Homework Answers
Causes of Increase in
Owner’s Equity:
Owner’s Contributions
Fees Earned
Rental Income
Causes of Decrease in
Owner’s Equity:
Owner’s Drawing
Supplies Expense
Wages Expense
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1 PONIL Arandom list of accounts are listed below. Identify the ones that are part of...
Donald company luerlily wilat type of account each Is Dy dragging and dropping it into the...
Donald company
luerlily wilat type of account each Is Dy dragging and dropping it into the correct category. You will put every account somewhere (don't leave any uncategorized) Assets Liabilities Cash Equipment Supplies Expense # Accounts Receivable Insurance Expense Prepaid Insurance Notes Payable Rent Income Accounts Payable Unearned Rent Umbrella category of Owner's Equity Fees Earned
For the accounts listed below, identify the type of account (asset, liability, owner’s capital, owner’s drawing,...
For the accounts listed below, identify the type of account (asset, liability, owner’s capital, owner’s drawing, revenue, or expense), the normal balance (debit or credit), and which financial statement you would find the account on (income statement, owner’s equity statement, or balance sheet). Type of Account Normal Balance Financial Statement A Cash B Accounts Payable C Rent Expense D Accumulated Depreciation E Interest Revenue F Notes Payable G Advertising Expense H Owner's Drawings I Equipment J Owner's Capital K Sales...
10. The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have...
10. The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts Payable $1,500 Fees Earned $3,600 Accounts Receivable 1,800 Insurance Expense 1,300 Prepaid Insurance 2,000 Land 3,000 Cash 3,200 Wages Expense 1,400 Drawing 1,200 Capital 8,800 The total of all the assets is a. $10,000 b. $8,000 c. $9,700 d. $9,800 11. The classification and normal balance of the accounts payable account is an asset with a credit balance a liability with...
Transactions On June 1 of the current year, Pamela Schatz established a business to manage rental...
Transactions
On June 1 of the current year, Pamela Schatz established a
business to manage rental property. She completed the following
transactions during June:
Opened a business bank account with a deposit of $55,000 from
personal funds.
Purchased office supplies on account, $3,300.
Received cash from fees earned for managing rental property,
$18,300.
Paid rent on office and equipment for the month, $8,300.
Paid creditors on account, $2,290.
Billed customers for fees earned for managing rental property,
$30,800.
Paid automobile...
Accounts from Jake Stone Co. appear below. (a) In the first column at the right indicate...
Accounts from Jake Stone Co. appear below. (a) In the first column at the right indicate the nature of each account, using the following abbreviations: Asset - A Liability - L Owner's Equity - O Revenue - R Expense - E (b) In the second column indicate the increase side of each account by inserting Dr. or Cr. Type of Account Increase Side Account (1) Cash (2) Accounts Receivable (3) Fees Earned (4) Jake, Drawing (5) Wages Payable (6) Utilities...
Identify all the accounts below that are ALL classified as temporary account TICIP Jove LAILU UT...
Identify all the accounts below that are ALL classified as
temporary account
TICIP Jove LAILU UT MC Qu. 6-56 Identify the accounts below that... Identify the accounts below that are ALL classified as temporary accounts. Multiple Choice C) Wages Expense, Accumulated Depreciation, Fees Income O Accounts Receivable, Depreciation Expense, Fees Income O Owner's Drawing, Depreciation Expense, Income Summary O Owner's Drawing, Owner's Capital, Income Summary
1. Listed below are accounts to use for transactions (a) through (j), each identified by a...
1. Listed below are accounts to use for transactions (a) through (j), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box. Accounts Payable 2. Accounts Receivable 3. Accumulated Depreciation Office Equipmeng 4. Building 5. Owner's Capital Cash 2 Depreciation Expense-Office Equipment Owner's Drawing 2 Fees Earned 10 Insurance Expense 11. Insurance Payable 12. Interest...
Match the account to the proper element: a. Asset (including Contra Accounts) b. Liability (including Contra...
Match the account to the proper element: a. Asset (including Contra Accounts) b. Liability (including Contra Accounts) c. Owners' Equity (Increase d. Owners' Equity (Decrease) Accrued Expenses Notes Payable Rent Expense Inventory Wages Payable Accumulated Depreciation Retained Earnings Land Accrued Revenue Accounts Payable Prepaid Expense Fees Earned Supplies Dividends Accounts Receivable Depreciation Unearned revenue Cash Common Stock
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...
Transactions On June 1 of the current year, Chad Wilson established a business to manage rental...
Transactions On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June: a. Opened a business bank account with a deposit of $30,000 from personal funds. b. Purchased office supplies on account, $2,540. c. Received cash from fees earned for managing rental property, $7,210. d. Paid rent on office and equipment for the month, $3,120. e. Paid creditors on account, $1,150. f. Billed customers for fees earned for...
Donald company
luerlily wilat type of account each Is Dy dragging and dropping it into the correct category. You will put every account somewhere (don't leave any uncategorized) Assets Liabilities Cash Equipment Supplies Expense # Accounts Receivable Insurance Expense Prepaid Insurance Notes Payable Rent Income Accounts Payable Unearned Rent Umbrella category of Owner's Equity Fees Earned
Transactions
On June 1 of the current year, Pamela Schatz established a
business to manage rental property. She completed the following
transactions during June:
Opened a business bank account with a deposit of $55,000 from
personal funds.
Purchased office supplies on account, $3,300.
Received cash from fees earned for managing rental property,
$18,300.
Paid rent on office and equipment for the month, $8,300.
Paid creditors on account, $2,290.
Billed customers for fees earned for managing rental property,
$30,800.
Paid automobile...
Accounts from Jake Stone Co. appear below. (a) In the first column at the right indicate the nature of each account, using the following abbreviations: Asset - A Liability - L Owner's Equity - O Revenue - R Expense - E (b) In the second column indicate the increase side of each account by inserting Dr. or Cr. Type of Account Increase Side Account (1) Cash (2) Accounts Receivable (3) Fees Earned (4) Jake, Drawing (5) Wages Payable (6) Utilities...
Identify all the accounts below that are ALL classified as
temporary account
TICIP Jove LAILU UT MC Qu. 6-56 Identify the accounts below that... Identify the accounts below that are ALL classified as temporary accounts. Multiple Choice C) Wages Expense, Accumulated Depreciation, Fees Income O Accounts Receivable, Depreciation Expense, Fees Income O Owner's Drawing, Depreciation Expense, Income Summary O Owner's Drawing, Owner's Capital, Income Summary
1. Listed below are accounts to use for transactions (a) through (j), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box. Accounts Payable 2. Accounts Receivable 3. Accumulated Depreciation Office Equipmeng 4. Building 5. Owner's Capital Cash 2 Depreciation Expense-Office Equipment Owner's Drawing 2 Fees Earned 10 Insurance Expense 11. Insurance Payable 12. Interest...
Match the account to the proper element: a. Asset (including Contra Accounts) b. Liability (including Contra Accounts) c. Owners' Equity (Increase d. Owners' Equity (Decrease) Accrued Expenses Notes Payable Rent Expense Inventory Wages Payable Accumulated Depreciation Retained Earnings Land Accrued Revenue Accounts Payable Prepaid Expense Fees Earned Supplies Dividends Accounts Receivable Depreciation Unearned revenue Cash Common Stock
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...
Transactions On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June: a. Opened a business bank account with a deposit of $30,000 from personal funds. b. Purchased office supplies on account, $2,540. c. Received cash from fees earned for managing rental property, $7,210. d. Paid rent on office and equipment for the month, $3,120. e. Paid creditors on account, $1,150. f. Billed customers for fees earned for...
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