Homework Answers
| Correct Option B i.e. Debit to Unearned Legal Fees for 65000 | |||
| Correct Entry would be | |||
| DATE | Accounts Name and Explanation | Debit | Credit |
| 31-Dec-20 | Unearned Legal Fees | 65000 | |
| Legal fees | 65000 | ||
| (To record service revenue ) | |||
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In March of 2020, the law firm of Schnell & Capple collected $100,000 from a client...
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View Policies Current Attempt in Progress The ledger of Kingbird, Inc. on March 31, 2020, includes...
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James Polk started his own consulting firm, Polk Consulting, Inc. on May 1, 2020. The trial...
James Polk started his own consulting firm, Polk Consulting,
Inc. on May 1, 2020. The trial balance at May 31 is shown on a
separate sheet.
Other data:
1. $1,200 of supplies remain in the supply room at the end of
the month.
2. Utilities expense incurred but not paid on May 31, 2020 are
$280.
3. The insurance policy is for 18 months when it was issued
4. $1,100 of the balance in the unearned service revenue account
was...
10. During 2020, a company paid $300,000 to a law firm that will provide legal services to the company for the three years 2020-2023. The entire prepayment was recorded as Legal Expense when the cash was disbursed. By December 31, 2020, the fiscal year-end, the firm had used 25% of the services. No adjusting entries were made. What effect did this error have on assets, liabilities and stockholder's equity? (Include understate/overstate and amount for each component).
Verne Cova Company has the following balances in selected accounts on December 31, 2020. Accounts Receivable Accumulated Depreciation Equipment Equipment 7,000 Interest Payable Notes Payable 10,000 Prepaid Insurance 2,100 Salaries and Wages Payable Supplies 2,450 Unearned Service Revenue 30,000 All the accounts have normal balances. The information below has been gathered at December 31, 2020. 1. Verne Cova Company borrowed $10,000 by signing a 12%, one year note on September 1, 2020. 2. A count of supplies on December 31,...
11) Mary Sunny began business as Sunny Law Firm on Mary invested $15,000 cash and a law library valued at $6,000 i common stock. these transactions during November 2017, the first month of o completed peration: Nov.1 exchange for .Nov. 2 Purchased $7,500 of office (memo required) equipment from Staples on credit. ov. 8 Paid Staples $3,500 cash in partial settlement of the amount owed from November 2nd Nov. 18 Completed $4,000 of legal work for a client on credit....
Sadie Cuono started her own consulting firm, Cuono Consulting, on May 1, 2020. The trial balance at May 31 is as follows. Cuono Consulting Trial Balance May 31, 2020 Account Number 101 112 126 130 149 201 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Share Capital-Ordinary Service Revenue Salaries and Wages Expense Rent Expense Debit Credit € 4,400 5,900 2,300 4,800 12,000 €4,300 1,900 19,300 8,400 3,500 1,000 €33,900 €33,900 209 311 400 726 729...
Exercise 9-06 a-b Whispering Company has accounts receivable of $108,600 at March 31, 2020. Credit terms are 2/10, n/30. At March 31, 2020, there is a $1,500 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimate of bad debts is shown below. Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Estimated Balance, Percentage March 31 Uncollectible 2020...
View Policies Current Attempt in Progress The ledger of Kingbird, Inc. on March 31, 2020, includes the following selected accounts before adjusting entries. Debit Credit Prepaid Insurance Supplies Equipment Unearned Service Revenue 2,800 2,300 33,600 8,600 An analysis of the accounts shows the following. 1. 2. 3 Insurance expires at the rate of $200 per month. Supplies on hand total $1,200. The equipment depreciates $300 per month. During March, services were performed for two-fifths of the unearned service revenue. Prepare...
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CALCULATOR PRINTER VERST Do It! Review 3-02 The ledger of Bramble Corp. on March 31, 2020, includes the following selected accounts before adjusting entries. Credit Prepaid Insurance Supplies Equipment Unearned Service Revenue Debit 2,200 2,200 33,200 8,300 1. An analysis of the accounts shows the following Insurance expires at the rate of $300 per month 2. Supplies on hand total $1,100. 3. The equipment depreciates $400 per month 4. During March, services were performed for two-fifths of the unearned service...
James Polk started his own consulting firm, Polk Consulting,
Inc. on May 1, 2020. The trial balance at May 31 is shown on a
separate sheet.
Other data:
1. $1,200 of supplies remain in the supply room at the end of
the month.
2. Utilities expense incurred but not paid on May 31, 2020 are
$280.
3. The insurance policy is for 18 months when it was issued
4. $1,100 of the balance in the unearned service revenue account
was...
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