Homework Answers
--Journal entry to record purchase of supplies:
| General Journal | Debit | Credit |
| Supplies | $7,500 | |
| Cash | $7,500 | |
| (to record purchase of Supplies) |
--Supplies will be debited as an asset. Over the period, as the supplies are used, they get recorded as an 'supplies expense'.
--Cash is credited because cash has been paid out.
Add Answer to:
Wiley Consulting purchased $7,500 worth of supplies and paid cash immediately. Which of the following general...
Sector Corting purchased 57.000 of supplies and paid cash immediately. Which of the following uneral journal...
Sector Corting purchased 57.000 of supplies and paid cash immediately. Which of the following uneral journal entries will specter Consulting make to record this transaction Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts. 2.000 Ch Supplies supplies 7.000 7.00 Puppies 7.000 uppies per Accounts Payable QUESTION 21 Alejandro Consulting paid $2.500 cash for a month insurance policy that begins on March. Given the choices below, determine the general journal entry that Alejandro...
MC Qu. 107 Paul's Landscaping purchased... Paul's Landscaping purchased $550 of office supplies on credit. The...
MC Qu. 107 Paul's Landscaping purchased... Paul's Landscaping purchased $550 of office supplies on credit. The company's policy is to initially record prepaid and unearned items in balance sheet accounts. Which of the following general journal entries will Paul's Landscaping make to record this transaction?
Determine the net Income of a company for which the following Information is available for the...
Determine the net Income of a company for which the following Information is available for the month of July. Employee salaries expense Interest expense Rent expense Consulting revenue $196,000 26,000 36,000 464,000 Multiple Choice Ο $206,000. Ο $258.000. Ο 5278.000. Ο $464.000. Chapters 1-6 0 Saved Help Save & Specter Consulting purchased $9,200 of supplies and paid cash Immediately. Which of the following general Journal entries will Specter Consulting make to record this transaction? Assume the company's policy is to...
Brian Aloan opens a web consulting business called Aloan Consulting and completes the following transactions in...
Brian Aloan opens a web consulting business called Aloan Consulting and completes the following transactions in March. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. Mar. 1 Aloan invested $183,000 cash along with $23,100 in office equipment in the company in exchange for common stock. Mar. 2 The company prepaid $12,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses...
Denzel Brooks opens a web consulting business called Venture Consultants and completes the following transactions in...
Denzel Brooks opens a web consulting business called Venture Consultants and completes the following transactions in March. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. 1 Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for common Mar. stock. 2 The company prepaid $6,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in...
Brian Aloan opens a web consulting business called Aloan Consulting and completes the following transactions in...
Brian Aloan opens a web consulting business called Aloan Consulting and completes the following transactions in March. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. Mar. 1 Aloan invested $183,000 cash along with $23,100 in office equipment in the company in exchange for common stock. Mar. 2 The company prepaid $12,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses...
Denzel Brooks opens a web consulting business called Venture Consultants and completes the following transactions in...
Denzel Brooks opens a web consulting business called Venture Consultants and completes the following transactions in March Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. Mar. 1 Brooks invested $150,000 cash along with $22,000 in office equipment in the company. Mar. 2 The company prepaid $6,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. Mar....
Rhonda Richards opens a web consulting business called Dairy Plus and completes the following transactions in...
Rhonda Richards opens a web consulting business called Dairy Plus and completes the following transactions in its first month of operations. Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. 1 Richards invested $134,000 cash along with office equipment valued at $35,000 in the company. 2 The company prepaid $19,800 cash for twelve months' rent for office space. The company's policy is...
Raketan Repairs received $1,300 cash from a customer for repair services to be provided next month....
Raketan Repairs received $1,300 cash from a customer for repair services to be provided next month. Given the choices below, determine the general journal entry that Raketan Repairs will make to record the cash receipt. Assume the company’s policy is to initially record prepaid and unearned items in balance sheet accounts.
ABC Catering received $1,120 cash from a customer for catering services to be provided next month....
ABC Catering received $1,120 cash from a customer for catering services to be provided next month. Given the choices below, determine the general journal entry that ABC Catering will make to record the cash receipt. Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts Multiple Choice Unearned Catering Revenue 1,120 Catering Revenue 1, 120 Cash 1, 120 Accounts Receivable 1, 120 Cash 1, 120 Unearned Catering Revenue 1.120 <Prev Nexb 16 of 39
Sector Corting purchased 57.000 of supplies and paid cash immediately. Which of the following uneral journal entries will specter Consulting make to record this transaction Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts. 2.000 Ch Supplies supplies 7.000 7.00 Puppies 7.000 uppies per Accounts Payable QUESTION 21 Alejandro Consulting paid $2.500 cash for a month insurance policy that begins on March. Given the choices below, determine the general journal entry that Alejandro...
MC Qu. 107 Paul's Landscaping purchased... Paul's Landscaping purchased $550 of office supplies on credit. The company's policy is to initially record prepaid and unearned items in balance sheet accounts. Which of the following general journal entries will Paul's Landscaping make to record this transaction?
Determine the net Income of a company for which the following Information is available for the month of July. Employee salaries expense Interest expense Rent expense Consulting revenue $196,000 26,000 36,000 464,000 Multiple Choice Ο $206,000. Ο $258.000. Ο 5278.000. Ο $464.000. Chapters 1-6 0 Saved Help Save & Specter Consulting purchased $9,200 of supplies and paid cash Immediately. Which of the following general Journal entries will Specter Consulting make to record this transaction? Assume the company's policy is to...
Brian Aloan opens a web consulting business called Aloan Consulting and completes the following transactions in March. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. Mar. 1 Aloan invested $183,000 cash along with $23,100 in office equipment in the company in exchange for common stock. Mar. 2 The company prepaid $12,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses...
Denzel Brooks opens a web consulting business called Venture Consultants and completes the following transactions in March. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. 1 Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for common Mar. stock. 2 The company prepaid $6,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in...
Brian Aloan opens a web consulting business called Aloan Consulting and completes the following transactions in March. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. Mar. 1 Aloan invested $183,000 cash along with $23,100 in office equipment in the company in exchange for common stock. Mar. 2 The company prepaid $12,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses...
Denzel Brooks opens a web consulting business called Venture Consultants and completes the following transactions in March Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. Mar. 1 Brooks invested $150,000 cash along with $22,000 in office equipment in the company. Mar. 2 The company prepaid $6,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. Mar....
Rhonda Richards opens a web consulting business called Dairy Plus and completes the following transactions in its first month of operations. Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. 1 Richards invested $134,000 cash along with office equipment valued at $35,000 in the company. 2 The company prepaid $19,800 cash for twelve months' rent for office space. The company's policy is...
ABC Catering received $1,120 cash from a customer for catering services to be provided next month. Given the choices below, determine the general journal entry that ABC Catering will make to record the cash receipt. Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts Multiple Choice Unearned Catering Revenue 1,120 Catering Revenue 1, 120 Cash 1, 120 Accounts Receivable 1, 120 Cash 1, 120 Unearned Catering Revenue 1.120 <Prev Nexb 16 of 39
Most questions answered within 3 hours.
-
Deacon Corporation has provided the following financial data
from its balance sheet and income statement:
Year...
asked 4 minutes ago -
List and discuss at least three variables from everyday life for
which you expect the variable ...
asked 2 minutes ago -
A high-pass filter consists of a 1.60 μF capacitor in series
with a 125 Ω resistor....
asked 5 minutes ago -
A newly developed artificial intelligence has trouble
distinguishing hand-written numbers from hand-written alphabets.
There are pictures...
asked 22 minutes ago -
The carbonate ion CO3 2- has multiple resonance structures.
a. Draw them and assign the hybridization...
asked 15 minutes ago -
In doing an allocation for a basket purchase
Use the individual costs and the total market...
asked 23 minutes ago -
what were the social political and economic causes and impacts of
the late 19th century urban...
asked 21 minutes ago -
if the magnitude of a velocity vector is 10m/s and it
makes an angle of 45...
asked 23 minutes ago -
Which amino acid has a basic R group?
A) tyrosine
B) Isoleucine
C) Glutamic Acid
D)...
asked 35 minutes ago -
Is there the need for the government to have hackers. Please
share your thoughts.
asked 38 minutes ago -
Explain why you should not lose any LDH activity when you
centrifuge a crude sample at...
asked 46 minutes ago -
An AA battery (object), standing on end, is placed to the left
of a diverging lens...
asked 47 minutes ago