Homework Answers
Q-10 Answer :- (C) $25000
Explanation :- the receipt is determined by following table
| particular | Debit amount | Particular | credit amount |
| Opening cash balance | $5000 | paid during year | $24000 |
|
Receipt during year (total- opening balance)($30000-$5000) |
$25000 | Closing cash balance | $6000 |
| Total | $30000 | Total | $30000 |
Q-11 Answer :- (A) Debit entry is recorded on the left side of T account
Explanation :- under double entry system there should be two or more entry for adjustment or any transaction. any debit balance like cash account debit by received money then it's posted on left side in T account
Q-12 Answer :- journal, ledger, trial balance and financial statements
Explanation :- first of all we should make any transaction journal entry on the basis of voucher or receipt.
after journal we should posting each and every transaction in relevant ledger account
on the basis of ledger balance we make trial balance
on the basis of trial balance we calculated final account that is financial statements
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Acredit $t 200 debet d. $1200 credit 10. The beginning Cash balance was $5,000. At the...
plz solve all the questions ed Jane Doe has prepared the trial balance for Braven Corp....
plz solve all the questions
ed Jane Doe has prepared the trial balance for Braven Corp. Total debits are $25,678 while total credits are $30,034. Which of the following errors has Jane likely made? of stion Select one: O a journal entry is posted twice O a correct journal entry is not posted posted a debit as a credit e a transaction error Which of the following is incorrect? Select one: O A trial balance lists balances at a specific...
If the Cash account has a credit balance, which of the following statements is true? 1...
If the Cash account has a credit balance, which of the following
statements is true?
1
An error has occurred and must be corrected before financial
statements can be prepared.
2
Debit postings exceed the credit postings for the accounting
period.
3
The account needs to be analyzed to determine the reason for the
credit balance.
4
This is the normal balance for cash.
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200...
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200 of prepaid insurance 31. When closing entries are made: A. All ledger accounts are closed to start the new accounting period. B. All temporary counts are closed but not the permanent accounts. C. All real accounts are closed but not the nominal accounts D. All permanent accounts are closed but not the nominal accounts 32. Closing the temporary accounts at the end of each...
Question 1 A chart of accounts is used in organizations to process transactions to the ledger....
Question 1 A chart of accounts is used in organizations to process transactions to the ledger. ensure consistency in recording transactions quicker, since a chart of accounts is essentially shorthand of accounts. verify correct amounts before being transferred to the trial balance. alphabetize accounts so that when accountants prepare financial statements the accounts can be quickly transferred. encrypt the general journal so that no other organization can read any other organization's journal. 1 points Question 2 The entry to close...
1. The FASB takes on a responsibility to do the following, except: Multiple Choice Set the...
1. The FASB takes on a responsibility to do the following, except: Multiple Choice Set the objectives of financial reporting. Describe the elements of financial statements. Judge disputes between management and the CPA. Determine the criteria for deciding what information to include in financial statements. 2. Which of the following is not a step in the accounting cycle? Multiple Choice Prepare financial statements. Prepare an adjusted trial balance. Prepare a trial balance. Prepare a purchase order. 3. Which of the...
Thank you for answering this question. Question 1, 2, 4 and 5. Thank again and be...
Thank you for answering this question. Question 1, 2, 4 and 5. Thank again and be safe during this COVID-19 period. 2020. QUESTION 1 Financial accounting information likely to be used for all of the following types of decisions except: a. deciding whether to add a new product line. b.determining whether the net earnings last year were satisfactory. c. deciding whether dividends should be increased. d.deciding whether a potential customer should be allowed to purchase goods on a credit basis....
True or False questions for Accounting ACCT-1001 Financial Accounting Part 1 Chapter 2 Analyzing and Recording...
True or False questions for Accounting
ACCT-1001 Financial Accounting Part 1 Chapter 2 Analyzing and Recording Transactions Module #2 - Chapter #2 Assignment 2C-2020 True / False The steps covered in the Accounting Cycle in this module were adjustments, prepare adjusted trial balance and prepare financial statements The account is a detailed record of the increases and decreases in a specific asset, liability or equity item. A ledger is a group of all the accounts used by a business and...
This al balance of Pharoah Company does not balance PHAROAH COMPANY Trial Balance June 10. 2012...
This al balance of Pharoah Company does not balance PHAROAH COMPANY Trial Balance June 10. 2012 Debit Credit Cash $ 4.790 Accounts Receivable $ 4.890 2,150 4.700 Supplies Equipment Accounts Payable Uncamed 5,206 2,550 Revenue Commor 10,700 800 Dividends Service Reverive 5,190 Salaries and Wages Expense 3,540 990 Expense $19,570 $25,876 Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors: 1. Cash received from a...
WINTER CO. Trial Balance June 30, 2021 Debit Credit Cash $2,921 Accounts receivable 1.913 Supplies 498...
WINTER CO. Trial Balance June 30, 2021 Debit Credit Cash $2,921 Accounts receivable 1.913 Supplies 498 Equipment $7,875 Accounts payable 2,787 Unearned revenue 1,850 F. Winter, capital 11,134 F. Winter, drawings 785 Service revenue 3,490 Office expense 1,013 Salaries expense 2.994 $11,974 $25,286 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors: 1. Cash received from a customer on account was debited to Cash for $740 and Accounts Receivable was...
22. Calculate the balance in the cash account (4 points). Cash Debit 400 600 Credit 200...
22. Calculate the balance in the cash account (4 points). Cash Debit 400 600 Credit 200 300 23. Complete the trial balance (5 points). Cash Accounts Payable Capital Drawing Revenue Rent Expense 500 100 300 200 600 300 Dudley Company Trial Balance September 30, 2020 Debit Credit Account Cash Accounts Payable Capital Drawing Revenue Rent Expense Total 23. Complete the income statement (5 points) Dudley Company Income Statement For the Month Ended September 30, 2020 Revenue Supplies Expense 200 Utility...
plz solve all the questions
ed Jane Doe has prepared the trial balance for Braven Corp. Total debits are $25,678 while total credits are $30,034. Which of the following errors has Jane likely made? of stion Select one: O a journal entry is posted twice O a correct journal entry is not posted posted a debit as a credit e a transaction error Which of the following is incorrect? Select one: O A trial balance lists balances at a specific...
If the Cash account has a credit balance, which of the following
statements is true?
1
An error has occurred and must be corrected before financial
statements can be prepared.
2
Debit postings exceed the credit postings for the accounting
period.
3
The account needs to be analyzed to determine the reason for the
credit balance.
4
This is the normal balance for cash.
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200 of prepaid insurance 31. When closing entries are made: A. All ledger accounts are closed to start the new accounting period. B. All temporary counts are closed but not the permanent accounts. C. All real accounts are closed but not the nominal accounts D. All permanent accounts are closed but not the nominal accounts 32. Closing the temporary accounts at the end of each...
Thank you for answering this question. Question 1, 2, 4 and 5. Thank again and be safe during this COVID-19 period. 2020. QUESTION 1 Financial accounting information likely to be used for all of the following types of decisions except: a. deciding whether to add a new product line. b.determining whether the net earnings last year were satisfactory. c. deciding whether dividends should be increased. d.deciding whether a potential customer should be allowed to purchase goods on a credit basis....
True or False questions for Accounting
ACCT-1001 Financial Accounting Part 1 Chapter 2 Analyzing and Recording Transactions Module #2 - Chapter #2 Assignment 2C-2020 True / False The steps covered in the Accounting Cycle in this module were adjustments, prepare adjusted trial balance and prepare financial statements The account is a detailed record of the increases and decreases in a specific asset, liability or equity item. A ledger is a group of all the accounts used by a business and...
This al balance of Pharoah Company does not balance PHAROAH COMPANY Trial Balance June 10. 2012 Debit Credit Cash $ 4.790 Accounts Receivable $ 4.890 2,150 4.700 Supplies Equipment Accounts Payable Uncamed 5,206 2,550 Revenue Commor 10,700 800 Dividends Service Reverive 5,190 Salaries and Wages Expense 3,540 990 Expense $19,570 $25,876 Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors: 1. Cash received from a...
WINTER CO. Trial Balance June 30, 2021 Debit Credit Cash $2,921 Accounts receivable 1.913 Supplies 498 Equipment $7,875 Accounts payable 2,787 Unearned revenue 1,850 F. Winter, capital 11,134 F. Winter, drawings 785 Service revenue 3,490 Office expense 1,013 Salaries expense 2.994 $11,974 $25,286 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors: 1. Cash received from a customer on account was debited to Cash for $740 and Accounts Receivable was...
22. Calculate the balance in the cash account (4 points). Cash Debit 400 600 Credit 200 300 23. Complete the trial balance (5 points). Cash Accounts Payable Capital Drawing Revenue Rent Expense 500 100 300 200 600 300 Dudley Company Trial Balance September 30, 2020 Debit Credit Account Cash Accounts Payable Capital Drawing Revenue Rent Expense Total 23. Complete the income statement (5 points) Dudley Company Income Statement For the Month Ended September 30, 2020 Revenue Supplies Expense 200 Utility...
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