Homework Answers
Answer :1
D) a Debit to Accounts Receivable for $578600
| Particulars | Amount ($) | Amount ($) |
| Accounts Receivables | 578000 | |
| Sales Revenue | 526000 | |
| Sales Tax Payable ($526000*10%) | 52600 |
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We best response. 1) Sales revenue for a sporting oods shot more to subject to a...
Capitol Chimney Co. had sales on account of $30,500 which were subject to state sales tax...
Capitol Chimney Co. had sales on account of $30,500 which were subject to state sales tax of 8 %. The entry to record the sales would be to: A. debit Accounts Receivable, $30,500; debit Sales tax payable, $2,440; credit Sales revenue, $32,940 O B. debit Accounts Receivable, $32,940; credit Sales revenue, $30,500; credit Sales tax payable, $2,440 O C. debit Accounts Receivable, $32,940; credit Sale revenue, $32,940 D. debit Accounts Receivable, $30,500; credit Sales revenue, $30,500. OOOO
During August, Hill Sales Company had these summary transactions: 1. Cash sales of $220,000, subject to...
During August, Hill Sales Company had these summary transactions: 1. Cash sales of $220,000, subject to sales taxes of 6%. 2. Sales on account of $270,000, subject to sales taxes of 6%. 3. Paid the sales taxes to the state. Required: Prepare journal entries to record the preceding transactions. CHART OF ACCOUNTS Hill Sales Company General Ledger ASSETS REVENUE 111 Cash 411 Sales 121 Accounts Receivable 141 Inventory EXPENSES 152 Prepaid Insurance 500 Cost of Goods Sold 181 Equipment 511...
Hi, please help with the question below. Make sure you follow the three requirements: 1. Answer...
Hi, please help with the question below. Make sure you follow
the three requirements:
1. Answer the question only in the case that you can make sure
you would answer them all
2. Choose the title for each column from my picture (I have
posted the options for you, so just choose it, don't make it up by
yourself)
3. Strictly follow the format of the chart below to answer the
question.
The following transactions of Penny and Dime Marine...
Hi, please help with the below question. I have posted the option that you can choose...
Hi, please help with the below question. I have posted the
option that you can choose for the column, and make sure you follow
the format as been listed in the chart below! Only answer the
question in the case that you can make sure you would answer them
all! Thank you!
The following transactions of Penny and Dime Marine Supply occurred during 2018 and 2019: (Click the icon to view the transactions.) Requirement 1. Record the transactions in the...
14-56 1 During the course of the audit of Nature Sporting Goods, the auditor discovered the...
14-56 1 During the course of the audit of Nature Sporting Goods, the auditor discovered the following: . The accounts receivable confirmation work revealed one pricing misstatement. The book value of $12,955.68 should be $11,984.00. The total misstatement based on this differ- ence is $14,465, which includes a $972 known misstatement and an unknown projected misstatement of $13,493. Nature Sporting Goods had understated the accrued vacation pay by $13,000. A review of the prior-year documentation indicates the following uncorrected misstatements:...
Service Revenue Posleding entries to the accounts. The new balances of the country have been entered...
Service Revenue Posleding entries to the accounts. The new balances of the country have been entered for you. Use the went and coresponding en sporting roce Tecount to show the adjusted balance of each account for any account with a zero balance, select the Tal.posing Merance and enter on the normal side of the count Review the distinglometers you and . M r. Une aprin c e 17300 B Choose from w o r enter any number in the input...
NORTH COMPANY Income Statement For the Year Ended December 31, 2019 $770,000 Sales Revenue Cost of...
NORTH COMPANY Income Statement For the Year Ended December 31, 2019 $770,000 Sales Revenue Cost of Goods Sold $550,000 Wages Expense Advertising Expense 195,000 31,000 Depreciation Expense 24,000 Interest Expense 20,000 Gain on Sale of Land (25,000) 795,000 Net Loss $(25,000) NORTH COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 Assets $32,000 $80,000 Cash 49,000 42,000 Accounts Receivablé 107,000 115,000 Inventory Prepaid Advertising 10,000 14,000 Plant Assets 360,000 210,000 Accumulated Depreciation (80,000) (56,000) Total Assets $519,000 $364,000 Liabilities and...
General Journal Debit Credit No 1 Date Jan 01, 2018 4,400 Cash Sales revenue 4,400 TOL...
General Journal Debit Credit No 1 Date Jan 01, 2018 4,400 Cash Sales revenue 4,400 TOL 2 | Jan 01, 2018 2,900 Cost of goods sold Inventory 2,900 3 Jan 02, 2018 6,400 Equipment Accounts payable 6,400 1 4 | Jan 04, 2018 150 Advertising expense Accounts payable 150 T L 5 | Jan 08, 2018 5,900 Accounts receivable Sales revenue 5,900 Jan 08, 2018 3,700 Cost of goods sold Inventory 3,700 7 Jan 10, 2018 9,950 Inventory Accounts payable...
Required information CP4-1 Preparing an Adjusted Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance (LO...
Required information CP4-1 Preparing an Adjusted Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance (LO 4-3, LO 4-5] (The following information applies to the questions displayed below.) The following is a list of accounts and adjusted amounts for Rollcom, Inc., for the fiscal year ended September 30, 2018. The accounts have normal debit or credit balances. Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Equipment Income Tax Expense Notes Payable (long-term) office Expenses Rent Expense Retained Earnings Salaries...
Comprehensive Accounting Cycle Review 9-1 (Part Level Submission) Milo Corporation's unadjusted trial balance at December 1,...
Comprehensive Accounting Cycle Review 9-1 (Part Level Submission) Milo Corporation's unadjusted trial balance at December 1, 2017, is presented below. Credit Debit $22,000 36,800 10,000 36,200 3,600 20,000 150,000 60,000 9,000 $500 50,000 24,000 27,300 11,000 Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patent Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Notes Payable (due April 30, 2018) Income Taxes Payable Interest Payable Notes Payable (due in...
Capitol Chimney Co. had sales on account of $30,500 which were subject to state sales tax of 8 %. The entry to record the sales would be to: A. debit Accounts Receivable, $30,500; debit Sales tax payable, $2,440; credit Sales revenue, $32,940 O B. debit Accounts Receivable, $32,940; credit Sales revenue, $30,500; credit Sales tax payable, $2,440 O C. debit Accounts Receivable, $32,940; credit Sale revenue, $32,940 D. debit Accounts Receivable, $30,500; credit Sales revenue, $30,500. OOOO
During August, Hill Sales Company had these summary transactions: 1. Cash sales of $220,000, subject to sales taxes of 6%. 2. Sales on account of $270,000, subject to sales taxes of 6%. 3. Paid the sales taxes to the state. Required: Prepare journal entries to record the preceding transactions. CHART OF ACCOUNTS Hill Sales Company General Ledger ASSETS REVENUE 111 Cash 411 Sales 121 Accounts Receivable 141 Inventory EXPENSES 152 Prepaid Insurance 500 Cost of Goods Sold 181 Equipment 511...
Hi, please help with the question below. Make sure you follow
the three requirements:
1. Answer the question only in the case that you can make sure
you would answer them all
2. Choose the title for each column from my picture (I have
posted the options for you, so just choose it, don't make it up by
yourself)
3. Strictly follow the format of the chart below to answer the
question.
The following transactions of Penny and Dime Marine...
Hi, please help with the below question. I have posted the
option that you can choose for the column, and make sure you follow
the format as been listed in the chart below! Only answer the
question in the case that you can make sure you would answer them
all! Thank you!
The following transactions of Penny and Dime Marine Supply occurred during 2018 and 2019: (Click the icon to view the transactions.) Requirement 1. Record the transactions in the...
14-56 1 During the course of the audit of Nature Sporting Goods, the auditor discovered the following: . The accounts receivable confirmation work revealed one pricing misstatement. The book value of $12,955.68 should be $11,984.00. The total misstatement based on this differ- ence is $14,465, which includes a $972 known misstatement and an unknown projected misstatement of $13,493. Nature Sporting Goods had understated the accrued vacation pay by $13,000. A review of the prior-year documentation indicates the following uncorrected misstatements:...
Service Revenue Posleding entries to the accounts. The new balances of the country have been entered for you. Use the went and coresponding en sporting roce Tecount to show the adjusted balance of each account for any account with a zero balance, select the Tal.posing Merance and enter on the normal side of the count Review the distinglometers you and . M r. Une aprin c e 17300 B Choose from w o r enter any number in the input...
NORTH COMPANY Income Statement For the Year Ended December 31, 2019 $770,000 Sales Revenue Cost of Goods Sold $550,000 Wages Expense Advertising Expense 195,000 31,000 Depreciation Expense 24,000 Interest Expense 20,000 Gain on Sale of Land (25,000) 795,000 Net Loss $(25,000) NORTH COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 Assets $32,000 $80,000 Cash 49,000 42,000 Accounts Receivablé 107,000 115,000 Inventory Prepaid Advertising 10,000 14,000 Plant Assets 360,000 210,000 Accumulated Depreciation (80,000) (56,000) Total Assets $519,000 $364,000 Liabilities and...
General Journal Debit Credit No 1 Date Jan 01, 2018 4,400 Cash Sales revenue 4,400 TOL 2 | Jan 01, 2018 2,900 Cost of goods sold Inventory 2,900 3 Jan 02, 2018 6,400 Equipment Accounts payable 6,400 1 4 | Jan 04, 2018 150 Advertising expense Accounts payable 150 T L 5 | Jan 08, 2018 5,900 Accounts receivable Sales revenue 5,900 Jan 08, 2018 3,700 Cost of goods sold Inventory 3,700 7 Jan 10, 2018 9,950 Inventory Accounts payable...
Required information CP4-1 Preparing an Adjusted Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance (LO 4-3, LO 4-5] (The following information applies to the questions displayed below.) The following is a list of accounts and adjusted amounts for Rollcom, Inc., for the fiscal year ended September 30, 2018. The accounts have normal debit or credit balances. Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Equipment Income Tax Expense Notes Payable (long-term) office Expenses Rent Expense Retained Earnings Salaries...
Comprehensive Accounting Cycle Review 9-1 (Part Level Submission) Milo Corporation's unadjusted trial balance at December 1, 2017, is presented below. Credit Debit $22,000 36,800 10,000 36,200 3,600 20,000 150,000 60,000 9,000 $500 50,000 24,000 27,300 11,000 Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patent Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Notes Payable (due April 30, 2018) Income Taxes Payable Interest Payable Notes Payable (due in...
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