Homework Answers
1. Under cash accounting, a credit to fees earned is preceded by
a debit to what account:-
Option A is correct answer.
2. A credit to account receivable is balanced with a debit to cash account.
Option B is correct answer.
3. Under cash accounting, a debit to rent expense is balanced by a credit to Cash account.
Option D is correct answer.
4. A debit to prepaid rent is balanced with a credit to Cash account.
Option C is correct account.
5. A credit to accounts payable is balanced with a debit to Cost of goods sold
Option C is correct answer.
6. A debit to supplies can be balanced with a credit to Cash account .
Option D is correct answer.
7. A debit to cash can be balanced by a credit to unearned
Revenue.
option c is correct answer.
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1. Under cash accounting, a credit to fees earned...
Answer all of these thank you 8. A debit to wages expense can be balanced by...
Answer all of these thank you
8. A debit to wages expense can be balanced by a credit to what account. A. Wages Payable B. Fees Earned C. Fees Unearned D. Depreciation 9. A credit to prepaid insurance can be balanced by a debit to what account. A. Insurance Expense B. Notes Payable C. Revenue D. Unearned Revenue 10. A credit to rental revenue can be balanced by a debit to what account. A. Depreciation B. Rental Expense C. Accounts...
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...
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...
The An accounting form that is used to record the increases and decreases in each financial...
The An accounting form that is used to record the increases and decreases in each financial statement item.accounts in the A group of accounts for a business.ledger of Seaside Furniture Company as of August 20Y5 are listed in alphabetical order as follows. All accounts have The normal balance of an account can be either a debit or a credit depending on whether increases in the account are recorded as debits or credits.normal balances. The balance of the cash account has...
solve all these problem please thank you 1. Under accrual basis of accounting, when an organization...
solve all these problem please
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1. Under accrual basis of accounting, when an organization receives capital for services provided in the future, then the organization will debit it's cash account and balance this transaction with a credit to this account. 2. Under accrual basis of accounting, when an organization owes wages to it's employees for services provided, then the organization will debit it's wages expense account and balance this transaction with a credit to this account. _ 3....
can you also please specify whether they fall under debit or credit? thank you! Use the...
can you also please specify whether they fall under debit or
credit? thank you!
Use the financial year end information below to create the Financial Statements and Closing Entries for en $ Dr. $15.300 16, 200 31.900 $5,700 39.000 2,300 Alex Co.'s Account Balance 31 Dec 2018 Cash Account receivable Prepaid Rent Equipment Accumulated depreciation Land Accounts payable Salaries payable Unearned revenue Capital withdrawals Service revenue Salaries expense Rent expense Depreciation expense 3,000 2.200 90,000 10.000 48.100 22.000 7.300 400g...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
July 31 Fees Earned 21,200 Wages Expense Office Rent Expense 2,940 2,550 1,375 Equipment Rent Expense...
July 31 Fees Earned 21,200 Wages Expense Office Rent Expense 2,940 2,550 1,375 Equipment Rent Expense Utilities Expense 1,215 Music Expense 3,610 Advertising Expense 1,500 Supplies Expense 925 Insurance Expense 225 Depreciation Expense 50 Miscellaneous Expense 1,855 Peyton Smith, Capital 4,955 DATE ACCOUNT POST. REF. DEBIT CREDIT July 31 Peyton Smith, Capital 1,750 Peyton Smith, Drawing 1,750 PS Music Post-Closing Trial Balance July 31, 2019 Debit Balances Credit Balances Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Accumulated Depreciation Office...
solve all these problem please thank you 9. Under accrual basis of accounting, when an organization...
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...
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...
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8. A debit to wages expense can be balanced by a credit to what account. A. Wages Payable B. Fees Earned C. Fees Unearned D. Depreciation 9. A credit to prepaid insurance can be balanced by a debit to what account. A. Insurance Expense B. Notes Payable C. Revenue D. Unearned Revenue 10. A credit to rental revenue can be balanced by a debit to what account. A. Depreciation B. Rental Expense C. Accounts...
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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...
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...
solve all these problem please
thank you
1. Under accrual basis of accounting, when an organization receives capital for services provided in the future, then the organization will debit it's cash account and balance this transaction with a credit to this account. 2. Under accrual basis of accounting, when an organization owes wages to it's employees for services provided, then the organization will debit it's wages expense account and balance this transaction with a credit to this account. _ 3....
can you also please specify whether they fall under debit or
credit? thank you!
Use the financial year end information below to create the Financial Statements and Closing Entries for en $ Dr. $15.300 16, 200 31.900 $5,700 39.000 2,300 Alex Co.'s Account Balance 31 Dec 2018 Cash Account receivable Prepaid Rent Equipment Accumulated depreciation Land Accounts payable Salaries payable Unearned revenue Capital withdrawals Service revenue Salaries expense Rent expense Depreciation expense 3,000 2.200 90,000 10.000 48.100 22.000 7.300 400g...
Credit Gain on Sale of an Asset Common Stock Retained Earnings Credit Credit Land Debit Notes Payable Credit Fees Earned Credit Equipment Debit Sales Credit Accounts Receivable Debit Auto Expense Debit Rent Expense Debit Supplies Debit Cash Debit Accounts Payable Credit Service Revenue Credit Accumulated Depreciation-Equipment Credit Cash Dividends Debit Type here to search Paid in Capital in Excess of Par Credit Bonds Payable Credit Credit Unearned Revenue Salary Expense Debit Identify which financial statement each one of these accounts...
July 31 Fees Earned 21,200 Wages Expense Office Rent Expense 2,940 2,550 1,375 Equipment Rent Expense Utilities Expense 1,215 Music Expense 3,610 Advertising Expense 1,500 Supplies Expense 925 Insurance Expense 225 Depreciation Expense 50 Miscellaneous Expense 1,855 Peyton Smith, Capital 4,955 DATE ACCOUNT POST. REF. DEBIT CREDIT July 31 Peyton Smith, Capital 1,750 Peyton Smith, Drawing 1,750 PS Music Post-Closing Trial Balance July 31, 2019 Debit Balances Credit Balances Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Accumulated Depreciation Office...
solve all these problem please
thank you
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...
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