Homework Answers
33. Option (a) is correct
Interest here is a revenue. Correct journal entry is:
Debit Interest receivable
Credit Interest revenue
34. Option (b) is correct
Drawings decrease owner's equity
35. b- Property, Plant & Equipment
36. e- Long term liabilities
37. d- Current liabilities
38. b- Property, plant & equipment
39. b- Property,plant & equipment
40. a- Current asset
41. d- Cash payments journal
42. e- General Journal
43. b- Cash receipts journal
44. c- Purchase journal
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Pige sofs To recognize accrued a debit to Intereste...
Secognize accrued interest on a note rece adjustin Sting entry is made on December 311 a...
Secognize accrued interest on a note rece adjustin Sting entry is made on December 311 a debit to Interest Receiv Revenue. a debit to Inferest Expense an c. a debit to Interest a debit to Inorest Payab note receivable, the following Interest Receivable and credit to interest Co Inzerest Expense and a Credit to cash. nerest Expense and a credit to Interest Payable. Co Inorest Payable and a credit to cash. 34. Investments increase owner's equity? a. increase increase owner's...
answer these problems please answer the account thank you 7. The Insurance Company accrued $2,500 in...
answer these problems please
answer the account
thank you
7. The Insurance Company accrued $2,500 in interest on an investment. Account Effect on Account Debit Credit Revenue increase decrease Interest Receivable increase decrease Account DB CR 8. The Insurance Company was paid $1,000 in interest on a bond payable. Account Effect on Account Debit/Credit Cash increase decrease Interest Revenue Account increase decrease DB CR 9. The Insurance Company was paid $2,500 in interest on an investment. Account Debit/Credit Effect on...
answer these problem please thank you! Account DB CR 7. The Insurance Company accrued $2,500 in...
answer these problem please
thank you!
Account DB CR 7. The Insurance Company accrued $2,500 in interest on an investment. Account Effect on Account Debit/Credit Revenue increase decrease Interest Receivable increase decrease Account DB CR 8. The Insurance Company was paid $1,000 in interest on a bond payable. Account Effect on Account Debit/Credit Cash increase decrease Interest Revenue increase decrease DB Account CR 9. The Insurance Company was paid $2,500 in interest on an investment. Account Debit/Credit Effect on Account...
pleaae answer all parts, i garentee i will thumb up! I PROVA Page 3 of 5...
pleaae answer all parts, i garentee i will thumb up!
I PROVA Page 3 of 5 20. ash and issuing a A $20,000 machine is purchased by paying 55,000 cash Promissory note for the remainder The Journal entry would include a: credit to Notes Receivable b. credit to Machinery. e. credit to Notes Payable. Cobit to Cash. Which of the following is not a valid adjusting entry? a. Debit interest expense, credit interest payable. b. Debit supplies expense, credit supplies...
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land...
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land by signing a nine-month, non-interest-bearing note payable. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's equity increase assets increase; owner's equity decrease Question 2 3 pts Received $12,000 cash for services provided to a customer. debit accounts receivable; credit fees earned debit cash; credit fees earned debit fees earned; credit cash debit cash; credit supplies expense Account used to record amounts...
1 .Choose all the accounts below that would be INCREASED by a DEBIT entry to the...
1 .Choose all the accounts below that would be INCREASED by a DEBIT entry to the account. Group of answer choices Assets Dividends Capital Contributions Revenues Contra Assets Losses Expenses Liabilities Contra Revenues Retained Earnings Gains 2. Choose all the accounts below that would be DECREASED by a CREDIT entry to the account. Group of answer choices Retained Earnings Assets Equity Expenses Dividends Contra Assets Losses Liabilities 3. Choose all the accounts below that would be DECREASED by a DEBIT...
Solve these problem please i need a good explanation for these thank you! This exercise will...
Solve these problem please
i need a good explanation for these
thank you!
This exercise will continue the understanding of the accounting equation and double entry accounting that began in the prior chapter. In this chapter we will revisit the prior worksheet, but add a step. So here students must: 1. Identify what account(s) are affected by the transaction. 2. Identify if the affected accounts are increased or decreased by the transaction. 3. Determine if increasing (decreasing) the account is...
please help me with all, I will thumb up! 12. What type of account is interest...
please help me with all, I will thumb up!
12. What type of account is interest income? asset revenue expense d. owner's equity 30. 00 13. True-False (A-B) Cash is never used in preparing adjusting entries. 14. Paid a utilities bill immediately on receipt. What effect does this entry have on liabilities? a. increase decrease nc effect cre information is needed b. 15. Gross profit equals the difference between: net sales and cost of goods sold. net sales and cost...
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...
Please select the most appropriate answer from each question below Onli required from each question n...
Please select the most appropriate answer from each question below Onli required from each question n Al - Which of the following is an Asset? a) Unearned Revenues b) Prepaid Expenses c) Accumulated Depreciation d) Allowance for Uncollectible Accounts A2 - Which of the following equations is accurate? a) Assets + Shareholders' Equity = Liabilities b) Assets - Liabilities - Shareholders' Equity c) Assets = Liabilities - Shareholders' Equity d) Assets + Liabilities = Shareholders' Equity A3 - If assets...
Secognize accrued interest on a note rece adjustin Sting entry is made on December 311 a debit to Interest Receiv Revenue. a debit to Inferest Expense an c. a debit to Interest a debit to Inorest Payab note receivable, the following Interest Receivable and credit to interest Co Inzerest Expense and a Credit to cash. nerest Expense and a credit to Interest Payable. Co Inorest Payable and a credit to cash. 34. Investments increase owner's equity? a. increase increase owner's...
answer these problems please
answer the account
thank you
7. The Insurance Company accrued $2,500 in interest on an investment. Account Effect on Account Debit Credit Revenue increase decrease Interest Receivable increase decrease Account DB CR 8. The Insurance Company was paid $1,000 in interest on a bond payable. Account Effect on Account Debit/Credit Cash increase decrease Interest Revenue Account increase decrease DB CR 9. The Insurance Company was paid $2,500 in interest on an investment. Account Debit/Credit Effect on...
answer these problem please
thank you!
Account DB CR 7. The Insurance Company accrued $2,500 in interest on an investment. Account Effect on Account Debit/Credit Revenue increase decrease Interest Receivable increase decrease Account DB CR 8. The Insurance Company was paid $1,000 in interest on a bond payable. Account Effect on Account Debit/Credit Cash increase decrease Interest Revenue increase decrease DB Account CR 9. The Insurance Company was paid $2,500 in interest on an investment. Account Debit/Credit Effect on Account...
pleaae answer all parts, i garentee i will thumb up!
I PROVA Page 3 of 5 20. ash and issuing a A $20,000 machine is purchased by paying 55,000 cash Promissory note for the remainder The Journal entry would include a: credit to Notes Receivable b. credit to Machinery. e. credit to Notes Payable. Cobit to Cash. Which of the following is not a valid adjusting entry? a. Debit interest expense, credit interest payable. b. Debit supplies expense, credit supplies...
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land by signing a nine-month, non-interest-bearing note payable. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's equity increase assets increase; owner's equity decrease Question 2 3 pts Received $12,000 cash for services provided to a customer. debit accounts receivable; credit fees earned debit cash; credit fees earned debit fees earned; credit cash debit cash; credit supplies expense Account used to record amounts...
Solve these problem please
i need a good explanation for these
thank you!
This exercise will continue the understanding of the accounting equation and double entry accounting that began in the prior chapter. In this chapter we will revisit the prior worksheet, but add a step. So here students must: 1. Identify what account(s) are affected by the transaction. 2. Identify if the affected accounts are increased or decreased by the transaction. 3. Determine if increasing (decreasing) the account is...
please help me with all, I will thumb up!
12. What type of account is interest income? asset revenue expense d. owner's equity 30. 00 13. True-False (A-B) Cash is never used in preparing adjusting entries. 14. Paid a utilities bill immediately on receipt. What effect does this entry have on liabilities? a. increase decrease nc effect cre information is needed b. 15. Gross profit equals the difference between: net sales and cost of goods sold. net sales and cost...
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...
Please select the most appropriate answer from each question below Onli required from each question n Al - Which of the following is an Asset? a) Unearned Revenues b) Prepaid Expenses c) Accumulated Depreciation d) Allowance for Uncollectible Accounts A2 - Which of the following equations is accurate? a) Assets + Shareholders' Equity = Liabilities b) Assets - Liabilities - Shareholders' Equity c) Assets = Liabilities - Shareholders' Equity d) Assets + Liabilities = Shareholders' Equity A3 - If assets...
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