Homework Answers
| Accrual-basis | Cash-basis | ||||
| Revenue | Expense | Revenue | Expense | ||
| 17 | Pay $30,000 for workers' salaries for the current month | $0 | $30,000 | $0 | $30,000 |
| 18 | Pay $7,000 for insurance one year in advance | $0 | $0 | $0 | $7,000 |
| 19 | Pay $25,000 in dividends to stockholders | $0 | $0 | $0 | $0 |
Add Answer to:
Use the following transactions to answer questions 17 - 19 Determine the amount of revenue or...
Use the following to answer questions 15-16 On December 1st, the company pays a local radio...
Use the following to answer questions 15-16 On December 1st, the company pays a local radio station $48,000 for 3 months of radio ads that are to be aired equally throughout December through February. Prepaid Advertising was debited on December in and no other entries regarding this transaction were made since then. 15. $ After the adjusting entry has been recorded on December 31", determine the amount of advertising expense for the year ended December 31 16. S After the...
Use the following to answer questions 15-16 On December 1st, the company pays a local radio...
Use the following to answer questions 15-16 On December 1st, the company pays a local radio station $48,000 for 3 months of radio ads that are to be aired equally throughout December through February. Prepaid Advertising was debited on December 1st and no other entries regarding this transaction were made since then. 15. $__ After the adjusting entry has been recorded on December 31s, determine the amount of advertising expense for the year ended December 31* 16. $_ After the...
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded...
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting in the current period. Accrual-Basis Revenue Expense Cash-Basis Revenue Expense Transaction 1. Receive cash from customers in advance, $600. 2. Pay utilities bill for the previous month, $150 3. Pay for insurance one year in advance, $2,000. 4. Pay workers' salaries for the current month, $800. 5. Incur costs for employee salaries in the current month but...
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded...
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual basis acc cash-basis accounting in the current period. Accrual-Basis Cash-Basis Revenue Expense Revenue Expense Transaction 1. Receive cash from customers in advance, $430. 2. Pay utilities bill for the previous month, $65. 3. Pay for insurance one year in advance, $1,150. 4. Pay workers' salaries for the current month, $630 5. Incur costs for employee salaries in the current month but do...
Required For each transaction, determine the amount of revenue or expense, if any, that is recorded...
Required For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting Accrual-Basis Cash-Basis Transaction Revenue Expense Revenue Expense 1. Receive cash from customers at the time of service, $2,700. 2. Issue common stock for cash, $5,000 3. Receive cash from customers who were previously billed, $1,200. 4. Incur utilities cost in the current month but do not pay, $500 5. Pay workers' salaries for the current month, $600....
Use the following to answer questions 10 - 13 Indicate which of the following accounts should...
Use the following to answer questions 10 - 13 Indicate which of the following accounts should be debited and which should be credited. An example has been provided (ex). Purchase Office Supplies in exchange for cash Debit : N (Supplies) Credit: C (Cash) see below. Only include the letter of the account not the account name. A Accounts payable E. Dividends 1. Rent expense M. Service revenue B Accounts receivable F. Equipment J. Retained earnings N. Supplies C. Cash G....
Use the following to answer questions 10-13 Indicate which of the following accounts should be debited...
Use the following to answer questions 10-13 Indicate which of the following accounts should be debited and which should be credited. An example has been provided (ex). Purchase Office Supplies in exchange for cash Debit : N (Supplies) Credit: C (Cash)...See below. Only include the letter of the account not the account name. A Accounts payable B. Accounts receivable C Cash D. Common stock E. Dividends F. Equipment G. Notes payable H. Prepaid rent L. Rent expense J. Retained earnings...
a. As of December 31, Greavy had performed $500 of service revenue but has not yet...
a. As of December 31, Greavy had performed $500 of service revenue but has not yet billed customers. At the end of the month, Greavy had $700 of office supplies remaining. c. Prepaid Insurance of $3,900 remained. d. Depreciation expense, $4,000. e. Accrued salaries expense of $200 that hasn't been paid yet. Unadjusted Trial Balance Debit Credit Adjusted Trial Balance Adjustments Account Names Debit Credit | Debit Credit Cash 4,300 5,900 1,900 4,550 30,000 7,600 3,600 Accounts Receivable Office Supplies...
I need help with 5 through 8 Use the following to answer questions 5 - 6...
I need help with 5 through 8
Use the following to answer questions 5 - 6 Following is a February transaction for a company. Calculate the amount of expense to recognize in February. In February the company paid their employees $25,000; $20,000 for work performed in February and $5,000 for work performed in January. 5. Accrual basis expense: $ 6. Cash basis expense: $. Use the following to answer 7-8 Following is a February transaction for a company. Calculate the...
The unadjusted trial balance for All Mopped Up Company, a cleaning service, is as follows: 3.04...
The unadjusted trial balance for All Mopped Up Company, a cleaning service, is as follows: 3.04 ALL MOPPED UP COMPANY Unadjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $ 800 Office Supplies 2,000 Prepaid Insurance 600 Equipment 30,000 Accumulated Depreciation Equipment 5 2,000 Accounts Payable 2,400 Salaries Payable Unearned Revenue 700 Common Stock 15,300 Dividends 5,000 Service Revenue 25,000 Salaries Expense 7,000 Supplies Expense Depreciation Expense-Equipment Insurance Expense Total $ 45,400 $ 45,400 During the 12...
Use the following to answer questions 15-16 On December 1st, the company pays a local radio station $48,000 for 3 months of radio ads that are to be aired equally throughout December through February. Prepaid Advertising was debited on December in and no other entries regarding this transaction were made since then. 15. $ After the adjusting entry has been recorded on December 31", determine the amount of advertising expense for the year ended December 31 16. S After the...
Use the following to answer questions 15-16 On December 1st, the company pays a local radio station $48,000 for 3 months of radio ads that are to be aired equally throughout December through February. Prepaid Advertising was debited on December 1st and no other entries regarding this transaction were made since then. 15. $__ After the adjusting entry has been recorded on December 31s, determine the amount of advertising expense for the year ended December 31* 16. $_ After the...
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting in the current period. Accrual-Basis Revenue Expense Cash-Basis Revenue Expense Transaction 1. Receive cash from customers in advance, $600. 2. Pay utilities bill for the previous month, $150 3. Pay for insurance one year in advance, $2,000. 4. Pay workers' salaries for the current month, $800. 5. Incur costs for employee salaries in the current month but...
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual basis acc cash-basis accounting in the current period. Accrual-Basis Cash-Basis Revenue Expense Revenue Expense Transaction 1. Receive cash from customers in advance, $430. 2. Pay utilities bill for the previous month, $65. 3. Pay for insurance one year in advance, $1,150. 4. Pay workers' salaries for the current month, $630 5. Incur costs for employee salaries in the current month but do...
Required For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting Accrual-Basis Cash-Basis Transaction Revenue Expense Revenue Expense 1. Receive cash from customers at the time of service, $2,700. 2. Issue common stock for cash, $5,000 3. Receive cash from customers who were previously billed, $1,200. 4. Incur utilities cost in the current month but do not pay, $500 5. Pay workers' salaries for the current month, $600....
Use the following to answer questions 10 - 13 Indicate which of the following accounts should be debited and which should be credited. An example has been provided (ex). Purchase Office Supplies in exchange for cash Debit : N (Supplies) Credit: C (Cash) see below. Only include the letter of the account not the account name. A Accounts payable E. Dividends 1. Rent expense M. Service revenue B Accounts receivable F. Equipment J. Retained earnings N. Supplies C. Cash G....
Use the following to answer questions 10-13 Indicate which of the following accounts should be debited and which should be credited. An example has been provided (ex). Purchase Office Supplies in exchange for cash Debit : N (Supplies) Credit: C (Cash)...See below. Only include the letter of the account not the account name. A Accounts payable B. Accounts receivable C Cash D. Common stock E. Dividends F. Equipment G. Notes payable H. Prepaid rent L. Rent expense J. Retained earnings...
a. As of December 31, Greavy had performed $500 of service revenue but has not yet billed customers. At the end of the month, Greavy had $700 of office supplies remaining. c. Prepaid Insurance of $3,900 remained. d. Depreciation expense, $4,000. e. Accrued salaries expense of $200 that hasn't been paid yet. Unadjusted Trial Balance Debit Credit Adjusted Trial Balance Adjustments Account Names Debit Credit | Debit Credit Cash 4,300 5,900 1,900 4,550 30,000 7,600 3,600 Accounts Receivable Office Supplies...
I need help with 5 through 8
Use the following to answer questions 5 - 6 Following is a February transaction for a company. Calculate the amount of expense to recognize in February. In February the company paid their employees $25,000; $20,000 for work performed in February and $5,000 for work performed in January. 5. Accrual basis expense: $ 6. Cash basis expense: $. Use the following to answer 7-8 Following is a February transaction for a company. Calculate the...
The unadjusted trial balance for All Mopped Up Company, a cleaning service, is as follows: 3.04 ALL MOPPED UP COMPANY Unadjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $ 800 Office Supplies 2,000 Prepaid Insurance 600 Equipment 30,000 Accumulated Depreciation Equipment 5 2,000 Accounts Payable 2,400 Salaries Payable Unearned Revenue 700 Common Stock 15,300 Dividends 5,000 Service Revenue 25,000 Salaries Expense 7,000 Supplies Expense Depreciation Expense-Equipment Insurance Expense Total $ 45,400 $ 45,400 During the 12...
Most questions answered within 3 hours.
-
Assume that in the short run L = 1,000 and K = 100. 1. What is...
asked 57 seconds ago -
At a given temperature, 2.06 atm of H2 and 3.7 atm of Br2 are
mixed and...
asked 12 seconds ago -
Sodium reacts with Hydrochloric acid to form sodium chloride and
hydrogen gas. 2Na(s)+ 2 HCl(aq)-> 2...
asked 7 minutes ago -
4) In a polypeptide, which bond cannot rotate because of its
partial double bond character?
The...
asked 6 minutes ago -
The following circuits (1 & 2) are combined to form a
series-parallel circuit and resulting circuit...
asked 14 minutes ago -
Feynman's use of path integrals can make some of the transition
from quantum scale to real...
asked 13 minutes ago -
Pb(NO3)2 (aq) + 2 KCl (aq) PbCl2 (s) + 2 KNO3 (aq)
If 54.5mL of 3.82M...
asked 14 minutes ago -
Razeghi (2008) states "In order to succeed at innovation, do not
focus on being creative; rather...
asked 21 minutes ago -
How much heat is required at constant pressure to melt 1 mole of
ice at -25...
asked 23 minutes ago -
Suppose N is a discrete random variable defined by probability
distribution:
n
Pr(N = n)
10...
asked 24 minutes ago -
why are special-interest travelers becoming more important to
tourism service suppliers?
asked 28 minutes ago -
A 50.0-kg child takes a ride on a Ferris wheel that rotates four
times each minute...
asked 50 minutes ago