Homework Answers
Correct answer----------Debit accounts receivable $1950 credit cash $1950.
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Cash is over debited and and accounts receivable is under debited. Cash needs to be credited to make its balance equal to actual cash and accounts receivable will be debited. Amount posted in Service revenue account is already correct.
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Bertrand Inc performed services for clients in the amount of $1950 on credit. If this transaction...
Bertrand Inc. performed services for clients in the amount of $1,800 on credit. If this transaction...
Bertrand Inc. performed services for clients in the amount of $1,800 on credit. If this transaction had been posted in error to the Cash account instead of the Accounts Receivable account, what correcting entry would be necessary? Multiple Choice Debit Fees Income $1,800; credit Cash $1,800 Debit Cash $1,800; credit Accounts Receivable $1,800 Debit Accounts Receivable $1,800; credit Cash $1,800 Debit Accounts Receivable $1,800; credit Fees Income $1,800
Connect Exercise (due Mon Help Sove & Exit Sub Bertrand Inc purchased some shop equipment for...
Connect Exercise (due Mon Help Sove & Exit Sub Bertrand Inc purchased some shop equipment for $5700 in cash By mistake, the joumal entry debited the Office Equipment account rather than the Shop Equipment account. What correcting entry would be necessary? Murple Choice Debt Shop Equipment 55,700, credit Office omet55700 Debit Cach $5.700 credit Shop Equipment $5.700 Oo oo De Office Equipment 55700, cred Cash $5.00 Debice Equimen 55.700 c t Shop Boomer $5.700 < Prey 909 !!! NE
1. Performed $69.500 of services for clients on account 2. Performed $43,000 of services for cash....
1. Performed $69.500 of services for clients on account 2. Performed $43,000 of services for cash. 3. Incurred $34,000 of other operating expenses on account 4. Paid $16,500 cash to an employee for salary 5. Collected $50.000 cash from accounts receivable. 6. Paid $18,000 cash on accounts payable. 7. Paid a $5,000 cash dividend to the stockholders. 8. Accrued salaries were $2,600 at the end of Year 1. wipped Box Him Terences Required a. Show the effects on the financial...
Beach Company receives $25,000 cash revenue for services performed. The transaction would involve a Select one:...
Beach Company receives $25,000 cash revenue for services performed. The transaction would involve a Select one: a. credit to Cash. b. debit to Income from Services. c. debit to Accounts Receivable. d. credit to Income from Services.
1. Performed $104,500 of services for clients on account. 2. Performed $57,000 of services for cash....
1. Performed $104,500 of services for clients on account. 2. Performed $57,000 of services for cash. 3. Incurred $62,000 of other operating expenses on account 4. Paid $23,500 cash to an employee for salary. 5. Collected $71,000 cash from accounts receivable. 6. Paid $26,000 cash on accounts payable. 7. Paid a $7,000 cash dividend to the stockholders. 8. Accrued salaries were $5,400 at the end of Year 1. Required a. Show the effects of the events on the financial statements...
a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid...
a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid $5,700 cash in advance for an insurance policy. d. Paid $980 on accounts payable. e. Recorded the adjusting entry to recognize 53.100 of insurance expense. f. Received $5.700 cash for services to be performed at a later date. g. Purchased land for $1.710 cash. h. Purchased supplies for $1.000 cash. Required Record each of the above transactions in general journal form and then show...
A: Received cash of $35,000 from the issue of common stock. B: Performed $54,000 of services...
A: Received cash of $35,000 from the issue of common stock.
B: Performed $54,000 of services on account.
C:Incurred $7,700 of other operating expenses on account.
D:Paid $27,000 cash for salaries expense.
e: Collected $37,500 of accounts receivable.
f: Paid a $3,600 dividend to the stockholders.
G: Performed $10,100 of services for cash.
H: Paid $6,100 of the accounts payable.
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35,000...
5 Luna Company accepted credit cards in payment for $6,000 of services performed during July Year 1. The credit c...
5 Luna Company accepted credit cards in payment for $6,000 of services performed during July Year 1. The credit card company charged Luna a 4 percent service fee; it patd Luna as soon as it recetved the invoices. Required a. Prepare the general journal entry to record the service revenue. (If no entry Is requlred for a transaction/event, select "No Journal entry required" In the first account fleld.) 2.5 points Skipped View transaction list Book Journal entry worksheet A Print...
Luna Company accepted credit cards in payment for $6,500 of services performed during July Year 1....
Luna Company accepted credit cards in payment for $6,500 of services performed during July Year 1. The credit card company charged Luna a 1.50 percent service fee; it paid Luna as soon as it received the invoices. Required a. Prepare the general journal entry to record the service revenue. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.) View transaction list Journal entry worksheet...
Transaction Analysis Grace Stewart began the Stewart Answering Service in December. The firm provides services for...
Transaction Analysis Grace Stewart began the Stewart Answering Service in December. The firm provides services for professional people and is currently operating with leased equipment. On January 1, the assets and liabilities of the business were: Cash $6,400 Accounts Receivable 6.900 Accounts Payable 1600 Notes Payable 1.500 Common Stock 10,200 Retained Earnings 0 Business Course * Return to course The following transactions occurred during the month of January: 1 Paid rent on office and equipment for January, $1,800. 2 Collected...
Connect Exercise (due Mon Help Sove & Exit Sub Bertrand Inc purchased some shop equipment for $5700 in cash By mistake, the joumal entry debited the Office Equipment account rather than the Shop Equipment account. What correcting entry would be necessary? Murple Choice Debt Shop Equipment 55,700, credit Office omet55700 Debit Cach $5.700 credit Shop Equipment $5.700 Oo oo De Office Equipment 55700, cred Cash $5.00 Debice Equimen 55.700 c t Shop Boomer $5.700 < Prey 909 !!! NE
1. Performed $69.500 of services for clients on account 2. Performed $43,000 of services for cash. 3. Incurred $34,000 of other operating expenses on account 4. Paid $16,500 cash to an employee for salary 5. Collected $50.000 cash from accounts receivable. 6. Paid $18,000 cash on accounts payable. 7. Paid a $5,000 cash dividend to the stockholders. 8. Accrued salaries were $2,600 at the end of Year 1. wipped Box Him Terences Required a. Show the effects on the financial...
1. Performed $104,500 of services for clients on account. 2. Performed $57,000 of services for cash. 3. Incurred $62,000 of other operating expenses on account 4. Paid $23,500 cash to an employee for salary. 5. Collected $71,000 cash from accounts receivable. 6. Paid $26,000 cash on accounts payable. 7. Paid a $7,000 cash dividend to the stockholders. 8. Accrued salaries were $5,400 at the end of Year 1. Required a. Show the effects of the events on the financial statements...
a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid $5,700 cash in advance for an insurance policy. d. Paid $980 on accounts payable. e. Recorded the adjusting entry to recognize 53.100 of insurance expense. f. Received $5.700 cash for services to be performed at a later date. g. Purchased land for $1.710 cash. h. Purchased supplies for $1.000 cash. Required Record each of the above transactions in general journal form and then show...
A: Received cash of $35,000 from the issue of common stock.
B: Performed $54,000 of services on account.
C:Incurred $7,700 of other operating expenses on account.
D:Paid $27,000 cash for salaries expense.
e: Collected $37,500 of accounts receivable.
f: Paid a $3,600 dividend to the stockholders.
G: Performed $10,100 of services for cash.
H: Paid $6,100 of the accounts payable.
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35,000...
5 Luna Company accepted credit cards in payment for $6,000 of services performed during July Year 1. The credit card company charged Luna a 4 percent service fee; it patd Luna as soon as it recetved the invoices. Required a. Prepare the general journal entry to record the service revenue. (If no entry Is requlred for a transaction/event, select "No Journal entry required" In the first account fleld.) 2.5 points Skipped View transaction list Book Journal entry worksheet A Print...
Luna Company accepted credit cards in payment for $6,500 of services performed during July Year 1. The credit card company charged Luna a 1.50 percent service fee; it paid Luna as soon as it received the invoices. Required a. Prepare the general journal entry to record the service revenue. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.) View transaction list Journal entry worksheet...
Transaction Analysis Grace Stewart began the Stewart Answering Service in December. The firm provides services for professional people and is currently operating with leased equipment. On January 1, the assets and liabilities of the business were: Cash $6,400 Accounts Receivable 6.900 Accounts Payable 1600 Notes Payable 1.500 Common Stock 10,200 Retained Earnings 0 Business Course * Return to course The following transactions occurred during the month of January: 1 Paid rent on office and equipment for January, $1,800. 2 Collected...
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