Homework Answers
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| 1 | Unearned service revenue |
| 2 | Wages Payable |
| 3 | Prepaid rent |
| 4 | Cash |
| 5 | Rental expense |
| 6 | Prepaid insurance |
| 7 | Interest receivable |
| 8 | Wages expense |
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1. Under accrual basis of accounting, when an organization...
solve all these problem please thank you 9. Under accrual basis of accounting, when an organization...
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9. Under accrual basis of accounting, when an organization owes sales taxes to the government, then the organization will debit it's sales taxes expense account and balance this transaction with a credit to this account. 10. Under cash basis of accounting, when an organization receives it's power bill and pays, the organization will credit the cash account and balance it with a debit to this account. 11. Under accrual basis of accounting, when...
answer these problems thank you 11. Under accrual accounting, normally a debit to the Wages Payable...
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11. Under accrual accounting, normally a debit to the Wages Payable will be balanced with a credit to the account 12. Under accrual accounting, normally a credit to the interest receivable account will be balanced with a debit to the account 13. Under accrual accounting, normally a debit to the unearned fees account will be balanced with a credit to the account 14. When an owner of the company invests a parcel of land into...
1) If a company is using accrual basis accounting, when should it record revenue? A) when...
1) If a company is using accrual basis accounting, when should it record revenue? A) when cash is received, even though services may be performed at a later date B) when services are performed, even though cash may be received at a later date C) before services are performed D) when cash is received, 30 days after the completion of the services 2) When does a company account for revenue if it uses cash basis accounting? A) when services are...
answer these problems thank you 3. 1. Under cash accounting, a credit to revenue account must...
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3. 1. Under cash accounting, a credit to revenue account must be balanced with a debit to the account 2. Under cash accounting, a debit to the rent expense account must be balanced with a credit to the account 3. Under accrual accounting, normally a credit to the accounts receivable account will be balanced with a debit to the account Under accrual accounting, normally a debit to the accounts payable account will be balanced with...
Use the following to answer questions 1-4 A company maintains its records using accrual basis accounting;...
Use the following to answer questions 1-4 A company maintains its records using accrual basis accounting; however, their accountant wants to create a statement of cash flows and needs to determine the cash flow from operating activities. For simplicity, we assume only one expense account (salaries). The following is data gathered from their records. Services provided to customers during the period Salaries expense for the period Accounts receivable (beginning balance) Accounts receivable (ending balance) Salaries payable beginning balance) Salaries pavable...
Which of the following statements about cash basis accounting and accrual basis accounting is correct? Multiple...
Which of the following statements about cash basis accounting and accrual basis accounting is correct? Multiple Choice 1 O If payment is received at the same time a service is provided, it does not matter whether cash basis accounting or accrual basis accounting is used; both would record the transaction with the same journal entry The cash basis of accounting works best when a lengthy delay exists between the timing of cash flows and the underlying business activities to which...
1. Match each term associated with accrual-basis and cash-basis accounting with its most appropriate description. Accru...
1. Match each term associated with accrual-basis and cash-basis accounting with its most appropriate description. Accrual-basis expense Accrual-basis revenue Revenue recognition principle Cause-and-effect Cash basis revenue Cash-basis expense Match each of the options above to the items below. A company pays cash for supplies in May and uses those supplies in June. The expense is recorded in May. A company pays cash for supplies in May and uses those supplies in June. The expense is recorded in June A company...
Under accrual accounting, when is revenue recognized? When is expense recognized? Under cash accounting, when is...
Under accrual accounting, when is revenue recognized? When is expense recognized? Under cash accounting, when is revenue recognized and when is expense recognized? FASB (Financial Accounting Standards Board) requires the use of which basis of accounting, accrual or cash?
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...
Q: The cash purchase of a building reduces total assets when using accrual basis accounting. A:...
Q: The cash purchase of a building reduces total assets when
using accrual basis accounting.
A: True or False ??
Goal: Transaction analysis using ACCRUAL-basis accounting. 1. Use the template below to indicate how the following transactions affect the accrual-basis accounting equation: a. Kissimmee, Inc. (a retail store) begins business on January 1, 2015 with a $100,000 cash contribution from the owners. b. On January 1, 2015, Kissimmee hires five employees to manage and operate the business. c. On January...
solve all these problem please
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9. Under accrual basis of accounting, when an organization owes sales taxes to the government, then the organization will debit it's sales taxes expense account and balance this transaction with a credit to this account. 10. Under cash basis of accounting, when an organization receives it's power bill and pays, the organization will credit the cash account and balance it with a debit to this account. 11. Under accrual basis of accounting, when...
answer these problems
thank you
11. Under accrual accounting, normally a debit to the Wages Payable will be balanced with a credit to the account 12. Under accrual accounting, normally a credit to the interest receivable account will be balanced with a debit to the account 13. Under accrual accounting, normally a debit to the unearned fees account will be balanced with a credit to the account 14. When an owner of the company invests a parcel of land into...
1) If a company is using accrual basis accounting, when should it record revenue? A) when cash is received, even though services may be performed at a later date B) when services are performed, even though cash may be received at a later date C) before services are performed D) when cash is received, 30 days after the completion of the services 2) When does a company account for revenue if it uses cash basis accounting? A) when services are...
answer these problems
thank you
3. 1. Under cash accounting, a credit to revenue account must be balanced with a debit to the account 2. Under cash accounting, a debit to the rent expense account must be balanced with a credit to the account 3. Under accrual accounting, normally a credit to the accounts receivable account will be balanced with a debit to the account Under accrual accounting, normally a debit to the accounts payable account will be balanced with...
Use the following to answer questions 1-4 A company maintains its records using accrual basis accounting; however, their accountant wants to create a statement of cash flows and needs to determine the cash flow from operating activities. For simplicity, we assume only one expense account (salaries). The following is data gathered from their records. Services provided to customers during the period Salaries expense for the period Accounts receivable (beginning balance) Accounts receivable (ending balance) Salaries payable beginning balance) Salaries pavable...
Which of the following statements about cash basis accounting and accrual basis accounting is correct? Multiple Choice 1 O If payment is received at the same time a service is provided, it does not matter whether cash basis accounting or accrual basis accounting is used; both would record the transaction with the same journal entry The cash basis of accounting works best when a lengthy delay exists between the timing of cash flows and the underlying business activities to which...
Q: The cash purchase of a building reduces total assets when
using accrual basis accounting.
A: True or False ??
Goal: Transaction analysis using ACCRUAL-basis accounting. 1. Use the template below to indicate how the following transactions affect the accrual-basis accounting equation: a. Kissimmee, Inc. (a retail store) begins business on January 1, 2015 with a $100,000 cash contribution from the owners. b. On January 1, 2015, Kissimmee hires five employees to manage and operate the business. c. On January...
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