A debit would make which of the following accounts increase? Common Stock Inventory Notes Payable Retained...
- A debit would make which of the following accounts increase?
- Common Stock
- Inventory
- Notes Payable
- Retained Earnings
- Consider the following journal entry:
|
Software |
18,000 |
|
Cash |
7,200 |
|
Note Payable |
10,800 |
Which of the following explanations best describes this journal entry?
A) The company buys $18,000 of software, pays cash of $7,200, and signs a note for $10,800.
B) The company receives $7,200 in cash and $10,800 in notes payable in exchange for selling $18,000 of software.
C) The company buys $18,000 of software, pays $7,200 cash, and promises to cancel a debt owed to the company in the amount of $10,800.
D) The company sells $18,000 of software, receives $7,200 in cash, and pays off $10,800 it owes on the software.
- Which one of the following is not a current asset?
- Cash
- Supplies
- Equipment
- Prepaid Insurance
- The financial statement that reports revenues and expenses is
the:
- statement of retained earnings.
- income statement.
- balance sheet.
- statement of cash flows.
Homework Answers
Question 1
Correct answer--------(B) Inventory
Inventory has a debit balance and increases when debited.
Common stock, retained earnings and notes payable have credit normal balance hence they decrease with a debit.
Question 2
Correct answer--------A) The company buys $18,000 of software, pays cash of $7,200, and signs a note for $10,800.
The company has purchased software not sold and credit of cash indicate outflow of cash. The full consideration of software is not paid by cash. Partial payment will be done using notes payable at a future date.
Question 3
Correct answer--------(C) Equipment
Equipment is a fixed asset and not a current asset.
All other accounts are current asset accounts.
Question 4
Correct answer--------(B) income statement.
Income statement shows the revenues and expense to calculate net income to be reported on retained earnings statement.
Add Answer to:
A debit would make which of the following accounts increase?
Common Stock
Inventory
Notes Payable
Retained...
^last muliple choice for cut out it is- d. the company receives 7,200 in cash and...
^last muliple choice for cut out it is- d. the company
receives 7,200 in cash and 10,800 in notes payable in exchange for
selling 18,000 of software
A debit would make which of the following accounts increase? Multiple Choice Notes Payable Common Stock Inventory Retained Earnings The standard formatting for a journal entry lists the dollar amounts for: Multiple Choice debits and credits aligned equally to the left. debits and credits aligned equally to the right. debits underneath and to...
+ + + Notes Payable Common Stock Retained Earnings An analysis of Chafin's MAC Repair Services,...
+ + + Notes Payable Common Stock Retained Earnings An analysis of Chafin's MAC Repair Services, Inc. shows the following: Accounts Cash Accounts receivable + Supplies Equipment Payable 170,000 2 -30,000 95,000 3 4,200 4 3,800 3,800 5 -5,500 70,000 65,000 4,200 -5,500 Prepare journal entries using the transaction analysis above. Date Description Debit Credit 1 2 3 000 80 A * T # 3 $ 4 % 5 & 7 8 6 8 0 9 Name 3 accounts with...
Accounts Payable Accounts Receivable $116 27 Cash 134 Common Stock 24 Equipment Inventory Notes Payable (long-term)...
Accounts Payable Accounts Receivable $116 27 Cash 134 Common Stock 24 Equipment Inventory Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent Retained Earnings Salaries and Wages Payable 360 170 220 26 377 37 Software 60 Assume that the following events occurred in the following quarter. a. Paid $55 cash for additional inventory b. Issued additional shares of common stock for $20 in cash. c. Purchased equipment for $260; paid $125 in cash and signed a note to pay the remaining...
Received Given Building Cash Cash and notes payable Common stock and additional paid-in capital (a): (b)...
Received Given Building Cash Cash and notes payable Common stock and additional paid-in capital (a): (b) (C) (d) (e) (f) (g) (h) (i) () (k) (1) (m) Dividends payable Required: 1. Select the appropriate account titles, if any, affected in each of the preceding events. Consider what is received and what is given. (In cases where no entry is required, please select the option "No exchange transaction" for your answer to grade correctly.) Received Given Equipment Intangibles Investments Land (a):...
0.12 points Accounts Equipment Accounts payable Salaries expense Common stock Land Notes payable Service revenue Cash...
0.12 points Accounts Equipment Accounts payable Salaries expense Common stock Land Notes payable Service revenue Cash Retained earnings Balances $26,000 3,000 33,000 11,000 18,000 20,000 39,000 6,000 eBook Required: Use only the appropriate accounts to prepare a balance sheet. Hint WOLFPACK CONSTRUCTION Balance Sheet December 31 Print Assets Liabilities $ 3,0 $ References Cash Land Equipment 6,000 Accounts payable 18,000 Notes payable 20,0 26,000 Total liabilities Stockholders' Equity Common stock Retained earnings 16. Total stockholders' equity null $
Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings December...
Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings December 31, 2017 $ 34,000 77,000 210,000 54,000 29,000 417,000 106,000 December 31, 2016 $ 16,500 122,500 183,000 92,500 65,000 417,000 102,500 Additional information: 1. The inventory turnover is 2.2 times. 2. The return on common stockholders' equity is 25%. The company had no additional paid-in capital. 3. The accounts receivable turnover is 8.1 times. 4. The return on assets is 12.5%. 5. Total assets...
5,478 "Accumulated Depreciation 1,730 Accounts Payable 4,570 Notes Payable 1,000 Common Stock 8,468 Retained Earnings 700...
5,478 "Accumulated Depreciation 1,730 Accounts Payable 4,570 Notes Payable 1,000 Common Stock 8,468 Retained Earnings 700 Dividends 6,292 Fees Earned 3 311 Wages Expense 725 Rent Expense 383 Utilities Expense 185 Depreciation Expense 122 Miscellaneous Expense 28,538 28,538 Totals Determine the total liabilities for the period. O$10,468 $17.634 56 300 O $11.778 The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 6, 53 Accounts Receivable 2,366 Prepaid Expenses 782 Equipment 13,811...
Account Accounts payable Retained earnings Supplies expense Furniture Utility expense Cash Common stock Notes payable Rent...
Account Accounts payable Retained earnings Supplies expense Furniture Utility expense Cash Common stock Notes payable Rent expense Sales revenue Advertising expense Land Wage expense Dividends Prepaid expense Equipment Accounts receivable Balance $16,000 14,800 27,100 1,900 234.000 18.600 300,200 29,700 26,000 84,000 7,300 12,300 47,000 23,600 18,000 14,200 14,700 Required: Prepare the trial balance for LILI Corporation as of September 30, 20x1 in the order suggested in the text.
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
All Assig Questio 2 $6,905 $1,700 Cash Supplies Accounts Payable Accounts Receivable $1,800 Common Stock Retained...
All Assig Questio 2 $6,905 $1,700 Cash Supplies Accounts Payable Accounts Receivable $1,800 Common Stock Retained Earnings $2,000 Dividends Revenue Rent Expense Supplies Expense $2,600 Salary Expense Using the information above, prepare the Income Statement $2,400 $1,600 $995 $11,500 $2,100 $1,400 ncome Statement Total Expenses Net Income Question Cash Supplies Accounts Payable Accounts Receivable Common Stock Retained Earnings Dividends Revenue Rent Expense $3,066 $2,300 $2,500 $2,000 $1,200 $2,200 $4,834 $11,400 $1,900 $1,500 $1.700 Expense Salary Expense Income Statement $11400 $1900...
^last muliple choice for cut out it is- d. the company
receives 7,200 in cash and 10,800 in notes payable in exchange for
selling 18,000 of software
A debit would make which of the following accounts increase? Multiple Choice Notes Payable Common Stock Inventory Retained Earnings The standard formatting for a journal entry lists the dollar amounts for: Multiple Choice debits and credits aligned equally to the left. debits and credits aligned equally to the right. debits underneath and to...
+ + + Notes Payable Common Stock Retained Earnings An analysis of Chafin's MAC Repair Services, Inc. shows the following: Accounts Cash Accounts receivable + Supplies Equipment Payable 170,000 2 -30,000 95,000 3 4,200 4 3,800 3,800 5 -5,500 70,000 65,000 4,200 -5,500 Prepare journal entries using the transaction analysis above. Date Description Debit Credit 1 2 3 000 80 A * T # 3 $ 4 % 5 & 7 8 6 8 0 9 Name 3 accounts with...
Accounts Payable Accounts Receivable $116 27 Cash 134 Common Stock 24 Equipment Inventory Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent Retained Earnings Salaries and Wages Payable 360 170 220 26 377 37 Software 60 Assume that the following events occurred in the following quarter. a. Paid $55 cash for additional inventory b. Issued additional shares of common stock for $20 in cash. c. Purchased equipment for $260; paid $125 in cash and signed a note to pay the remaining...
Received Given Building Cash Cash and notes payable Common stock and additional paid-in capital (a): (b) (C) (d) (e) (f) (g) (h) (i) () (k) (1) (m) Dividends payable Required: 1. Select the appropriate account titles, if any, affected in each of the preceding events. Consider what is received and what is given. (In cases where no entry is required, please select the option "No exchange transaction" for your answer to grade correctly.) Received Given Equipment Intangibles Investments Land (a):...
0.12 points Accounts Equipment Accounts payable Salaries expense Common stock Land Notes payable Service revenue Cash Retained earnings Balances $26,000 3,000 33,000 11,000 18,000 20,000 39,000 6,000 eBook Required: Use only the appropriate accounts to prepare a balance sheet. Hint WOLFPACK CONSTRUCTION Balance Sheet December 31 Print Assets Liabilities $ 3,0 $ References Cash Land Equipment 6,000 Accounts payable 18,000 Notes payable 20,0 26,000 Total liabilities Stockholders' Equity Common stock Retained earnings 16. Total stockholders' equity null $
Cash Accounts receivable (net) Inventory Accounts payable Notes payable Common stock, $100 par Retained earnings December 31, 2017 $ 34,000 77,000 210,000 54,000 29,000 417,000 106,000 December 31, 2016 $ 16,500 122,500 183,000 92,500 65,000 417,000 102,500 Additional information: 1. The inventory turnover is 2.2 times. 2. The return on common stockholders' equity is 25%. The company had no additional paid-in capital. 3. The accounts receivable turnover is 8.1 times. 4. The return on assets is 12.5%. 5. Total assets...
5,478 "Accumulated Depreciation 1,730 Accounts Payable 4,570 Notes Payable 1,000 Common Stock 8,468 Retained Earnings 700 Dividends 6,292 Fees Earned 3 311 Wages Expense 725 Rent Expense 383 Utilities Expense 185 Depreciation Expense 122 Miscellaneous Expense 28,538 28,538 Totals Determine the total liabilities for the period. O$10,468 $17.634 56 300 O $11.778 The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 6, 53 Accounts Receivable 2,366 Prepaid Expenses 782 Equipment 13,811...
Account Accounts payable Retained earnings Supplies expense Furniture Utility expense Cash Common stock Notes payable Rent expense Sales revenue Advertising expense Land Wage expense Dividends Prepaid expense Equipment Accounts receivable Balance $16,000 14,800 27,100 1,900 234.000 18.600 300,200 29,700 26,000 84,000 7,300 12,300 47,000 23,600 18,000 14,200 14,700 Required: Prepare the trial balance for LILI Corporation as of September 30, 20x1 in the order suggested in the text.
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
All Assig Questio 2 $6,905 $1,700 Cash Supplies Accounts Payable Accounts Receivable $1,800 Common Stock Retained Earnings $2,000 Dividends Revenue Rent Expense Supplies Expense $2,600 Salary Expense Using the information above, prepare the Income Statement $2,400 $1,600 $995 $11,500 $2,100 $1,400 ncome Statement Total Expenses Net Income Question Cash Supplies Accounts Payable Accounts Receivable Common Stock Retained Earnings Dividends Revenue Rent Expense $3,066 $2,300 $2,500 $2,000 $1,200 $2,200 $4,834 $11,400 $1,900 $1,500 $1.700 Expense Salary Expense Income Statement $11400 $1900...
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