Homework Answers
The three steps are - Check the chart of accounts, determine if the entry is a Dr. or Cr., determine if the balance is going up or down.
The answer is C.
-------------------------------------
Deferred revenue is the revenue that is received but not earned.
The answer is C.
Add Answer to:
ܩ The three steps in transaction analysis are: a. Determine what accounts are affected, what their...
GAAP refers to: a. General Association of Accounting Professionals &
GAAP refers to: a. General Association of Accounting Professionals b. Generally Accepted Accounting Profession c. Rules that assure consistency in reporting financial history d. Rules that are set up to make sure each company reports their own financial history. Accounting is a process that: a. Reports the profit and loss a firm makes b. Reports the financial history of the firm c. Reports information to external users of the financial statements. d. Reports to the S.E.C. There are four basic financial statements required by GAAP. They are: a. Balance Sheet,...
Enter the transactions into the Journal Post the transactions to T-accounts determine each account's ending balance....
Enter the transactions into the Journal Post the transactions to T-accounts determine each account's ending balance. C. a. 1 March, John bought $2,600 of supplies on account from a local office supplier. b. 15 March, John billed his customers for $4,300 of services for the month. 25 March, John received $3,500 in payments for the services billed on 15 March d. 27 March, John paid $1,200 to the local office supplier for the supplies bought on 1 March General Journal...
What is the van, notes payable, accounts payable & Kris Storey Capital? Van 18 Post Balance...
What is the van, notes
payable, accounts payable & Kris Storey Capital?
Van 18 Post Balance Date Item Ref. Dr. Cr. Dr. Cr. 2019 June Notes Payable 21 Post Balance Ref. Cr. Date Item Dr. Crг. Dr. 2019 June Enter as a formula calling on amounts in the trial balance. Dr. Accounts Payable 22 Balance Date Item Cr. Dr. Cr. 2019 June Kris Storey, Capital 31 Post Balance Cr. Ref. Cr. Date Item Dr. Dr. 2019 June Required: 1. Journalize...
aces for a client in December. A e-transfer on January 5. The accounts appears on the...
aces for a client in December. A e-transfer on January 5. The accounts appears on the balance 7. Richard Bains, a professional accountant, performed accounting services for a client in bill was mailed to the client on December 30. Richard received an e-transfer on Revenue recornition principle requires that which of the following accounts and sheet at December 31? a) Prepaid expense by Accounts receivable c) Unearned revenue d) Accounts payable $2.000 down payment and issuing a 8. A business...
(1) What are the current balances of the Estimated Revenues and Appropriations control accounts? (2) What...
(1) What are the current balances of the Estimated Revenues and
Appropriations control accounts?
(2) What are the current balances of the Revenues, Encumbrances,
and Expenditures control accounts?
Answer to 1 and 2 need to be entered into the spaces below.
Revenues Revenues Balance Dr (Cr) Balance 213,500 765,000 551,500 Revenues Ledger Est. Revenues Account Ref. Account Title Dr(Cr) 3/4020 Taxes-Real Property 101 Budget Authorization 765,000 102 Received in Cash 3/4050 Licenses and Permits 101 Budget Authorization 115,000 102 Received...
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....
What is the drawing, fees earned, wages expense, rent expense, & utilities expense? 32 | Balance...
What is the drawing,
fees earned, wages expense, rent expense, & utilities
expense?
32 | Balance Kris Storey, Drawing Date Item 2019 June Post Ref. Dr. Cr. Dr. Cr. Fees Earned 41 Post _ Dr. Balance 4 Cr. Item Ref. Cr. Dr. Date 2019 June Wages Expense Enter as a formula calling on amounts in the trial balance. Dr. 51 Balance Dr. Cr. Item cr. Date 2019 June Rent Expense 53 Post Balance Item Ref. Dr. Cr. Dr. Balance Cr....
69. The following entry was made on March 12 for XYZ Company: Dr: Machinery Cr: ACCounts...
69. The following entry was made on March 12 for XYZ Company: Dr: Machinery Cr: ACCounts Payable For which of the following transactions was this entry made? Answers: a. Payment for purchase of machinery b. Sale of machinery c. Depreciation of machinery d. Purchase of machinery 70. The concept of present value ____________________. Answers: a. can be simply defined as today’s value of a stream of future cash flows b. implies that the value of receiving cash today will be...
Power Corporation acquired 100 percent of Strip Corporation in a nontaxable transaction. The following selected information...
Power Corporation acquired 100 percent of Strip Corporation in a nontaxable transaction. The following selected information is available for Strip Corporation at the acquisition date: Accounts receivable, net Land Equipment Bond payable Strip Corporation Book Values Fair Values $ 30,000 $ 28,000 10,000 40,000 20,000 15,000 120,000 115,000 Tax Basis $ 30,000 10,000 5,000 120,000 Strip Corporation has never recorded an allowance for doubtful accounts; however, upon review of the accounts receivable detail, Power has determined that approximately $2,000 of...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
Enter the transactions into the Journal Post the transactions to T-accounts determine each account's ending balance. C. a. 1 March, John bought $2,600 of supplies on account from a local office supplier. b. 15 March, John billed his customers for $4,300 of services for the month. 25 March, John received $3,500 in payments for the services billed on 15 March d. 27 March, John paid $1,200 to the local office supplier for the supplies bought on 1 March General Journal...
What is the van, notes
payable, accounts payable & Kris Storey Capital?
Van 18 Post Balance Date Item Ref. Dr. Cr. Dr. Cr. 2019 June Notes Payable 21 Post Balance Ref. Cr. Date Item Dr. Crг. Dr. 2019 June Enter as a formula calling on amounts in the trial balance. Dr. Accounts Payable 22 Balance Date Item Cr. Dr. Cr. 2019 June Kris Storey, Capital 31 Post Balance Cr. Ref. Cr. Date Item Dr. Dr. 2019 June Required: 1. Journalize...
aces for a client in December. A e-transfer on January 5. The accounts appears on the balance 7. Richard Bains, a professional accountant, performed accounting services for a client in bill was mailed to the client on December 30. Richard received an e-transfer on Revenue recornition principle requires that which of the following accounts and sheet at December 31? a) Prepaid expense by Accounts receivable c) Unearned revenue d) Accounts payable $2.000 down payment and issuing a 8. A business...
(1) What are the current balances of the Estimated Revenues and
Appropriations control accounts?
(2) What are the current balances of the Revenues, Encumbrances,
and Expenditures control accounts?
Answer to 1 and 2 need to be entered into the spaces below.
Revenues Revenues Balance Dr (Cr) Balance 213,500 765,000 551,500 Revenues Ledger Est. Revenues Account Ref. Account Title Dr(Cr) 3/4020 Taxes-Real Property 101 Budget Authorization 765,000 102 Received in Cash 3/4050 Licenses and Permits 101 Budget Authorization 115,000 102 Received...
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....
What is the drawing,
fees earned, wages expense, rent expense, & utilities
expense?
32 | Balance Kris Storey, Drawing Date Item 2019 June Post Ref. Dr. Cr. Dr. Cr. Fees Earned 41 Post _ Dr. Balance 4 Cr. Item Ref. Cr. Dr. Date 2019 June Wages Expense Enter as a formula calling on amounts in the trial balance. Dr. 51 Balance Dr. Cr. Item cr. Date 2019 June Rent Expense 53 Post Balance Item Ref. Dr. Cr. Dr. Balance Cr....
Power Corporation acquired 100 percent of Strip Corporation in a nontaxable transaction. The following selected information is available for Strip Corporation at the acquisition date: Accounts receivable, net Land Equipment Bond payable Strip Corporation Book Values Fair Values $ 30,000 $ 28,000 10,000 40,000 20,000 15,000 120,000 115,000 Tax Basis $ 30,000 10,000 5,000 120,000 Strip Corporation has never recorded an allowance for doubtful accounts; however, upon review of the accounts receivable detail, Power has determined that approximately $2,000 of...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
Most questions answered within 3 hours.
-
Although Epicurus advocates pursuing pleasure for the
good life, discuss a few reasons why he does...
asked 14 minutes ago -
Problem 1: Present entries to record the selected transactions
described below:
(a)
Issued $2,790,000 of 5-year,...
asked 20 minutes ago -
Using technology to support HR activities increases:
a.
the efficiency of the administrative HR functions.
b....
asked 21 minutes ago -
1. List the features used to classify leaf
types.
2. List some characteristics that are shared...
asked 26 minutes ago -
The three elements of Value Proposition, Key Customers, and
Capabilities operate within an environment. Which of...
asked 28 minutes ago -
Katelynn, a physician, earns $200,000 from her medical practice
in the current year. She receives $45,000...
asked 36 minutes ago -
Each row of the table below describes an aqueous solution at
25°C
.
The second column...
asked 40 minutes ago -
A horizontal wire is at y = 0. Current travels in the +x
direction. The magnetic...
asked 41 minutes ago -
Let X be a continuous random variable whose PDF is Let X be a
continuous random...
asked 1 hour ago -
Martinez Company’s relevant range of production is 7,500 units
to 12,500 units. When it produces and...
asked 1 hour ago -
A football with a mass of 1.2 kg is kicked from ground level to
a height...
asked 1 hour ago -
Remember: Changes in supply determinants shift supply, and
changes in demand determinants shift demand. We say...
asked 1 hour ago