17. Accounts is created when a sale is made to a customer on account. Accounts is...
27&28 please 23. A debit is the normal balance for the following accounts EXCEPT A) Plant, property and equipment account B) Operating expense account Cash-account C) D Retained earmings account 24. A revenue account: A) is increased by credits. B) has a normal balance of a debit. C) decreased by credits. D) is increased by debits. A expense account: A) is increased by debits. B) has a normal balance of a debit. C) decreased by credits. D) All of the...
39. Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries for Janer's Cleaning Service records this transaction? a. Cash, debit; Debbi Janer, Capital, credit b. Accounts Payable, debit; Cash, credit c. Accounts Receivable, debit; Cash, credit d. Accounts Payable, debit; Accounts Receivable, credit 40. Which of the following statements is not true about liabilities? a. Liabilities are debts owed to outsiders. b. Account titles of liabilities often include the term "payable." c. Cash...
12. Under the new method of accounting, service revenues are reported on the income statement in the period in which an agreement is made on cash is received the services are performed 13. A sale is made with credit terms that allow the customer to pay in 30 days. Under the accrual method of accounting the account to be credited at the time of the sale is Accounts Receivable Cash Sales 14. When the company receives the money from its...
1. Which of the following types of accounts is closed at the end of an accounting cycle? A) Dividends B) Assets C) Liabilities D) Common Stock 2. Which of the following statements best describes the balance in a revenue account at the beginning of an accounting period? A) Equal to the amount of retained earnings for the previous period B) Last period's ending balance C) Higher than the previous period’s beginning balance D) Zero
39. Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries for Janer's Cleaning Service records this transaction? a. Cash, debit; Debbi Janer, Capital, credit b. Accounts Payable, debit; Cash, credit c. Accounts Receivable, debit; Cash, credit d. Accounts Payable, debit; Accounts Receivable, credit 40. Which of the following statements is not true about liabilities? a. Liabilities are debts owed to outsiders. b. Account titles of liabilities often include the term "payable." e. Cash...
Post closing trial balance - 8 POINTS: CASH 20,000 10,000 15,000 Is this example post closing trial balance correct? (write Yes or No) A/R EQUIPMENT A/P 5,000 10,000 15,000 If not, list or describe the errors in the space below: COMMON STOCK RETAINED EARNINGS DIVIDENDS SERVICE REVENUE RENT EXPENSE 3,000 23,000 5,000 53,000 53,000 CASH VS ACCRUAL - 18 POINTS Determine Net Income under both the cash and accrual methods of accounting based on the following information: * The Company...
Please use the following account names for this homework: Assets: Cash Accounts Receivable Equipment Vehicles Supplies Liabilities: Accounts Payable Unearned Revenue Dividends Payable Equity: Common Stock Additional Paid-in Capital Service Revenue Telephone Expense Utility Expense Wages Expense Retained Earnings PLEASE NOTE: YOU ALREADY DID THE FIRST 8 TRANSACTIONS IN THE PREVIOUS HOMEWORK. THIS IS JUST A CONTINUATION OF THE PREVIOUS HOMEWORK ASSIGNMENT. Part A: Please analyze the following transactions (Figure out the increases and decreases in assets, liabilities, and...
Receivables are often classified as accounts, notes, long-lived 33 a. b. accounts, notes, other accounts, otes, inventory none of the above. c. d. All of the following are "other receivables" escept petty cash interest receivable. income taxes refundable. advances to employees. 34 a. b. c. d. The method of accounting for bad debt expense, which conforms to GAAP is: 35 direct write-off method. a. allowance method. both a and b none of the above. d. An aging schedule of accounts...
Requirement 3. State why accrual accounting results in an accurate measurement of income Accrual accounting resuits in an accurate measurement of income because it records revenues when earned, regardless of when the cash is recerved and matches the expenses incurred to produce that revenue by recording expenses on the last day of the accounting perio s more complete reports on the last day of the accounting period when cash is received when earned, regardless of when the cash is received,...
Can you answer that for me and explain why? 14. Adjusting Entries are required: When expenses are paid for in a different period than when the cost is incurred to generate revenue. At the end of the accounting period to adjust to the accrual basis of accounting. | When a cost occurs with the passage of time and it has yet to be recorded in the period. The end of the reporting period to comply with GAAP. All the choices...