dividends Service Revenue Salaries Expense Depreciation Expense Eaulament Enter any number in the entry had the following accounts...
A business paid $3,200 on account. The journal entry would: O A. debit Accounts Payable for $3,200 and credit Cash for $3,200. O B. debit Cash for $3,200 and credit Accounts Payable for $3,200 O C. debit Accounts Receivable for $3,200 and credit Revenue for $3,200 O D. debit Cash for $3,200 and credit Retained Earnings for $3,200.
3. Which of the following is recorded in the cash payments journal? a. adjusting entry for accrued salaries b. receipt of cash on supplies returned c. receipt of cash from services rendered d. payment of employees' salaries 4. When posting the column totals of a cash payments journal, a debit should be posted to a. Cash b. Accounts Payable c. Sales Discounts d. Unearned Revenue 5. Generally, the revenue account for a merchandising business is entitled a. Sales b. Net...
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