Homework Answers
6. Option A
Every debit have a equal credit
7. Option B
sales discount is an expenses
8. Option B
Cash flow statement doesn't have purchase activity
9. Option C
Financial statements report accounting data on the balance sheet date
10. Option C
Every business transaction initially recorded in general journal.
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homework for only one choise
6. When making a general journal entry, debits should equal credits:...
When recording transactions in the T-accounts, the debits should equal the credits: Multiple Choice Ο Sometimes...
When recording transactions in the T-accounts, the debits should equal the credits: Multiple Choice Ο Sometimes Ο Ο Never Ο Only for asset accounts
Homework for only one choise 1. The inventory cost flow assumption where the cost of the...
Homework for only one choise
1. The inventory cost flow assumption where the cost of the most recent purchase is matched first against sales revenue is? a) First-In, First-Out b) Last-In, First-Out c) Average Method d) Specific Identification Method 2. Which of the following does not decrease cash? a) Purchasing inventory for cash b) Accruing operating expenses c) Paying accounts payable d) Paying an instalment of a loan 3. A prepaid expense is: a) An asset b) A liability c)...
Post the general journal entries from the journal to the corresponding general ledger accounts, paying particular attention to whether they’re debits or credits. Use the Post Ref. column to ensure t...
Post the general journal entries from the journal to the
corresponding general ledger accounts, paying particular attention
to whether they’re debits or credits. Use the Post Ref. column to
ensure that each line item of the journal entries is posted
correctly to each general ledger account. Posting from the journal
to the general ledger is simply rearranging the information.
J & LAccounting, Inc Post-Closing Trial Balance December 31, 2017 BALANCE DEBIT ACCOUNT TITLE CREDIT Cash, Business Checking Accounts Receivable Prepaid...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,500 9,500 3,500 36,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,000 6,000 7,000 23,000 9,500 $53,500 $53,500 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $20,000, and on account, $65,000. 2. March 13 Collect on accounts receivable,...
8. What proof of equality is prepared to determine if debits are equal to credits and...
8. What proof of equality is prepared to determine if debits are equal to credits and can ultimately be used to discover some errors: C a. Balance Sheet b. Trial Balance c. Income Statement d. Statement of Cash Flows 9. Which of the following accounts is an asset account? a. Drawing b. Accounts Payable C. Equipment d. Salaries Expense C 23524 10. Which of the following accounts is a liability account? C a. Drawing ㄷ b. Cash C c. Accounts...
jeneral ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits...
jeneral ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 25,400 16,200 13,600 156,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 7.500 6,600 151,000 46,100 $211,200 $211,200 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, 5142,100, and on account, $56,200. 2. February 12 Collect on accounts receivable, $52,300. 3. April 25 Receive...
The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits...
The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 25,600 16,400 14,000 158,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 7,700 6,800 153,000 46,500 $214,000 $214,000 The following is a summary of the transactions for the year: 3. April 4. May. 1. January 9 Provide storage services for cash, $144, 100, and on account, $57,200. 2. February 12 Collect on accounts...
The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits...
The general ledger of Zips Storage at January 1, 2021, includes
the following account balances:
Credits Debits $ 26,100 16,900 15,000 163,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8, 200 7,300 158,000 47,500 $221,000 $221,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $149, 100, and on account, $59,700. 2. February12 Collect on accounts receivable, $53,000. 3. April...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,500 9,500 3,500 36,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings $ 8,000 6,000 7,000 0 23,000 9,500 $53,500 Totals $53,500 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $20,000, and on account, $ 65,000. 2. March 13 Collect on...
When recording transactions in the T-accounts, the debits should equal the credits: Multiple Choice Ο Sometimes Ο Ο Never Ο Only for asset accounts
Homework for only one choise
1. The inventory cost flow assumption where the cost of the most recent purchase is matched first against sales revenue is? a) First-In, First-Out b) Last-In, First-Out c) Average Method d) Specific Identification Method 2. Which of the following does not decrease cash? a) Purchasing inventory for cash b) Accruing operating expenses c) Paying accounts payable d) Paying an instalment of a loan 3. A prepaid expense is: a) An asset b) A liability c)...
Post the general journal entries from the journal to the
corresponding general ledger accounts, paying particular attention
to whether they’re debits or credits. Use the Post Ref. column to
ensure that each line item of the journal entries is posted
correctly to each general ledger account. Posting from the journal
to the general ledger is simply rearranging the information.
J & LAccounting, Inc Post-Closing Trial Balance December 31, 2017 BALANCE DEBIT ACCOUNT TITLE CREDIT Cash, Business Checking Accounts Receivable Prepaid...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,500 9,500 3,500 36,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,000 6,000 7,000 23,000 9,500 $53,500 $53,500 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $20,000, and on account, $65,000. 2. March 13 Collect on accounts receivable,...
8. What proof of equality is prepared to determine if debits are equal to credits and can ultimately be used to discover some errors: C a. Balance Sheet b. Trial Balance c. Income Statement d. Statement of Cash Flows 9. Which of the following accounts is an asset account? a. Drawing b. Accounts Payable C. Equipment d. Salaries Expense C 23524 10. Which of the following accounts is a liability account? C a. Drawing ㄷ b. Cash C c. Accounts...
jeneral ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 25,400 16,200 13,600 156,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 7.500 6,600 151,000 46,100 $211,200 $211,200 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, 5142,100, and on account, $56,200. 2. February 12 Collect on accounts receivable, $52,300. 3. April 25 Receive...
The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Debits $ 25,600 16,400 14,000 158,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 7,700 6,800 153,000 46,500 $214,000 $214,000 The following is a summary of the transactions for the year: 3. April 4. May. 1. January 9 Provide storage services for cash, $144, 100, and on account, $57,200. 2. February 12 Collect on accounts...
The general ledger of Zips Storage at January 1, 2021, includes
the following account balances:
Credits Debits $ 26,100 16,900 15,000 163,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8, 200 7,300 158,000 47,500 $221,000 $221,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $149, 100, and on account, $59,700. 2. February12 Collect on accounts receivable, $53,000. 3. April...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,500 9,500 3,500 36,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings $ 8,000 6,000 7,000 0 23,000 9,500 $53,500 Totals $53,500 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $20,000, and on account, $ 65,000. 2. March 13 Collect on...
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