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Question 7 (of 16) value 15.00 points When a company purchases inventory on account (that is,...
please answr all Question 16 1 pts During 2020, New Company earned service revenues amounting to...
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Question 16 1 pts During 2020, New Company earned service revenues amounting to $200,000, of which $120,000 were collected in cash; the balance will be collected in January 2021. The 2020 income statement of the company should report the ing amount for service revenues O $320,000 O $200,000 O $80,000 O $120,000 Question 18 1 pts Which of the following statements is correct about recording transactions in a journal? O Every transaction must affect at least three...
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...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabil...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabilities. increase assets and increase liabilities. increase one asset and decrease another asset. An example of an expense is withdrawals by the owner. supplies consumed. prepaid insurance. investments. Asset and expense accounts normally have credit balances. large balances. debit balances. negative balances. Accounts that affect owner's equity are expenses, capital, and revenue....
Ace Bonding Company purchased merchandise inventory on account. The inventory costs $2,000 and is expected to...
Ace Bonding Company purchased merchandise inventory on account. The inventory costs $2,000 and is expected to sell for $3,000. How should Ace record the purchase? Cost of 3,000 3,000 of Accounts payable QUESTION 8 pe Eve's Apples opened its business on January 1, 2018, and paid for two insurance policies effective that date. The liability policy was $36,000 for 18 months, and the crop damage polioy was $12,000 for a two-year 20187 term. What is the balance in Eve's prepaid...
Question 14 The journal entry to record a payment made in January for rent for the...
Question 14 The journal entry to record a payment made in January for rent for the months of February and March would include O a debit to Sue Snow. Drawing and a credit to Rent Expense. a debit to Sue Snow, Capital, and a credit to Cash. O a debit to Prepaid Rent and a credit to Cash. a debit to Rent Expense and a credit to Cash. Question 15 If a transaction is properly analyzed and recorded, one account...
Question 5 View Policies Current Attempt in Progress Selected transactions for Ayayai, an interior decorator corporation,...
Question 5 View Policies Current Attempt in Progress Selected transactions for Ayayai, an interior decorator corporation, in its first month of business, are as follows. 1. Issued stock to investors for $16,500 in cash. 2. Purchased used car for $10.200 cash for use in business. 3. Purchased supplies on account for $250. 4. Billed customers $3,790 for services performed. 5. Paid $130 cash for advertising at the start of the business. 6. Received $1,770 cash from customers billed in transaction...
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account...
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this inventory on account on March 17 for $60,000. Record transactions for the purchase and sale of inventory. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the purchase of inventory on account. Note: Enter debits before credits....
11. 0.50 points Shankar Company uses a perpetual system to record inventory transactions. The company purchases...
11. 0.50 points Shankar Company uses a perpetual system to record inventory transactions. The company purchases Inventory on account on February 2 for $32.000 and then sols this inventory on account on March 17 for Record transactions for the purchase and sale of inventory Of ne entry is required for a transaction event, select "No journal entry required in the first account Red.) View transaction ist Journal entry worksheet Record the purchase of inventory on account Note: Errors before credits...
Question 1 16 pts A company often pays insurance that will provide the company insurance coverage...
Question 1 16 pts A company often pays insurance that will provide the company insurance coverage for 6 months or longer. When the company pays for the insurance, the account that is debited is called a prepaid expense. This is an asset, not an expense. Why? It is the same as cash It will benefit the company in future periods, and therefore has not been used up It has been used up and should be an expense Question 2 17...
QUESTION 14 A company purchases supplies on account, what is the effect on the accounting equation?...
QUESTION 14 A company purchases supplies on account, what is the effect on the accounting equation? Assets decrease; equity increases Assets decrease; equity decreases Liabilities decrease; equity decreases Liabilities increase; equity increases Liabilities increase; assets increase 4 points QUESTION 15 Unearned revenues are: Revenues that have been earned and received in cash Revenues that have been earned but not yet collected in cash Liabilities created when a customer pays in advance for products or services before the revenue...
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Question 16 1 pts During 2020, New Company earned service revenues amounting to $200,000, of which $120,000 were collected in cash; the balance will be collected in January 2021. The 2020 income statement of the company should report the ing amount for service revenues O $320,000 O $200,000 O $80,000 O $120,000 Question 18 1 pts Which of the following statements is correct about recording transactions in a journal? O Every transaction must affect at least three...
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...
Ace Bonding Company purchased merchandise inventory on account. The inventory costs $2,000 and is expected to sell for $3,000. How should Ace record the purchase? Cost of 3,000 3,000 of Accounts payable QUESTION 8 pe Eve's Apples opened its business on January 1, 2018, and paid for two insurance policies effective that date. The liability policy was $36,000 for 18 months, and the crop damage polioy was $12,000 for a two-year 20187 term. What is the balance in Eve's prepaid...
Question 14 The journal entry to record a payment made in January for rent for the months of February and March would include O a debit to Sue Snow. Drawing and a credit to Rent Expense. a debit to Sue Snow, Capital, and a credit to Cash. O a debit to Prepaid Rent and a credit to Cash. a debit to Rent Expense and a credit to Cash. Question 15 If a transaction is properly analyzed and recorded, one account...
Question 5 View Policies Current Attempt in Progress Selected transactions for Ayayai, an interior decorator corporation, in its first month of business, are as follows. 1. Issued stock to investors for $16,500 in cash. 2. Purchased used car for $10.200 cash for use in business. 3. Purchased supplies on account for $250. 4. Billed customers $3,790 for services performed. 5. Paid $130 cash for advertising at the start of the business. 6. Received $1,770 cash from customers billed in transaction...
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this inventory on account on March 17 for $60,000. Record transactions for the purchase and sale of inventory. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the purchase of inventory on account. Note: Enter debits before credits....
11. 0.50 points Shankar Company uses a perpetual system to record inventory transactions. The company purchases Inventory on account on February 2 for $32.000 and then sols this inventory on account on March 17 for Record transactions for the purchase and sale of inventory Of ne entry is required for a transaction event, select "No journal entry required in the first account Red.) View transaction ist Journal entry worksheet Record the purchase of inventory on account Note: Errors before credits...
Question 1 16 pts A company often pays insurance that will provide the company insurance coverage for 6 months or longer. When the company pays for the insurance, the account that is debited is called a prepaid expense. This is an asset, not an expense. Why? It is the same as cash It will benefit the company in future periods, and therefore has not been used up It has been used up and should be an expense Question 2 17...
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