Homework Answers
Answer:-
1--(b)the physical inventory
2--(a)current liability on the balance sheet
3--(d)cash income from business transactions
4--(b)net income will be understated
5--(a)debit cash and credit unearned revenue.
6--(a)Merchandise Inventory is debited and Cash or accounts payable is credited.
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Name 1. Actually counting the goods on hand at the end of the accounting period and...
During a maternity leave of the full-time bookkeeper, a temporary employee was involved in the following...
During a maternity leave of the full-time bookkeeper, a temporary employee was involved in the following transactions. 1. A payment by cheque for $480 to a repair shop for fixing the truck was debited to the Vehicles account and a credit to Cash. 2. A deposit for a collection on account of $1,000 was debited to Cash and credited to Service Revenue. 3. A cheque for $440 to pay for advertising expense was recorded as a Debit to Rent Expense...
1.Indicate the proper journal entry to record payment of a cash dividend previously declared: Select one:...
1.Indicate the proper journal entry to record payment of a cash dividend previously declared: Select one: a. Debit Cash, credit Dividend Payable b. Debit Dividends, credit Cash 2.A bookkeeper erroneously recorded a $7 accrual of wages payable using this journal entry: Sales Discount $7 Inventory $7 Indicate the effect of the error on Expenses, Assets, and Liabilities, respectively: Select one: a. No Error, Understated, No Error b. Overstated, No Error, Understated c. Understated, Understated, Understated d. No Error, No Error,...
QUESTION 2 An error in the physical count of goods on hand at the end of...
QUESTION 2 An error in the physical count of goods on hand at the end of a period resulted in a $10,000 overstatement of the ending inventory. The effect of this error in the current period is Cost of Goods Sold Understated Net Income Understated Cost of Goods Sold Overstated Net Income Overstated Cost of Goods Sold Understated Net Income Overstated Cost of Goods Sold Overstated Net Income Understated
1. On 12/31/12, as part of the year-end adjusting journal entries, the Strickland Company accrues three...
1. On 12/31/12, as part of the year-end adjusting journal entries, the Strickland Company accrues three day's wages of $600 ($200 per day). The proper 12/31/12 closing entries are made. No reversing entry is made on 1/1/13. Strickland pays the weekly payroll of $1,000 on 1/2/13. The balance in the Wage Expense account after the 1/2/13 journal entry will be: Select one: a. $0 b. $400 c. $600 d. $1,000 e. $1,200 2. Which principle is most representative of the...
73. The freight paid on goods purchased F.O.B. shipping point was debited to the Freight Expense...
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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...
SOLID PUUT ..re Preparation Quiz: Solid Footing Chapters 3 and 4 Name: Print your name above....
SOLID PUUT ..re Preparation Quiz: Solid Footing Chapters 3 and 4 Name: Print your name above. Print your name on the Multiple Choice Answer Form For each of the questions below-circle the best answer to the question - then place your answer on the Multiple Choice Answer Form. Only the answer on the Multiple Choice Answer Form will be counted for grading purposes. 1. А Revenue accounts will always start each new accounting period: with a credit balance equal to...
King Enterprises is a book wholesaler. King hired a new accounting clerk on January 1 of...
King Enterprises is a book wholesaler. King hired a new
accounting clerk on January 1 of the current year. The new clerk
does not understand accrual accounting and recorded the following
transactions based on when cash receipts and disbursements changed
hands rather than when the transaction occurred. King uses a
perpetual inventory system, and its accounting policy calls for
inventory purchases to be recorded net of any discounts
offered.
Problem 6.6A Correcting Errors-Recording of Merchandising Transactions (LO6-2, LO6-3, LO6-6) King...
write down the journal entry that the company ACTUALLY MADE (shown on the right side of...
write down the journal entry that the company ACTUALLY MADE
(shown on the right side of the attached sheet) for each
error.
Write down the journal enrtry that the company SHOULD HAVE
made.
thank you!!
in the column headings in the table. Use the following symbols:0 = overstated, U = understated and NE no effect Total Revenue Total Expenses Net Income Total Assets Total Liabilities Error Owners' Equity a. Recorded a declared but unpaid dividend by debiting dividends and crediting...
please answer all of these thank you 1. Under cash accounting, a credit to fees earned...
please answer all of these
thank you
1. Under cash accounting, a credit to fees earned is preceded by a debit to what account A. Cash B. Accounts Receivable C. Accounts Payable D. Wages Expense A credit to accounts receivable is balanced with a debit to what account A. Wages Expense B. Cash C. Accounts Payable D. Owner's Withdrawals 3. Under cash accounting, a debit to rent expense is balanced by a credit to what 2. account A. Revenue B....
QUESTION 2 An error in the physical count of goods on hand at the end of a period resulted in a $10,000 overstatement of the ending inventory. The effect of this error in the current period is Cost of Goods Sold Understated Net Income Understated Cost of Goods Sold Overstated Net Income Overstated Cost of Goods Sold Understated Net Income Overstated Cost of Goods Sold Overstated Net Income Understated
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...
SOLID PUUT ..re Preparation Quiz: Solid Footing Chapters 3 and 4 Name: Print your name above. Print your name on the Multiple Choice Answer Form For each of the questions below-circle the best answer to the question - then place your answer on the Multiple Choice Answer Form. Only the answer on the Multiple Choice Answer Form will be counted for grading purposes. 1. А Revenue accounts will always start each new accounting period: with a credit balance equal to...
King Enterprises is a book wholesaler. King hired a new
accounting clerk on January 1 of the current year. The new clerk
does not understand accrual accounting and recorded the following
transactions based on when cash receipts and disbursements changed
hands rather than when the transaction occurred. King uses a
perpetual inventory system, and its accounting policy calls for
inventory purchases to be recorded net of any discounts
offered.
Problem 6.6A Correcting Errors-Recording of Merchandising Transactions (LO6-2, LO6-3, LO6-6) King...
write down the journal entry that the company ACTUALLY MADE
(shown on the right side of the attached sheet) for each
error.
Write down the journal enrtry that the company SHOULD HAVE
made.
thank you!!
in the column headings in the table. Use the following symbols:0 = overstated, U = understated and NE no effect Total Revenue Total Expenses Net Income Total Assets Total Liabilities Error Owners' Equity a. Recorded a declared but unpaid dividend by debiting dividends and crediting...
please answer all of these
thank you
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