Homework Answers
Cash sales should be recorded by debiting cash and crediting Food sales.
Cash account has a debit balance and an increase in that account is only because of debit.
Sales account has a credit balance and an increase in that account is only because of a credit.
2nd option.
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Question 17 The Chikis Restaurant received $75 from a customer for a meal. A possible T-account...
Question 43 4 pts Received $12,000 cash from a customer for services to be provided in...
Question 43 4 pts Received $12,000 cash from a customer for services to be provided in the future. Account Name Debit Credit A. Cash 12,000 Accounts Receivable 12.000 B. Accounts Receivable 12.000 Cash 12,000 C. Cash 12,000 Unearned Revenue 12,000 12,000 D. Unearned Revenue Cash 12,000 Answer A O Answer B O Answer O Answer D None of the answers are correct. Question 44 4 pts Provided $7.000 worth of the services referred to in transaction Q43. Account Name Debit...
17. Accounts is created when a sale is made to a customer on account. Accounts is...
17. Accounts is created when a sale is made to a customer on account. Accounts is created when a company makes a purchase on account from their vendor. A) Payable; Receivable B) Receivable; Payable 18. The accounting equation is defined as: A) Assets = Liabilities + Common Stock + Retained Earnings B) Assets = Liabilities + Stockholders' Equity C) Assets - Liabilities + Common Stock + Revenues - Expenses - Dividends D) All of the above 19. U.S. GAAP requires...
Question Help The Thai Fusion, a local Thai restaurant, expects sales to be $1,235,000 in January....
Question Help The Thai Fusion, a local Thai restaurant, expects sales to be $1,235,000 in January. Its average customer restaurant bill is $65. Only 30% of the restaurant bills are paid with cash; 60% are paid with credit cards and 10% with debit cards. The transaction fees charged by the credit and debit card issuers are as follows: Credit cards: $0.55 per transaction + 4% of the amount charged Debit cards: $0.35 per transaction + 3% of the amount charged...
question 17 I did not received asn answer to the question 17 16. THe Allon a....
question 17
I
did not received asn answer to the question 17
16. THe Allon a. has a normal debit balance b, has a normal credit balance c. appears only on the post-closing trial balance d. any of the above Which of the following might produce an account balance that is n 17. a. underpayment of an account payable b. overpayment of an account receivable by a customer c. underaccrual of interest expense d. none of the above In a...
Question 7 (2 points) Received cash from a customer that was previously billed. What account is...
Question 7 (2 points) Received cash from a customer that was previously billed. What account is credited? a) Cash b) Accounts Receivable c) Fees Earned O d) Accounts Payable
Question 1 0.5 pts Under the cash basis of accounting, an amount received from a customer...
Question 1 0.5 pts Under the cash basis of accounting, an amount received from a customer in advance of providing the services would be reported as aln): an increase to assets and an increase to expenses. an increase to an asset and a decrease to a different asset. none of these O an increase to assets and an increase to revenue. O an increase to assets and an increase to liabilities.
Holmes Company received payment from a customer within the discount period; the payment terms of the...
Holmes Company received payment from a customer within the discount period; the payment terms of the sale were 2/10, n/30. The journal entry to record this transaction is Debit Accounts Receivable $9,800; debit Sales Discounts $200; credit Cash $10,000 Debit Cash $10,000; credit Sales Discounts $200; credit Accounts Receivable $9,800 Debit Accounts R&ceivable $10,000; credit Cash $9,800: credit Sales Discounts $200 Debit Cash $9,800; debit Sales Discounts $200; credit Accounts Receivable $10,000
Cash receipts are posted to the O a. debit side of a T account. O b....
Cash receipts are posted to the O a. debit side of a T account. O b. the debit and credit side of the T account. O c.right side of the T account. O d. credit side of a T account.
On July 7, Saints Inc. received $10,200 in cash from a customer for services to be...
On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Which of the following describes how the transaction should be recorded on July 7? Multiple Choice Debit cash $10,200, credit deferred revenue $10,200 Debit accounts receivable $10,200, credit service revenue $10,200 o Debit cash $10,200, credit service revenue $10,200 o Debit deferred revenue $10,200, credit cash $10,200
QUESTION 5 You have just received notice that a customer of yours with an Account Receivab...
QUESTION 5 You have just received notice that a customer of yours with an Account Receivab make is to of S100 has gone bankrupt and will not make my future payments you the allow e d the you O a debit Bad Debt Expense and credit Accounts Receivable Ob debit Bad Debt Expense and credit Allowance for Doubtful Accounts Oc debut Allowance for Doubtful Accounts and credit Accounts Receivable Od debit Allowance for Doubtful Accounts and credit Bad Debt spense...
Question 43 4 pts Received $12,000 cash from a customer for services to be provided in the future. Account Name Debit Credit A. Cash 12,000 Accounts Receivable 12.000 B. Accounts Receivable 12.000 Cash 12,000 C. Cash 12,000 Unearned Revenue 12,000 12,000 D. Unearned Revenue Cash 12,000 Answer A O Answer B O Answer O Answer D None of the answers are correct. Question 44 4 pts Provided $7.000 worth of the services referred to in transaction Q43. Account Name Debit...
17. Accounts is created when a sale is made to a customer on account. Accounts is created when a company makes a purchase on account from their vendor. A) Payable; Receivable B) Receivable; Payable 18. The accounting equation is defined as: A) Assets = Liabilities + Common Stock + Retained Earnings B) Assets = Liabilities + Stockholders' Equity C) Assets - Liabilities + Common Stock + Revenues - Expenses - Dividends D) All of the above 19. U.S. GAAP requires...
Question Help The Thai Fusion, a local Thai restaurant, expects sales to be $1,235,000 in January. Its average customer restaurant bill is $65. Only 30% of the restaurant bills are paid with cash; 60% are paid with credit cards and 10% with debit cards. The transaction fees charged by the credit and debit card issuers are as follows: Credit cards: $0.55 per transaction + 4% of the amount charged Debit cards: $0.35 per transaction + 3% of the amount charged...
question 17
I
did not received asn answer to the question 17
16. THe Allon a. has a normal debit balance b, has a normal credit balance c. appears only on the post-closing trial balance d. any of the above Which of the following might produce an account balance that is n 17. a. underpayment of an account payable b. overpayment of an account receivable by a customer c. underaccrual of interest expense d. none of the above In a...
Question 7 (2 points) Received cash from a customer that was previously billed. What account is credited? a) Cash b) Accounts Receivable c) Fees Earned O d) Accounts Payable
Question 1 0.5 pts Under the cash basis of accounting, an amount received from a customer in advance of providing the services would be reported as aln): an increase to assets and an increase to expenses. an increase to an asset and a decrease to a different asset. none of these O an increase to assets and an increase to revenue. O an increase to assets and an increase to liabilities.
Holmes Company received payment from a customer within the discount period; the payment terms of the sale were 2/10, n/30. The journal entry to record this transaction is Debit Accounts Receivable $9,800; debit Sales Discounts $200; credit Cash $10,000 Debit Cash $10,000; credit Sales Discounts $200; credit Accounts Receivable $9,800 Debit Accounts R&ceivable $10,000; credit Cash $9,800: credit Sales Discounts $200 Debit Cash $9,800; debit Sales Discounts $200; credit Accounts Receivable $10,000
Cash receipts are posted to the O a. debit side of a T account. O b. the debit and credit side of the T account. O c.right side of the T account. O d. credit side of a T account.
On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Which of the following describes how the transaction should be recorded on July 7? Multiple Choice Debit cash $10,200, credit deferred revenue $10,200 Debit accounts receivable $10,200, credit service revenue $10,200 o Debit cash $10,200, credit service revenue $10,200 o Debit deferred revenue $10,200, credit cash $10,200
QUESTION 5 You have just received notice that a customer of yours with an Account Receivab make is to of S100 has gone bankrupt and will not make my future payments you the allow e d the you O a debit Bad Debt Expense and credit Accounts Receivable Ob debit Bad Debt Expense and credit Allowance for Doubtful Accounts Oc debut Allowance for Doubtful Accounts and credit Accounts Receivable Od debit Allowance for Doubtful Accounts and credit Bad Debt spense...
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