Homework Answers
19) Contributed $10,000 in exchange of capital
Journal entry
Cash account........................Debit $10,000
To Peter Velk capital, capital account.. Credit $10,000
option 'A' is correct
20) Peter Velk capital, capital account.......Debit $5,000
To Cash account................................Credit $5,000
Option 'B' is correct
Add Answer to:
19. Peter Velk, owner, contributed $10,000 cash in exchange for capital A. Dr. Cash 10000; Cr....
20. Peter Velk, owner, withdrew $5,000 cash A. Dr. Cash 5000; Cr. Peter Velk, Capital 5000...
20. Peter Velk, owner, withdrew $5,000 cash A. Dr. Cash 5000; Cr. Peter Velk, Capital 5000 B. Dr. Peter Velk, Capital 5000 Cr. Cash 5000 C. Dr. Cash 5000; Cr. Peter Velk, Withdrawals 5000 D. Dr. Accounts Receivable 5,000; Cr. Peter Velk, Withdrawals 5,000 E. None of the above
5. Company C has two office employees who earn $100 a day each and are paid...
5. Company C has two office employees who earn $100 a day each and are paid on Friday for a five-day workweek that begins on Monday. If December 31 fell on Tuesday, and the two employees worked both on Monday and on Tuesday, what is the amount of accrued salary expense at December 31 for the two employees? A. 200 B. 300 C. 600 D. 400 E. None of the above 6. For Company D, the balance in office supplies...
17. The company collected cash from a customer on account $1,000. A. Dr. Service Revenue .000;...
17. The company collected cash from a customer on account $1,000. A. Dr. Service Revenue .000; Cr. Accounts Receivable 1000 B. Dr. Accounts Receivable 1000; Cr. Cash 1000 C. Dr. Cash 1000; Cr. Accounts Receivable 1000 D. Dr. Accounts Receivable 1000; Cr. Service Revenue 1000 E. None of the above
15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue...
15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue E. Equity--Expense Questions 16-20: Show how each of the following five business transactions is recorded as a journal entry. The correct answer is a journal entry which both balances (Dr. debits = Cr. credits) and contains the correct account names and amounts. 16. The company consulted for a new brand and billed the client for services rendered $2,000 A. Dr. Service Revenue 2000; Cr....
More Info Jul. 2 Received $15,000 contribution from Brian London, owner, in exchange capital. 4 Paid...
More Info Jul. 2 Received $15,000 contribution from Brian London, owner, in exchange capital. 4 Paid utilities expense of $360. 5 Purchased equipment on account, $2,500. 10 Performed services for a client on account, $3,500. 12 Borrowed $6,800 cash, signing a notes payable. 19 The owner, Brian London, withdrew $450 cash from the business. 21 Purchased office supplies for $780 and paid cash. 27 Paid the liability from July 5. Print Done The following transactions occurred for London Engineering: Click...
i am so lost! help please ? Bright, the owner, contributed furniture in exchange for capital....
i
am so lost! help please ?
Bright, the owner, contributed furniture in exchange for capital. Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Bought a company truck by signing a note at the bank Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Received cash for services rendered to a client Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Paid cash for rent. Account #1 Account Type Increase/Decrease...
help pls case and if they are DR/CR. List accounts in order they would Collected cash...
help pls
case and if they are DR/CR. List accounts in order they would Collected cash for services Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Paid cash for rent. Increase/Decrease Debit/Credit Account #1 Account Type Increase/Decrease Debit/Credit Account Type Account #2 Paid cash for land. Debit/Credit large Paid cash for land. Account 1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Accrued liability for utilities, Account #1 Account Type Increase/Decrease Debit/Credit Increase/Decrease Account...
Create an Income Statement with this data: There is a 20% tax rate. CR DR 10000...
Create an Income Statement with this data:
There is a 20% tax rate.
CR DR 10000 15000 12000 25000 24000 12000 50000 100000 50000 120000 ооооо 200000 250000 50000 3000.00 750.00 25000 30XXXD 10000 15000 6000D 1000DD Cash Accounts Receivable Short-Term Marketable Securities Irwentory Prepaid Rent Prepaid Insurance Long-Term Marketable Securities Land Held for Future Use Debt Service Fund Land in Use Buildings Accumulated Depreciation - Buildings Machinery and Equipment Accumulated Depreciation - Mach and Equip Copper Mine Accumulated Depletion...
Which of the following is not an adjusting entry? (a) Dr: Depreciation expense and Cr: Accumulated...
Which of the following is not an adjusting entry? (a) Dr: Depreciation expense and Cr: Accumulated depreciation. (b) Dr: Utilities expense and Cr: Utilities payable. (c) Dr: Insurance expense and Cr: Prepaid insurance. (d) Dr: Cash and Cr: Accounts receivable. (e) Dr: Interest receivable and Cr: Interest revenue.
Kay Marie opened her interior design firm, KM Designs. Transactions made by KM Designs for the...
Kay Marie opened her interior design firm, KM Designs. Transactions made by KM Designs for the month of August are shown below. 1. 2. 3. The owner invested $10,000 cash in the business. The company purchased $4,000 of office equipment on credit. The company received $3,000 cash in exchange for services performed. The company paid $400 for utilities in August. The owner withdrew $1,000 cash for personal use. 4. 5. Prepare a transaction analysis using T-accounts. Assets Cash Equipment Dr....
20. Peter Velk, owner, withdrew $5,000 cash A. Dr. Cash 5000; Cr. Peter Velk, Capital 5000 B. Dr. Peter Velk, Capital 5000 Cr. Cash 5000 C. Dr. Cash 5000; Cr. Peter Velk, Withdrawals 5000 D. Dr. Accounts Receivable 5,000; Cr. Peter Velk, Withdrawals 5,000 E. None of the above
17. The company collected cash from a customer on account $1,000. A. Dr. Service Revenue .000; Cr. Accounts Receivable 1000 B. Dr. Accounts Receivable 1000; Cr. Cash 1000 C. Dr. Cash 1000; Cr. Accounts Receivable 1000 D. Dr. Accounts Receivable 1000; Cr. Service Revenue 1000 E. None of the above
15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue E. Equity--Expense Questions 16-20: Show how each of the following five business transactions is recorded as a journal entry. The correct answer is a journal entry which both balances (Dr. debits = Cr. credits) and contains the correct account names and amounts. 16. The company consulted for a new brand and billed the client for services rendered $2,000 A. Dr. Service Revenue 2000; Cr....
More Info Jul. 2 Received $15,000 contribution from Brian London, owner, in exchange capital. 4 Paid utilities expense of $360. 5 Purchased equipment on account, $2,500. 10 Performed services for a client on account, $3,500. 12 Borrowed $6,800 cash, signing a notes payable. 19 The owner, Brian London, withdrew $450 cash from the business. 21 Purchased office supplies for $780 and paid cash. 27 Paid the liability from July 5. Print Done The following transactions occurred for London Engineering: Click...
i
am so lost! help please ?
Bright, the owner, contributed furniture in exchange for capital. Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Bought a company truck by signing a note at the bank Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Received cash for services rendered to a client Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Paid cash for rent. Account #1 Account Type Increase/Decrease...
help pls
case and if they are DR/CR. List accounts in order they would Collected cash for services Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Paid cash for rent. Increase/Decrease Debit/Credit Account #1 Account Type Increase/Decrease Debit/Credit Account Type Account #2 Paid cash for land. Debit/Credit large Paid cash for land. Account 1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Accrued liability for utilities, Account #1 Account Type Increase/Decrease Debit/Credit Increase/Decrease Account...
Create an Income Statement with this data:
There is a 20% tax rate.
CR DR 10000 15000 12000 25000 24000 12000 50000 100000 50000 120000 ооооо 200000 250000 50000 3000.00 750.00 25000 30XXXD 10000 15000 6000D 1000DD Cash Accounts Receivable Short-Term Marketable Securities Irwentory Prepaid Rent Prepaid Insurance Long-Term Marketable Securities Land Held for Future Use Debt Service Fund Land in Use Buildings Accumulated Depreciation - Buildings Machinery and Equipment Accumulated Depreciation - Mach and Equip Copper Mine Accumulated Depletion...
Kay Marie opened her interior design firm, KM Designs. Transactions made by KM Designs for the month of August are shown below. 1. 2. 3. The owner invested $10,000 cash in the business. The company purchased $4,000 of office equipment on credit. The company received $3,000 cash in exchange for services performed. The company paid $400 for utilities in August. The owner withdrew $1,000 cash for personal use. 4. 5. Prepare a transaction analysis using T-accounts. Assets Cash Equipment Dr....
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