Homework Answers
Answer) B. Performed $4,500 services during June for customers who paid for these services in may.
A) Purchased inventory - Balance Sheet item
C) Purchased office supplies - Balance Sheet item
D) collected cash in June for sales in may - Balance Sheet item
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QUESTION 17 Which of the following events should be recorded as revenue or expense in June...
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded...
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting in the current period. Accrual-Basis Revenue Expense Cash-Basis Revenue Expense Transaction 1. Receive cash from customers in advance, $600. 2. Pay utilities bill for the previous month, $150 3. Pay for insurance one year in advance, $2,000. 4. Pay workers' salaries for the current month, $800. 5. Incur costs for employee salaries in the current month but...
Tipper Inc. had the following transactions during 2020: • Sales of $13,000 on account for 2020...
Tipper Inc. had the following transactions during 2020: • Sales of $13,000 on account for 2020 • Collected $19.000 for services to be performed in 2021 • Paid $5,000 cash in salaries for 2020 • Purchased airline tickets for $2,000 in December for a trip to take place in 2021 What is Tipper Inc's 2020 net income using accrual accounting? $14,000 $8,000 $25,000 $6,000 5 pts Question 1 5 pts Question 15 Question 8 5 pts Borrowing money is an...
40) The following events pertain to Bills Company December 28, 2018 Bills was contacted by a...
40) The following events pertain to Bills Company December 28, 2018 Bills was contacted by a customer for possible accounting and December 30, 2018 tax services. Bills signed a formal agreement with the customer to provide accounting and tax services in 2019. The customer paid $1,000 in advance for the services to be provided by Bills Company. Bills provided accounting and tax services to the customer. January 4, 2019 January 11, 2019 Using accrual basis accounting, on which date should...
18. The balance in Hope Corporation's retained earnings account at 6/1/2017 was $300,000. June net income...
18. The balance in Hope Corporation's retained earnings account at 6/1/2017 was $300,000. June net income was $80,000 BEFORE considering the following items: o Depreciation for the month of June was $2,000. o Interest income of $100 was earned during June. The interest will be collected from the bank in July o Purchased supplies at the beginning of June at a cost of $800. The supplies were expensed at the time of purchase but the supplies were not used until...
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded...
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual basis acc cash-basis accounting in the current period. Accrual-Basis Cash-Basis Revenue Expense Revenue Expense Transaction 1. Receive cash from customers in advance, $430. 2. Pay utilities bill for the previous month, $65. 3. Pay for insurance one year in advance, $1,150. 4. Pay workers' salaries for the current month, $630 5. Incur costs for employee salaries in the current month but do...
11. June 17: Cash of $6,000 was paid for rent for June, July and August. Put...
11. June 17: Cash of $6,000 was paid for rent for June, July and August. Put the total amount into the Prepaid Rent account 12. June 17: Received a bill of $350 from the local newspaper for advertising. 13. June 21: Billed various miscellaneous local customers $4,500 for consulting services performed. 14. June 21: A fax machine for the office was purchased for $825 cash. 15. June 21: Accounts payable in the amount of $240 were paid. 16. June 22:...
The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations...
The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations by acquiring $21,000 of cash from the issue of common stock. Performed services and collected cash of $900. Collected $4,900 of cash in advance for services to be provided over the next 12 months. Provided $12,100 of services on account. Purchased supplies of $490 on account. Asset Exchange Transactions Purchased $4,900 of land for cash. Collected $7,900 of cash from accounts receivable. Purchased $540...
1) During 2018, the following events occurred for Parker Company Parker receives $39,600 cash in advance...
1) During 2018, the following events occurred for Parker Company Parker receives $39,600 cash in advance from Westberry Company for consulting services to be performed over a one-year period beginning April 1, 2018. Provided $52,400 of consulting services on account. Collected $14,700 cash from customers in partial settlement of its accounts receivable. Parker recognizes the portion of the unearned revenue it earned during the accounting period. After recording all these transactions, Parker’s total revenue will be $______ 2) During 2018,...
The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations...
The following accounting events apply to Mary’s Designs for Year 1: Asset Source Transactions Began operations by acquiring $21,000 of cash from the issue of common stock. Performed services and collected cash of $900. Collected $4,900 of cash in advance for services to be provided over the next 12 months. Provided $12,100 of services on account. Purchased supplies of $490 on account. Asset Exchange Transactions Purchased $4,900 of land for cash. Collected $7,900 of cash from accounts receivable. Purchased $540...
LO 2, 4 Problem 3-27A Recording events in a statements The following Asset Source Transactions 1. Began oper CHECK FIGURE b. Total debits: $39,125 model and T-accounts and preparing a trial balan...
LO 2, 4 Problem 3-27A Recording events in a statements The following Asset Source Transactions 1. Began oper CHECK FIGURE b. Total debits: $39,125 model and T-accounts and preparing a trial balance accounting events apply to Parks Co. for the year 2011 ations when the business acquired $20,000 cash from the issue of common stock 2. Performed services and collected cash of $1,000. . Collected $4,500 of cash in advance for services to be provided over the next 12 months...
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting in the current period. Accrual-Basis Revenue Expense Cash-Basis Revenue Expense Transaction 1. Receive cash from customers in advance, $600. 2. Pay utilities bill for the previous month, $150 3. Pay for insurance one year in advance, $2,000. 4. Pay workers' salaries for the current month, $800. 5. Incur costs for employee salaries in the current month but...
Tipper Inc. had the following transactions during 2020: • Sales of $13,000 on account for 2020 • Collected $19.000 for services to be performed in 2021 • Paid $5,000 cash in salaries for 2020 • Purchased airline tickets for $2,000 in December for a trip to take place in 2021 What is Tipper Inc's 2020 net income using accrual accounting? $14,000 $8,000 $25,000 $6,000 5 pts Question 1 5 pts Question 15 Question 8 5 pts Borrowing money is an...
40) The following events pertain to Bills Company December 28, 2018 Bills was contacted by a customer for possible accounting and December 30, 2018 tax services. Bills signed a formal agreement with the customer to provide accounting and tax services in 2019. The customer paid $1,000 in advance for the services to be provided by Bills Company. Bills provided accounting and tax services to the customer. January 4, 2019 January 11, 2019 Using accrual basis accounting, on which date should...
18. The balance in Hope Corporation's retained earnings account at 6/1/2017 was $300,000. June net income was $80,000 BEFORE considering the following items: o Depreciation for the month of June was $2,000. o Interest income of $100 was earned during June. The interest will be collected from the bank in July o Purchased supplies at the beginning of June at a cost of $800. The supplies were expensed at the time of purchase but the supplies were not used until...
Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual basis acc cash-basis accounting in the current period. Accrual-Basis Cash-Basis Revenue Expense Revenue Expense Transaction 1. Receive cash from customers in advance, $430. 2. Pay utilities bill for the previous month, $65. 3. Pay for insurance one year in advance, $1,150. 4. Pay workers' salaries for the current month, $630 5. Incur costs for employee salaries in the current month but do...
11. June 17: Cash of $6,000 was paid for rent for June, July and August. Put the total amount into the Prepaid Rent account 12. June 17: Received a bill of $350 from the local newspaper for advertising. 13. June 21: Billed various miscellaneous local customers $4,500 for consulting services performed. 14. June 21: A fax machine for the office was purchased for $825 cash. 15. June 21: Accounts payable in the amount of $240 were paid. 16. June 22:...
LO 2, 4 Problem 3-27A Recording events in a statements The following Asset Source Transactions 1. Began oper CHECK FIGURE b. Total debits: $39,125 model and T-accounts and preparing a trial balance accounting events apply to Parks Co. for the year 2011 ations when the business acquired $20,000 cash from the issue of common stock 2. Performed services and collected cash of $1,000. . Collected $4,500 of cash in advance for services to be provided over the next 12 months...
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