Homework Answers
| Journal entry are recorded as per rules of accounting | ||||||
| As per rules of accounting expenses are debited for increase and liability is credited for increase | ||||||
| Journal entry for utility expense is shown below | ||||||
| Date | General Journal | Debit | Credit | |||
| Utilities expense | XXX | |||||
| Accounts payable | XXX | |||||
| Utility expense is debited for increase in expense which would decrease net income | ||||||
| Accounts payable is credited as there is future payment and thus is liability | ||||||
| Thus, the fourth journal entry is correct | ||||||
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Question 38 12 points) The corporation received a utility bill; the bill will be paid next...
Entity H received a cellphone bill that it paid immediately. The journal entry to record this...
Entity H received a cellphone bill that it paid immediately. The journal entry to record this transaction will include: a debit to Prepaid Utilities and a credit Cash a debit to Utility Expense and a credit to Accounts Payable a debit to Utility Expense and a credit to Cash a debit to Prepaid Utilities and a credit to Accounts Payable
A company receives a utility bill each month for services received. The company's policy is to pay the utility bill...
A company receives a utility bill each month for services received. The company's policy is to pay the utility bill within 30 days of receipt. On December 31, 2021, the company receives a utility bill of $4,200 for the month of December and plans to pay the bill by January 30, 2022. What adjusting entry, if any, will the company record on December 31, 2021? Multiple Choice ) Debit Utilities Expense and credit Cash for $4,200 O Debit Utilities Expense...
A business received the current month's utility bill for $2,125, and immediately paid it. Which journal...
A business received the current month's utility bill for $2,125, and immediately paid it. Which journal entry is prepared? A.Debit Utilities Payable for $2,125 and credit Cash for $2,125. B.Debit Utilities Expense for $2,125 and credit Cash for $2,125. C.Debit Operating Expense for $2,125 and credit Accounts Payable for $2,125. D.Debit Accounts Payable for $2,125 and credit Cash for $2,125.
Question 9 Browse Books, Inc., received and paid its utility bill of $250. As the accountant,...
Question 9 Browse Books, Inc., received and paid its utility bill of $250. As the accountant, you would tell the bookkeeper to debit Cash and credit Utility Expense for $250. debit Cash and credit Utility Payable for $250. debit Utility Receivable and credit Cash for $250. debit Utility Expense and credit Cash for $250. debit Cash and credit Retained Earnings for $250. 1 points Question 10 A company began operations and purchased $5,000 of supplies. By year-end, $3,200 were still...
Westen om QUESTION 22 Russell Co, received a $100 utility bill for the current month's electricity....
Westen om QUESTION 22 Russell Co, received a $100 utility bill for the current month's electricity. It is not duen the end of the next month which is when they intend to pay it Which of the following general journal entries will use Co. make to record the receipt of the es Expense Accounts Receivable Utilities Expense 400 lities Expense accounts Payable 200 400 Accounts Payable es Bepense No journal entry is required
Clement Company paid an account payable related to a previous utility bill of $1,030. This transaction...
Clement Company paid an account payable related to a previous utility bill of $1,030. This transaction should be recorded as follows on the payment date: Multiple Choice Debit cash $1030, credit utilities expense $1030. O Debit utilities expense $1,030, credit cash $1,030. o Debit accounts payable $1,030, credit cash $1,030. o o Debit cash $1,030, credit accounts payable $1,030.
1. Nick Bowman invested cash of $12,000 in the business. 2. Received and paid utility bill...
1. Nick Bowman invested cash of $12,000 in the business. 2. Received and paid utility bill of $125. 3. Bought $300 of supplies on account. 4. Sold services worth $2,500 to customers on account. 5. Received cash payment of $800 from credit customers. Cash Bal. Accounts Receivable Bal. Supplies Top 3 me 2 progressalalse Calculator Cash Bal. Accounts Receivable Bal. Supplies Accounts Payable Owner's Capital . .take AssignmentSessionLocator Beinprogress=false Calculator Accounts Receivable Bal. Supplies Accounts Payable Owner's Capital Utilities Expense...
The first table (Accounts and Explanations) is completed with the correct answers. I have provided the...
The first table (Accounts and Explanations) is completed with
the correct answers. I have provided the options for the second
(Account and Explanation) table. I need help with filling the
second table.
Consider the following transactions: a. Loopy Shirts, Inc., sold 1,200 T-shirts to the FSU Bookstore for $13,200 cash. Loopy originally paid $3,600 for the shirts. b. Investment Industries, Inc., received a utility bill for the last month of the year in the amount of $550 but won't actually...
Question 6 incomplete answer Marked out of 1.00 P Flag question Adjusting Entries for each of...
Question 6 incomplete answer Marked out of 1.00 P Flag question Adjusting Entries for each of the following unrelated situations, prepare the necessary adjusting entry in general journal form a. Unrecorded depreciation on equipment is $1,850 b. The Supplies account has a balance of 54,000. Supplies on hand at the end of the period totaled $2,500. c. On the date for preparing financial statements, an estimated utilities expense of $610 has been incurred, but no utility bill has been received...
Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of...
Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $11. At the start of January 2018, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Buildings Land Accounts Payable Deferred Revenue Notes Payable (due 2025) Common Stock Retained Earnings $2,150,000 203,000 19,500 881,000 512,000 1,420,000 122,000 77,000 153,000 2,100,000 2,733,500 In addition to the above accounts, VGC's chart of accounts includes...
A company receives a utility bill each month for services received. The company's policy is to pay the utility bill within 30 days of receipt. On December 31, 2021, the company receives a utility bill of $4,200 for the month of December and plans to pay the bill by January 30, 2022. What adjusting entry, if any, will the company record on December 31, 2021? Multiple Choice ) Debit Utilities Expense and credit Cash for $4,200 O Debit Utilities Expense...
Westen om QUESTION 22 Russell Co, received a $100 utility bill for the current month's electricity. It is not duen the end of the next month which is when they intend to pay it Which of the following general journal entries will use Co. make to record the receipt of the es Expense Accounts Receivable Utilities Expense 400 lities Expense accounts Payable 200 400 Accounts Payable es Bepense No journal entry is required
Clement Company paid an account payable related to a previous utility bill of $1,030. This transaction should be recorded as follows on the payment date: Multiple Choice Debit cash $1030, credit utilities expense $1030. O Debit utilities expense $1,030, credit cash $1,030. o Debit accounts payable $1,030, credit cash $1,030. o o Debit cash $1,030, credit accounts payable $1,030.
1. Nick Bowman invested cash of $12,000 in the business. 2. Received and paid utility bill of $125. 3. Bought $300 of supplies on account. 4. Sold services worth $2,500 to customers on account. 5. Received cash payment of $800 from credit customers. Cash Bal. Accounts Receivable Bal. Supplies Top 3 me 2 progressalalse Calculator Cash Bal. Accounts Receivable Bal. Supplies Accounts Payable Owner's Capital . .take AssignmentSessionLocator Beinprogress=false Calculator Accounts Receivable Bal. Supplies Accounts Payable Owner's Capital Utilities Expense...
The first table (Accounts and Explanations) is completed with
the correct answers. I have provided the options for the second
(Account and Explanation) table. I need help with filling the
second table.
Consider the following transactions: a. Loopy Shirts, Inc., sold 1,200 T-shirts to the FSU Bookstore for $13,200 cash. Loopy originally paid $3,600 for the shirts. b. Investment Industries, Inc., received a utility bill for the last month of the year in the amount of $550 but won't actually...
Question 6 incomplete answer Marked out of 1.00 P Flag question Adjusting Entries for each of the following unrelated situations, prepare the necessary adjusting entry in general journal form a. Unrecorded depreciation on equipment is $1,850 b. The Supplies account has a balance of 54,000. Supplies on hand at the end of the period totaled $2,500. c. On the date for preparing financial statements, an estimated utilities expense of $610 has been incurred, but no utility bill has been received...
Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $11. At the start of January 2018, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Buildings Land Accounts Payable Deferred Revenue Notes Payable (due 2025) Common Stock Retained Earnings $2,150,000 203,000 19,500 881,000 512,000 1,420,000 122,000 77,000 153,000 2,100,000 2,733,500 In addition to the above accounts, VGC's chart of accounts includes...
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