Homework Answers
Answer: Option B
Cash a/c. DR 31700
To Unearned Revenue a/c. 31700
Note: Advance amount is considered as unearned income so it is credited to Unearned Revenue account. Receiving an order is not considered as transaction. So only journal entry for advance amount is required.
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Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and...
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and...
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and related adjusting entries (if any) for the transaction below for the first quarter ending March 31 of the current year. Employees earned $2,779,283 in salaries and wages during this quarter, of which the company paid $2,084,462. Select one: O a. Dr. Salaries and wages expense $2,779,283; Cr. Cash $2,084,462; Cr. Salaries and wages payable $694,821 O b. Dr. Salaries and wages expense $2,779,283; Cr....
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and...
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and related adjusting entries (if any) for the transaction below for the first quarter ending March 31 of the current year. Paid $5,130,579 of merchandise invoices previously acquired on account. The company deducted a 2% discount for prompt payment and treated the discount as a reduction in the acquisition cost of the inventory. Select one: a. Dr. Accounts payable $5,130,579; Cr. Cash $5,027,967; Cr. Inventory...
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and...
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and related adjusting entries (if any) for the transaction below for the first quarter ending March 31 of the current year. Sold merchandise with an original cost of $10,077,924 for $17,636,367 during the quarter. Of the total sales, 50% was for cash and the remainder was on account. Select one: O a. Dr. Cash $8,818,184; Dr. Accounts receivable $8,818,184; Cr. Sales revenue $17,636,367 O b....
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and...
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and related adjusting entries (if any) for the transaction below for the first quarter ending March 31 of the current year. Obtained and paid building and liability insurance coverage from Northwest Insurance Company. The two-year policy began on Feb 1 and has a premium of $54,000. Select one: O a. No journal entry entry or adjusting entry required O b. Dr. Insurance expense $4,500; Cr....
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and...
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and related adjusting entries (if any) for the transaction below for the first quarter ending March 31 of the current year. Obtained and paid building and liability insurance coverage from Northwest Insurance Company. The two-year policy began on Feb 1 and has a premium of $54,000. Select one: O a. No journal entry entry or adjusting entry required O b. Dr. Insurance expense $4,500; Cr....
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and...
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and related adjusting entries (if any) for the transaction below for the first quarter ending March 31 of the current year. Dude Duds received $500,000 when the company signed a promissory note with First Bank on Jan 1. Principal and interest on the 5.0% note is due at the end of 12 years. Select one: O a. Cr. Cash $500,000; Cr. Interest expense $25,000; Dr....
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and...
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and related adjusting entries (if any) for the transaction below for the first quarter ending March 31 of the current year. Issued 360,000 shares of $1 par value common stock for $2,250,000 on Jan 1. Select one: O a. Debit Common Stock $360,000; Debit APIC $1,890,000; Credit Cash $2,250,000 O b. Debit Cash $2,250,000; Credit Common Stock $360,000; Credit APIC $1,890,000 c. Debit Cash $2,250,000;...
Record adjusting journal entries for each of the following for year ended December 31 Assume no...
Record adjusting journal entries for each of the following for year ended December 31 Assume no other adjusting entries are made during the year. a. Unearned Rent Revenue. The Krug Company collected $7.800 rent in advance on November 1. debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. b. Unearned Services Revenue. The company charges $90 per insect treatment. A customer paid $360 on October 1 in advance...
Record adjusting journal entries for each of the following for year ended December 31. Assume no...
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year a. Unearned Rent Revenue. The Krug Company collected $7,800 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. b. Unearned Services Revenue. The company charges $90 per insect treatment. A customer paid $360 on October 1 in advance...
Use the provided partial chart of accounts to prepare the general journal entries in the space...
Use the provided partial chart of accounts to prepare the general journal entries in the space provided below for the following transactions. Chart of Accounts • Cash • Accounts Receivable • Allowance for Doubtful Accounts Notes Receivable • Interest Receivable Office Equipment • Machinery • Accumulated Depreciation • Accounts Payable • Interest Payable Common Stock • Retained Earnings Sales • Interest Revenue • Bad Debt Expense • Depreciation Expense • Insurance Expense • Interest Expense • Gain on Sale of...
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and related adjusting entries (if any) for the transaction below for the first quarter ending March 31 of the current year. Employees earned $2,779,283 in salaries and wages during this quarter, of which the company paid $2,084,462. Select one: O a. Dr. Salaries and wages expense $2,779,283; Cr. Cash $2,084,462; Cr. Salaries and wages payable $694,821 O b. Dr. Salaries and wages expense $2,779,283; Cr....
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and related adjusting entries (if any) for the transaction below for the first quarter ending March 31 of the current year. Paid $5,130,579 of merchandise invoices previously acquired on account. The company deducted a 2% discount for prompt payment and treated the discount as a reduction in the acquisition cost of the inventory. Select one: a. Dr. Accounts payable $5,130,579; Cr. Cash $5,027,967; Cr. Inventory...
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and related adjusting entries (if any) for the transaction below for the first quarter ending March 31 of the current year. Sold merchandise with an original cost of $10,077,924 for $17,636,367 during the quarter. Of the total sales, 50% was for cash and the remainder was on account. Select one: O a. Dr. Cash $8,818,184; Dr. Accounts receivable $8,818,184; Cr. Sales revenue $17,636,367 O b....
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and related adjusting entries (if any) for the transaction below for the first quarter ending March 31 of the current year. Obtained and paid building and liability insurance coverage from Northwest Insurance Company. The two-year policy began on Feb 1 and has a premium of $54,000. Select one: O a. No journal entry entry or adjusting entry required O b. Dr. Insurance expense $4,500; Cr....
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and related adjusting entries (if any) for the transaction below for the first quarter ending March 31 of the current year. Obtained and paid building and liability insurance coverage from Northwest Insurance Company. The two-year policy began on Feb 1 and has a premium of $54,000. Select one: O a. No journal entry entry or adjusting entry required O b. Dr. Insurance expense $4,500; Cr....
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and related adjusting entries (if any) for the transaction below for the first quarter ending March 31 of the current year. Dude Duds received $500,000 when the company signed a promissory note with First Bank on Jan 1. Principal and interest on the 5.0% note is due at the end of 12 years. Select one: O a. Cr. Cash $500,000; Cr. Interest expense $25,000; Dr....
Dude Duds, Inc. is a clothing retailer specializing in affordable family apparel. Prepare journal entries and related adjusting entries (if any) for the transaction below for the first quarter ending March 31 of the current year. Issued 360,000 shares of $1 par value common stock for $2,250,000 on Jan 1. Select one: O a. Debit Common Stock $360,000; Debit APIC $1,890,000; Credit Cash $2,250,000 O b. Debit Cash $2,250,000; Credit Common Stock $360,000; Credit APIC $1,890,000 c. Debit Cash $2,250,000;...
Record adjusting journal entries for each of the following for year ended December 31 Assume no other adjusting entries are made during the year. a. Unearned Rent Revenue. The Krug Company collected $7.800 rent in advance on November 1. debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. b. Unearned Services Revenue. The company charges $90 per insect treatment. A customer paid $360 on October 1 in advance...
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year a. Unearned Rent Revenue. The Krug Company collected $7,800 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. b. Unearned Services Revenue. The company charges $90 per insect treatment. A customer paid $360 on October 1 in advance...
Use the provided partial chart of accounts to prepare the general journal entries in the space provided below for the following transactions. Chart of Accounts • Cash • Accounts Receivable • Allowance for Doubtful Accounts Notes Receivable • Interest Receivable Office Equipment • Machinery • Accumulated Depreciation • Accounts Payable • Interest Payable Common Stock • Retained Earnings Sales • Interest Revenue • Bad Debt Expense • Depreciation Expense • Insurance Expense • Interest Expense • Gain on Sale of...
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