Homework Answers
When $7,500 in accounts payable is entered in the trail balance as $2,500 the credits are lower than debits by $5,000.
The answer is Option d.
Add Answer to:
A trial balance taken at year-end showed total debits exceed total credits by 5,000 This descrepancy...
At year-end, a trial balance showed total credits exceeding total debits by $5,950. This difference could...
At year-end, a trial balance showed total credits exceeding total debits by $5,950. This difference could have been caused by: Multiple Choice An error in the general journal where a $5,950 increase in Accounts Receivable was recorded as an increase in Cash A net income of $5,950 The balance of $59,500 in Accounts Payable being entered in the trial balance as $5,950 The balance of $6700 in the Office Equipment account being entered on the trial balance as a debit...
The following is a partial year-end adjusted trial balance. Debits Credits $320,000 $ 26,000 5,000 Account...
The following is a partial year-end adjusted trial balance. Debits Credits $320,000 $ 26,000 5,000 Account Title Sales revenue Loss on sale of investments Interest revenue Cost of goods sold General and administrative expense Restructuring costs Selling expense Income tax expense 170,000 42,000 51,000 26,000 Income tax expense has not yet been recorded. The income tax rate is 25%. a. Determine the operating income (loss). b. Determine the income (loss) before income taxes. c. Determine the net income (loss). é...
7. An account will have a credit balance if the A)debits exceed the credits. B)credits exceed...
7. An account will have a credit balance if the A)debits exceed the credits. B)credits exceed the debits. C)first transaction entered was a credit. D)last transaction entered was a credit. 10. Which of the following is incorrect as to category, normal balance, financial statement, to increase, to decrease A)Cash - asset, debit, balance sheet, credit, debit B)Accounts Payable - liabilities, debit, balance sheet, credit, debit C)Common Stock - shareholders equity, debit, balance sheet, credit, debit D)Service Revenue - revenue, credit,...
CookBooks Inc.’s adjusted trial balance showed total debits and total credits of $10,000 each. The company’s...
CookBooks Inc.’s adjusted trial balance showed total debits and total credits of $10,000 each. The company’s revenues were $6,000, its expenses were $4,000, and it declared $500 in dividends during the year. What will the debits (and credits) equal on the post-closing trial balance?
The following trial balance has been adjusted as of December 31, 20XX Debits Credits Cash $25,000...
The following trial balance has been adjusted as of December 31, 20XX Debits Credits Cash $25,000 $- Accounts Receivable 6,000 - Supplies Inventory 4,500 - Prepaid Rent 18,000 - Equipment 90,000 - Accumulated Depreciation - 2,500 Accounts Payable - 6,000 Utilities Payable - 4,000 Unearned Revenue - 1,500 Interest Payable - 150 Notes Payable - 24,000 Common Stock - 100,000 Service Revenue - 90,000 Wages Expense 35,000 - Supplies Expense 20,000 - Rent Expense 15,000 - Miscellaneous Expense 2,000 -...
Your study partner is having trouble getting total debits to equal total credits in the trial...
Your study partner is having trouble getting total debits to equal total credits in the trial balance. Credit $ 2,000 ki, 300 Trial Balance Accounts Debit Cash $ 7,100 Accounts Receivable Equipment 10,200 Accounts Payable 3,700 Deferred Revenue Common Stock 12,000 Retained Earnings Dividends 800 Service Revenue Salaries Expense 3,000 Utilities Expense Total $36,800 2,500 4,300 700 $10,800 Prepare a corrected trial balance by placing each account balance in the correct debit or credit column. Trial Balance Debit Credit Accounts...
. Courtney Meehan has trouble keeping her debits and credits equal. During a recent month, Courtney...
. Courtney Meehan has trouble keeping her debits and credits equal. During a recent month, Courtney made the following accounting errors: a. In preparing the trial balance, Courtney omitted a $5,000 notes payable. The debit to Cash was correct. b. Courtney posted a $1,000 utilities expense as $100. The credit to Cash was correct. c. In recording a $600 payment on account, Courtney debited Furniture instead of Accounts Payable. d. In journalizing a receipt of cash for service revenue, Courtney...
The following is a partial year-end adjusted trial balance. Debits Credits $300,000 $ 22,000 4,000 Account...
The following is a partial year-end adjusted trial balance. Debits Credits $300,000 $ 22,000 4,000 Account Title Sales revenue Loss on sale of investments Interest revenue Cost of goods sold General and administrative expense Restructuring costs Selling expense Income tax expense 160,000 40,000 50,000 25,000 ? Income tax expense has not yet been recorded. The income tax rate is 25%. a. Determine the operating income (loss). b. Determine the income (loss) before income taxes. c. Determine the net income (loss)....
If total credits exceed total debits in the Balance Sheetcolumns of a work sheet,Select...
If total credits exceed total debits in the Balance Sheet columns of a work sheet,Select one:a. a mistake has been made.b. a net income has occurred.c. assets exceed liabilities.d. no conclusion can be drawn until the closing entries have been made.e. a net loss has occurred.
The following is a partial year-end adjusted trial balance. Debits Credits $300,000 $ 22,000 4,000 Account Title Sales...
The following is a partial year-end adjusted trial balance. Debits Credits $300,000 $ 22,000 4,000 Account Title Sales revenue Loss on sale of investments Interest revenue Cost of goods sold General and administrative expense Restructuring costs Selling expense Income tax expense 160,000 40,000 50,000 25,000 Income tax expense has not yet been recorded. The income tax rate is 25% a. Determine the operating income (loss). b. Determine the income (loss) before income taxes. c. Determine the net income (loss). a....
At year-end, a trial balance showed total credits exceeding total debits by $5,950. This difference could have been caused by: Multiple Choice An error in the general journal where a $5,950 increase in Accounts Receivable was recorded as an increase in Cash A net income of $5,950 The balance of $59,500 in Accounts Payable being entered in the trial balance as $5,950 The balance of $6700 in the Office Equipment account being entered on the trial balance as a debit...
The following is a partial year-end adjusted trial balance. Debits Credits $320,000 $ 26,000 5,000 Account Title Sales revenue Loss on sale of investments Interest revenue Cost of goods sold General and administrative expense Restructuring costs Selling expense Income tax expense 170,000 42,000 51,000 26,000 Income tax expense has not yet been recorded. The income tax rate is 25%. a. Determine the operating income (loss). b. Determine the income (loss) before income taxes. c. Determine the net income (loss). é...
Your study partner is having trouble getting total debits to equal total credits in the trial balance. Credit $ 2,000 ki, 300 Trial Balance Accounts Debit Cash $ 7,100 Accounts Receivable Equipment 10,200 Accounts Payable 3,700 Deferred Revenue Common Stock 12,000 Retained Earnings Dividends 800 Service Revenue Salaries Expense 3,000 Utilities Expense Total $36,800 2,500 4,300 700 $10,800 Prepare a corrected trial balance by placing each account balance in the correct debit or credit column. Trial Balance Debit Credit Accounts...
The following is a partial year-end adjusted trial balance. Debits Credits $300,000 $ 22,000 4,000 Account Title Sales revenue Loss on sale of investments Interest revenue Cost of goods sold General and administrative expense Restructuring costs Selling expense Income tax expense 160,000 40,000 50,000 25,000 ? Income tax expense has not yet been recorded. The income tax rate is 25%. a. Determine the operating income (loss). b. Determine the income (loss) before income taxes. c. Determine the net income (loss)....
The following is a partial year-end adjusted trial balance. Debits Credits $300,000 $ 22,000 4,000 Account Title Sales revenue Loss on sale of investments Interest revenue Cost of goods sold General and administrative expense Restructuring costs Selling expense Income tax expense 160,000 40,000 50,000 25,000 Income tax expense has not yet been recorded. The income tax rate is 25% a. Determine the operating income (loss). b. Determine the income (loss) before income taxes. c. Determine the net income (loss). a....
Most questions answered within 3 hours.
-
Assume that the population of Mexico is 128
million and that the population increases 1.01
percentannually....
asked 25 minutes ago -
Can someone please help me add appropriate descriptive
comments to each line of code in the...
asked 31 minutes ago -
Romeo wishes to throw a bouquet of flowers to Juliet, who is on
a second-story balcony,...
asked 1 hour ago -
Why is QE a controversial monetary policy tool.
A. It may lead to excessive inflation.B. By...
asked 1 hour ago -
Principles of Programming midterm study guide help!
1.)
______ Which of the following would reference the...
asked 1 hour ago -
A finite potential well has depth U0 = 2.78 eV . What is the
penetration distance...
asked 2 hours ago -
1. The bus bars of a power station are in two sections A and B
separated...
asked 2 hours ago -
Fiscal policy is the deliberate manipulation of taxes and
government spending to alter GDP, employment, inflation...
asked 3 hours ago -
evaluating an expression using only one digit and + and - as
operators ....3+5-1+7-5+8
-----------------------
stack...
asked 3 hours ago -
Two concentric current loops lie in the same plane. The smaller
loop has a radius of...
asked 3 hours ago -
1)Which of the following is an
important difference between qualified and nonqualified retirement
plans?
a. Qualified...
asked 3 hours ago -
What's the streaming business's problem on the
horizon?
asked 4 hours ago