Homework Answers
Solution:
Cash received will be debited to cash and Credited to Unearned service revenue.
Therefore, following statement are correct:
- A liability will be reported on the balance sheet at the end of October.
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A company receives a $50,000 cash deposit from a customer on October 15 but will not...
17)A company receives a $95,000 cash deposit from a customer on October 15 but will not...
17)A company receives a $95,000 cash deposit from a customer on October 15 but will not provide services until November 20. Which of the following statements is true? Group of answer choices The company records service revenue on October 15. 18) Question 183 pts Carrier Rent-to-Own, a furniture rental and sales company, records annual depreciation expense on December 31 each year. Which account will Carrier credit when they record their depreciation on December 31st? Group of answer choices Equipment Depreciation...
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UUS! 1043 Quiz (from chapter 3 and 4)2 Student name and number nber's rent payment. Quick...
UUS! 1043 Quiz (from chapter 3 and 4)2 Student name and number nber's rent payment. Quick Corp. mails the 1) On October 25, 2013 Quick Corp. prints a cheque for November's rent payment. Quick Corp. cheque on October 27 to the landlord. The landlord receives the cheque October 31 and cashes the on November 2. When should Quick Corp. record the rent expense associated with this transaction A) October 25, 2013 B) October 27, 2013 C) November 30, 2013 D)...
Exercise 4-44 Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of $22,381,...
Exercise 4-44 Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of $22,381, whereas Johnson's cash account shows a balance of $22,025 on October 31. The following additional information is available: a. A $855 deposit made on October 31 was not recorded by the bank until November b. At the end of October, outstanding checks total $1,222. C. The bank statement shows bank service charges of $125 not yet recorded by the company. d. The company erroneously...
Exercise 4-44 (Algorithmic) Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of...
Exercise 4-44 (Algorithmic) Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of $21,676, whereas Johnson's cash account shows a balance of $21,220 on October 31. The following additional information is available: A $755 deposit made on October 31 was not recorded by the bank until November. At the end of October, outstanding checks total $1,222. The bank statement shows bank service charges of $125 not yet recorded by the company. The company erroneously recorded as $973...
12) Retained earnings at the end of the year is calculated using: A) Common stock and...
12) Retained earnings at the end of the year is calculated using: A) Common stock and dividends. B) Beginning retained earings, net income, and dividends. C) Stockholders' equity, net income, and dividends. D) Net income and dividends. 13) Which of the following accounts has a credit balance! A) Land. B) Accounts Payable C) Salaries Expense. D) Prepaid Rent 14) Emmitt had the following final balances after the first year of operations assets, S55.000; stockholders' equity, 525,000; dividends, 53.000, and met...
on october 1, the company receives 14,400 from a customer for a one - year property...
on october 1, the company receives 14,400 from a customer for a one - year property insurance policy. Deferred Revenue is credited. Record the adjusting entry for deferred revenue at it's year - end of December 31.
The cash account for Deaver Consulting at October 31, 2016, indicated a balance of $9,810. The...
The cash account for Deaver Consulting at October 31, 2016, indicated a balance of $9,810. The bank statement indicated a balance of $12,360 on October 31, 2016 Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $4,450. b. A deposit of $4,640, representing receipts from October 31, had been made too late to appear on the bank statement. C. The bank had collected $2,410 on a...
In which case would Johnson Consulting record revenue? a. Johnson receives a 10,000 cash deposit from...
In which case would Johnson Consulting record revenue? a. Johnson receives a 10,000 cash deposit from a customer b. A customer contacts Johnson about a 5,000 consulting job C. Johnson completes a consulting job worth 8,000 but will not bill until a future date d. Tom Johnson the owner, invests 25,000 cash into the business
8 pt During the year, X Company sold merchandise on account to customers for $405,000. The...
8 pt During the year, X Company sold merchandise on account to customers for $405,000. The company collected $386,000 in cash from customers during the year. Which of these amounts appears on the Income Statement and which appears on the Statement of Cash Flows? 10.AO $19,000 appears on the Income Statement and $386,000 appears on the Statement of Cash Flows BO $405,000 appears on both statements CO $386,000 appears on the Income Statement and $405,000 appears on the Statement of...
UUS! 1043 Quiz (from chapter 3 and 4)2 Student name and number nber's rent payment. Quick Corp. mails the 1) On October 25, 2013 Quick Corp. prints a cheque for November's rent payment. Quick Corp. cheque on October 27 to the landlord. The landlord receives the cheque October 31 and cashes the on November 2. When should Quick Corp. record the rent expense associated with this transaction A) October 25, 2013 B) October 27, 2013 C) November 30, 2013 D)...
Exercise 4-44 Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of $22,381, whereas Johnson's cash account shows a balance of $22,025 on October 31. The following additional information is available: a. A $855 deposit made on October 31 was not recorded by the bank until November b. At the end of October, outstanding checks total $1,222. C. The bank statement shows bank service charges of $125 not yet recorded by the company. d. The company erroneously...
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The cash account for Deaver Consulting at October 31, 2016, indicated a balance of $9,810. The bank statement indicated a balance of $12,360 on October 31, 2016 Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $4,450. b. A deposit of $4,640, representing receipts from October 31, had been made too late to appear on the bank statement. C. The bank had collected $2,410 on a...
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8 pt During the year, X Company sold merchandise on account to customers for $405,000. The company collected $386,000 in cash from customers during the year. Which of these amounts appears on the Income Statement and which appears on the Statement of Cash Flows? 10.AO $19,000 appears on the Income Statement and $386,000 appears on the Statement of Cash Flows BO $405,000 appears on both statements CO $386,000 appears on the Income Statement and $405,000 appears on the Statement of...
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