17)A company receives a $95,000 cash deposit from a customer on October 15 but will not...
17)A company receives a $95,000 cash deposit from a customer on October 15 but will not provide services until November 20. Which of the following statements is true?
Group of answer choices
The company records service revenue on October 15.
18)
Question 183 pts
Carrier Rent-to-Own, a furniture rental and sales company, records annual depreciation expense on December 31 each year. Which account will Carrier credit when they record their depreciation on December 31st?
Group of answer choices
Equipment
Depreciation Expense
Accumulated Depreciation
Repairs and Maintenance Expense
19)
Question 193 pts
The following events pertain to Bass Masters Corp
May 1 Bass Masters purchased materials of $3,000 on account.
May 5 The materials were shipped to Bass Masters.
May 8 Bass Masters used these materials for a one-time event.
May 9 Bass Masters paid $3,000 cash for the materials purchased on May 1.
Using accrual accounting, on which date should Bass Masters Corp. record an expense?
Group of answer choices
May 8.
May 1.
May 5.
May 9.
20)
On July 1, 2019, Perry Corp. paid $12,000 to Trust Corp for insurance covering 24 months from July 1, 2019 through June 30, 2021. What adjusting entry should Perry Co. record on December 31, 2019?
Group of answer choices
DR: Prepaid Insurance 12,000 CR: Cash 12,000
DR: Insurance Expense 3,000 CR: Cash 3,000
DR: Insurance Expense 6,000 CR: Prepaid Insurance 6,000
DR: Insurance Expense 3,000 CR: Prepaid Insurance 3,000
The company records a liability on October 15.
The company records nothing on November 20.
The company records the cash collection on November 20.
Homework Answers
17.
Answer is b. The company records a liability on October 15.
18.
Answer is c. Accumulated Depreciation
19.
Answer is a. May 8
20.
Answer is d. DR: Insurance Expense 3,000 CR: Prepaid Insurance
3,000
If you have any query, kindly comment with your query and please mark thumbs up.
Add Answer to:
17)A company receives a $95,000 cash deposit from a customer on
October 15 but will not...
Which of the following is not a possible journal entry? Debit Expenses: Credit Assets...
Which of the following is not a possible journal entry? Debit Expenses; Credit Assets Debit Expenses; Credit Liabilities Debit Assets; Credit Revenues Credit Assets; Credit Revenues Heimer, Inc. provides services to customers totaling $14,000, for which it billed the customers. How would the transaction be recorded? DR: Accounts Receivable 14,000 CR: Service Revenue 14,000 DR: Cash 14,000 CR: Service Revenue 14,000 DR: Accounts Payable 14,000 CR: Service Revenue 14,000 DR: Accounts Receivable 14,000 CR: Cash 14,000 When a company receives a prepayment from a customer and provides services to the customer...
A company receives a $50,000 cash deposit from a customer on October 15 but will not...
A company receives a $50,000 cash deposit from a customer on October 15 but will not deliver the goods until November 20. Which of the following statements is true? Cash will be reported on the stǝtement of cash flows for the month of November Revenue will be recorded and reported on the income statement for October. Aliability will be reported on the balance sheet at the end of October A prepaid asset will be reported on the balance sheet at...
13) When a company receives a prepayment from a customer and provides services to the customer...
13) When a company receives a prepayment from a customer and provides services to the customer 4 months later, what is the effect on the company’s accounting equation when the company provides the services? Group of answer choices Assets decrease and stockholders’ equity decreases Assets decrease and liabilities decrease Assets increase and stockholders' equity increases Liabilities decrease and stockholders' equity increases 14) Donaldson Corp wanted to expand the size of its manufacturing plant in order to generate more profits. The...
Journalize the following: On the books & records of Company A On May 2nd, Company A...
Journalize the following: On the books & records of Company A On May 2nd, Company A received $100 of interest income from the bank earned in April. If the books are on an accrual basis, record the entry in April and in May when cash was received April Dr. Interest Receivable Cr. Interest Income May Cash Cr. Interest Receivable On the books & records of Company A In January, Company A purchased Investment in XYZ for $100. Payment was made...
Moses, Inc receives $50,000 in cash in exchange for ownership in their company. Which journal entry...
Moses, Inc receives $50,000 in cash in exchange for ownership in their company. Which journal entry should Moses, Inc. record? Group of answer choices a. DR: Revenue 50,000; CR: Stock 50,000 b. DR: Cash 50,000; CR: Stock 50,000 c. DR: Stock 50,000; CR: Cash 50,000 d. DR: Cash 50,000; CR: Revenue 50,000
Healthy Eating Foods Company is a distributor of nutritious snack foods such as granola bars. On...
Healthy Eating Foods Company is a distributor of nutritious snack foods such as granola bars. On December 31, 2019, the firm’s general ledger contained the accounts and balances that follow. ACCOUNTS AND BALANCES Cash $ 30,900 Dr. Accounts Receivable 36,000 Dr. Allowance for Doubtful Accounts 500 Cr. Merchandise Inventory 86,800 Dr. Supplies 11,200 Dr. Prepaid Insurance 6,360 Dr. Office Equipment 10,000 Dr. Accum. Depreciation—Office Equipment 2,730 Cr. Warehouse Equipment 38,400 Dr. Accum. Depreciation—Warehouse Equipment 11,200 Cr. Notes Payable—Bank 36,000 Cr....
GENERAL LEDGER IN LAST 3 PHOTOS Post the transactions for June 1 - 30 to the...
GENERAL LEDGER IN LAST 3 PHOTOS
Post the transactions for June 1 - 30 to the General
Ledger. Opening balances have been provided above. Be sure to keep
running balance in each account.
Case Study Full Accounting Cycle Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods and give lessons. They have hired you to update their transactions for the business. They have provided you with the opening balances and a list of transactions...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
1. Selected worksheet data for Mannie Company are presented below. (15 pts) Adjusted Trial Balance Trial...
1. Selected worksheet data for Mannie Company are presented below. (15 pts) Adjusted Trial Balance Trial Balance Account Titles Cr. Dr. Dr. Cr. 35,000 18,000 (ii) (i) 26,000 7,000 Accounts Receivable Prepaid Insurance Supplies Accumulated Depreciation Salaries and Wages Payable Service Revenue Insurance Expense (iii) 8,500 12,000 (iv) 85,000 95,000 (v) 9,600 5,800 Depreciation Expense Supplies Expense Salaries and Wages Expense (vi) 49,000 Instructions (a) Fill in the missing amounts. (b) Prepare the adjusting entries that were made.
1. During October, the company had several transactions. Prepare journal entries for the transactions below and...
1. During October, the company had several transactions. Prepare journal entries for the transactions below and post them to the t-accounts. a. Sold merchandise with an original cost of $73,000 on account for a total selling price of $170,000 DR Accounts Receivable CR Revenue 170,000 170,000 DR COGS CR Inventory 73,000 73,000 I b. Purchased merchandise inventory on account from various suppliers for $92,600. DR Inventory CR Accounts Payable 92,600 92,600 c. Paid rent of $23,500 for the month of...
A company receives a $50,000 cash deposit from a customer on October 15 but will not deliver the goods until November 20. Which of the following statements is true? Cash will be reported on the stǝtement of cash flows for the month of November Revenue will be recorded and reported on the income statement for October. Aliability will be reported on the balance sheet at the end of October A prepaid asset will be reported on the balance sheet at...
Journalize the following: On the books & records of Company A On May 2nd, Company A received $100 of interest income from the bank earned in April. If the books are on an accrual basis, record the entry in April and in May when cash was received April Dr. Interest Receivable Cr. Interest Income May Cash Cr. Interest Receivable On the books & records of Company A In January, Company A purchased Investment in XYZ for $100. Payment was made...
GENERAL LEDGER IN LAST 3 PHOTOS
Post the transactions for June 1 - 30 to the General
Ledger. Opening balances have been provided above. Be sure to keep
running balance in each account.
Case Study Full Accounting Cycle Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods and give lessons. They have hired you to update their transactions for the business. They have provided you with the opening balances and a list of transactions...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
1. Selected worksheet data for Mannie Company are presented below. (15 pts) Adjusted Trial Balance Trial Balance Account Titles Cr. Dr. Dr. Cr. 35,000 18,000 (ii) (i) 26,000 7,000 Accounts Receivable Prepaid Insurance Supplies Accumulated Depreciation Salaries and Wages Payable Service Revenue Insurance Expense (iii) 8,500 12,000 (iv) 85,000 95,000 (v) 9,600 5,800 Depreciation Expense Supplies Expense Salaries and Wages Expense (vi) 49,000 Instructions (a) Fill in the missing amounts. (b) Prepare the adjusting entries that were made.
1. During October, the company had several transactions. Prepare journal entries for the transactions below and post them to the t-accounts. a. Sold merchandise with an original cost of $73,000 on account for a total selling price of $170,000 DR Accounts Receivable CR Revenue 170,000 170,000 DR COGS CR Inventory 73,000 73,000 I b. Purchased merchandise inventory on account from various suppliers for $92,600. DR Inventory CR Accounts Payable 92,600 92,600 c. Paid rent of $23,500 for the month of...
Most questions answered within 3 hours.
-
MATLAB HW 11 problem using Switch Case and Input commands
Write a script file that calculates...
asked 15 minutes ago -
A college student is employed as a door-to-door newspaper
salesman. Historical data suggests that the student...
asked 30 minutes ago -
Considering gravitational time dilation, calculate the time that
passes in Earth’s surface while 1 hour passes...
asked 54 minutes ago -
Minitab Problem: Take the Lake Hume June rainfall data and find
use the processes outlined in...
asked 1 hour ago -
X Company is trying to decide whether to continue using old
equipment to make Product A...
asked 1 hour ago -
IN PYTHON ONLY !! Program 2: Re-work
program #5 (WeeklyHours) from the previous assignment such that...
asked 2 hours ago -
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 4 hours ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 5 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 5 hours ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 5 hours ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 5 hours ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 5 hours ago