Homework Answers
Solution:
The corredt statement is "Accounts payable is increased with a credit" because accounts payable is having normal credit balance, therefore credit to accounts payable increase its balance and debit to accounts payable decrease its balance.
Hence option B is correct.
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Jan. 31 600 Jan. 31 Paid monthly salary to salesman, $2,600. Received $2,145 for three months...
9. Healthe Sales Consultants completed the following transactions during the latter part of January (Click the...
9. Healthe Sales Consultants completed the following transactions during the latter part of January (Click the icon to view the transactions.) Print Print Journalize the transactions of Healthe Sales Consultants. Include an explanation with each journal entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 22: Performed services for customers on account, $7,000. Date Accounts and Explanation Debit Credit Jan. 22 (1) 123 Jan. 30: Received cash on account from...
5. Harper Sales Consultants completed the following transactions during the latter part of January 2 (Click...
5. Harper Sales Consultants completed the following transactions during the latter part of January 2 (Click the icon to view the transactions.) Journalize the transactions of Harper Sales Consultants. Include an explanation with each journal entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 22: Performed services for customers on account, $7,500. Date Accounts and Explanation Debit Credit Jan. 22 (1) Jan. 30: Received cash on account from customers, $8,000....
5. Harper Sales Consultants completed the following transactions during the latter part of January 2 (Click...
5. Harper Sales Consultants completed the following transactions during the latter part of January 2 (Click the icon to view the transactions.) Journalize the transactions of Harper Sales Consultants. Include an explanation with each journal entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 22: Performed services for customers on account, $7,500. Date Accounts and Explanation Debit Credit Jan. 22 (1) Jan. 30: Received cash on account from customers, $8,000....
Michigan Sales Consultants completed the following transactions during the later part of January (Click the icon...
Michigan Sales Consultants completed the following transactions during the later part of January (Click the icon to view the transadtions.) Journalize the transactions of Michigan Sales Consultants. Include an explanation with each jounal entry. (Record debits first, then credts. Select the explanation on the last line of the joumal entry table) Jan. 22: Performed services for ฒstomers on account, $8,500. Accounts and Explanation Debit Credit More Into Jan. 22 Jan 22 Performed services for eustomers on sccount, $4.500 0 Received...
QuesLIUILI Aggie Kids Parties Co. engaged in the following transactions during Jan 2018, its first month...
QuesLIUILI Aggie Kids Parties Co. engaged in the following transactions during Jan 2018, its first month of operations: Jan. 1 W. White and his brother each invested $20,000 of cash in exchange for stock in the company. Performed service for customers on account, $2,850 Purchased a building for $20,000 to use as a future office. Paid $2,000 and signed a 2 year note for the balance. Purchased $300 of office supplies. Paid cash. Received $2,000 as a deposit for a...
A partial adjusted trial balance of Joy Ltd at Jan 31, 2014, shows the following: Joy...
A partial adjusted trial balance of Joy Ltd at Jan 31, 2014, shows the following: Joy Ltd. Adjusted Trial Balance 31-Jan-14 Debit Credit Supplies 600 Prepaid insurance 2,400 Salaries and wages payable 800 Unearned revenue 1,000 Service revenue 3,000 Supplies expense 950 Insurance expense 2,400 Salaries and wages expense 1,800 Required: Answer the following questions, assuming the company’s fiscal year beings January 1: If the amount in Supplies Expense is the January 31 adjusting entry, and $650 of supplies was...
Ned the requirements Date Accounts Debit Credit Jan 30 Prepaid Insurance Cash 1080 1 080 TE...
Ned the requirements Date Accounts Debit Credit Jan 30 Prepaid Insurance Cash 1080 1 080 TE Purchased a building with a market value of $120.000, and land with a market value of $25.000 The business paid 550 000 cash and signed anle payable to Jan.7 the bank for the remaining amount Jan. 11 Prepared legal documents for a client on account 5500 Jan. 15 Paid assistants semmonthly salary, 51200 Jan 16 Paid for the office supplies purchased on January 3...
CALCULATG October 31, 2017 Debit Credit Cash $16,000 Supplies 3,000 Prepaid Insurance 600 Equipment 4,000 Notes...
CALCULATG October 31, 2017 Debit Credit Cash $16,000 Supplies 3,000 Prepaid Insurance 600 Equipment 4,000 Notes Payable $4,100 Accounts Payable 2,500 Unearned Service Revenue 1,100 Owner's Capital 11,600 Owner's Drawings 700 Service Revenue 10,200 Salaries and Wages Expense 4,300 Rent Expense 900 $29,500 $29,500 Assume the following adjustment data. 1. Supplies on hand at October 31 total $500. Expired insurance for the month is $300. 2. Depreciation for the month is $50. 3. Services related to unearned service revenue in...
so i just need help filling in the unadjusted trial balance at jan 31 Fast Deliveries,...
so
i just need help filling in the unadjusted trial balance at jan
31
Fast Deliveries, Inc. (FDI), was organized in December last year and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below. Assets Cash Accounts Receivable Supplies $ 700 $11,900 820 650 FAST DELIVERIES, INC. Balance Sheet at January 1 Liabilities: Accounts Payable Stockholders' Equity Common Stock Retained Earnings Total Liabilities and Stockholders' Equity 11.830 RA Total Assets...
Need help net income should equal $53,750 and total Assets should equal 907600 but I keep...
Need help net income should equal $53,750 and total Assets
should equal 907600 but I keep getting something different.
We were unable to transcribe this imageT-Accounts Accounts Payable 48,000 80,000 25,000 Owner Capital 565,000 Cash 255,000 2,250 195,000 31,200 64,000 10,000 76,000 48,000 20,000 115,000 Service Revenue 76,000 105,250 60,000 57,000 565,000 241,250 Interest Payable 650 Withdrawals 20,000 363,550 20,000 Rent expense 2,250 650 Accounts Rec 160,000 64,000 105,250 2,250 Utilities Payable 8,200 201,250 Supplies expense 7,000 8,200 Supplies 60,000...
9. Healthe Sales Consultants completed the following transactions during the latter part of January (Click the icon to view the transactions.) Print Print Journalize the transactions of Healthe Sales Consultants. Include an explanation with each journal entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 22: Performed services for customers on account, $7,000. Date Accounts and Explanation Debit Credit Jan. 22 (1) 123 Jan. 30: Received cash on account from...
5. Harper Sales Consultants completed the following transactions during the latter part of January 2 (Click the icon to view the transactions.) Journalize the transactions of Harper Sales Consultants. Include an explanation with each journal entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 22: Performed services for customers on account, $7,500. Date Accounts and Explanation Debit Credit Jan. 22 (1) Jan. 30: Received cash on account from customers, $8,000....
5. Harper Sales Consultants completed the following transactions during the latter part of January 2 (Click the icon to view the transactions.) Journalize the transactions of Harper Sales Consultants. Include an explanation with each journal entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 22: Performed services for customers on account, $7,500. Date Accounts and Explanation Debit Credit Jan. 22 (1) Jan. 30: Received cash on account from customers, $8,000....
Michigan Sales Consultants completed the following transactions during the later part of January (Click the icon to view the transadtions.) Journalize the transactions of Michigan Sales Consultants. Include an explanation with each jounal entry. (Record debits first, then credts. Select the explanation on the last line of the joumal entry table) Jan. 22: Performed services for ฒstomers on account, $8,500. Accounts and Explanation Debit Credit More Into Jan. 22 Jan 22 Performed services for eustomers on sccount, $4.500 0 Received...
QuesLIUILI Aggie Kids Parties Co. engaged in the following transactions during Jan 2018, its first month of operations: Jan. 1 W. White and his brother each invested $20,000 of cash in exchange for stock in the company. Performed service for customers on account, $2,850 Purchased a building for $20,000 to use as a future office. Paid $2,000 and signed a 2 year note for the balance. Purchased $300 of office supplies. Paid cash. Received $2,000 as a deposit for a...
Ned the requirements Date Accounts Debit Credit Jan 30 Prepaid Insurance Cash 1080 1 080 TE Purchased a building with a market value of $120.000, and land with a market value of $25.000 The business paid 550 000 cash and signed anle payable to Jan.7 the bank for the remaining amount Jan. 11 Prepared legal documents for a client on account 5500 Jan. 15 Paid assistants semmonthly salary, 51200 Jan 16 Paid for the office supplies purchased on January 3...
CALCULATG October 31, 2017 Debit Credit Cash $16,000 Supplies 3,000 Prepaid Insurance 600 Equipment 4,000 Notes Payable $4,100 Accounts Payable 2,500 Unearned Service Revenue 1,100 Owner's Capital 11,600 Owner's Drawings 700 Service Revenue 10,200 Salaries and Wages Expense 4,300 Rent Expense 900 $29,500 $29,500 Assume the following adjustment data. 1. Supplies on hand at October 31 total $500. Expired insurance for the month is $300. 2. Depreciation for the month is $50. 3. Services related to unearned service revenue in...
so
i just need help filling in the unadjusted trial balance at jan
31
Fast Deliveries, Inc. (FDI), was organized in December last year and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below. Assets Cash Accounts Receivable Supplies $ 700 $11,900 820 650 FAST DELIVERIES, INC. Balance Sheet at January 1 Liabilities: Accounts Payable Stockholders' Equity Common Stock Retained Earnings Total Liabilities and Stockholders' Equity 11.830 RA Total Assets...
Need help net income should equal $53,750 and total Assets
should equal 907600 but I keep getting something different.
We were unable to transcribe this imageT-Accounts Accounts Payable 48,000 80,000 25,000 Owner Capital 565,000 Cash 255,000 2,250 195,000 31,200 64,000 10,000 76,000 48,000 20,000 115,000 Service Revenue 76,000 105,250 60,000 57,000 565,000 241,250 Interest Payable 650 Withdrawals 20,000 363,550 20,000 Rent expense 2,250 650 Accounts Rec 160,000 64,000 105,250 2,250 Utilities Payable 8,200 201,250 Supplies expense 7,000 8,200 Supplies 60,000...
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