Homework Answers
1. Option (d) is correct
All the given options are correct
Cash is an asset. It is the part of current assets.It is not part of property, plant and equipment.
2. Option (b) is correct
Money is being borrowed. It created a liability. So notes payable will be credited. Required journal entry is:
Debit Cash
Credit Notes payable
3. Option (b) is correct
Service revenue will not be in the books of merchandising company. Merchandising company deals in the goods. So, service revenue is not part of its accounts.
4. (b)
Interest expenses appears on Income statement.
5. (c)
Statement of owner's equity has the account Drawings on it.
6. (e)
Journal entries are posted to Trial balance.
7. (a)
Accumulated depreciation appears on the Balance sheet.
8. Statement of owner's equity shows the change in net worth for the year.
9. Option (b) is correct
Required entry is:
Debit Creditor
Credit Merchandise inventory
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1. Cash is a. a current asset b. an asset c.not part of property, plant, and...
1) On a merchandising balance sheet, merchandise inventory is listed as a(n) A) current liability. B)...
1) On a merchandising balance sheet, merchandise inventory is listed as a(n) A) current liability. B) expense. C) revenue. D) current asset. 2) A company that uses the perpetual inventory system purchases inventory for $65,000 on account, with terms of 2/1o, n/30. Which of the following is the journal entry to record the payment made within 1 A) a debit to Accounts Payable for $63,700, a debit to Merchandise Inventory for $1,300 and a credit to Cash fors65,000 B) a...
In a merchandising business, when merchandise sold on account, a journal entry is booked to Debit...
In a merchandising business, when merchandise sold on account, a journal entry is booked to Debit to Accounts Receivable and Credit to Sales. In addition: Select one: O A. Cost of goods sold is debited and Merchandise inventory is credited. • B. Cost of goods sold is credited and Merchandise inventory is debited. C. Accounts Receivable is credited and Sales is debited. O D. None of the above.
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...
ice is called a(n) 7. Cash received prior to delivering a product or performing a serv...
ice is called a(n) 7. Cash received prior to delivering a product or performing a serv unearned asset unearned revenue. unearned expense. unearned contra-asset. 8. An example of a contra-revenue account is a. Purchases Purchases Discounts. Sales Returns and Allowances. d. 9. Which of the following accounts would NOT be found under the heading of "Cost of Goods Sold" in a chart of accounts? Purchases Purchases Returns and Allowances a. . Freight-In d. Supplies 10. Merchandise Inventory is listed as...
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...
1. For each of the following (1) identify the type of account as an asset, liability,...
1. For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, and (2) identify the normal balance of the account (debit or credit and the financial statement that the account is listed on (Income Statement or Balance Sheet) Normal balance (debit or credit) Financial statement Account title Account type Asset Cash Prepaid insurance Accounts payable Common stock Utilities expense Land Service revenue Notes receivable Advertising expense Unearned revenue Debit Balance sheet
The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily...
The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to other businesses and occasionally to retail customers.Green Lawn uses the net method under a perpetual inventory system. July 1. Sold merchandise on account to Landscapes Co., $51,020, terms FOB shipping point, n/eom. The cost of the goods sold was $35,140. 2. Sold merchandise for $11,050 plus 6% sales tax to retail cash customers. The cost of the goods sold was $6,830. 5. Sold...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts Payable B) Purchase Returns and Allowances C) Inventory D) Purchases 6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization C. Sales Returns and Allowances D. Sales Discounts 7) To calculate the gross margin percentage, A. Divide net sales by net income B. Divide current assets by current liabilities C. Divide total liabilities by total assets D. Divide...
Exercise 5-05 a-b Presented below are transactions related to Kingbird, Inc.. 1. 2. 3. On December...
Exercise 5-05 a-b Presented below are transactions related to Kingbird, Inc.. 1. 2. 3. On December 3, Kingbird, Inc. sold $622,200 of merchandise on account to Ayayai Co., terms 4/10, n/30, FOB shipping point. The cost of the merchandise sold was $372,100. On December 8, Ayayal Co. was granted an allowance of $20,300 for merchandise purchased on December 3. On December 13, Kingbird, Inc. received the balance due from Ayayai Co. Your answer is partially correct. Try again. Prepare the...
Billy Bob Supply Company uses four special journals: purchases, sales, cash receipts, and cash disbursements, along...
Billy Bob Supply Company uses four special journals: purchases, sales, cash receipts, and cash disbursements, along with a general journal. The following transactions occurred in August: Aug. 1 15 18 Purchased merchandise from Able Co. for $6,000, terms 2/10, 1/30. P Received check from Fox Co. (full balance outstanding for July sale (less the 2% discount) Sent check No.757 for $4,900 to Able Co. in full payment of outstanding balance from the prior month. tuin Sold merchandise on credit to...
1) On a merchandising balance sheet, merchandise inventory is listed as a(n) A) current liability. B) expense. C) revenue. D) current asset. 2) A company that uses the perpetual inventory system purchases inventory for $65,000 on account, with terms of 2/1o, n/30. Which of the following is the journal entry to record the payment made within 1 A) a debit to Accounts Payable for $63,700, a debit to Merchandise Inventory for $1,300 and a credit to Cash fors65,000 B) a...
In a merchandising business, when merchandise sold on account, a journal entry is booked to Debit to Accounts Receivable and Credit to Sales. In addition: Select one: O A. Cost of goods sold is debited and Merchandise inventory is credited. • B. Cost of goods sold is credited and Merchandise inventory is debited. C. Accounts Receivable is credited and Sales is debited. O D. None of the above.
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...
ice is called a(n) 7. Cash received prior to delivering a product or performing a serv unearned asset unearned revenue. unearned expense. unearned contra-asset. 8. An example of a contra-revenue account is a. Purchases Purchases Discounts. Sales Returns and Allowances. d. 9. Which of the following accounts would NOT be found under the heading of "Cost of Goods Sold" in a chart of accounts? Purchases Purchases Returns and Allowances a. . Freight-In d. Supplies 10. Merchandise Inventory is listed as...
1. For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, and (2) identify the normal balance of the account (debit or credit and the financial statement that the account is listed on (Income Statement or Balance Sheet) Normal balance (debit or credit) Financial statement Account title Account type Asset Cash Prepaid insurance Accounts payable Common stock Utilities expense Land Service revenue Notes receivable Advertising expense Unearned revenue Debit Balance sheet
Exercise 5-05 a-b Presented below are transactions related to Kingbird, Inc.. 1. 2. 3. On December 3, Kingbird, Inc. sold $622,200 of merchandise on account to Ayayai Co., terms 4/10, n/30, FOB shipping point. The cost of the merchandise sold was $372,100. On December 8, Ayayal Co. was granted an allowance of $20,300 for merchandise purchased on December 3. On December 13, Kingbird, Inc. received the balance due from Ayayai Co. Your answer is partially correct. Try again. Prepare the...
Billy Bob Supply Company uses four special journals: purchases, sales, cash receipts, and cash disbursements, along with a general journal. The following transactions occurred in August: Aug. 1 15 18 Purchased merchandise from Able Co. for $6,000, terms 2/10, 1/30. P Received check from Fox Co. (full balance outstanding for July sale (less the 2% discount) Sent check No.757 for $4,900 to Able Co. in full payment of outstanding balance from the prior month. tuin Sold merchandise on credit to...
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