Homework Answers
ANSWER-OPTION D
EXPLANATION
FIRST ENTRY ON DEC 1 WILL BE CASH A/C DEBIT BY 10200 TO REVENUE A/C CREDIT BY 10200
SECOND ENTRY WILL BE DONE ON DEC 31 AS A ADJUSTING ENTRY THAT WILL BE REVENUE A/C DEBIT BY 6800{(10200/3)*2} TO UNEARNED INCOME A/C CREDIT BY 6800.
THESE TWO ENTRY WILL INCREASE A CASH BY 3400 AND REVENUE BY 3400. AND WE KNOW THAT CASH IS ASSET AND REVENUE BE THE PART OF EQUITY THEREFORE THERE WILL BE INCREASE IN ASSET AND STOCKHOLDERS' EQUITY BY 3400.
Add Answer to:
Jack's Snow Removal Company received a cash advance of $10,200 on December 1, Year 1 to...
16. Jack's Snow Removal Company received a cash advance of $12,900 on December 1, Year 1...
16. Jack's Snow Removal Company received a cash advance of $12,900 on December 1, Year 1 to provide services during the months of December, January, and February. The year-end adjustment on December 31, Year 1, to recognize the partial expiration of the contract will A) increase assets by $4300 and increase equity by $4300 B) increase equity by $4300 C) increase liabilities by $4300 D) increase assets by $4300
On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200....
On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200. During the year, the company purchased $3,400 of supplies on account and made partial payments totaling $3,000 on those accounts. On December 31, Year 2, Sheldon determined that there were $1,400 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements? Multiple Choice $1,600 of supplies: $200 of supplies expense $1,400 of supplies: $2,000 of supplies expense...
stockholders' equity account 8. MC.03-72 Which of the following is an example of accrued revenue? A T3 snow removal...
stockholders' equity account 8. MC.03-72 Which of the following is an example of accrued revenue? A T3 snow removal services that have been paid for three months in advance an agreement that has been signed for snow removal services for the ne three mons snow removal services that has been provided and paid on the seme day snow removal services that have been provided but have not been billed or paid 9. MC.04-93 Stockholders' equity is subtracted from liabilities and...
a. Paid $6,400 cash in advance on April 1 for a one-year insurance policy. b. Received...
a. Paid $6,400 cash in advance on April 1 for a one-year insurance policy. b. Received a $14,700 cash advance for a contract to provide services in the future. The contract required a one-year commitment, starting September 1. C. Purchased $1,800 of supplies on account. At year's end, $140 of supplies remained on hand. d. Pald $5,400 cash in advance on March 1 for a one-year lease on office space. Event Adjustment The Accounting Equation Total Assets Cash Other Liabilities...
A. In February, Dicey Discount signs and pays for a contract with a lawn service company...
A. In February, Dicey Discount signs and pays for a contract with a lawn service company to provide lawn services for the twelve-month period beginning March 1. The cost of the contract is $6,000. Show the effect on Dicey Discount's accounting equation, including account titles: Assets Liabilities I Owners' Equity February March April B. In January, Dicey Discount signs a contract with a local company to clear its parking lot of snow whenever it snows. Because of uncertainty with the...
On October 1, year 1, Josh Smith, attorney, accepted an $38,000 cash advance from his client,...
On
October 1, year 1, Josh Smith, attorney, accepted an $38,000 cash
advance from his client, james Company, for services to be
performed over the next six months.
Required:
a. Recored the deferral and the related December 31, Year 1,
adjustment for Josh Smith is an accounting equation.
b. Record the deferral and the related December 31, year 1,
adjustment for james company in an accounting equation.
On October 1, Year 1, Josh Smith, attorney, accepted an $38,000 cash advance...
Multiple Choice Question An advance payment of $1,000 for services was received on December 1 and...
Multiple Choice Question An advance payment of $1,000 for services was received on December 1 and was recorded as a liability. By the end of the year, $400 had been eamed Demonstrate what the correct adjusting entry should include by choosing the correct statement below.
The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business...
The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $48,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $17,400 cash. Apr. 10 Purchased $880 of supplies on account. July 1 Received $28,000 cash in advance for services to be provided over the next year. 20 Paid $660 of the accounts payable from April 10. Aug. 15 Billed a customer $9,300 for...
Steve Russell started a snow removal business he called Total Care Services. Over the fall months,...
Steve Russell started a snow removal business he called Total Care Services. Over the fall months, Total Care pre-sold snow removal services to be performed from November through April of the following fiscal year, inclusive. If payment is made in full by November 1, a 10% discount is allowed. In October 270 customers took advantage of the discount and purchased the winter snow removal service package priced at $520 each, before the discount. Due to the heavy snowfall, another 310...
Saved Help Save & Exit Su Duluth Co. collected a $6,000 cash advance from a customer...
Saved Help Save & Exit Su Duluth Co. collected a $6,000 cash advance from a customer on November 1, Year 1 for work to be performed over a six-month period beginning on that date. If the year-end adjustment is properly recorded, what will be the effect of the adjusting entry on Duluth's Year 1 financial statements? Multiple Choice Increase assets and decrease liabilities Increase assets and increase revenues Decrease liabilities and increase revenues No effect
16. Jack's Snow Removal Company received a cash advance of $12,900 on December 1, Year 1 to provide services during the months of December, January, and February. The year-end adjustment on December 31, Year 1, to recognize the partial expiration of the contract will A) increase assets by $4300 and increase equity by $4300 B) increase equity by $4300 C) increase liabilities by $4300 D) increase assets by $4300
On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200. During the year, the company purchased $3,400 of supplies on account and made partial payments totaling $3,000 on those accounts. On December 31, Year 2, Sheldon determined that there were $1,400 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements? Multiple Choice $1,600 of supplies: $200 of supplies expense $1,400 of supplies: $2,000 of supplies expense...
stockholders' equity account 8. MC.03-72 Which of the following is an example of accrued revenue? A T3 snow removal services that have been paid for three months in advance an agreement that has been signed for snow removal services for the ne three mons snow removal services that has been provided and paid on the seme day snow removal services that have been provided but have not been billed or paid 9. MC.04-93 Stockholders' equity is subtracted from liabilities and...
a. Paid $6,400 cash in advance on April 1 for a one-year insurance policy. b. Received a $14,700 cash advance for a contract to provide services in the future. The contract required a one-year commitment, starting September 1. C. Purchased $1,800 of supplies on account. At year's end, $140 of supplies remained on hand. d. Pald $5,400 cash in advance on March 1 for a one-year lease on office space. Event Adjustment The Accounting Equation Total Assets Cash Other Liabilities...
A. In February, Dicey Discount signs and pays for a contract with a lawn service company to provide lawn services for the twelve-month period beginning March 1. The cost of the contract is $6,000. Show the effect on Dicey Discount's accounting equation, including account titles: Assets Liabilities I Owners' Equity February March April B. In January, Dicey Discount signs a contract with a local company to clear its parking lot of snow whenever it snows. Because of uncertainty with the...
On
October 1, year 1, Josh Smith, attorney, accepted an $38,000 cash
advance from his client, james Company, for services to be
performed over the next six months.
Required:
a. Recored the deferral and the related December 31, Year 1,
adjustment for Josh Smith is an accounting equation.
b. Record the deferral and the related December 31, year 1,
adjustment for james company in an accounting equation.
On October 1, Year 1, Josh Smith, attorney, accepted an $38,000 cash advance...
Multiple Choice Question An advance payment of $1,000 for services was received on December 1 and was recorded as a liability. By the end of the year, $400 had been eamed Demonstrate what the correct adjusting entry should include by choosing the correct statement below.
Steve Russell started a snow removal business he called Total Care Services. Over the fall months, Total Care pre-sold snow removal services to be performed from November through April of the following fiscal year, inclusive. If payment is made in full by November 1, a 10% discount is allowed. In October 270 customers took advantage of the discount and purchased the winter snow removal service package priced at $520 each, before the discount. Due to the heavy snowfall, another 310...
Saved Help Save & Exit Su Duluth Co. collected a $6,000 cash advance from a customer on November 1, Year 1 for work to be performed over a six-month period beginning on that date. If the year-end adjustment is properly recorded, what will be the effect of the adjusting entry on Duluth's Year 1 financial statements? Multiple Choice Increase assets and decrease liabilities Increase assets and increase revenues Decrease liabilities and increase revenues No effect
Most questions answered within 3 hours.
-
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 50 seconds ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 50 minutes ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 1 hour ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 2 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 2 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 3 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 5 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 5 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 5 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 5 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 5 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 5 hours ago