Homework Answers
Answer:
1.False
Accounts Receivable are revenue accrued and customers are liable to pay.Its customers debt not business.
2.True.
Shareholders Equity comprises of Capital (Common stock ) and Retained Earnings , both of which have Credit balance.
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An accounts receivable represents the promise of the business to pay...
All shareholders' equity accounts typically have a credit balance except for dividends which are a debit...
All shareholders' equity accounts typically have a credit balance except for dividends which are a debit True O False Click to select your answer.
1. Is Accounts Receivable an example of a Asset, Liability, Debit or Credit? 2. Are Dividends...
1. Is Accounts Receivable an example of a Asset, Liability, Debit or Credit? 2. Are Dividends an example of a Asset Account, Liability Account, Equity Account, or Debit Account? 3. Are Notes Payable an example of a Equity Account, Debit Account, Asset Account or Liability Account? 4. True or False: An increase in the Cash balance for a business is entered as a debit to the account. 5. True or False: An increase to the Revenue account of a business...
Problem 7-5 Presented below is information related to the Accounts Receivable accounts of Martine...
Problem 7-5 Presented below is information related to the Accounts Receivable accounts of Martinez Inc. during the current year 2017 1. An aging schedule of the accounts receivable as of December 31, 2017, is as follows. %to Be Applied after Correction Is Made Age Net Debit Balance Under 60 days 60-90 days 91-120 days $171,300 136,500 39,300 19% 3% 6% $3,800 definitely uncollectible; estimated remainder uncollectible is 25% Over 120 days 22,300 $369,400 The $3,000 write-off of receivables is related...
BUSINESS LAW Question 9 A contract requiring complete performance in exchange for a promise. Answers: A....
BUSINESS LAW Question 9 A contract requiring complete performance in exchange for a promise. Answers: A. Bilateral B. Lateral C. Multilateral D. Unilateral Question 10 A contract consists o any set of mutual promises to perform. Answers: True False Question 11 “Equity" is just an outdated term for "law". Answers: True False Question 12 The courts favor bilateral contracts over unilateral ones. Answers: True False
1. A business collects a payment of $20,000 on a note receivable, consisting of a $1000...
1. A business collects a payment of $20,000 on a note receivable, consisting of a $1000 interest and a $19000 principal. Which of the following journal entries would be recorded? Notes Receivable....DEBITED 19,000 Interest Expense....DEBITED 1000 ...........Cash.. ..... CREDITED 20,000 Cash DEBITED 20,000 ...........Notes Receivable.....CREDITED 19,000 .......... Interest Income..CREDITED 1,000 Notes Payable DEBITED 19,000 .............Cash................. CREDITED 18,000 ........ Interest Revenue.CREDITED 1,000 Cash DEBITED 19,000 ........Notes Receivable....CREDITED 18,000 .......... Interest Revenue....CREDITED 1000 • Entry B is correct. • Entry A is...
only final answers plz 15. The Accounts Receivable account has a beginning balance of $10,000 and...
only final answers plz
15. The Accounts Receivable account has a beginning balance of $10,000 and the company provides services $50,000 on account during the month. If the company received cash payments from customers totaling $12,000 from customers during the month, what is the ending balance in the Accounts Receivable account? A. $50,000 B. $52,000 C. $48,000. D. $62,000. 16. When cash payments are made to stockholders, what is the effect on the company's accounts? A. Cash decreases and dividends...
Which of the following does not accurately describe Total Stockholder’s Equity? Represents the portion of business...
Which of the following does not accurately describe Total Stockholder’s Equity? Represents the portion of business assets not claimed by creditors Represents the value of ownership for stockholders Includes common stock and retained earnings Represents how much capital has been generated through issuance of stock All of the following accurately describe retained earnings except… The portion of total equity that is earned through profitable operations The accumulation of undistributed net income The portion of equity that is generated through issuing...
13 seconds. Status: Trial Balance wash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock...
13 seconds. Status: Trial Balance wash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 10000 20000 5000 37000 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 === ======== == What are the total assets? $35,000 $72,000 $116,000 Click Save and Submit to save and submit. Click Save All A QUESTION 10 I bou ght office supplies on account. How do I record that? a. Office Supplies, debit:...
Presented below is information related to the Accounts Receivable accounts of Monty Inc. during the current year 2017....
Presented below is information related to the Accounts
Receivable accounts of Monty Inc. during the current year
2017.
1. An aging schedule of the accounts receivable as
of December 31, 2017, is as follows.
Age
Net Debit Balance
% to Be Applied after
Correction Is Made
Under 60 days
$170,200
1%
60–90 days
135,900
4%
91–120 days
39,200
*
5%
Over 120 days
22,900
$3,400 definitely
uncollectible;
estimated remainder uncollectible is 27%
$368,200
*The $3,000 write-off of receivables is related...
Question 20 1.5 pts RC Mona has $55,000 in accounts receivable and a debit balance of...
Question 20 1.5 pts RC Mona has $55,000 in accounts receivable and a debit balance of $800 in the Allowance for Doubtful Accounts on December 31, 2019. Which of the following is part of the journal entry to estimate the bad debt expense and allowance for doubtful accounts assuming that RC estimates that 4.5% of accounts receivable will be uncollectible? Credit $3,275 Debit $3,275 Debit $1,675 e Credit $1,675 None of these answers are correct.
All shareholders' equity accounts typically have a credit balance except for dividends which are a debit True O False Click to select your answer.
Problem 7-5 Presented below is information related to the Accounts Receivable accounts of Martinez Inc. during the current year 2017 1. An aging schedule of the accounts receivable as of December 31, 2017, is as follows. %to Be Applied after Correction Is Made Age Net Debit Balance Under 60 days 60-90 days 91-120 days $171,300 136,500 39,300 19% 3% 6% $3,800 definitely uncollectible; estimated remainder uncollectible is 25% Over 120 days 22,300 $369,400 The $3,000 write-off of receivables is related...
1. A business collects a payment of $20,000 on a note receivable, consisting of a $1000 interest and a $19000 principal. Which of the following journal entries would be recorded? Notes Receivable....DEBITED 19,000 Interest Expense....DEBITED 1000 ...........Cash.. ..... CREDITED 20,000 Cash DEBITED 20,000 ...........Notes Receivable.....CREDITED 19,000 .......... Interest Income..CREDITED 1,000 Notes Payable DEBITED 19,000 .............Cash................. CREDITED 18,000 ........ Interest Revenue.CREDITED 1,000 Cash DEBITED 19,000 ........Notes Receivable....CREDITED 18,000 .......... Interest Revenue....CREDITED 1000 • Entry B is correct. • Entry A is...
only final answers plz
15. The Accounts Receivable account has a beginning balance of $10,000 and the company provides services $50,000 on account during the month. If the company received cash payments from customers totaling $12,000 from customers during the month, what is the ending balance in the Accounts Receivable account? A. $50,000 B. $52,000 C. $48,000. D. $62,000. 16. When cash payments are made to stockholders, what is the effect on the company's accounts? A. Cash decreases and dividends...
13 seconds. Status: Trial Balance wash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 10000 20000 5000 37000 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 === ======== == What are the total assets? $35,000 $72,000 $116,000 Click Save and Submit to save and submit. Click Save All A QUESTION 10 I bou ght office supplies on account. How do I record that? a. Office Supplies, debit:...
Presented below is information related to the Accounts
Receivable accounts of Monty Inc. during the current year
2017.
1. An aging schedule of the accounts receivable as
of December 31, 2017, is as follows.
Age
Net Debit Balance
% to Be Applied after
Correction Is Made
Under 60 days
$170,200
1%
60–90 days
135,900
4%
91–120 days
39,200
*
5%
Over 120 days
22,900
$3,400 definitely
uncollectible;
estimated remainder uncollectible is 27%
$368,200
*The $3,000 write-off of receivables is related...
Question 20 1.5 pts RC Mona has $55,000 in accounts receivable and a debit balance of $800 in the Allowance for Doubtful Accounts on December 31, 2019. Which of the following is part of the journal entry to estimate the bad debt expense and allowance for doubtful accounts assuming that RC estimates that 4.5% of accounts receivable will be uncollectible? Credit $3,275 Debit $3,275 Debit $1,675 e Credit $1,675 None of these answers are correct.
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