Homework Answers
29.
Answer: a
Once the payable account is paid off, Accounts payable account is debit, since the liability is met, and cash is credit, since the asset goes out.
27.
Answer: b
Depreciation expense is debit, since chargeable to income statement, and accumulated depreciation account is credit, because it is contra building account (asset).
1.
Trail balance
|
Heads |
Debit |
Credit |
|
Accounts payable |
11,000 |
|
|
Accounts receivable |
20,000 |
|
|
Prepaid insurance |
5,000 |
|
|
Cash |
10,000 |
|
|
Dividends |
15,000 |
|
|
Fees earned |
35,000 |
|
|
Insurance expense |
7,000 |
|
|
Land |
27,000 |
|
|
Wages expense |
6,000 |
|
|
Common stock |
44,000 |
|
|
Total |
90,000 |
90,000 |
Answer: c
The credit is $90,000.
Add Answer to:
QUESTION 29 I paid my accounts p ayable. How would I record that? a. debit Accounts...
13 seconds. Status: Trial Balance wash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock...
13 seconds. Status: Trial Balance wash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 10000 20000 5000 37000 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 === ======== == What are the total assets? $35,000 $72,000 $116,000 Click Save and Submit to save and submit. Click Save All A QUESTION 10 I bou ght office supplies on account. How do I record that? a. Office Supplies, debit:...
1 J , 13 Secunos, Question Completion Status: 10000 20000 5000 37000 Cash Accounts Receivable Supplies...
1 J , 13 Secunos, Question Completion Status: 10000 20000 5000 37000 Cash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 Prepare a statement of Retained Earnings to get the ending retained earnings. Don't forget you have to do an income statement before you can do the statement of retained earnings. Negative ($8000) $14,000 $7000 None of the above...
Question 5 The entry to record the cost of merchandise inventory sold involves a debit to...
Question 5 The entry to record the cost of merchandise inventory sold involves a debit to Merchandise Inventory and a credit to Accounts Receivable. debit to Cost of Goods Sold and a credit to Sales Revenue. debit to Merchandise Inventory and a credit to Sales Revenue. debit to Merchandise Inventory and a credit to Cost of Goods Sold. debit to Cost of Goods Sold and a credit to Merchandise Inventory. 1 points Question 6 Accumulated depreciation is classified as a(n)...
Account Trial Balance Debit Credit 8,300 6,800 Adjusted Trial Balance Debit Credit $ 8,300 6,850 800...
Account Trial Balance Debit Credit 8,300 6,800 Adjusted Trial Balance Debit Credit $ 8,300 6,850 800 4,300 1,000 4,300 1.900 Cash Accounts receivable Interest receivable Note receivable Supplies Prepaid insurance Building Accumulated depreciation building Accounts payable Wages payable Unearned rental revenue 2,200 66,700 600 66,700 $ 9,700 6,300 11,600 6,300 850 600 19,000 Common stock Retained earnings Dividends 1,400 19,000 43,800 43,800 4,000 4,000 Rental revenue 15,600 800 16,450 1,600 Interest revenue Depreciation expense-building Supplies expense Utilities expense Wage expense...
The following is the adjusted trial balance for Baker Services. Accounts Debit Credit Cash $50,700 Accounts...
The following is the adjusted trial balance for Baker Services. Accounts Debit Credit Cash $50,700 Accounts Receivable 30,000 Prepaid Insurance 6,500 Office Supplies 3,000 Land 50,000 Building 140,000 Accumulated Depreciation—Building $16,500 Equipment 76,000 Accumulated Depreciation—Equipment 7,000 Accounts Payable 27,000 Salaries Payable 3,000 Unearned Revenue 24,000 Mortgage Payable 102,000 Baker, Capital 25,500 Baker, Withdrawals 25,000 Service Revenue 290,000 Salaries Expense 63,000 Depreciation Expense—Building and Equipment 6,000 Supplies Expense 11,000 Insurance Expense 14,800 Utilities Expense 19,000 Total $495,000 $495,000 There were no...
Debit Balances Credit Balances Cash Accounts Receivable Prepaid Insurance Supplies 4,700 42,650 7,950 2,170 125,420 306,260...
Debit Balances Credit Balances Cash Accounts Receivable Prepaid Insurance Supplies 4,700 42,650 7,950 2,170 125,420 306,260 Land 153,250 Building Accumulated Depreciation--Building Equipment Accumulated Depreciation-Equipment Accounts Payable 150,720 109,150 13,370 7,590 325,800 Unearned Rent 16,630 361,430 Suzanne Emerson, Capital Suzanne Emerson, Drawing Fees Earned Salaries and Wages Expense Utilities Expense Advertising Expense Repairs Expense Miscellaneous Expense 215,410 47,350 25,300 19,160 6,870 970,590 970,590 The data needed to determine year-end adjustments are as follows: • Unexpired insurance at October 31, $5,330. •...
Question Completion Status: The adjusted trial balance for Novakowski Company as at December 31, 2021 is...
Question Completion Status: The adjusted trial balance for Novakowski Company as at December 31, 2021 is as follows: NOVAKOWSKI COMPANY Adjusted Trial Balance December 31, 2021 Debit Credit Cash $20,000 Accounts receivable 4,000 Prepaid insurance 7,000 Supplies 4,500 Equipment 48.000 Accumulated depreciation-equipment $ 4,800 Patents 7,500 Accumulated amortization-patent 1.500 Accounts payable 21.500 Bonds payable, due in 2023 18,000 M. Novakowski, capital 46,000 M. Novakowski, drawings 4.200 Service revenue 23.400 Salaries expense 5 200 Depreciation and amortization expense 6.300 Insurance expense...
Trial Balance April 30, 2016 Account Debit Credit $27,500 40,400 3,000 1,400 68,800 Cash Accounts receivable...
Trial Balance April 30, 2016 Account Debit Credit $27,500 40,400 3,000 1,400 68,800 Cash Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Accounts paya Salaries payable Unearned service revenue Common stock Retained earnings Dividends Service revenue Salaries expense Insurance expense Depreciation expense, equipment Utilities expense Supplies expense Total $34,100 ble 3,100 2,700 50,000 50,600 9,500 13,900 3,800 $ 154,400 $ 154,400 More Info a. Insurance coverage stlremaining at April 30, $300 b. Supplies used during the month, $250 c....
I dont understand how to do this question please help! Thank you Instructions Chart of Accounts...
I
dont understand how to do this question please help! Thank
you
Instructions Chart of Accounts Journal Adjusted Trial Balance Instructions Pitman Company UNADJUSTED TRIAL BALANCE October 31, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 7.420.00 2 Accounts Receivable 38.115.00 - Prepaid Insurance 7,050.00 4 Supplies 1.630.00 5 Land 114.550.00 150.250.00 88.800.00 6 Building 7 Accumulated Depreciation-Building * Equipment 9 Accumulated Depreciation-Equipment 10 Accounts Payable 133,200.00 96,605.00 12,560.00 11 Unearned Rent 7,035.00 12 Jan Pitman, Capital 217.215.00 13 Jan Pitman....
Question 2 12 points Save Answer Below is a selected group of accounts. For each account,...
Question 2 12 points Save Answer Below is a selected group of accounts. For each account, indicate the normal balance and identify the financial statement where found. For example, your answers should be entered in the following format EXAMPLE Account Normal Balance Financial Statement Cash Debit Balance Sheet Financial Statement Normal Balance Credit T Account Utilities Payable Accounts Receivable Interest Revenue Equipment Owner's Drawings Salaries and Wages Expense Prepaid Insurance Accumulated Depreciation- Equipment Service Revenue Mortgage Payable Advertising Expense Accumulated...
13 seconds. Status: Trial Balance wash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 10000 20000 5000 37000 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 === ======== == What are the total assets? $35,000 $72,000 $116,000 Click Save and Submit to save and submit. Click Save All A QUESTION 10 I bou ght office supplies on account. How do I record that? a. Office Supplies, debit:...
1 J , 13 Secunos, Question Completion Status: 10000 20000 5000 37000 Cash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 Prepare a statement of Retained Earnings to get the ending retained earnings. Don't forget you have to do an income statement before you can do the statement of retained earnings. Negative ($8000) $14,000 $7000 None of the above...
Account Trial Balance Debit Credit 8,300 6,800 Adjusted Trial Balance Debit Credit $ 8,300 6,850 800 4,300 1,000 4,300 1.900 Cash Accounts receivable Interest receivable Note receivable Supplies Prepaid insurance Building Accumulated depreciation building Accounts payable Wages payable Unearned rental revenue 2,200 66,700 600 66,700 $ 9,700 6,300 11,600 6,300 850 600 19,000 Common stock Retained earnings Dividends 1,400 19,000 43,800 43,800 4,000 4,000 Rental revenue 15,600 800 16,450 1,600 Interest revenue Depreciation expense-building Supplies expense Utilities expense Wage expense...
Debit Balances Credit Balances Cash Accounts Receivable Prepaid Insurance Supplies 4,700 42,650 7,950 2,170 125,420 306,260 Land 153,250 Building Accumulated Depreciation--Building Equipment Accumulated Depreciation-Equipment Accounts Payable 150,720 109,150 13,370 7,590 325,800 Unearned Rent 16,630 361,430 Suzanne Emerson, Capital Suzanne Emerson, Drawing Fees Earned Salaries and Wages Expense Utilities Expense Advertising Expense Repairs Expense Miscellaneous Expense 215,410 47,350 25,300 19,160 6,870 970,590 970,590 The data needed to determine year-end adjustments are as follows: • Unexpired insurance at October 31, $5,330. •...
Question Completion Status: The adjusted trial balance for Novakowski Company as at December 31, 2021 is as follows: NOVAKOWSKI COMPANY Adjusted Trial Balance December 31, 2021 Debit Credit Cash $20,000 Accounts receivable 4,000 Prepaid insurance 7,000 Supplies 4,500 Equipment 48.000 Accumulated depreciation-equipment $ 4,800 Patents 7,500 Accumulated amortization-patent 1.500 Accounts payable 21.500 Bonds payable, due in 2023 18,000 M. Novakowski, capital 46,000 M. Novakowski, drawings 4.200 Service revenue 23.400 Salaries expense 5 200 Depreciation and amortization expense 6.300 Insurance expense...
Trial Balance April 30, 2016 Account Debit Credit $27,500 40,400 3,000 1,400 68,800 Cash Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Accounts paya Salaries payable Unearned service revenue Common stock Retained earnings Dividends Service revenue Salaries expense Insurance expense Depreciation expense, equipment Utilities expense Supplies expense Total $34,100 ble 3,100 2,700 50,000 50,600 9,500 13,900 3,800 $ 154,400 $ 154,400 More Info a. Insurance coverage stlremaining at April 30, $300 b. Supplies used during the month, $250 c....
I
dont understand how to do this question please help! Thank
you
Instructions Chart of Accounts Journal Adjusted Trial Balance Instructions Pitman Company UNADJUSTED TRIAL BALANCE October 31, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 7.420.00 2 Accounts Receivable 38.115.00 - Prepaid Insurance 7,050.00 4 Supplies 1.630.00 5 Land 114.550.00 150.250.00 88.800.00 6 Building 7 Accumulated Depreciation-Building * Equipment 9 Accumulated Depreciation-Equipment 10 Accounts Payable 133,200.00 96,605.00 12,560.00 11 Unearned Rent 7,035.00 12 Jan Pitman, Capital 217.215.00 13 Jan Pitman....
Question 2 12 points Save Answer Below is a selected group of accounts. For each account, indicate the normal balance and identify the financial statement where found. For example, your answers should be entered in the following format EXAMPLE Account Normal Balance Financial Statement Cash Debit Balance Sheet Financial Statement Normal Balance Credit T Account Utilities Payable Accounts Receivable Interest Revenue Equipment Owner's Drawings Salaries and Wages Expense Prepaid Insurance Accumulated Depreciation- Equipment Service Revenue Mortgage Payable Advertising Expense Accumulated...
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