Homework Answers
| Debit | Credit | ||
| July 31 | Unearned Revenue | 7500 | |
| Design Services Revenue | 7500 | ||
| (To record revenue earned) |
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journal
Required information Known (determinable) current liabilities are set by agreements or laws and are measurable...
Journal entry worksheet 1 check for $7,500 from a customer for On March 1, a designer...
Journal entry worksheet 1 check for $7,500 from a customer for On March 1, a designer received services to be provided after the customer chooses a color scheme for the first floor of her house. On July 31, the designer completed the design work for this customer Note: Enter debits before credits. Date General Journal Debit Credit July 31 Record entry Clear entry View general journal
revenue portion Required information Known (determinable) current liabilities are set by agreements or laws and are...
revenue portion
Required information Known (determinable) current liabilities are set by agreements or laws and are measurable with little uncertainty. They include accounts payable, sales taxes payable, unearned revenues, notes payable, payroll liabilities, and the current portion of long-term debt. Knowledge Check 01 On February 13, a jewelry store sells an engagement ring with a sales price of $10,000 to a nervous young man, who pays in cash. The sale is subject to a 9.75 percent sales tax. Prepare the...
Required information [The following information applies to the questions displayed below Costanza Company experienced the following...
Required information [The following information applies to the questions displayed below Costanza Company experienced the following events and transactions during July 6 Received 57,500 cash in advance of performing work s as 12 Completed the job for Solana. 18 Received $8,500 cash in advance of performing work for Anina Bordan 27 Completed the job for Haru. 31 None of the work for jordan has been performed a. Prepare journal entries (including any adjusting entries as of the July 31 month-end)...
Required information [The following information applies to the questions displayed below.] The following transactions pertain to...
Required information [The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $45,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $24,000 cash. Apr. 10 Purchased $3,200 of supplies on account. July 1 Received $24,000 cash in advance for services to be provided over the next year. 20 Paid $1,500 of the accounts...
Required information (The following information applies to the questions displayed below.] The following transactions pertain to...
Required information (The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $45,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $24,000 cash. Apr. 10 Purchased $3,200 of supplies on account. July 1 Received $24,000 cash in advance for services to be provided over the next year. 20 Paid $1,500 of the accounts...
Required information [The following information applies to the questions displayed below.) The following transactions pertain to...
Required information [The following information applies to the questions displayed below.) The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $53,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $17,500 cash. Apr. 10 Purchased $830 of supplies on account. July 1 Received $23,500 cash in advance for services to be provided over the next year. 20 Paid $623 of the accounts...
Required information [The following information applies to the questions displayed below.] The following information is available...
Required information
[The following information applies to the questions
displayed below.]
The following information is available to reconcile Branch
Company’s book balance of cash with its bank statement cash balance
as of July 31.
On July 31, the company’s Cash account has a $24,906 debit
balance, but its July bank statement shows a $27,589 cash
balance.
Check No. 3031 for $1,640, Check No. 3065 for $596, and Check
No. 3069 for $2,408 are outstanding checks as of July 31....
Required information [The following information applies to the questions displayed below.) The following transactions pertain to...
Required information [The following information applies to the questions displayed below.) The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $45,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $24,000 cash. Apr. 10 Purchased $3,200 of supplies on account. July 1 Received $24,000 cash in advance for services to be provided over the next year. 20 Paid $1,500 of the accounts...
journal Required information Short-term notes payable are current liabilities, most bear interest. When a short-t...
journal
Required information Short-term notes payable are current liabilities, most bear interest. When a short-term note's face value equals the amount borrowed, it identifies a rate of interest to be paid at maturity. Knowledge Check 01 Coolidge Company owes $1,000 for merchandise Inventory purchased from Ross Company during April. The amount owed is now past due. On June 15, Coolidge meets with Ross and convinces Ross to accept $100 cash and a 30 day, 10 percent. $600 note payable to...
Required information [The following information applies to the questions displayed below.) The following information is available...
Required information [The following information applies to the questions displayed below.) The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,486 debit balance, but its July bank statement shows a $28,221 cash balance. b. Check No. 3031 for $1,660, Check No. 3065 for $606, and Check No. 3069 for $2,428 are outstanding checks as of July...
Journal entry worksheet 1 check for $7,500 from a customer for On March 1, a designer received services to be provided after the customer chooses a color scheme for the first floor of her house. On July 31, the designer completed the design work for this customer Note: Enter debits before credits. Date General Journal Debit Credit July 31 Record entry Clear entry View general journal
revenue portion
Required information Known (determinable) current liabilities are set by agreements or laws and are measurable with little uncertainty. They include accounts payable, sales taxes payable, unearned revenues, notes payable, payroll liabilities, and the current portion of long-term debt. Knowledge Check 01 On February 13, a jewelry store sells an engagement ring with a sales price of $10,000 to a nervous young man, who pays in cash. The sale is subject to a 9.75 percent sales tax. Prepare the...
Required information [The following information applies to the questions displayed below Costanza Company experienced the following events and transactions during July 6 Received 57,500 cash in advance of performing work s as 12 Completed the job for Solana. 18 Received $8,500 cash in advance of performing work for Anina Bordan 27 Completed the job for Haru. 31 None of the work for jordan has been performed a. Prepare journal entries (including any adjusting entries as of the July 31 month-end)...
Required information [The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $45,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $24,000 cash. Apr. 10 Purchased $3,200 of supplies on account. July 1 Received $24,000 cash in advance for services to be provided over the next year. 20 Paid $1,500 of the accounts...
Required information (The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $45,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $24,000 cash. Apr. 10 Purchased $3,200 of supplies on account. July 1 Received $24,000 cash in advance for services to be provided over the next year. 20 Paid $1,500 of the accounts...
Required information [The following information applies to the questions displayed below.) The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $53,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $17,500 cash. Apr. 10 Purchased $830 of supplies on account. July 1 Received $23,500 cash in advance for services to be provided over the next year. 20 Paid $623 of the accounts...
Required information
[The following information applies to the questions
displayed below.]
The following information is available to reconcile Branch
Company’s book balance of cash with its bank statement cash balance
as of July 31.
On July 31, the company’s Cash account has a $24,906 debit
balance, but its July bank statement shows a $27,589 cash
balance.
Check No. 3031 for $1,640, Check No. 3065 for $596, and Check
No. 3069 for $2,408 are outstanding checks as of July 31....
Required information [The following information applies to the questions displayed below.) The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $45,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $24,000 cash. Apr. 10 Purchased $3,200 of supplies on account. July 1 Received $24,000 cash in advance for services to be provided over the next year. 20 Paid $1,500 of the accounts...
journal
Required information Short-term notes payable are current liabilities, most bear interest. When a short-term note's face value equals the amount borrowed, it identifies a rate of interest to be paid at maturity. Knowledge Check 01 Coolidge Company owes $1,000 for merchandise Inventory purchased from Ross Company during April. The amount owed is now past due. On June 15, Coolidge meets with Ross and convinces Ross to accept $100 cash and a 30 day, 10 percent. $600 note payable to...
Required information [The following information applies to the questions displayed below.) The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,486 debit balance, but its July bank statement shows a $28,221 cash balance. b. Check No. 3031 for $1,660, Check No. 3065 for $606, and Check No. 3069 for $2,428 are outstanding checks as of July...
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