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Melody's Piano School operations for the month of May were limited to the following transactions: • Provided $650 of piano lessons to students who paid in cash. Provided $500 of piano lessons on account. • Collected $375 from students who took piano lessons during April. Paid April's piano rental bill of $250. • Received May's piano rental bill of $300 and set it aside for payment in June. Assuming the company uses accrual basis accounting, what is net income for...
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QUESTION 11 Which of the following errors cause net income to be understated? A Depreciation Expense is not recorded. B. Employee wages that have not been paid are not recorded. c. Collection of an accounts receivable is not recorded. D. Revenue that has been earned but not yet collected has not been recorded. QUESTION 12 During 2016, a company provided services for cash of $21,000 and services on credit of $15,000. The company collected accounts receivable of $8,000 and incurred...
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Required information [The following information applies to the questions displayed below.) Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Land Building $ 6,000 Accounts Payable 25,000 Deferred Revenue (deposits) 1,200 Notes Payable (long-term) 8,000 Common Stock 6,000 Retained Earnings 22.000 $ 8,000 3,200 40,000 8,000 9,000 ces...
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7 In January, a company pays for advertising space in the local paper for ads to be run during the months of January February, and March at $1,610 a month. The Journal entry to record the payment would debit to: 8 01:20:24 Multiple Choice O Advertising Expense for $1.610, debit Prepaid Advertising for $3,220, and credit Cash for $4,830. O Accounts Payable and a credit to Cash for $4,830. Accounts Payable and a credit to Stockholders' Equity for $4,830. Cash...
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QUESTION #4 At the end of its first month of operations, P. Raquet Temperature Services has the following unadjusted trial balance information, with the accounts presented in alphabetical order. Credit $ Debit 22,000 $ 140,000 P. Raquet Temperature Services Trial Balance August 31, 2017 Debit Credit Accounts payable $ 2,400 Long-term investments Accounts receivable $ 2,800 Mortgage payable Accumulated depreciation - building 500 Prepaid insurance Accumulated depreciation - equipment 1,000 P. Raquet capital 150,000 Building P. Raquet, drawings Cash 5,400...
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13 seconds. Status: Trial Balance wash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 10000 20000 5000 37000 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 === ======== == What are the total assets? $35,000 $72,000 $116,000 Click Save and Submit to save and submit. Click Save All A QUESTION 10 I bou ght office supplies on account. How do I record that? a. Office Supplies, debit:...
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Chapter 2-instruction 2 The following transactions were completed by PS Music during July, the second month of the business's operations: Analyze and journalize each transaction in the two-column journal below. Include Posting References, using the account numbers in your spreadsheet. If an amount box does not require an entry, leave it blank. July 1: Peyton Smith made an additional Investment in PS Music by depositing $5,000 in PS Music's checking account. Credit Account Cash Peyton Smith, Capital Post. Ref. Debit...
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Required information (The following information applies to the questions displayed below.] Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Land Building $ 7,850 Accounts Payable 15,000 Deferred Revenue (deposits) 2,100 Notes Payable (long-term) 9,500 Common Stock 8,400 Retained Earnings 28,400 $10,300 4,400 41,500 10,000 5,050 Following are...
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question 13,14,15,16
13. Which of the following is not an asset use transaction? A.Paying cash dividends B. Paying cash expenses C. Paying off the principal of a loan D.Paying cash to purchase land 14. Which of the following cash transactions results in no net change in assets? A.Borrowing cash from a bank B. Issuing common stock for cash C. Purchasing land for cash D. Providing services for cash 15. Elektra Company purchases equipment for $1,200 and supplies for $400 from...
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1 J , 13 Secunos, Question Completion Status: 10000 20000 5000 37000 Cash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 Prepare a statement of Retained Earnings to get the ending retained earnings. Don't forget you have to do an income statement before you can do the statement of retained earnings. Negative ($8000) $14,000 $7000 None of the above...
Melody's Piano School operations for the month of May were limited to the following transactions: • Provided $650 of piano lessons to students who paid in cash. Provided $500 of piano lessons on account. • Collected $375 from students who took piano lessons during April. Paid April's piano rental bill of $250. • Received May's piano rental bill of $300 and set it aside for payment in June. Assuming the company uses accrual basis accounting, what is net income for...
QUESTION 11 Which of the following errors cause net income to be understated? A Depreciation Expense is not recorded. B. Employee wages that have not been paid are not recorded. c. Collection of an accounts receivable is not recorded. D. Revenue that has been earned but not yet collected has not been recorded. QUESTION 12 During 2016, a company provided services for cash of $21,000 and services on credit of $15,000. The company collected accounts receivable of $8,000 and incurred...
Required information [The following information applies to the questions displayed below.) Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Land Building $ 6,000 Accounts Payable 25,000 Deferred Revenue (deposits) 1,200 Notes Payable (long-term) 8,000 Common Stock 6,000 Retained Earnings 22.000 $ 8,000 3,200 40,000 8,000 9,000 ces...
7 In January, a company pays for advertising space in the local paper for ads to be run during the months of January February, and March at $1,610 a month. The Journal entry to record the payment would debit to: 8 01:20:24 Multiple Choice O Advertising Expense for $1.610, debit Prepaid Advertising for $3,220, and credit Cash for $4,830. O Accounts Payable and a credit to Cash for $4,830. Accounts Payable and a credit to Stockholders' Equity for $4,830. Cash...
QUESTION #4 At the end of its first month of operations, P. Raquet Temperature Services has the following unadjusted trial balance information, with the accounts presented in alphabetical order. Credit $ Debit 22,000 $ 140,000 P. Raquet Temperature Services Trial Balance August 31, 2017 Debit Credit Accounts payable $ 2,400 Long-term investments Accounts receivable $ 2,800 Mortgage payable Accumulated depreciation - building 500 Prepaid insurance Accumulated depreciation - equipment 1,000 P. Raquet capital 150,000 Building P. Raquet, drawings Cash 5,400...
13 seconds. Status: Trial Balance wash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 10000 20000 5000 37000 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 === ======== == What are the total assets? $35,000 $72,000 $116,000 Click Save and Submit to save and submit. Click Save All A QUESTION 10 I bou ght office supplies on account. How do I record that? a. Office Supplies, debit:...
Chapter 2-instruction 2 The following transactions were completed by PS Music during July, the second month of the business's operations: Analyze and journalize each transaction in the two-column journal below. Include Posting References, using the account numbers in your spreadsheet. If an amount box does not require an entry, leave it blank. July 1: Peyton Smith made an additional Investment in PS Music by depositing $5,000 in PS Music's checking account. Credit Account Cash Peyton Smith, Capital Post. Ref. Debit...
Required information (The following information applies to the questions displayed below.] Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Land Building $ 7,850 Accounts Payable 15,000 Deferred Revenue (deposits) 2,100 Notes Payable (long-term) 9,500 Common Stock 8,400 Retained Earnings 28,400 $10,300 4,400 41,500 10,000 5,050 Following are...
question 13,14,15,16
13. Which of the following is not an asset use transaction? A.Paying cash dividends B. Paying cash expenses C. Paying off the principal of a loan D.Paying cash to purchase land 14. Which of the following cash transactions results in no net change in assets? A.Borrowing cash from a bank B. Issuing common stock for cash C. Purchasing land for cash D. Providing services for cash 15. Elektra Company purchases equipment for $1,200 and supplies for $400 from...
1 J , 13 Secunos, Question Completion Status: 10000 20000 5000 37000 Cash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 Prepare a statement of Retained Earnings to get the ending retained earnings. Don't forget you have to do an income statement before you can do the statement of retained earnings. Negative ($8000) $14,000 $7000 None of the above...