Can you answer that for me and explain why?
Homework Answers
Post $40000 on the right side of the Deferred revenue T account.
Explanation:
Right side of T accounts means Debit side.
Journal entry:
Deferred revenue Dr. 40000
Revenue Cr. 40000
Option C. is correct answer.
Add Answer to:
Can you answer that for me and explain why?
12. A company earns $40,000 by providing...
Can you answer that for me and explain why? 17. A. The principal of revenue recognition...
Can you answer that for me and explain why?
17. A. The principal of revenue recognition in accounting refers to: Revenue should be recognized in the period payments are received. The cash basis of accounting. | Revenue is recorded when the company is assured that payment will be received in the future for services rendered. | Revenue is recognized in the period services have been performed. None of the choices are correct. E.
Knowledge Check 01 A company prepares the following Journal entry. In posting this transaction to T-accounts,...
Knowledge Check 01 A company prepares the following Journal entry. In posting this transaction to T-accounts, which of the following will be required? Credit Debit 2,000 Date Account Title July 1 Supplies Cash (Purchase supplies for cash) 2,000 Multiple Choice Post $2,000 on the left side of the Cash T-account C ) Post $2,000 on the left side of the Supplies T-account O Post $2,000 on the right side of the Supplies T-account O O None of these
Can you answer that for me and explain why? A corporation received a $5,000 cash dividend...
Can you answer that for me and explain why?
A corporation received a $5,000 cash dividend from stock held in an unrelated company. How would this transaction be recorded and what type of business activity would this be classified under? Debit dividend receivable $5,000, credit Dividend Revenue $5,000; Financing. Debit Cash $5,000, credit Dividend Revenue $5,000; Financing. Debit Cash $5,000, credit Dividend Revenue $5,000; Investing. Debit Cash $5,000, credit Dividend Revenue $5,000; Operating. None of the choices are correct.
Can you answer that for me and explain why? The following financial information is from a...
Can you answer that for me and explain why?
The following financial information is from a company. All debt is due within one year unless stated otherwise Retained Earnings $52,000 37,000 Supplies Equipment 72,000 Accounts Receivable 8,600 5,000 15,000 Deferred Revenue Accounts Payable Common Stock Notes Payable (due in 6 months) 25,000 Interest Payable 35,000 9,000 22,400 Cash A. | B. What is the amount of current liabilities? $29,000. $22,000. $64,000. $37,600. None of the choices are correct. C. D.
Can you answer that for me and explain why? 24. A Company recorded the following cash...
Can you answer that for me and explain why?
24. A Company recorded the following cash transactions for the year: Paid $90,000 for salaries. Paid $40,000 to purchase office equipment. Paid $10,000 for utilities. Paid $4,000 in dividends. Collected $140,000 from customers. Recorded $3,000 in depreciation expense. What was the net cash provided by operating activities? $37,000. A. $0. ($3,000). $50,000. None of the choices are correct.
can you give me the answer and explain why?also can you explain why A is incorrect....
can you give me the answer and explain why?also can you explain
why A is incorrect. thx
24. A Company recorded the following cash transactions for the year: Paid $90,000 for salaries. Paid $40,000 to purchase office equipment. Paid $10,000 for utilities. Paid $4,000 in dividends. Collected $140,000 from customers. Recorded $3,000 in depreciation expense. What was the net cash provided by operating activities? $37,000. $0. ($3,000). $50,000. None of the choices are correct.
I will upvote the correct answers Requirement 2. T-accounts have been opened for each of the...
I will upvote the correct answers
Requirement 2. T-accounts have been opened for each of the accounts. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. We will post to the accounts one transaction at a time. Begin by posting the events from the 1st. Sep. 1: Received $43,000 cash and gave capital to Stewart. (We will post to the accounts one transaction at a...
SF1-10 (book/static) Question Help Elaine's Inflatables earns service revenue by providing party planning services and inflatable...
SF1-10 (book/static) Question Help Elaine's Inflatables earns service revenue by providing party planning services and inflatable playscapes. Elaine's Inflatables is organized as a corporation. During the past month, Elaine's Inflatables has the following transactions (Click the icon to view the Elaine's Inflatables transactions.) Indicate the effects of the business transactions on the accounting equation for Elaine's Inflatables. Transaction (a) is answered as a guide. Use the following accounts: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Common Stock Dividends, Service Revenue,...
can you check again MIDTERM Sace Johnson Waterworks Company provides plumbing services. The company is a sole propr...
can you check again
MIDTERM Sace Johnson Waterworks Company provides plumbing services. The company is a sole proprieorship. Transactions uring the first year of operations are provided below a) The owner, Mitchell Johnson, contributed $13.000 cash in exchange for capital b) Paid $1,700 for equipment to be used for plumbing repairs e) Borrowed $10,000 from a local bank and deposted the money in the checking account d) Paid $400 in rent for the year e) Paid $200 for plumbing supplies...
Please explain your answer. Thank you. Learning Objectives 3, 4 4. Total Debits $58,300 P2-30A Journalizing...
Please explain your answer. Thank you.
Learning Objectives 3, 4 4. Total Debits $58,300 P2-30A Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Ann Simpson started her practice as a design consultant on September 1, 2018. During the first month of operations, the business completed the following transactions: Sep. 1 4 6 1. 10 14 15 17 20 25 28 29 30 30 30 30 Received $48,000 cash and issued common stock to Simpson. Purchased office...
Can you answer that for me and explain why?
17. A. The principal of revenue recognition in accounting refers to: Revenue should be recognized in the period payments are received. The cash basis of accounting. | Revenue is recorded when the company is assured that payment will be received in the future for services rendered. | Revenue is recognized in the period services have been performed. None of the choices are correct. E.
Knowledge Check 01 A company prepares the following Journal entry. In posting this transaction to T-accounts, which of the following will be required? Credit Debit 2,000 Date Account Title July 1 Supplies Cash (Purchase supplies for cash) 2,000 Multiple Choice Post $2,000 on the left side of the Cash T-account C ) Post $2,000 on the left side of the Supplies T-account O Post $2,000 on the right side of the Supplies T-account O O None of these
Can you answer that for me and explain why?
A corporation received a $5,000 cash dividend from stock held in an unrelated company. How would this transaction be recorded and what type of business activity would this be classified under? Debit dividend receivable $5,000, credit Dividend Revenue $5,000; Financing. Debit Cash $5,000, credit Dividend Revenue $5,000; Financing. Debit Cash $5,000, credit Dividend Revenue $5,000; Investing. Debit Cash $5,000, credit Dividend Revenue $5,000; Operating. None of the choices are correct.
Can you answer that for me and explain why?
The following financial information is from a company. All debt is due within one year unless stated otherwise Retained Earnings $52,000 37,000 Supplies Equipment 72,000 Accounts Receivable 8,600 5,000 15,000 Deferred Revenue Accounts Payable Common Stock Notes Payable (due in 6 months) 25,000 Interest Payable 35,000 9,000 22,400 Cash A. | B. What is the amount of current liabilities? $29,000. $22,000. $64,000. $37,600. None of the choices are correct. C. D.
Can you answer that for me and explain why?
24. A Company recorded the following cash transactions for the year: Paid $90,000 for salaries. Paid $40,000 to purchase office equipment. Paid $10,000 for utilities. Paid $4,000 in dividends. Collected $140,000 from customers. Recorded $3,000 in depreciation expense. What was the net cash provided by operating activities? $37,000. A. $0. ($3,000). $50,000. None of the choices are correct.
can you give me the answer and explain why?also can you explain
why A is incorrect. thx
24. A Company recorded the following cash transactions for the year: Paid $90,000 for salaries. Paid $40,000 to purchase office equipment. Paid $10,000 for utilities. Paid $4,000 in dividends. Collected $140,000 from customers. Recorded $3,000 in depreciation expense. What was the net cash provided by operating activities? $37,000. $0. ($3,000). $50,000. None of the choices are correct.
I will upvote the correct answers
Requirement 2. T-accounts have been opened for each of the accounts. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. We will post to the accounts one transaction at a time. Begin by posting the events from the 1st. Sep. 1: Received $43,000 cash and gave capital to Stewart. (We will post to the accounts one transaction at a...
SF1-10 (book/static) Question Help Elaine's Inflatables earns service revenue by providing party planning services and inflatable playscapes. Elaine's Inflatables is organized as a corporation. During the past month, Elaine's Inflatables has the following transactions (Click the icon to view the Elaine's Inflatables transactions.) Indicate the effects of the business transactions on the accounting equation for Elaine's Inflatables. Transaction (a) is answered as a guide. Use the following accounts: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Common Stock Dividends, Service Revenue,...
can you check again
MIDTERM Sace Johnson Waterworks Company provides plumbing services. The company is a sole proprieorship. Transactions uring the first year of operations are provided below a) The owner, Mitchell Johnson, contributed $13.000 cash in exchange for capital b) Paid $1,700 for equipment to be used for plumbing repairs e) Borrowed $10,000 from a local bank and deposted the money in the checking account d) Paid $400 in rent for the year e) Paid $200 for plumbing supplies...
Please explain your answer. Thank you.
Learning Objectives 3, 4 4. Total Debits $58,300 P2-30A Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Ann Simpson started her practice as a design consultant on September 1, 2018. During the first month of operations, the business completed the following transactions: Sep. 1 4 6 1. 10 14 15 17 20 25 28 29 30 30 30 30 Received $48,000 cash and issued common stock to Simpson. Purchased office...
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