Correct Option C i.e. Credit to Late fees Revenue FOR $35 | ||||
Correct Entry would be | ||||
DATE | Accounts Name and Explanation | Debit | Credit | |
31-Dec-20 | Accounts Receivable | 35 | ||
Late Fees Revenue | 35 | |||
(To record service revenue ) | ||||
The library charges overdue fees when books are returned late. Each night, after closing, the librarian...
Journal Entry please
Circle the best answer to each of the following questions. 1. When a company has performed services for a client but has not yet received payment, it: a. makes no entry until the cash is received. b. debits Accounts Receivable and credits Revenue. c. debits Accounts Payable and credits Revenue. d. debits Cash and credits Accounts Receivable. 2. Brewer Company's controller accidentally erased the 8/1/20 balance for the Cash account. However, she can see that the 8/31/20...
Circle the best answer to each of the following questions. 1. When a company has performed services for a client but has not yet received payment, it: a. makes no entry until the cash is received. b. debits Accounts Receivable and credits Revenue. c. debits Accounts Payable and credits Revenue. d. debits Cash and credits Accounts Receivable. 2. Brewer Company's controller accidentally erased the 8/1/20 balance for the Cash account. However, she can see that the 8/31/20 Cash balance is...
Quich Books tAss M MULTIPLE CHOICE (2 PTS EACH) CHOOS THE BEST ANSWER 1. The Banking section of the Home Page includes which flow chart? A. Payroll flowchart B. Bank Reconciliation flowchart C. Bill Pay flow chart D. None of these 2. Which financial statement below summarizes the financial position of a company? A. Statement of Cash Flows B. Profit &Loss Statement C. Balance Sheet D. Income Statement Which financial statement below summarizes a company's earnings? A. Statement of Cash...
Award: 17:50 points GL0302-Based on Problem 3-3A LO PL, P2, P3, P4, P5, P6 Brown Technical Institute (BT), a school owned by Paul Brown provides aing to individuals who pay tuition directly to the school. BTI offers training to groups in oc casions 31 2018 stund on the balance tab Tiny records prepard expenses and named ones in balance sheet account Descriptions of them a through that require adjusting en on December 31 low An analysis of insurance policies shows...
Credit SUSQUEHANNA EQUIPMENT RENTALS After-Closing Trial Balance December 31, Year Debit Cash Rental equipment Office supplies Notes payable Prepaid rent Accounts payable Unearned rental fees Accounts receivable Dividends payable Interest payable Unexpired insurance Salaries payable Accumulated depreciation: rental equipment Capital stock Income taxes payable Retained earnings 9 __ Totals 0 $ We were unable to transcribe this imageDec.26 Rented a backhoe to Mission Landscaping at a price of $290 per day, to be paid when the backhoe is returned. Mission...
journal entries 1-10
Robin Hood Electronics, Inc. After-Closing Trial Balance July 31, 2020 Credit Debit 23,700 367,920 23,831 7,460 247 11,160 19,730 3,729 12,180 60,000 75,000 7,800 28,500 Account Cash Available-for-sale securities, bonds at fair value Marketable securities, stocks at fair value Accounts receivable, gross Allowance for doubtful accounts Interest receivable Merchandise inventory Prepaid insurance Store supplies inventory Land Building, at cost Accumulated depreciation, building Equipment, at cost Accumulated depreciation, equipment Accounts payable, gross Salaries payable Federal income taxes payable...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...
Post-Closing Trial Balance December 31, 2018 Debit Credit Cash 18,200 Accounts receivable 3,960 Supplies 1,380 Prepaid insurance 750 Prepaid rent 3,800 Furniture 5,000 Accumulated depreciation, furniture 450 Equipment 8,000 Accumulated depreciation, equipment 4,000 Accounts payable 2,700 Accrued liabilities 190 Unearned service revenue 1,900 Common shares 20,000 Retained earnings 11,850 Total 41,090 41,090 PREPARE JOURNAL ENTRIES (+ADJUSTING ONES IF NEEDED) Business Activities for January, 2019 On January 4, 2019, Linda paid the outstanding accounts payable balance from December 31, 2018. On...
Prepare journal entries to
record each of the January through March transactions.
Serial Problem Business Solutions LO P1, P2, P3, P4 (The following information applies to the questions displayed below.) Santana Rey created Business Solutions on October 1, 2019. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...