Homework Answers
Answer
- Requirement 2
|
Requirement 1 |
Requirement 2 |
Requirement 3 |
|
|
a |
Equity ( E) |
Credit (CR) |
Credit (CR) |
|
b |
Liability (L) |
Credit (CR) |
Credit (CR) |
|
c |
Equity ( E) |
Credit (CR) |
Credit (CR) |
|
d |
Assets (A) |
Debit (DR) |
Debit (DR) |
|
e |
Equity ( E) |
Debit (DR) |
Debit (DR) |
|
f |
Liability (L) |
Credit (CR) |
Credit (CR) |
|
g |
Assets (A) |
Debit (DR) |
Debit (DR) |
|
h |
Equity ( E) |
Debit (DR) |
Debit (DR) |
|
i |
Equity ( E) |
Debit (DR) |
Debit (DR) |
|
j |
Equity ( E) |
Credit (CR) |
Credit (CR) |
- Requirement 3
[a] Bank Deposit slip, as amount gets
credited in the bank account.
[b] Purchase invoice, as payment is not yet made but invoice is
received.
[c] Sales invoice, as customer is billed for the services.
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2. Consider the following accounts: 2(Click the icon to view the accounts.) Requirements 1. Identify each...
1. Consider the following accounts and identify each account as an asset (A), liability (L), or...
1. Consider the following accounts and identify each account as an asset (A), liability (L), or equity (E). a. Notes Receivable b. Common Stock c. Prepaid Insurance d. Notes Payable e. Rent Revenue (1) (2) (3) (4) (5) f. Taxes Payable g. Rent Expense h. Furniture (6) (7) i. Dividends 1. Unearned Revenue (9) (10) (9) (10) (1) (2) (3) (4) (5) (6) (7) (8) ОАОА OAOA OAOA OAOA OLOL OLOL OE ОЕ oooo 2. For each account, identify whether...
4. The following transactions occurred for Lawrence Engineering: (Click the icon to view the transactions.) Journalize...
4. The following transactions occurred for Lawrence Engineering: (Click the icon to view the transactions.) Journalize the transactions of Lawrence Engineering. Include an explanation with each journal entry. Use the following accounts: Cash: Accounts Receivable: Office Supplies; Equipment, Accounts Payable; Notes Payable: Common Stock: Dividends, Service Revenue; and Utilities Expense. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) July 2: Received S14,000 contribution from Brett Lawrence in exchange for common stock....
E2-12 Identifying accounts, increases in accounts, and normal balances
E2-12 Identifying accounts, increases in accounts, and normal balances a. Interest Revenue f. Unearned Revenue b. Accounts Payable g. Prepaid Rent c. Calhoun, Capital h. Utilities Expense d. Office Supplies i. Calhoun, Withdrawals e. Advertising Expense j. Service Revenue Requirements 1. Identify each account as asset (A), liability (L), or equity (E). 2. Identify whether the account is increased with a debit (DR) or credit (CR). 3. Identify whether the normal balance is a debit (DR) or credit (CR).
5. The following transactions occurred for Wilke Technology Solutions: 4(Click the icon to view the transactions.)...
5. The following transactions occurred for Wilke Technology Solutions: 4(Click the icon to view the transactions.) Read the requirement" (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) May 1: The business received cash of $105,000 and issued common stock to Zoe Wilke. Date Accounts and Explanation Debit Credit May 1 CE May 2: Purchased office supplies on account, $550. Date Accounts and Explanation Debit Credit May 2 (6) (10) May 4:...
Print 5. Cynthia Elmer. CPA, had the following partial worksheet: (Click the icon to view the...
Print 5. Cynthia Elmer. CPA, had the following partial worksheet: (Click the icon to view the partial worksheet.) Read the requirements? Requirement 1. Complete the worksheet. Complete the worksheet by preparing the Income Statement and Balance Sheet columns. Be sure to calculate the total debits and credits in each step. Cynthia Elmer, CPA Worksheet December 31, 2018 Income Adjusted Trial Balance Balance Sheet Statement Account Names Debit Credit Debit Credit Debit Credit Cash Accounts Receivable Office Supplies Prepaid Rent 46,900...
8. The following transactions occurred during the month for Teresa Parker, CPA: (Click the icon to...
8. The following transactions occurred during the month for Teresa Parker, CPA: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Joumalize the transactions and then post the joumal entries to the four-column accounts. Keep a running balance in each account. Assume the journal entries are recorded on page 10 of the joumal. (Record debits first, the credits. Exclude explanations from journal entries.) Begin by journalizing the transactions. June 1: Parker opened an accounting firm by contributing...
2. Consider the following worksheet for Parker's Cleaning Service (Click the icon to view the par...
2. Consider the following worksheet for Parker's Cleaning Service (Click the icon to view the partial worksheet with the trial balance, adjustments, and adjusted trial balance columns.) (Click the icon to view the partial worksheet with the income statement and balance sheet columns) From the worksheet, (1) joumalize and post adjusting and closing entries. The unadjusted balances have been entered into the ledger accounts for you, and (2) prepare from the ledger a post-closing trial balance for the month of...
For each of the following (1) identify the type of account as an asset, liability, equity,...
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense: (2) identify the normal balance of the account; and (3) select debit (Dr) or credit (Cr.) to identify the kind of entry that would increase the account balance. Type of Account Normal Balance Increase (Dr. or Cr.) 48 Account a. Prepaid Insurance b. Accounts Receivable c. Dividends d. License Fee Revenue e. Uneamed Revenue 1. Fees Eamed 9. Equipment h Notes...
7. The worksheet of Macey's Landscaping Services follows but is incomplete. Click the icon to view...
7. The worksheet of Macey's Landscaping Services follows but is incomplete. Click the icon to view the worksheet.) Print Read the requirements Requirement 1. Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns Macey's Landscaping Services Worksheet December 31, 2018 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Debit Credit Account Names Debit Credit Debit Credit 27,400 6,700 (h) $ 3,500 500 (b) $ (a) 350 1,150 2,300 50,000 (c) 1,300 114,000 (d) 1,900 $ 3,800 300...
Print 3. Consider the following independent situations at December 31: Click the icon to view the...
Print 3. Consider the following independent situations at December 31: Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the joumal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. On October 1, a business collected $3,000 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. Al...
1. Consider the following accounts and identify each account as an asset (A), liability (L), or equity (E). a. Notes Receivable b. Common Stock c. Prepaid Insurance d. Notes Payable e. Rent Revenue (1) (2) (3) (4) (5) f. Taxes Payable g. Rent Expense h. Furniture (6) (7) i. Dividends 1. Unearned Revenue (9) (10) (9) (10) (1) (2) (3) (4) (5) (6) (7) (8) ОАОА OAOA OAOA OAOA OLOL OLOL OE ОЕ oooo 2. For each account, identify whether...
4. The following transactions occurred for Lawrence Engineering: (Click the icon to view the transactions.) Journalize the transactions of Lawrence Engineering. Include an explanation with each journal entry. Use the following accounts: Cash: Accounts Receivable: Office Supplies; Equipment, Accounts Payable; Notes Payable: Common Stock: Dividends, Service Revenue; and Utilities Expense. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) July 2: Received S14,000 contribution from Brett Lawrence in exchange for common stock....
5. The following transactions occurred for Wilke Technology Solutions: 4(Click the icon to view the transactions.) Read the requirement" (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) May 1: The business received cash of $105,000 and issued common stock to Zoe Wilke. Date Accounts and Explanation Debit Credit May 1 CE May 2: Purchased office supplies on account, $550. Date Accounts and Explanation Debit Credit May 2 (6) (10) May 4:...
Print 5. Cynthia Elmer. CPA, had the following partial worksheet: (Click the icon to view the partial worksheet.) Read the requirements? Requirement 1. Complete the worksheet. Complete the worksheet by preparing the Income Statement and Balance Sheet columns. Be sure to calculate the total debits and credits in each step. Cynthia Elmer, CPA Worksheet December 31, 2018 Income Adjusted Trial Balance Balance Sheet Statement Account Names Debit Credit Debit Credit Debit Credit Cash Accounts Receivable Office Supplies Prepaid Rent 46,900...
8. The following transactions occurred during the month for Teresa Parker, CPA: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Joumalize the transactions and then post the joumal entries to the four-column accounts. Keep a running balance in each account. Assume the journal entries are recorded on page 10 of the joumal. (Record debits first, the credits. Exclude explanations from journal entries.) Begin by journalizing the transactions. June 1: Parker opened an accounting firm by contributing...
2. Consider the following worksheet for Parker's Cleaning Service (Click the icon to view the partial worksheet with the trial balance, adjustments, and adjusted trial balance columns.) (Click the icon to view the partial worksheet with the income statement and balance sheet columns) From the worksheet, (1) joumalize and post adjusting and closing entries. The unadjusted balances have been entered into the ledger accounts for you, and (2) prepare from the ledger a post-closing trial balance for the month of...
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense: (2) identify the normal balance of the account; and (3) select debit (Dr) or credit (Cr.) to identify the kind of entry that would increase the account balance. Type of Account Normal Balance Increase (Dr. or Cr.) 48 Account a. Prepaid Insurance b. Accounts Receivable c. Dividends d. License Fee Revenue e. Uneamed Revenue 1. Fees Eamed 9. Equipment h Notes...
7. The worksheet of Macey's Landscaping Services follows but is incomplete. Click the icon to view the worksheet.) Print Read the requirements Requirement 1. Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns Macey's Landscaping Services Worksheet December 31, 2018 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Debit Credit Account Names Debit Credit Debit Credit 27,400 6,700 (h) $ 3,500 500 (b) $ (a) 350 1,150 2,300 50,000 (c) 1,300 114,000 (d) 1,900 $ 3,800 300...
Print 3. Consider the following independent situations at December 31: Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the joumal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. On October 1, a business collected $3,000 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. Al...
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