Homework Answers
Answer: Option A. Dues Receivable.
Accrual Ajusting journal Entry means an entry made at the accounting year end to record unrecognised revenue and expenses. Accrual means the income to be received for which service was already provided or expense to be paid for which the benefit was already received.
Dues Receivable:
Dues receivable is an accrual account. Income to be received for which the service was already provided.
Income received in advance:
Income received in advance is an deferral account. The Deferral account delays the recognistion of income or expense over a period of time.
Prepaid wages:
Preapaid wages is an asset account. It should be shown in the balance sheet.
Unearned rent:
Unearned rent is an deferral account.The Deferral account delays the recognistion of income or expense over a period of time.
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Which of the following is/are accrual AJE account(s)? A. Dues receivable B. Interest received in advance...
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The Goldsboro Athletic Club presented the following accrual basis statements at the end of 2009: Comparative Balance Sheets Cash Dues Receivable Rent Receivable Accrued Interest Receivable Prepaid Rent Supplies Investments Furniture and Fixtures Accumulated Depreciation December 31 2009 20x8 $8,875 $1,600 2,300 1,800 850 990 225 400 900 2,335 370 300 2,000 5,375 5,600 3,650 (1,120) (450) $20,000 $16.000 Accounts Payable (supplies only) Rent Payable Deferred Rent Dues Received in Advance Unearned Interest Accrued General Expenses Notes Payable Members' Equity...
Use the information below to answer the following: 1/1/X0 12/31/X0 Prepaid dues $2,700 $ 1,500 Dues...
Use the information below to answer the following: 1/1/X0 12/31/X0 Prepaid dues $2,700 $ 1,500 Dues received in advance $ 600 $ 100 Cash received for dues $31,000 What is accrual basis dues revenue for the year? $29,800 $30, 300 $30,500 $31,500 $32,200 B.
1. Which account would be credited when closing the account for rent expense for the year?...
1. Which account would be credited when closing the account for rent expense for the year? a. Rent Expense b. Prepaid Rent c. Rent Revenue d. Unearned Rent Revenue 2. Which of the following accounts is considered a permanent or real account? a. Prepaid Insurance b. Interest Revenue c. Insurance Expense d. Supplies Expense 3. Which of these accounts would be present in the closing entries? a. Dividends b. Accounts Receivable c. Unearned Service Revenue d. Sales Tax Payable 4....
GloArt, Inc. entered into the following transactions during January a) Received $30,000 for January services. b)...
GloArt, Inc. entered into the following transactions during January a) Received $30,000 for January services. b) Provided S10,000 in design services on account c) Collected $8,000 from customers on account. d) Collected $10,000 in advance on a prepaid contract. e) Provided $3,000 of design services under contract in itemd f) Used $450 of supplies on the work described in item e. g) Paid $26,000 for January salaries. h) Paid $3,000 for one year's insurance coverage, and $12,000 for six months'...
GloArt, Inc. entered into the following transactions during January a) Received $30,000 for January services. b)...
GloArt, Inc. entered into the following transactions during January a) Received $30,000 for January services. b) Provided S10,000 in design services on account c) Collected $8,000 from customers on account. d) Collected $10,000 in advance on a prepaid contract. e) Provided $3,000 of design services under contract in itemd f) Used $450 of supplies on the work described in item e. g) Paid $26,000 for January salaries. h) Paid $3,000 for one year's insurance coverage, and $12,000 for six months'...
1. Which of the following are NOT in accordance with generally accepted accounting principles? cash basis...
1. Which of the following are NOT in accordance with generally accepted accounting principles? cash basis accounting accrual basis accounting both cash and accrual basis accounting neither the cash or accrual basis accounting 2. The balance in the office supplies account on June 1 was $2,000, supplies purchased during June were $4,300, and the supplies on hand at June 30 were $1,500. The amount to be used for the appropriate adjusting entry is 800 6300 3500 4800 3. Melman Company...
If a business has received cash in advance of services performed and credits a liability account,...
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
A. On May 1st, 2019, Desert paid $180,000 in advance for 18 months rent on its...
A. On May 1st, 2019, Desert paid $180,000 in advance for 18 months rent on its new warehouse. At the time, Desert debited a Nominal Account! B. On August 1st, 2019, Desert received $120,000 cash in advance for services to be provided over the next 6 months. At the time, Desert credited a Real account, For your account titles, choose from: Unearned Une Rent Prepaid Rent Revenue Prepaid Services Revenue Rent Expense Revenue i Service Expense Revenue Unearned Service "Because...
QUESTION 9 101 Cash 111 Notes Receivable 112 Accounts Receivable 114 Interest Receivable 119 Allow for...
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43. Your company, which uses accrual basis accounting, pays $18,000 in advance to cover a 3-year insurance premium and debits Prepaid Insurance. How much insurance expense has your company incurred after 1 year has elapsed? a. $18,000 b. $12,000 c. $6,000 d. $0 Use the following information for Questions 44 and 45: Your company shows the following data at the end of its first year: Credit sales for the year Accounts Receivable balance Allowance for Doubtful Accounts $1,000,000 100,000 4,000...
The Goldsboro Athletic Club presented the following accrual basis statements at the end of 2009: Comparative Balance Sheets Cash Dues Receivable Rent Receivable Accrued Interest Receivable Prepaid Rent Supplies Investments Furniture and Fixtures Accumulated Depreciation December 31 2009 20x8 $8,875 $1,600 2,300 1,800 850 990 225 400 900 2,335 370 300 2,000 5,375 5,600 3,650 (1,120) (450) $20,000 $16.000 Accounts Payable (supplies only) Rent Payable Deferred Rent Dues Received in Advance Unearned Interest Accrued General Expenses Notes Payable Members' Equity...
Use the information below to answer the following: 1/1/X0 12/31/X0 Prepaid dues $2,700 $ 1,500 Dues received in advance $ 600 $ 100 Cash received for dues $31,000 What is accrual basis dues revenue for the year? $29,800 $30, 300 $30,500 $31,500 $32,200 B.
GloArt, Inc. entered into the following transactions during January a) Received $30,000 for January services. b) Provided S10,000 in design services on account c) Collected $8,000 from customers on account. d) Collected $10,000 in advance on a prepaid contract. e) Provided $3,000 of design services under contract in itemd f) Used $450 of supplies on the work described in item e. g) Paid $26,000 for January salaries. h) Paid $3,000 for one year's insurance coverage, and $12,000 for six months'...
GloArt, Inc. entered into the following transactions during January a) Received $30,000 for January services. b) Provided S10,000 in design services on account c) Collected $8,000 from customers on account. d) Collected $10,000 in advance on a prepaid contract. e) Provided $3,000 of design services under contract in itemd f) Used $450 of supplies on the work described in item e. g) Paid $26,000 for January salaries. h) Paid $3,000 for one year's insurance coverage, and $12,000 for six months'...
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
A. On May 1st, 2019, Desert paid $180,000 in advance for 18 months rent on its new warehouse. At the time, Desert debited a Nominal Account! B. On August 1st, 2019, Desert received $120,000 cash in advance for services to be provided over the next 6 months. At the time, Desert credited a Real account, For your account titles, choose from: Unearned Une Rent Prepaid Rent Revenue Prepaid Services Revenue Rent Expense Revenue i Service Expense Revenue Unearned Service "Because...
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