Homework Answers
Earning revenue is credit while selling on account, creates a debtor, thus the answer is:-
D) Accounts rec Dr. Service revenue Cr.
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QUESTION ANSWER Debit Credit Date Accounts On March 26, Jones Repair Service earned $1,700 of service...
QUESTION ANSWER On February 1, Complete Computer Service earned $2,200 of service revenue on account. Date...
QUESTION ANSWER On February 1, Complete Computer Service earned $2,200 of service revenue on account. Date Feb. 1 Accounts Service Revenue Accounts Receivable Debit Credit 2,200 2,200 The journal entry to record this transaction would be: Date Accounts Feb. 1 Accounts Receivable Service Revenue Debit Credit 2,200 2,200 Date Accounts Feb. 1 Service Revenue Cash Debit Credit 2,200 2,200 Date Accounts Feb. 1 Cash Service Revenue Debit Credit 2,200 2,200
QUESTION ANSWER 0 On March 17, John Write, owner of Complete Computer Service, made $1,000 cash...
QUESTION ANSWER 0 On March 17, John Write, owner of Complete Computer Service, made $1,000 cash withdrawal from the business. Date Accounts Mar. 17 Write, Capital Cash Debit Credit 1,000 1,000 The journal entry to record this transaction would be: 0 Credit Date Accounts Mar. 17 Write, Withdrawals Write, Capital Debit 1,000 1,000 0 Credit Date Mar. 17 Accounts Cash Write, Withdrawals Debit 1,000 1,000 0 Date Accounts Debit Credit Mar. 17 Write, Withdrawals 1,000 Cash 1,000 I DON'T KNOW...
Problem 1 (17 poin ts) In March 2019, Peter Jones organized a corporation to provide transportation...
Problem 1 (17 poin ts) In March 2019, Peter Jones organized a corporation to provide transportation services. The company, called Jones Inc., began operations immediately. Transactions during the month of March were as follows. Mar. 2 The corporation issued 40,000 shares of capital stock to Peter Jones in exchange for $80,000 cash. Mar. 4 Purchased a truck for $45,000. Made a $15,000 cash down payment and issued a note payable for the remaining balance. Mar. 5 Paid $2,500 to rent...
Serial Problem Business Solutions LO P3 Santana Rey receives the March bank statement for Business Solutions on April 1...
Serial Problem Business Solutions LO P3 Santana Rey receives the March bank statement for Business Solutions on April 11, 2020. The March 31 bank statement shows an ending cash balance of $67,066. The general ledger Cash account, No. 101, shows an ending cash balance per books of $67,499 as of March 31 (prior to any reconciliation). A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following a. The bank erroneously cleared a $440...
On Saturday, March 31, one of the company’s employees provided ten hours of service to a...
On Saturday, March 31, one of the company’s employees provided
ten hours of service to a customer. The company bills $100 per hour
for services provided on weekends. Payment has not yet been
received. The accountant did not stop in the office on Saturday; as
such, on March 31, the services were unbilled and unrecorded.
Complete the necessary journal entry. (If no entry is
required for a transaction/event, select "No journal entry
required" in the first account field.)
urnal entry...
Learning: The Adjusting Process QUESTION ANSWER Date Credit A piece of equipment purchased cost $10,000 and...
Learning: The Adjusting Process QUESTION ANSWER Date Credit A piece of equipment purchased cost $10,000 and has depreciation expense of $2,000 for this year. Debit 2,000 Accounts Depreciation Expense - Equipment Accumulated Depreciation - Equipment 2,000 What is the journal entry to record the depreciation expense for the year? Date Credit Accounts Debit Accumulated Depreciation - Equipment 10,000 Depreciation Expense - Equipment 10,000 Date Credit Debit 10,000 Accounts Depreciation Expense - Equipment Accumulated Depreciation - Equipment 10,000 Date Accounts Debit...
1/ Account with a normal credit balance includ: (select all that apply) a- accont receivable b-...
1/
Account with a normal credit balance includ: (select all that
apply)
a- accont receivable
b- allowance for uncollectible accounts
c-bad dept expense
d-cash
e- sale revenue
2/
On March 12, Medical Waste Services provides services on account to Grace Hospital for $11,000, terms 2/10,n/30. Grace pays for those services on March 20. Required: For Medical Waste Services, record the service on account on March 12 and the collection of cash on March 20. (If no entry is required for...
Saved Help S. Required information No Date General Jourmal Debit Credit 1 March 12 Cash 37,200...
Saved Help S. Required information No Date General Jourmal Debit Credit 1 March 12 Cash 37,200 Accounts Receivable 20,800 Service Revenue 58,000 2 May 02 17,800 Cash Accounts Receivable 17,800 3 June 30 Cash 4,000 Common Stock 4.000 4 August 01 6,600 Salaries Payable Cash 6,600 5 September 25 12.800 Repairs and Maintenance Expense Cash 12,800 6 October 19 7,800 Equipment Cash 7,800 7 December 30 1,200 Dividends Cash 1,200 < Prey 2 3 4 8 of 20 Next >...
Account Trial Balance Debit Credit 8,300 6,800 Adjusted Trial Balance Debit Credit $ 8,300 6,850 800...
Account Trial Balance Debit Credit 8,300 6,800 Adjusted Trial Balance Debit Credit $ 8,300 6,850 800 4,300 1,000 4,300 1.900 Cash Accounts receivable Interest receivable Note receivable Supplies Prepaid insurance Building Accumulated depreciation building Accounts payable Wages payable Unearned rental revenue 2,200 66,700 600 66,700 $ 9,700 6,300 11,600 6,300 850 600 19,000 Common stock Retained earnings Dividends 1,400 19,000 43,800 43,800 4,000 4,000 Rental revenue 15,600 800 16,450 1,600 Interest revenue Depreciation expense-building Supplies expense Utilities expense Wage expense...
Date Accounts and Explanation Debit Credit Dec. 1 Cash 27,000 Furniture 11,000 Common Stock 38,000 Date...
Date Accounts and Explanation Debit Credit Dec. 1 Cash 27,000 Furniture 11,000 Common Stock 38,000 Date Accounts and Explanation Debit Credit Dec. 1 Prepaid Insurance 1,600 Cash 1,600 Date Accounts and explanation Debit Credit Dec. 4 Office Supplies 570 Cash 570 Date Accounts and Explanation Debit Credit Dec. 12 Cash 3,000 Service Revenue 3.000 Date Accounts and Explanation Debit Credit Dec. 15 Accounts Receivable 4,500 Service Revenue 4,500 Date Accounts and Explanation Debit Credit Dec. 18 Salaries Expense 2,300 Cash...
QUESTION ANSWER On February 1, Complete Computer Service earned $2,200 of service revenue on account. Date Feb. 1 Accounts Service Revenue Accounts Receivable Debit Credit 2,200 2,200 The journal entry to record this transaction would be: Date Accounts Feb. 1 Accounts Receivable Service Revenue Debit Credit 2,200 2,200 Date Accounts Feb. 1 Service Revenue Cash Debit Credit 2,200 2,200 Date Accounts Feb. 1 Cash Service Revenue Debit Credit 2,200 2,200
QUESTION ANSWER 0 On March 17, John Write, owner of Complete Computer Service, made $1,000 cash withdrawal from the business. Date Accounts Mar. 17 Write, Capital Cash Debit Credit 1,000 1,000 The journal entry to record this transaction would be: 0 Credit Date Accounts Mar. 17 Write, Withdrawals Write, Capital Debit 1,000 1,000 0 Credit Date Mar. 17 Accounts Cash Write, Withdrawals Debit 1,000 1,000 0 Date Accounts Debit Credit Mar. 17 Write, Withdrawals 1,000 Cash 1,000 I DON'T KNOW...
Problem 1 (17 poin ts) In March 2019, Peter Jones organized a corporation to provide transportation services. The company, called Jones Inc., began operations immediately. Transactions during the month of March were as follows. Mar. 2 The corporation issued 40,000 shares of capital stock to Peter Jones in exchange for $80,000 cash. Mar. 4 Purchased a truck for $45,000. Made a $15,000 cash down payment and issued a note payable for the remaining balance. Mar. 5 Paid $2,500 to rent...
Serial Problem Business Solutions LO P3 Santana Rey receives the March bank statement for Business Solutions on April 11, 2020. The March 31 bank statement shows an ending cash balance of $67,066. The general ledger Cash account, No. 101, shows an ending cash balance per books of $67,499 as of March 31 (prior to any reconciliation). A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following a. The bank erroneously cleared a $440...
On Saturday, March 31, one of the company’s employees provided
ten hours of service to a customer. The company bills $100 per hour
for services provided on weekends. Payment has not yet been
received. The accountant did not stop in the office on Saturday; as
such, on March 31, the services were unbilled and unrecorded.
Complete the necessary journal entry. (If no entry is
required for a transaction/event, select "No journal entry
required" in the first account field.)
urnal entry...
Learning: The Adjusting Process QUESTION ANSWER Date Credit A piece of equipment purchased cost $10,000 and has depreciation expense of $2,000 for this year. Debit 2,000 Accounts Depreciation Expense - Equipment Accumulated Depreciation - Equipment 2,000 What is the journal entry to record the depreciation expense for the year? Date Credit Accounts Debit Accumulated Depreciation - Equipment 10,000 Depreciation Expense - Equipment 10,000 Date Credit Debit 10,000 Accounts Depreciation Expense - Equipment Accumulated Depreciation - Equipment 10,000 Date Accounts Debit...
1/
Account with a normal credit balance includ: (select all that
apply)
a- accont receivable
b- allowance for uncollectible accounts
c-bad dept expense
d-cash
e- sale revenue
2/
On March 12, Medical Waste Services provides services on account to Grace Hospital for $11,000, terms 2/10,n/30. Grace pays for those services on March 20. Required: For Medical Waste Services, record the service on account on March 12 and the collection of cash on March 20. (If no entry is required for...
Saved Help S. Required information No Date General Jourmal Debit Credit 1 March 12 Cash 37,200 Accounts Receivable 20,800 Service Revenue 58,000 2 May 02 17,800 Cash Accounts Receivable 17,800 3 June 30 Cash 4,000 Common Stock 4.000 4 August 01 6,600 Salaries Payable Cash 6,600 5 September 25 12.800 Repairs and Maintenance Expense Cash 12,800 6 October 19 7,800 Equipment Cash 7,800 7 December 30 1,200 Dividends Cash 1,200 < Prey 2 3 4 8 of 20 Next >...
Account Trial Balance Debit Credit 8,300 6,800 Adjusted Trial Balance Debit Credit $ 8,300 6,850 800 4,300 1,000 4,300 1.900 Cash Accounts receivable Interest receivable Note receivable Supplies Prepaid insurance Building Accumulated depreciation building Accounts payable Wages payable Unearned rental revenue 2,200 66,700 600 66,700 $ 9,700 6,300 11,600 6,300 850 600 19,000 Common stock Retained earnings Dividends 1,400 19,000 43,800 43,800 4,000 4,000 Rental revenue 15,600 800 16,450 1,600 Interest revenue Depreciation expense-building Supplies expense Utilities expense Wage expense...
Date Accounts and Explanation Debit Credit Dec. 1 Cash 27,000 Furniture 11,000 Common Stock 38,000 Date Accounts and Explanation Debit Credit Dec. 1 Prepaid Insurance 1,600 Cash 1,600 Date Accounts and explanation Debit Credit Dec. 4 Office Supplies 570 Cash 570 Date Accounts and Explanation Debit Credit Dec. 12 Cash 3,000 Service Revenue 3.000 Date Accounts and Explanation Debit Credit Dec. 15 Accounts Receivable 4,500 Service Revenue 4,500 Date Accounts and Explanation Debit Credit Dec. 18 Salaries Expense 2,300 Cash...
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