Options:
1. Cash, A/R
2. Cash, Unearned Revenue
3. Employee Expense
4. Inventory
5. Lease Expense
6. Not Recognized
7. Patent, intangible asset
8. Provision accrue at estimated amount
8. Utilities expense and A/P
9. Utilities expense and cash
Homework Answers
Add Answer to:
Options:
1. Cash, A/R
2. Cash, Unearned Revenue
3. Employee Expense
4. Inventory
5. Lease Expense...
Company reported the following account balances at December 31, 2026: Utilities Expense $33,000 Inventory $47,000 Unearned...
Company reported the following account balances at December 31, 2026: Utilities Expense $33,000 Inventory $47,000 Unearned Revenue $35,000 Retained Earnings $52,000 (at January 1, 2026) Income Tax Expense $24,000 Accounts Payable $51,000 Cost of Goods Sold $38,000 Cash $21,000 Utilities Payable $19,000 Common Stock $71,000 Building $74,000 Service Revenue $55,000 Accounts Receivable $69,000 Equipment $61,000 Sales Revenue $96,000 Dividends $17,000 Patent $42,000 Notes Payable $88,000 Loss on Sale of Land $26,000 Supplies $15,000 Calculate : gross profit reported by Company...
Classify the following items as: (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or (4)...
Classify the following items as: (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or (4) accrued revenue. a. Fees received but not yet earned. b. Fees earned but not yet received. C. Paid premium on a one-year insurance policy. d. Property tax owed to be paid beginning of next year. Accrued expense Accrued revenue Prepaid expense Unearned revenu
1. Record the earned revenue. 2. Record the depreciation expense. 3. Record the use of spare...
1. Record the earned revenue.
2. Record the depreciation expense.
3. Record the use of spare parts inventory.
4. Record the accrued revenue.
5. Record the accrued utilities expense.
6. Record the collection of accrued revenues.
7. Record the payment of accrued utilities expense.
EnviroWaste's year-end is December 31. The information in (a) to (e) is available at year-end for the preparation of adjusting entries: a. Of the $17,600 balance in Unearned Revenue, $2,600 remains unearned. b. The annual building...
Equipment Accounts Payable Unearned Revenue Wages Expense Jarron Company Adjusted Trial Balance December 31, 2018 Cash...
Equipment Accounts Payable Unearned Revenue Wages Expense Jarron Company Adjusted Trial Balance December 31, 2018 Cash 112,000 Accounts Receivable 30,000 Supplies 6,000 Prepaid Insurance 24,000 Inventory 108,000 Vehicle Ponce 25,000 75,000 Accumulated Depreciation Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends 7,000 Repair Expense 10,000 Delivery Expense 45,000 Depreciation Expense 15,000 Rent Expense 52,000 Insurance Expense 6. 22,000 152,000 Supplies Expense 14,500 Interest Expense 2,000 Income Tax Expense 35,000 Total 734,500 40,000 8,000 7,000 12,000 50,000 44,000...
Chapter 05 (Static) Comprehensive Problem LO 5-1, 5-2, 5-3, 5-4, 5-5
During Year 5, Pacilio Security Services experienced the following transactions:Paid the salaries payable from Year 4.On January 15, purchased 20 standard alarm systems for cash at a cost of $250 each.On February 1, paid the accounts payable of $980, but not within the discount period. (The company uses the gross method.)On March 1, leased a business van. Paid $4,800 for one year’s lease in advance.Paid $7,200 on May 1 for one year’s rent on the office in advance.Purchased with cash...
A B C D 1 Expenses: 2 Wages expense 3 Rent expense 4. Insurance expense 5...
A B C D 1 Expenses: 2 Wages expense 3 Rent expense 4. Insurance expense 5 Utilities expense 6 Total expenses $8,000 2,000 800 300 7 Which formula in cell C6 would continue to be accurate after a row was inserted between rent expense and insurance expense? Multiple Choice =+B2+B3+B4+B5 =+B2+B5 =SUM(B2:B5) =SUM(B2:07) B с Trial Balance December 31 Credit Debit $5,700 1,400 11,100 3,800 27,400 A 1 2 3 4 Cash 5 Accounts receivable 6 Notes receivable 7 Prepaid...
Credit Cash Debit $4.500 1,030 590 Accounts receivable Supplies Accounts payable $340 Unearned service revenue 960...
Credit Cash Debit $4.500 1,030 590 Accounts receivable Supplies Accounts payable $340 Unearned service revenue 960 Common stock 3.100 Retained earning 1.720 56,120 56,120 The company underwent a major expansion in July, New staff was hired and more financing was obtained Grouperconducted the following transactions during July 2022, and adjusts its accounts monthly July 1Purchased equipment, paying 53 200 cash and signing a 2 year note payable for $17.200. The equipment has a 6-year useful life. The note has a...
1. Eaned $16,200 of cash revenue. 2. Borrowed $12,000 cash from the bank. 3. Adjusted the...
1. Eaned $16,200 of cash revenue. 2. Borrowed $12,000 cash from the bank. 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, Issued on September 1, 2018 had a one-year term and an 8 percent annual interest rate. Required a. What is the amount of b. What amount of cash was paid for interest in 2018? c. Use a horizontal statements model to show how each event affects the balance sheet, income statement,...
2. Performed legal services for cash of $64,500 3. Purchased $1.400 of office supplies on account....
2. Performed legal services for cash of $64,500 3. Purchased $1.400 of office supplies on account. 4. Paid $1,260 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $4,400 6. Paid cash for operating expenses of $21,700. 7. Determined that at the end of the accounting period $145 of office supplies remained on hand. 8. On December 31, 2018, recognized the revenue that had been earned for services performed in accordance with Transaction...
1. Which of the following are NOT in accordance with generally accepted accounting principles? cash basis...
1. Which of the following are NOT in accordance with generally accepted accounting principles? cash basis accounting accrual basis accounting both cash and accrual basis accounting neither the cash or accrual basis accounting 2. The balance in the office supplies account on June 1 was $2,000, supplies purchased during June were $4,300, and the supplies on hand at June 30 were $1,500. The amount to be used for the appropriate adjusting entry is 800 6300 3500 4800 3. Melman Company...
Classify the following items as: (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or (4) accrued revenue. a. Fees received but not yet earned. b. Fees earned but not yet received. C. Paid premium on a one-year insurance policy. d. Property tax owed to be paid beginning of next year. Accrued expense Accrued revenue Prepaid expense Unearned revenu
1. Record the earned revenue.
2. Record the depreciation expense.
3. Record the use of spare parts inventory.
4. Record the accrued revenue.
5. Record the accrued utilities expense.
6. Record the collection of accrued revenues.
7. Record the payment of accrued utilities expense.
EnviroWaste's year-end is December 31. The information in (a) to (e) is available at year-end for the preparation of adjusting entries: a. Of the $17,600 balance in Unearned Revenue, $2,600 remains unearned. b. The annual building...
Equipment Accounts Payable Unearned Revenue Wages Expense Jarron Company Adjusted Trial Balance December 31, 2018 Cash 112,000 Accounts Receivable 30,000 Supplies 6,000 Prepaid Insurance 24,000 Inventory 108,000 Vehicle Ponce 25,000 75,000 Accumulated Depreciation Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends 7,000 Repair Expense 10,000 Delivery Expense 45,000 Depreciation Expense 15,000 Rent Expense 52,000 Insurance Expense 6. 22,000 152,000 Supplies Expense 14,500 Interest Expense 2,000 Income Tax Expense 35,000 Total 734,500 40,000 8,000 7,000 12,000 50,000 44,000...
A B C D 1 Expenses: 2 Wages expense 3 Rent expense 4. Insurance expense 5 Utilities expense 6 Total expenses $8,000 2,000 800 300 7 Which formula in cell C6 would continue to be accurate after a row was inserted between rent expense and insurance expense? Multiple Choice =+B2+B3+B4+B5 =+B2+B5 =SUM(B2:B5) =SUM(B2:07) B с Trial Balance December 31 Credit Debit $5,700 1,400 11,100 3,800 27,400 A 1 2 3 4 Cash 5 Accounts receivable 6 Notes receivable 7 Prepaid...
Credit Cash Debit $4.500 1,030 590 Accounts receivable Supplies Accounts payable $340 Unearned service revenue 960 Common stock 3.100 Retained earning 1.720 56,120 56,120 The company underwent a major expansion in July, New staff was hired and more financing was obtained Grouperconducted the following transactions during July 2022, and adjusts its accounts monthly July 1Purchased equipment, paying 53 200 cash and signing a 2 year note payable for $17.200. The equipment has a 6-year useful life. The note has a...
1. Eaned $16,200 of cash revenue. 2. Borrowed $12,000 cash from the bank. 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, Issued on September 1, 2018 had a one-year term and an 8 percent annual interest rate. Required a. What is the amount of b. What amount of cash was paid for interest in 2018? c. Use a horizontal statements model to show how each event affects the balance sheet, income statement,...
2. Performed legal services for cash of $64,500 3. Purchased $1.400 of office supplies on account. 4. Paid $1,260 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $4,400 6. Paid cash for operating expenses of $21,700. 7. Determined that at the end of the accounting period $145 of office supplies remained on hand. 8. On December 31, 2018, recognized the revenue that had been earned for services performed in accordance with Transaction...
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