Homework Answers
1.
Petty cash is an asset account and it has normal debit balance.
Third option is the correct option.
2.
Amortization method is used to deduct expense of an intangible asset.
Third option is the correct option.
3.
Total cost of machine = Cash purchase price + Shipping charges + Installation charges + Cost of testing
= 100,000 + 2,000 + 1,000 + 500
= $103,500
First option is the correct option.
4.
Bad debt expense = Sales x Percent estimated as uncollectible
= 50,000 x 2%
= $1,000
First option is the correct option.
Kindly give a positive rating if you are satisfied with the answer. Feel free to ask if you have any doubt. Thanks
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QUESTION 1 What type of account is petty cash and what is its normal balance? revenue,...
y will QUESTION 14 AS400 petty cash Band 100 in cash remaining and receipts of 180....
y will QUESTION 14 AS400 petty cash Band 100 in cash remaining and receipts of 180. When lopees the O A $20 debit to cash short and over Oba 5120 credit to cash short and over O credit to petty cash of $100 Od a credit to cash of $300 QUESTION 15 Which is NOT a natural resource? O Patent 0 он O Gas Timber QUESTION 16 Allowance for Doubtful Account has a credit balance of $500 at the end...
What is the type of account and normal balance of Allowance for Doubtful Accounts? a.contra asset,...
What is the type of account and normal balance of Allowance for Doubtful Accounts? a.contra asset, debit b.asset, credit c.asset, debit d.contra asset, credit To record estimated uncollectible receivables using the allowance method, the adjusting entry would be a a.debit to Accounts Receivable and a credit to Allowance for Doubtful Accounts b.debit to Allowance for Doubtful Accounts and a credit to Accounts Receivable c.debit to Loss on Credit Sales and a credit to Accounts Receivable d.debit to Bad Debt Expense...
QUESTION 29 All of the following are needed for the calcalation of straight lne depeeciation escegt Oaestimatend hf...
QUESTION 29 All of the following are needed for the calcalation of straight lne depeeciation escegt Oaestimatend hfe Ob residual value Oc units prodaced Od cost QUESTION 30 Jefferson uses the percent of sales method of estimating uncellectble expenses Based on past htory, 2% of cndt sales following is corect reganding the entry to recoed estimated uncellechible seceisables Oa Accounts Receivable will be debited Ob Bad Debe Expense will be credeed Oc Cash will be debited O4 Allowance for Doubeful...
Problem 3 – Account Characteristics – 10 points Account Title Account Type What does Debit do...
Problem 3 – Account Characteristics – 10 points
Account Title
Account Type
What does Debit
do to account?
+ or -
Normal Balance
of Account
(Debit or Credit)
Which Financial Statement?
(Balance Sheet, Income Statement, Statement of Retained
Earnings)
Example
Petty Cash
Asset
+
Debit
Balance Sheet
1
Depreciation Expense
2
Merchandise Inventory
3
Cost of Goods Sold
4
Unearned Subscription Revenue
5
Service Revenue
6
Retained Earnings
7
Allowance for Doubtful Accounts
8
Interest Receivable
9
Patent
10
Notes...
QUESTION 18 The debit portion of the journal entry to relenish the petty cash fur O...
QUESTION 18 The debit portion of the journal entry to relenish the petty cash fur O a. a list of the various accounts for which the petty cash was discured O b. Petty Cash O c. Accounts Receivable Od Cash QUESTION 19 Some years Mano uses his machine a few hours a year and sometimes he uses it thousands of hours a year. What depreciation method should he use? O Double Declining Balance Units of Production (Output) O Straight line...
QUESTION 2 The supplies account has a $3,000 beginning balance. After counting the supplies in the...
QUESTION 2 The supplies account has a $3,000 beginning balance. After counting the supplies in the stock room it was determined that $1,000 in supplies are left. What is the adjusting entry? O Debit: supplies expense $2000, Credit: Supplies $2000 O Debit: supplies $1000, Credit: supplies expense $1000 O Debit: supplies expense $1000, Credit: Supplies $1000 O Debit: supplies $2000, Credit: supplies expense $2000 QUESTION 8 Employees earn $1,000 for a five day work week that begins on Monday and...
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account;
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account; and (3) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance.
QUESTION 5 You have just received notice that a customer of yours with an Account Receivab...
QUESTION 5 You have just received notice that a customer of yours with an Account Receivab make is to of S100 has gone bankrupt and will not make my future payments you the allow e d the you O a debit Bad Debt Expense and credit Accounts Receivable Ob debit Bad Debt Expense and credit Allowance for Doubtful Accounts Oc debut Allowance for Doubtful Accounts and credit Accounts Receivable Od debit Allowance for Doubtful Accounts and credit Bad Debt spense...
ANSWER TRUE OR FALSE: 15-The entry to increase the balance in petty cash from $50 to...
ANSWER TRUE OR FALSE: 15-The entry to increase the balance in petty cash from $50 to $75 would include a credit to Petty Cash of $25. 16-.outstanding checks are checks that the company has written and distributed, yet the bank paid and o deducted from the customer's bank account during the month. 17-A bank reconciliation explains any differences between the balance of a checking account on the depositor's records and the balance reported on the bank statement. 18-A company borrowed...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
y will QUESTION 14 AS400 petty cash Band 100 in cash remaining and receipts of 180. When lopees the O A $20 debit to cash short and over Oba 5120 credit to cash short and over O credit to petty cash of $100 Od a credit to cash of $300 QUESTION 15 Which is NOT a natural resource? O Patent 0 он O Gas Timber QUESTION 16 Allowance for Doubtful Account has a credit balance of $500 at the end...
QUESTION 29 All of the following are needed for the calcalation of straight lne depeeciation escegt Oaestimatend hfe Ob residual value Oc units prodaced Od cost QUESTION 30 Jefferson uses the percent of sales method of estimating uncellectble expenses Based on past htory, 2% of cndt sales following is corect reganding the entry to recoed estimated uncellechible seceisables Oa Accounts Receivable will be debited Ob Bad Debe Expense will be credeed Oc Cash will be debited O4 Allowance for Doubeful...
Problem 3 – Account Characteristics – 10 points
Account Title
Account Type
What does Debit
do to account?
+ or -
Normal Balance
of Account
(Debit or Credit)
Which Financial Statement?
(Balance Sheet, Income Statement, Statement of Retained
Earnings)
Example
Petty Cash
Asset
+
Debit
Balance Sheet
1
Depreciation Expense
2
Merchandise Inventory
3
Cost of Goods Sold
4
Unearned Subscription Revenue
5
Service Revenue
6
Retained Earnings
7
Allowance for Doubtful Accounts
8
Interest Receivable
9
Patent
10
Notes...
QUESTION 18 The debit portion of the journal entry to relenish the petty cash fur O a. a list of the various accounts for which the petty cash was discured O b. Petty Cash O c. Accounts Receivable Od Cash QUESTION 19 Some years Mano uses his machine a few hours a year and sometimes he uses it thousands of hours a year. What depreciation method should he use? O Double Declining Balance Units of Production (Output) O Straight line...
QUESTION 2 The supplies account has a $3,000 beginning balance. After counting the supplies in the stock room it was determined that $1,000 in supplies are left. What is the adjusting entry? O Debit: supplies expense $2000, Credit: Supplies $2000 O Debit: supplies $1000, Credit: supplies expense $1000 O Debit: supplies expense $1000, Credit: Supplies $1000 O Debit: supplies $2000, Credit: supplies expense $2000 QUESTION 8 Employees earn $1,000 for a five day work week that begins on Monday and...
QUESTION 5 You have just received notice that a customer of yours with an Account Receivab make is to of S100 has gone bankrupt and will not make my future payments you the allow e d the you O a debit Bad Debt Expense and credit Accounts Receivable Ob debit Bad Debt Expense and credit Allowance for Doubtful Accounts Oc debut Allowance for Doubtful Accounts and credit Accounts Receivable Od debit Allowance for Doubtful Accounts and credit Bad Debt spense...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
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