Homework Answers
Calculate total assets as follows:
Total assets = Cash + Accounts receivable + Supplies + Land = 10,000 + 20,000 + 5,000 + 37,000 = $72,000
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10.
The journal entry to record purchase of office supplies on account is prepared as follows:
Office Supplies, debit; Accounts Payable, credit
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11.
The financial statement that is used to determine profitability is income statement.
An income statement shows all revenues and expenses incurred during a period and also whether the revenues were greater than the expenses or not.
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Supplies expense = Beginning balance + Purchases - Ending balance = $6,000 + $1,000 - $400 = $6,600
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9.
The journal entry to record used rent of $1,000 will be prepared as follows:
Rent expense 1,000
Prepaid rent 1,000
Add Answer to:
13 seconds. Status: Trial Balance wash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock...
1 J , 13 Secunos, Question Completion Status: 10000 20000 5000 37000 Cash Accounts Receivable Supplies...
1 J , 13 Secunos, Question Completion Status: 10000 20000 5000 37000 Cash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 Prepare a statement of Retained Earnings to get the ending retained earnings. Don't forget you have to do an income statement before you can do the statement of retained earnings. Negative ($8000) $14,000 $7000 None of the above...
Remaining Time: 54 minutes, 11 seconds. Question Completion Status: Cash Accounts Receivable Supplies Land Accounts Payable...
Remaining Time: 54 minutes, 11 seconds. Question Completion Status: Cash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 10000 20000 5000 37000 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 ============= Make an income statement and determine the net income. $22000 $29000 $28000 None of the above
Cash Accounts receivable office supplies Land Office equipment Accounts payable Dividends s 25,270 Consulting fees earned...
Cash Accounts receivable office supplies Land Office equipment Accounts payable Dividends s 25,270 Consulting fees earned 26,92 9,460 5,510 760 430 101,800 22,280 Rent expense 5,150 Salaries expense 43,940 Telephone expense 19,910 Miscel laneous expenses 10,780 Common stock 5,918 Exercise 2-16 Preparing an income statement LO C3, P3 Use the above information to prepare an August income statement for the business HELP TODAY Income Statement here to search ax We were unable to transcribe this image
Cash Dividends Account Title Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Land Accounts payable Interest...
Cash Dividends Account Title Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 6,800 18,000 8,113 170,000 $ 35,020 48,000 10,800 4,000 35,000 48,544 140,000 38,000 130,000 22,588 69,178 10,000 12,685 $ 403,364 $403,364 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON...
NEED HELP WITH T-ACCOUNTS AND TRIAL BALANCE Transaction Analysis and Trial Balance Make T-accounts for the...
NEED HELP WITH T-ACCOUNTS AND TRIAL BALANCE
Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Mead Pet Hospital owned by R. Mead, a veterinarian Cash, Accounts Receivable, Supplies: Office Equipment Accounts Payable; Common Stock Dividends: Professional Fees Earned; Salaries Expense; and Rent Expense. Using the accounting equation, record each of the transactions in columnar format. Prepare journal entries and record the following December transactions in the T- accounts and key...
Accounts $33,500 Payable Accounts 67,050 Receivable Cash Common 126,550 Stock Dividends 35,000 Fees Earned 558,700 Insurance...
Accounts $33,500 Payable Accounts 67,050 Receivable Cash Common 126,550 Stock Dividends 35,000 Fees Earned 558,700 Insurance 10,600 Expense Land 153,100 Miscellaneous 15,650 Expense Notes 73,000 Payable Prepaid 5,050 Insurance Rent Expense 106,200 Retained 29,900 Earnings Supplies 3,350 Supplies 13,950 Expense Unearned 15,200 Rent Utilities 74,850 Expense Wages 312,850 Expense a. Prepare an unadjusted trial balance. List all the accounts in the order of Assets, Liabilities, Stockholders' equity, Revenues, and Expenses. Place the amounts in the proper columns. If an entry...
Data Table Cash... Accounts receivable. .. Inventory Supplies . Land Accounts payable . Common stock Sales...
Data Table Cash... Accounts receivable. .. Inventory Supplies . Land Accounts payable . Common stock Sales revenue Salary expense Rent expense.. Utilities expense.... Total S 14,800 13,400 17,300 300 53,000 S 11,700 47.900 44,300 1,800 1,300 1,100 S 103,000 S 103,900 Print Done More Info a. Recorded a $700 cash revenue transaction by debiting Accounts Receivable. The credit entry was correct. b. Posted a $2,000 credit to Accounts Payable as S200. c. Did not record utilities expense or the related...
QUESTION 29 I paid my accounts p ayable. How would I record that? a. debit Accounts...
QUESTION 29 I paid my accounts p ayable. How would I record that? a. debit Accounts Payable; credit Cash b. debit Cash; credit Accounts Payable c. debit Accounts Receivable; credit Cash d. debit Cash; credit Supplies Expense puse, Credit Cash QUESTION 27 The adjusting entry to record the depreciation of a building for the fiscal period is a. debit Building; credit Depreciation Expense. b. debit Depreciation Expense; credit Accumulated Depreciation. c. debit Accumulated Depreciation; credit Depreciation Expense. d. debit Depreciation...
choices for each line are: accounts payable, accounts recievable, cash, common stock, dividends, fees earned, office...
choices for each line are: accounts payable, accounts
recievable, cash, common stock, dividends, fees earned, office
equipment, office supplies, rent expense
a. Kacy Spade, owner, invested $17,500 cash in the company in exchange for common stock. b. The company purchased office supplies for $508 cash. c. The company purchased $9,678 of office equipment on credit. d. The company received $2,065 cash as fees for services provided to a custor e. The company paid $9,678 cash to settle the payable for...
Cash Accounts receivable Office supplies Land Office equipment Accounts payable Dividends 25,270 Consulting fees earned 22,280...
Cash Accounts receivable Office supplies Land Office equipment Accounts payable Dividends 25,270 Consulting fees earned 22,280 Rent expense 5,150 Salaries expense 43,940 Telephone expense 19,910 Miscellaneous expenses 10,700 Common stock s26,920 9,460 5,510 760 430 101,000 5,910 Exercise 2-17 Preparing a statement of retained earnings LO P3 Use the above information to prepare an August statement of retained earnings for Help Today. (H $10,760.) HELP TODAY Statement of Retained Earnings 0
1 J , 13 Secunos, Question Completion Status: 10000 20000 5000 37000 Cash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 Prepare a statement of Retained Earnings to get the ending retained earnings. Don't forget you have to do an income statement before you can do the statement of retained earnings. Negative ($8000) $14,000 $7000 None of the above...
Remaining Time: 54 minutes, 11 seconds. Question Completion Status: Cash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 10000 20000 5000 37000 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 ============= Make an income statement and determine the net income. $22000 $29000 $28000 None of the above
Cash Accounts receivable office supplies Land Office equipment Accounts payable Dividends s 25,270 Consulting fees earned 26,92 9,460 5,510 760 430 101,800 22,280 Rent expense 5,150 Salaries expense 43,940 Telephone expense 19,910 Miscel laneous expenses 10,780 Common stock 5,918 Exercise 2-16 Preparing an income statement LO C3, P3 Use the above information to prepare an August income statement for the business HELP TODAY Income Statement here to search ax We were unable to transcribe this image
Cash Dividends Account Title Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 6,800 18,000 8,113 170,000 $ 35,020 48,000 10,800 4,000 35,000 48,544 140,000 38,000 130,000 22,588 69,178 10,000 12,685 $ 403,364 $403,364 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON...
NEED HELP WITH T-ACCOUNTS AND TRIAL BALANCE
Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Mead Pet Hospital owned by R. Mead, a veterinarian Cash, Accounts Receivable, Supplies: Office Equipment Accounts Payable; Common Stock Dividends: Professional Fees Earned; Salaries Expense; and Rent Expense. Using the accounting equation, record each of the transactions in columnar format. Prepare journal entries and record the following December transactions in the T- accounts and key...
Accounts $33,500 Payable Accounts 67,050 Receivable Cash Common 126,550 Stock Dividends 35,000 Fees Earned 558,700 Insurance 10,600 Expense Land 153,100 Miscellaneous 15,650 Expense Notes 73,000 Payable Prepaid 5,050 Insurance Rent Expense 106,200 Retained 29,900 Earnings Supplies 3,350 Supplies 13,950 Expense Unearned 15,200 Rent Utilities 74,850 Expense Wages 312,850 Expense a. Prepare an unadjusted trial balance. List all the accounts in the order of Assets, Liabilities, Stockholders' equity, Revenues, and Expenses. Place the amounts in the proper columns. If an entry...
Data Table Cash... Accounts receivable. .. Inventory Supplies . Land Accounts payable . Common stock Sales revenue Salary expense Rent expense.. Utilities expense.... Total S 14,800 13,400 17,300 300 53,000 S 11,700 47.900 44,300 1,800 1,300 1,100 S 103,000 S 103,900 Print Done More Info a. Recorded a $700 cash revenue transaction by debiting Accounts Receivable. The credit entry was correct. b. Posted a $2,000 credit to Accounts Payable as S200. c. Did not record utilities expense or the related...
QUESTION 29 I paid my accounts p ayable. How would I record that? a. debit Accounts Payable; credit Cash b. debit Cash; credit Accounts Payable c. debit Accounts Receivable; credit Cash d. debit Cash; credit Supplies Expense puse, Credit Cash QUESTION 27 The adjusting entry to record the depreciation of a building for the fiscal period is a. debit Building; credit Depreciation Expense. b. debit Depreciation Expense; credit Accumulated Depreciation. c. debit Accumulated Depreciation; credit Depreciation Expense. d. debit Depreciation...
choices for each line are: accounts payable, accounts
recievable, cash, common stock, dividends, fees earned, office
equipment, office supplies, rent expense
a. Kacy Spade, owner, invested $17,500 cash in the company in exchange for common stock. b. The company purchased office supplies for $508 cash. c. The company purchased $9,678 of office equipment on credit. d. The company received $2,065 cash as fees for services provided to a custor e. The company paid $9,678 cash to settle the payable for...
Cash Accounts receivable Office supplies Land Office equipment Accounts payable Dividends 25,270 Consulting fees earned 22,280 Rent expense 5,150 Salaries expense 43,940 Telephone expense 19,910 Miscellaneous expenses 10,700 Common stock s26,920 9,460 5,510 760 430 101,000 5,910 Exercise 2-17 Preparing a statement of retained earnings LO P3 Use the above information to prepare an August statement of retained earnings for Help Today. (H $10,760.) HELP TODAY Statement of Retained Earnings 0
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