Homework Answers
1)
| Accounts | Transactions | Increase and decrease |
| Account receivable | Sales to customers on account | Increase |
| Account receivable | Cash collections from customers | Decrease |
| Prepaid rent | Cash payments for rent related to future periods | Increase |
| Prepaid rent | The benefits of these prepayments are used up over there | Decrease |
| Deferred revenue | Cash received from customer for goods and services to be provided in the future | Increase |
| Deferred revenue | Goods and services are provided | Decrease |
Calculate missing amount
a) 322+2755-382 = $2695
b) 45+87-30 = $102
c) 434+396-444 = $386
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Estimate that 40% of accounts receivable at the end of the year
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Post transactions to the following accounts: Cash, Accounts
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Required information [The following information applies to the questions displayed below.) The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. June 12, 2021 Provide services to customers on account for $35,000. September 17, 2021 Receive $20,000 from customers on account. December 31, 2021 Estimate that 40% of accounts receivable at the end of the year will not...
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10) Contessa Company collected $42,000 cash on its accounts receivable. The effects of this 10 transaction as reflected in the accounting equation are: A) Total assets, total liabilities, and total equity are unchanged B) Total assets increase and equity decreases C) Both total assets and total liabilities decrease D) Both total assets and equity are unchanged and liabilities increase. E) Total assets decrease and equity increases. 11) If the liabilities of a business increased $75,000 during a period of time...
Required Information Problem 5-3A Record transactions related to accounts receivable (L05-3,5-4,5-5) [The following information applies to the questions displayed below.] The following events occur for The Underwood Corporation during 2021 and 2022. its first two years of operations. June 12, 2021 Provide services to customers on account for $30,808. September 17, 2021 Receive $16,580 from customers on account. December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not be received March 4, 2022...
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Depreciation-Equipment, Accounts Payable, Salaries and Wages
Payable, Common Stock, Retained Earnings, Service Revenue, Supplies
Expense, Gasoline, Expense, Depreciation Expense, Insurance
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