Homework Answers
| Option C is the answer | |
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Assets and expenses go up with debit (Cash, Accounts Receivable and Rent expense) Liabilities go up with credit (Accounts Payable). Hence incorrect |
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Which of the following statements is incorrect? Cash goes up with a debit. Accounts receivable goes...
Which of the statements of the rules of debit and credit is true? A.Decrease Accounts Receivable...
Which of the statements of the rules of debit and credit is true? A.Decrease Accounts Receivable with a credit and the normal balance is a credit. B.Increase Accounts Payable with a credit and the normal balance is a credit. C.Decrease Cash with a debit and the normal balance is a debit. D.Increase Revenue with a debit and the normal balance is a debit.
Which of the following accounts will be closed with a debit? a. Notes Receivable b. Miscellaneous...
Which of the following accounts will be closed with a debit? a. Notes Receivable b. Miscellaneous Expense c. Cash od. Rent Revenue
Morgan Company had the following adjusted trial balance: Debit Credit Account Titles Cash Accounts Receivable 15,570...
Morgan Company had the following adjusted trial balance: Debit Credit Account Titles Cash Accounts Receivable 15,570 8,970 6,950 49,350 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue 7,600 4,850 1,690 24,900 22,800 Capital Stock Retained Earnings 13,200 Dividends Commission Revenue Rent Revenue Depreciation Expense 45,400 6,500 Utilities Expense 3,500 10,200 6,000 113,740 Supplies Expense Total 113,740 Required: Prepare the second closing entry to close the expense accounts to Income Summary
Morgan Company had the following adjusted trial balance: Account Titles Cash Credit Accounts Receivable Debit 15,570...
Morgan Company had the following adjusted trial balance: Account Titles Cash Credit Accounts Receivable Debit 15,570 8,970 6,950 49,350 Supplies Equipment Accumulated Depreciation 7,600 4,850 Accounts Payable Deferred Rent Revenue Capital Stock 1,690 24,900 22,800 Retained Earnings Dividends 13,200 Commission Revenue 45,400 6,500 Rent Revenue Depreciation Expense Utilities Expense 3,500 10,200 6,000 113,740 Supplies Expense Total 113,740 Required: Prepare the second closing entry to close the expense accounts to Income Summary to montt |
Refer to the following trial balance. Credit Debit $19,000 43,000 65,000 15,000 320,000 Cash Accounts Receivable...
Refer to the following trial balance. Credit Debit $19,000 43,000 65,000 15,000 320,000 Cash Accounts Receivable Merchandise Inventory Supplies Land Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Salaries Expense Utilities Expense Rent Expense Interest Expense Totals $3,000 25,000 293,000 22,000 6.00 465,000 200,000 15,000 68,000 53,000 __4.000 $808,000 $808,000 How much is the gross profit? O A. $129,000 B. $119,000 O C. $125,000 D. $265,000
Credit Cash Accounts Receivable Debit $ 6,850 7,000 1,982 3,180 15,000 Supplies Prepaid Insurance Equipment Accounts...
Credit Cash Accounts Receivable Debit $ 6,850 7,000 1,982 3,180 15,000 Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 4,245 5,200 21,982 8,300 4,000 1,715 $39,727 $39,727 In addition to those accounts listed on the trial balance, the chart of accounts for Richard also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. 2. 3....
Given the following adjusted trial balance: Debit Credit Cash $864 Accounts receivable 1091 Inventory 1624 45...
Given the following adjusted trial balance: Debit Credit Cash $864 Accounts receivable 1091 Inventory 1624 45 160 Prepaid rent Equipment Accumulated depreciation equipment Accounts payable Unearned service revenue $27 43 63 Common stock 110 Retained earnings Service revenue 3435 191 Interest revenue 29 Salaries and wages expense 80 Travel expense 34 Total $3898 $3898 Net income for the year is:
Which of the following statements is correct? O A. Unearned Revenue is increased with a debit...
Which of the following statements is correct? O A. Unearned Revenue is increased with a debit OB. Rent Expense is increased with a credit. O C. Accounts Payable is increased with a credit. OD. Prepaid Expenses are decreased with a debit.
Debit Credit Account Titles Cash Accounts Receivable 15,360 9,210 5,680 48,900 Supplies Equipment Accumulated Depreciation Accounts...
Debit Credit Account Titles Cash Accounts Receivable 15,360 9,210 5,680 48,900 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock Retained Earnings Dividends Commission Revenue 6,500 3,640 1,630 23,100 21,400 15,000 49,880 7,300 Rent Revenue Depreciation Expense Utilities Expense 3,300 11,000 5,000 113,450 Supplies Expense Total 113,450 Required: Prepare the fourth closing entry to close the Dividends account to the Retained Earnings account. Date Account Title Debit Credit Dec. 31 Dividends
Given the following adjusted trial balance: Debit Credit Cash $648 Accounts receivable 818 Inventory 1218 Prepaid...
Given the following adjusted trial balance: Debit Credit Cash $648 Accounts receivable 818 Inventory 1218 Prepaid rent 34 120 $20 Equipment Accumulated depreciation-equipment Accounts payable Unearned service revenue 32 48 Common stock 78 Retained earnings 2580 Service revenue 144 22 Interest revenue Salaries and wages expense 60 Travel expense 26 Total $ 2924 $2924 After closing entries have been posted, the balance in retained earnings will be:
Which of the following accounts will be closed with a debit? a. Notes Receivable b. Miscellaneous Expense c. Cash od. Rent Revenue
Morgan Company had the following adjusted trial balance: Debit Credit Account Titles Cash Accounts Receivable 15,570 8,970 6,950 49,350 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue 7,600 4,850 1,690 24,900 22,800 Capital Stock Retained Earnings 13,200 Dividends Commission Revenue Rent Revenue Depreciation Expense 45,400 6,500 Utilities Expense 3,500 10,200 6,000 113,740 Supplies Expense Total 113,740 Required: Prepare the second closing entry to close the expense accounts to Income Summary
Morgan Company had the following adjusted trial balance: Account Titles Cash Credit Accounts Receivable Debit 15,570 8,970 6,950 49,350 Supplies Equipment Accumulated Depreciation 7,600 4,850 Accounts Payable Deferred Rent Revenue Capital Stock 1,690 24,900 22,800 Retained Earnings Dividends 13,200 Commission Revenue 45,400 6,500 Rent Revenue Depreciation Expense Utilities Expense 3,500 10,200 6,000 113,740 Supplies Expense Total 113,740 Required: Prepare the second closing entry to close the expense accounts to Income Summary to montt |
Refer to the following trial balance. Credit Debit $19,000 43,000 65,000 15,000 320,000 Cash Accounts Receivable Merchandise Inventory Supplies Land Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Salaries Expense Utilities Expense Rent Expense Interest Expense Totals $3,000 25,000 293,000 22,000 6.00 465,000 200,000 15,000 68,000 53,000 __4.000 $808,000 $808,000 How much is the gross profit? O A. $129,000 B. $119,000 O C. $125,000 D. $265,000
Credit Cash Accounts Receivable Debit $ 6,850 7,000 1,982 3,180 15,000 Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 4,245 5,200 21,982 8,300 4,000 1,715 $39,727 $39,727 In addition to those accounts listed on the trial balance, the chart of accounts for Richard also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. 2. 3....
Given the following adjusted trial balance: Debit Credit Cash $864 Accounts receivable 1091 Inventory 1624 45 160 Prepaid rent Equipment Accumulated depreciation equipment Accounts payable Unearned service revenue $27 43 63 Common stock 110 Retained earnings Service revenue 3435 191 Interest revenue 29 Salaries and wages expense 80 Travel expense 34 Total $3898 $3898 Net income for the year is:
Which of the following statements is correct? O A. Unearned Revenue is increased with a debit OB. Rent Expense is increased with a credit. O C. Accounts Payable is increased with a credit. OD. Prepaid Expenses are decreased with a debit.
Debit Credit Account Titles Cash Accounts Receivable 15,360 9,210 5,680 48,900 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock Retained Earnings Dividends Commission Revenue 6,500 3,640 1,630 23,100 21,400 15,000 49,880 7,300 Rent Revenue Depreciation Expense Utilities Expense 3,300 11,000 5,000 113,450 Supplies Expense Total 113,450 Required: Prepare the fourth closing entry to close the Dividends account to the Retained Earnings account. Date Account Title Debit Credit Dec. 31 Dividends
Given the following adjusted trial balance: Debit Credit Cash $648 Accounts receivable 818 Inventory 1218 Prepaid rent 34 120 $20 Equipment Accumulated depreciation-equipment Accounts payable Unearned service revenue 32 48 Common stock 78 Retained earnings 2580 Service revenue 144 22 Interest revenue Salaries and wages expense 60 Travel expense 26 Total $ 2924 $2924 After closing entries have been posted, the balance in retained earnings will be:
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