Homework Answers
Question 3 - The receipt of cash in advance from a customer ( 3. Increases Assets and Liabilities )
The term advance from customer refers to money collected by a company prior to providing a product or services. Money comes in but also he is liable for that money received.
Question 4 - The payment of liability ( 4. Decreases assets and liabilities )
The term liability is obligation to, or something that you owe somebody else. Payment of liability will decreases your assets and also decreases the liability.
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Page 1: Question 3 (1 point) The receipt of cash in advance from a customer 1)...
What happens when a business receives cash in advance from a customer? A : Assets and...
What happens when a business receives cash in advance from a customer? A : Assets and stockholders' equity increase. B : Assets increase but stockholders' equity decreases. C : Assets and liabilities increase. D : Assets, liabilities, and stockholders' equity remain unchanged.
Receipt of cash before a good is provided or service is performed 1- increases an asset...
Receipt of cash before a good is provided or service is
performed
1-
increases an asset and increases a revenue.
decreases a liability and increases Shareholders’ Equity.
decreases a revenue and increases Shareholders’ Equity.
increases an asset and increases a liability.
2-
Payment of a dividend
increases Expenses and decreases Cash.
decreases Cash and increases Shareholders’ Equity.
decreases Cash and decreases Retained Earnings.
increases Retained Earnings and increases Expenses.
3-
Accounting systems should record
all economic events.
events that result...
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer....
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer. The payment was for four months of services (4x $12,000 - $48,000) which XYZ will provide to the customer starting on June 1, 2020. On June 1, 2020 XYZ made the following entry in its accounting system. Cash 48,000 Uņearned Revenue 48,000 If XYZ has not made any other entry related to this advance payment, and on June 30, 2020 fails to make the...
Blue Company received a cash advance of $650 from a customer. As a result of this...
Blue Company received a cash advance of $650 from a customer. As a result of this event, a. liabilities decreased by $650. b. assets and stockholders' equity increased by $650. c.) assets increased by $650. d. stockholders' equity increased by $650. Silver Company provided consulting services and billed the client $2,500. As a result of this event, a. assets remained unchanged. b. assets increased by $2,500. C. assets and stockholders' equity both increased by $2,500. C. stockholders' equity increased by...
Question 4 2 pts What happens to the accounting equation when the adjustment that recognizes accrued...
Question 4 2 pts What happens to the accounting equation when the adjustment that recognizes accrued interest revenue is recorded? O Assets increase and liabilities increase. • Assets increase and stockholders' equity increases. Assets decrease and liabilities decrease. O Stockholders' equity increases and decreases by the same amount. Question 5 2 pts What effect does “recognizing revenue at the end of the accounting period for rent previously received in advance" have on the accounting equation for an insurance company? •...
13) When a company receives a prepayment from a customer and provides services to the customer...
13) When a company receives a prepayment from a customer and provides services to the customer 4 months later, what is the effect on the company’s accounting equation when the company provides the services? Group of answer choices Assets decrease and stockholders’ equity decreases Assets decrease and liabilities decrease Assets increase and stockholders' equity increases Liabilities decrease and stockholders' equity increases 14) Donaldson Corp wanted to expand the size of its manufacturing plant in order to generate more profits. The...
Question #1 ts Which of the following is an asset? npts Rent Expense Common Stock Accounts...
Question #1 ts Which of the following is an asset? npts Rent Expense Common Stock Accounts Payable Cash mpts empts tempts Submit Question 0 of 1 Attempts Used! ttempts Attempts Attempts 1 Attempts 1 Attempts 1 Attempts MacBook Ai Question #2 Which of the following represents earnings taken out by the owners? Supplies Expense Notes Payable Dividends Equipment Submit Question 0 of 1 Attempts Used! Question #3 Which of the following represents an amount owed by the company? Revenue Accounts...
QUESTION 37 Receiving payment of a portion of an accounts receivable will O A. not affect...
QUESTION 37 Receiving payment of a portion of an accounts receivable will O A. not affect total assets B. increase liabilities O C. decrease net income O D. increase stockholders' equity QUESTION 38 A revenue generally A. Increases assets and liabilities B. increases assets and decreases stockholders' equity C. leaves total assets unchanged O D. increases assets and stockholders' equity
ULed5eu Uy P22,500. Llave assets and shareholders' equity must have both decreased by $22,500. Question 3...
ULed5eu Uy P22,500. Llave assets and shareholders' equity must have both decreased by $22,500. Question 3 (1 point) Collection of an $800 accounts receivable increases an asset $800; decreases a liability $800. decreases a liability $800; increases shareholders' equity $800. decreases an asset $800; decreases a liability $800. has no effect on total assets. Question 4 (1 point) Accounting systems should record o II е 38
Question 1 0.5 pts Under the cash basis of accounting, an amount received from a customer...
Question 1 0.5 pts Under the cash basis of accounting, an amount received from a customer in advance of providing the services would be reported as aln): an increase to assets and an increase to expenses. an increase to an asset and a decrease to a different asset. none of these O an increase to assets and an increase to revenue. O an increase to assets and an increase to liabilities.
Receipt of cash before a good is provided or service is
performed
1-
increases an asset and increases a revenue.
decreases a liability and increases Shareholders’ Equity.
decreases a revenue and increases Shareholders’ Equity.
increases an asset and increases a liability.
2-
Payment of a dividend
increases Expenses and decreases Cash.
decreases Cash and increases Shareholders’ Equity.
decreases Cash and decreases Retained Earnings.
increases Retained Earnings and increases Expenses.
3-
Accounting systems should record
all economic events.
events that result...
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer. The payment was for four months of services (4x $12,000 - $48,000) which XYZ will provide to the customer starting on June 1, 2020. On June 1, 2020 XYZ made the following entry in its accounting system. Cash 48,000 Uņearned Revenue 48,000 If XYZ has not made any other entry related to this advance payment, and on June 30, 2020 fails to make the...
Blue Company received a cash advance of $650 from a customer. As a result of this event, a. liabilities decreased by $650. b. assets and stockholders' equity increased by $650. c.) assets increased by $650. d. stockholders' equity increased by $650. Silver Company provided consulting services and billed the client $2,500. As a result of this event, a. assets remained unchanged. b. assets increased by $2,500. C. assets and stockholders' equity both increased by $2,500. C. stockholders' equity increased by...
Question 4 2 pts What happens to the accounting equation when the adjustment that recognizes accrued interest revenue is recorded? O Assets increase and liabilities increase. • Assets increase and stockholders' equity increases. Assets decrease and liabilities decrease. O Stockholders' equity increases and decreases by the same amount. Question 5 2 pts What effect does “recognizing revenue at the end of the accounting period for rent previously received in advance" have on the accounting equation for an insurance company? •...
Question #1 ts Which of the following is an asset? npts Rent Expense Common Stock Accounts Payable Cash mpts empts tempts Submit Question 0 of 1 Attempts Used! ttempts Attempts Attempts 1 Attempts 1 Attempts 1 Attempts MacBook Ai Question #2 Which of the following represents earnings taken out by the owners? Supplies Expense Notes Payable Dividends Equipment Submit Question 0 of 1 Attempts Used! Question #3 Which of the following represents an amount owed by the company? Revenue Accounts...
QUESTION 37 Receiving payment of a portion of an accounts receivable will O A. not affect total assets B. increase liabilities O C. decrease net income O D. increase stockholders' equity QUESTION 38 A revenue generally A. Increases assets and liabilities B. increases assets and decreases stockholders' equity C. leaves total assets unchanged O D. increases assets and stockholders' equity
ULed5eu Uy P22,500. Llave assets and shareholders' equity must have both decreased by $22,500. Question 3 (1 point) Collection of an $800 accounts receivable increases an asset $800; decreases a liability $800. decreases a liability $800; increases shareholders' equity $800. decreases an asset $800; decreases a liability $800. has no effect on total assets. Question 4 (1 point) Accounting systems should record o II е 38
Question 1 0.5 pts Under the cash basis of accounting, an amount received from a customer in advance of providing the services would be reported as aln): an increase to assets and an increase to expenses. an increase to an asset and a decrease to a different asset. none of these O an increase to assets and an increase to revenue. O an increase to assets and an increase to liabilities.
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