Homework Answers
Answer: 2nd option
Once the bill is done, the journal is Accounts Receivable (Debit) and Service Revenue (Credit).
The subsequent payment journal would be made Cash (Debit), since the money has been received, and Accounts Receivable (Credit), since this is the contra of earlier (Debit).
Other options are not relevant.
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Question 12 of 25 -11 View Policies Current Attempt in Progress Sebastian Belle, CPA, has billed...
View Policies Current Attempt in Progress For each of the following accounts, indicate the effect of...
View Policies Current Attempt in Progress For each of the following accounts, indicate the effect of a debit or a credit on the account and the normal balance. Debit Effect Credit Effect Normal Balance Accounts Payable. a. b. < > < > < d. Advertising Expense. Service Revenue. Accounts Receivable. Retained Earnings. Dividends. < e. f. eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer View Policies Current Attempt in Progress For each of the following...
Question 17 of 18 View Policies Current Attempt in Progress Selected transactions for the Swifty Bryce...
Question 17 of 18 View Policies Current Attempt in Progress Selected transactions for the Swifty Bryce Company are presented in journal form below. Ref: Credit Date May 5 Debit 5,400 5,400 12 4,800 Account Titles and Explanation Accounts Receivable Service Revenue (Billed for services performed Cash Accounts Receivable (Received cash in payment of account) Casti Service Revenue (Received cash for services performed) 4.800 15 3,800 3.800 Post the transactions to T-accounts and determine each account's ending balance. (Post entries in...
Question 10 of 1B 72 View Policies Current Attempt in Progress On July 7, 2020, Sheffield...
Question 10 of 1B 72 View Policies Current Attempt in Progress On July 7, 2020, Sheffield Realty Co performed cash services of $1710 The entry to record this transaction would include O a credit to Accounts Payable of $1710, O a debit to Service Revenue of $1710 O a credit to Accounts Receivable of $1710 a debit to Cash of $1710 Save for Attempts: 0 of 1 used
Question 20 of 25 < - / 1 View Policies Current Attempt in Progress On October...
Question 20 of 25 < - / 1 View Policies Current Attempt in Progress On October 3, Karl Schickele, a carpenter, received a cash payment for services previously billed to a client, Karl paid his telephon bill, and he also bought equipment on credit. For the three transactions, at least one of the entries will include a credit to Notes Payable O credit to Accounts Payable. O debit to Accounts Receivable. O credit to Retained Earnings. Save for Later Attempts:...
uestion 9 of 11 ew Policies urrent Attempt in Progress For each of the following accounts,...
uestion 9 of 11 ew Policies urrent Attempt in Progress For each of the following accounts, indicate the effect of a debit or credit on the accoun normal balance. Debit Effect Credit Effect Normal a. Bonds Payable. Decrease Increase b. Unearned Service Revenue. c. Depreciation Expense. d. Common Stock e. Buildings. f. Rent Revenue. e Textbook and Media Save for Later Attempts: 0 of 3 used Subm cBook Air stion 9 of 11 < Policies ent Attempt in Progress reach...
Question 19 of 52 < -11 View Policies Current Attempt in Progress The following trial balance...
Question 19 of 52 < -11 View Policies Current Attempt in Progress The following trial balance of Flounder Corporation does not balance, Credit FLOUNDER CORPORATION TRIAL BALANCE JUNE 30, 2020 Debit Cash $6,796 Accounts Receivable 7.770 Supplies 3,736 Equipment 9,500 Accounts Payable Common Stock Retained Earnings Service Revenue Office Expense 4,560 $32,362 $8,484 11,500 2,900 6,798 $29,682 An examination of the ledger shows these errors. 1. 2. 3. Cash received from a customer on account was recorded (both debit and...
Question 4 View Policies Current Attempt in Progress This is the trial balance of Ivanhoe Company...
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Question 5 of 7 - / 1.5 View Policies Current Attempt in Progress Selected transactions for...
Question 5 of 7 - / 1.5 View Policies Current Attempt in Progress Selected transactions for Blossom Company are presented below in journal form (without explanations). Credit Date May 5 Debit 4.580 4,580 12 Account Title Accounts Receivable Service Revenue Cash Accounts Receivable Cash Service Revenue 1,790 1,790 15 2,620 2,620 Post the transactions to T-accounts. (Post entries in the order of journal entries presented in the question.) Cash Accounts Receivable > Service Revenue
Question 3 of 7 > View Policies Current Attempt in Progress Bramble Corp. has the following...
Question 3 of 7 > View Policies Current Attempt in Progress Bramble Corp. has the following transactions during August of the current year. Aug. 1 Aug.4 Aug. 16 Aug. 27 Issues shares of common stock to investors in exchange for $10,700. Pays insurance in advance for 3 months. $1,860. Receives $830 from clients for services rendered. Pays the secretary $670 salary. Indicate the basic analysis and the debit-credit analysis, Indicate the basic analysis and the debit-credit analysis. Basic Analysis Debit-Credit...
Question 3 View Policies Current Attempt in Progress Which of the following is not a liability?...
Question 3 View Policies Current Attempt in Progress Which of the following is not a liability? Unearned Service Revenue Accounts Receivable Accounts Payable Interest Payable
View Policies Current Attempt in Progress For each of the following accounts, indicate the effect of a debit or a credit on the account and the normal balance. Debit Effect Credit Effect Normal Balance Accounts Payable. a. b. < > < > < d. Advertising Expense. Service Revenue. Accounts Receivable. Retained Earnings. Dividends. < e. f. eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer View Policies Current Attempt in Progress For each of the following...
Question 17 of 18 View Policies Current Attempt in Progress Selected transactions for the Swifty Bryce Company are presented in journal form below. Ref: Credit Date May 5 Debit 5,400 5,400 12 4,800 Account Titles and Explanation Accounts Receivable Service Revenue (Billed for services performed Cash Accounts Receivable (Received cash in payment of account) Casti Service Revenue (Received cash for services performed) 4.800 15 3,800 3.800 Post the transactions to T-accounts and determine each account's ending balance. (Post entries in...
Question 10 of 1B 72 View Policies Current Attempt in Progress On July 7, 2020, Sheffield Realty Co performed cash services of $1710 The entry to record this transaction would include O a credit to Accounts Payable of $1710, O a debit to Service Revenue of $1710 O a credit to Accounts Receivable of $1710 a debit to Cash of $1710 Save for Attempts: 0 of 1 used
Question 20 of 25 < - / 1 View Policies Current Attempt in Progress On October 3, Karl Schickele, a carpenter, received a cash payment for services previously billed to a client, Karl paid his telephon bill, and he also bought equipment on credit. For the three transactions, at least one of the entries will include a credit to Notes Payable O credit to Accounts Payable. O debit to Accounts Receivable. O credit to Retained Earnings. Save for Later Attempts:...
uestion 9 of 11 ew Policies urrent Attempt in Progress For each of the following accounts, indicate the effect of a debit or credit on the accoun normal balance. Debit Effect Credit Effect Normal a. Bonds Payable. Decrease Increase b. Unearned Service Revenue. c. Depreciation Expense. d. Common Stock e. Buildings. f. Rent Revenue. e Textbook and Media Save for Later Attempts: 0 of 3 used Subm cBook Air stion 9 of 11 < Policies ent Attempt in Progress reach...
Question 19 of 52 < -11 View Policies Current Attempt in Progress The following trial balance of Flounder Corporation does not balance, Credit FLOUNDER CORPORATION TRIAL BALANCE JUNE 30, 2020 Debit Cash $6,796 Accounts Receivable 7.770 Supplies 3,736 Equipment 9,500 Accounts Payable Common Stock Retained Earnings Service Revenue Office Expense 4,560 $32,362 $8,484 11,500 2,900 6,798 $29,682 An examination of the ledger shows these errors. 1. 2. 3. Cash received from a customer on account was recorded (both debit and...
Question 4 View Policies Current Attempt in Progress This is the trial balance of Ivanhoe Company on September 30 IVANHOE COMPANY Trial Balance September 30, 2022 Debit Credit Cash $ 23,200 Accounts Receivable 6,600 Supplies 4,760 Equipment 10,660 Accounts Payable $ 8,800 Unearned Service Revenue 3,760 Common Stock 19,000 Retained Earnings 13,660 $45,220 $45,220 Bi (6 The October transactions were as follows. Oct. 5 Received $1,410 in cash from customers for accounts receivable due. 10 Billed customers for services performed...
Question 5 of 7 - / 1.5 View Policies Current Attempt in Progress Selected transactions for Blossom Company are presented below in journal form (without explanations). Credit Date May 5 Debit 4.580 4,580 12 Account Title Accounts Receivable Service Revenue Cash Accounts Receivable Cash Service Revenue 1,790 1,790 15 2,620 2,620 Post the transactions to T-accounts. (Post entries in the order of journal entries presented in the question.) Cash Accounts Receivable > Service Revenue
Question 3 of 7 > View Policies Current Attempt in Progress Bramble Corp. has the following transactions during August of the current year. Aug. 1 Aug.4 Aug. 16 Aug. 27 Issues shares of common stock to investors in exchange for $10,700. Pays insurance in advance for 3 months. $1,860. Receives $830 from clients for services rendered. Pays the secretary $670 salary. Indicate the basic analysis and the debit-credit analysis, Indicate the basic analysis and the debit-credit analysis. Basic Analysis Debit-Credit...
Question 3 View Policies Current Attempt in Progress Which of the following is not a liability? Unearned Service Revenue Accounts Receivable Accounts Payable Interest Payable
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