11) Which of the following entries records the cash payment of an Account Payable? a. debit...
11) Which of the following entries records the cash payment of an Account Payable?
a. debit Cash; credit Accounts Payable
b. debit Accounts Receivable; credit Cash
c. debit Cash; credit Expense
d. debit Accounts Payable; credit Cash
12) Haselhof Company purchases equipment for $2,400 and supplies for $700 from Behrman
Co. for $3,100 cash. The entry for this transaction will include a
a. debit to Equipment $2,400 and a debit to Supplies Expense $700 for Behrman.
b. credit to Cash for Behrman.
c. credit to Accounts Payable for Haselhof.
d. debit to Equipment $2,400 and a debit to Supplies $700 for Haselhof.
13) A metal shop’s employees work overtime to finish an order that is sold on March 28. The office sends a statement to the customer in early April and payment is received by mid- April. The overtime wages should be expensed in
a. March.
b. April.
c. the period when the workers receive their checks.
d. either in March or April depending on when the pay period ends.
14) Tom See has performed $4,000 of CPA services for a client but has not billed the client as of the end of the accounting period. What adjusting entry must Tom make?
a. Debit Cash and credit Unearned Service Revenue
b. Debit Accounts Receivable and credit Unearned Service Revenue
c. Debit Accounts Receivable and credit Service Revenue
d. Debit Unearned Service Revenue and credit Service Revenue
Homework Answers
11. d. debit Accounts Payable; credit Cash
Cash being an asset is credited as cash is decreasing.
Accounts payable being a liability is Debited on decrease.
12. d. debit to Equipment $2,400 and a debit to Supplies $700 for Haselhof.
Equiptment and Supplies being an asset is debited on increase.
13. a. March.
Expenses recorded when accrued
14.c. Debit Accounts Receivable and credit Service Revenue
Accounts recievable being an asset shall be debited
Service revenue being an income shall be booked in the year of accrual
Add Answer to:
11) Which of the
following entries records the cash payment of an Account
Payable?
a. debit...
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....
Aptos Architects, Inc. Trial Balance April 30, 2018 Account Debit Credit Cash $ 30,100 Accounts receivable...
Aptos Architects, Inc. Trial Balance April 30, 2018 Account Debit Credit Cash $ 30,100 Accounts receivable 18,500 3,200 Prepaid insurance Supplies 1,100 85,000 $ 43,800 Equipment Accumulated depreciation, equipment Accounts payable Salaries payable 3,600 Unearned service revenue 3,100 Common stock 75,000 Retained earnings 10,600 Dividends 2,800 Service revenue 8,400 Salaries expense 3,800 Insurance expense Depreciation expense, equipment Utilities expense Supplies expense $ 144,500 $ 144,500 Total a. Insurance coverage still remaining at April 30, $600 b. Supplies used during the...
Problem 4-6A (Part Level Submission) Dao Vang, CPA, was retained by Martinez to prepare financial statements...
Problem 4-6A (Part Level Submission) Dao Vang, CPA, was retained by Martinez to prepare financial statements for April 2019. Vang accumulated all the ledger balances per Martinez's records and found the following. Martinez Trial Balance April 30, 2019 Credit Debit $4,100 3,100 700 10,300 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation-Equip. Accounts Payable Salaries and Wages Payable Unearned Service Revenue Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Advertising Expense Miscellaneous Expense Depreciation Expense $1,300 2,200 800 1,000...
At December 31, 2016, the accounting records of Hill Pool, Co. reflected the following: Accounts Payable $...
At December 31, 2016, the accounting records of Hill Pool, Co. reflected the following: Accounts Payable $ 10,100 Accounts Receivable 8,450 Retained Earnings 7,830 Supplies ` 2,350 Building 23,950 Cash 15,420 Notes Payable, due Jan 2018 10,240 Common Stock 20,000 Unearned Revenue 2,000 During January 2017, the following transactions occurred: Jan 2 Issued 5,000 shares of common stock in exchange for $10,000 Jan 8 Paid creditors $2,500 of what was owed on account. Jan 15 Repaired a pool and collected the fee of $1,800. Jan 19 Performed a $500 repair job, which Hill had previously been paid...
List of Adjustments The following entries are in addition to the entrie! from Monopoly: Payment to...
List of Adjustments The following entries are in addition to the entrie! from Monopoly: Payment to the Gas & Electric Company for bill - $15525 Payment of employee wages $231,880 Payment of cleaning fee - $20750 Purchased Supplies on account for $65,250 Used insurance for the month $35,750 Paid $35,000 for Advertising Paid $130,000 on Accounts Payable Performed services on Unearned Revenue for $75,000 - Acct ACCOUNT NAME Cash Accounts Receivable Office Supplies Prepaid Insurance Land Equipment Acc. Dep-Equipment Accounts...
roblem 3-07A this trial balance of Crane Company does not balance. CRANE COMPANY Trial Balance June...
roblem 3-07A this trial balance of Crane Company does not balance. CRANE COMPANY Trial Balance June 30, 2022 Debit Credit $ 5,690 $5,790 2,000 5,600 6,297 Accounts Receivable Supplies Equipment Accounts Payable Unearned Service Revenue Common Stock Dividends Service Revenue Salaries and Wages Expense Utilities Expense 2,400 11,600 800 6,080 3,520 950 $21,060 $29,667 Each of the listed accounts has a normal balance per the general ledger. mination of the ledger and journal reveals the following errors: 1. Cash received...
how come I am not getting the same total? Adjusted Trial Balance Debit LISO Cash CO...
how come I am not getting the same total?
Adjusted Trial Balance Debit LISO Cash CO 2 500 Accounts Receivable Supplies Equipment Accum Dep - Equip Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Dividends Service Revenue Salaries/Wages Expense Suppliess Expense Depreciation Expense Miscellaneous Expense 290 250 HOU Totals E. Post Closing Trial Balance Debit Credit Cash Accounts Receivable Supplies Equipment Accum Dep - Equip CVB HP Laptop All-day power Eye-catching design Date Cash Explanation...
LO C UParty JCC SU. CULLUMBER COMPANY Trial Balance September 30, 2017 Debit Credit Cash $...
LO C UParty JCC SU. CULLUMBER COMPANY Trial Balance September 30, 2017 Debit Credit Cash $ 24,020 Accounts Receivable 7,420 Supplies 4,210 Equipment 10.110 Accounts Payable $9,620 Unearned Service Revenue 3,210 Common Stock 19,820 Retained Earnings 13,110 $45,760 $45,760 The October transactions were as follows. Oct. 5 Received $1,380 in cash from customers for accounts receivable due. 10 Billed customers for services performed $5,870. 15 Paid employee salaries $1,030. 17 Performed $550 of services in exchange for cash. 20 Paid...
Adjusted Trial Balance Account Titles Debit Credit Cash $3,740 Accounts Receivable 3,960 Supplies 440 Accounts Payable...
Adjusted Trial Balance Account Titles Debit Credit Cash $3,740 Accounts Receivable 3,960 Supplies 440 Accounts Payable $1,900 Unearned Service Revenue 140 Common Stock 4,100 Retained Earnings 1,070 Dividends 700 Service Revenue 4,250 Salaries and Wages Expense 1,300 Miscellaneous Expense 220 Supplies Expense 1,800 Salaries and Wages Payable 700 $12,160 $12,160 Prepare closing entries at June 30, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30...
Trial Balance Adjustments Trial Balance Account Names Debit Credit Debit Credit Debit Credit Cash $3,600 Accounts...
Trial Balance Adjustments Trial Balance Account Names Debit Credit Debit Credit Debit Credit Cash $3,600 Accounts Receivable 6,400 Office Supplies 2,200 Prepaid Insurance 2,400 Equipment 28,000 Accumulated Depreciation-Equipment $8,500 Accounts Payable 5,100 Salaries Payable Common Stock 12,200 Dividends 27,000 Service Revenue 73,000 Depreciation Expense-Equipment Supplies Expense Utilities Expense 4,700 Salaries Expense 24,500 Insurance Expense Total $98,800 $98,800 a. As of December 31, Ganville had performed $100 of service revenue but has not yet billed customers. b. At the end of...
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....
Aptos Architects, Inc. Trial Balance April 30, 2018 Account Debit Credit Cash $ 30,100 Accounts receivable 18,500 3,200 Prepaid insurance Supplies 1,100 85,000 $ 43,800 Equipment Accumulated depreciation, equipment Accounts payable Salaries payable 3,600 Unearned service revenue 3,100 Common stock 75,000 Retained earnings 10,600 Dividends 2,800 Service revenue 8,400 Salaries expense 3,800 Insurance expense Depreciation expense, equipment Utilities expense Supplies expense $ 144,500 $ 144,500 Total a. Insurance coverage still remaining at April 30, $600 b. Supplies used during the...
Problem 4-6A (Part Level Submission) Dao Vang, CPA, was retained by Martinez to prepare financial statements for April 2019. Vang accumulated all the ledger balances per Martinez's records and found the following. Martinez Trial Balance April 30, 2019 Credit Debit $4,100 3,100 700 10,300 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation-Equip. Accounts Payable Salaries and Wages Payable Unearned Service Revenue Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Advertising Expense Miscellaneous Expense Depreciation Expense $1,300 2,200 800 1,000...
List of Adjustments The following entries are in addition to the entrie! from Monopoly: Payment to the Gas & Electric Company for bill - $15525 Payment of employee wages $231,880 Payment of cleaning fee - $20750 Purchased Supplies on account for $65,250 Used insurance for the month $35,750 Paid $35,000 for Advertising Paid $130,000 on Accounts Payable Performed services on Unearned Revenue for $75,000 - Acct ACCOUNT NAME Cash Accounts Receivable Office Supplies Prepaid Insurance Land Equipment Acc. Dep-Equipment Accounts...
roblem 3-07A this trial balance of Crane Company does not balance. CRANE COMPANY Trial Balance June 30, 2022 Debit Credit $ 5,690 $5,790 2,000 5,600 6,297 Accounts Receivable Supplies Equipment Accounts Payable Unearned Service Revenue Common Stock Dividends Service Revenue Salaries and Wages Expense Utilities Expense 2,400 11,600 800 6,080 3,520 950 $21,060 $29,667 Each of the listed accounts has a normal balance per the general ledger. mination of the ledger and journal reveals the following errors: 1. Cash received...
how come I am not getting the same total?
Adjusted Trial Balance Debit LISO Cash CO 2 500 Accounts Receivable Supplies Equipment Accum Dep - Equip Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Dividends Service Revenue Salaries/Wages Expense Suppliess Expense Depreciation Expense Miscellaneous Expense 290 250 HOU Totals E. Post Closing Trial Balance Debit Credit Cash Accounts Receivable Supplies Equipment Accum Dep - Equip CVB HP Laptop All-day power Eye-catching design Date Cash Explanation...
LO C UParty JCC SU. CULLUMBER COMPANY Trial Balance September 30, 2017 Debit Credit Cash $ 24,020 Accounts Receivable 7,420 Supplies 4,210 Equipment 10.110 Accounts Payable $9,620 Unearned Service Revenue 3,210 Common Stock 19,820 Retained Earnings 13,110 $45,760 $45,760 The October transactions were as follows. Oct. 5 Received $1,380 in cash from customers for accounts receivable due. 10 Billed customers for services performed $5,870. 15 Paid employee salaries $1,030. 17 Performed $550 of services in exchange for cash. 20 Paid...
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