Question 1
Question 2
Question 3
Question 4
Question 5
Homework Answers
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| Answer 1 |
| Interest income and interest expense. |
| Answer 2 |
| Retained Earnings statement |
| Answer 3 |
| USD 50,000. |
| Answer 4 |
| Contra asset and expense |
| Answer 5 |
| Liability and credit |
| Answer 6 |
| Debit Insurance Expense $ 11,481 and credit Prepaid Insurance $ 11,481. |
| Answer 7 |
| Debit Insurance Expense $ 6,720 and credit Prepaid Insurance $ 6,720. |
| Answer 8 |
| USD 12,136 |
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Which of the following pairs of...
The following adjusting journal entry found in the journal is missing an explanation. Select the best...
The following adjusting journal entry found in the journal is missing an explanation. Select the best explanation for the entry. 4,500 Wages Expense Wages Payable ???????????????? 4,500 Record wages expense incurred and to be paid next month. Record wages paid in advance. Record payment of wages. Record wages paid last month. Basic Calculator X 1120 Use this end-of-period spreadsheet to answer the questions that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit Credit Debit Credit 48,000 Balance Sheet Debit Credit 48,000 18,000 18,000 6,000 57,000 6,000 57,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 18,000 25,000 6,000 30,000 3,000 18,000 25,000 6,000 30,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit 48,000 Debit Credit Credit Debit 48.000 18,000 6.000 57,000 18,000 6.00 57.000 18,000 18.000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Eamings Dividends 25,000 25,000 6,000 6,000 30,000 30,000 3.000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income Loss) 15,000...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit 48,000 Debit Credit Credit Debit 48,000 18,000 6,000 57,000 18,000 6,000 57,000 18,000 18,000 25,000 25,000 6,000 6,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 30,000 30,000 3,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15.000...
d. $22,500 Use this end-of-period spreadsheet to answer the questions that follow Finley Company End-of-Period Spreadsheet...
d. $22,500 Use this end-of-period spreadsheet to answer the questions that follow Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Debit Credit Debit 48,000 Credit 18,000 6,000 57,000 18,000 25,000 6,00 30,0 Adjusted Trial Balance Account Title Debit Credit Cash 48,000 Accounts Receivable 18,000 Supplies 6,000 Equipment 57,000 Accumulated Depr. 18,000 Accounts Payable 25,000 Wages Payable 6,000 Common Stock 30,000 Retained Earnings 3,000 Dividends 3,000 Fees Earned 155,000 Wages xpense 63,000 ent Expense 27,000...
EX 2-5 Normal entries for accounts During the month, Gates Labs Co. has a substantial number...
EX 2-5 Normal entries for accounts During the month, Gates Labs Co. has a substantial number of transactions affecting following accounts. State for each account whether it is likely to have (a) debit entri credit entries only, or (c) both debit and credit entries. 1. Accounts Payable ! 5. Insurance Expense a 2. Accounts Receivable a 6. Dividends 3. Cash a 7. Utilities Expense a 4. Fees Earned Save PQQ- Angela Bums c. $5,000 d. $ 8,000 8. The difference...
Question 5 The entry to record the cost of merchandise inventory sold involves a debit to...
Question 5 The entry to record the cost of merchandise inventory sold involves a debit to Merchandise Inventory and a credit to Accounts Receivable. debit to Cost of Goods Sold and a credit to Sales Revenue. debit to Merchandise Inventory and a credit to Sales Revenue. debit to Merchandise Inventory and a credit to Cost of Goods Sold. debit to Cost of Goods Sold and a credit to Merchandise Inventory. 1 points Question 6 Accumulated depreciation is classified as a(n)...
Required information A six-column table for JKL Company follows. The first two columns contain the unadjusted...
Required information
A six-column table for JKL Company follows. The first two
columns contain the unadjusted trial balance for the company as of
July 31, 2017. The last two columns contain the adjusted trial
balance as of the same date.
Unadjusted
Trial Balance
Adjusted
Trial Balance
Cash
$
106,100
$
106,100
Accounts receivable
12,000
21,000
Office supplies
16,600
10,000
Prepaid insurance
6,940
3,560
Office equipment
91,000
91,000
Accum. Depreciation—Office equip.
$
25,000
$
28,000
Accounts payable
10,100
24,000
Interest payable...
1 J , 13 Secunos, Question Completion Status: 10000 20000 5000 37000 Cash Accounts Receivable Supplies...
1 J , 13 Secunos, Question Completion Status: 10000 20000 5000 37000 Cash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 Prepare a statement of Retained Earnings to get the ending retained earnings. Don't forget you have to do an income statement before you can do the statement of retained earnings. Negative ($8000) $14,000 $7000 None of the above...
CARS I.D. ACC 200 Test 1-4 Use the attached working papers to complete the following activities:...
CARS I.D. ACC 200 Test 1-4 Use the attached working papers to complete the following activities: Problem 1 Instructions: 1. Complete the ten-column work sheet. Data needed to determine the necessary adjusting entries are as follows: .. Supplies inventory as of October 31 is $210. Unexpired insurance as of October 31 is $800. c. Depreciation on automobile is $250. 4. Wages earned but not paid as of October 31, $175. 2. Prepare an income statement, a retained earnings statement, and...
The following adjusting journal entry found in the journal is missing an explanation. Select the best explanation for the entry. 4,500 Wages Expense Wages Payable ???????????????? 4,500 Record wages expense incurred and to be paid next month. Record wages paid in advance. Record payment of wages. Record wages paid last month. Basic Calculator X 1120 Use this end-of-period spreadsheet to answer the questions that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit Credit Debit Credit 48,000 Balance Sheet Debit Credit 48,000 18,000 18,000 6,000 57,000 6,000 57,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 18,000 25,000 6,000 30,000 3,000 18,000 25,000 6,000 30,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit 48,000 Debit Credit Credit Debit 48.000 18,000 6.000 57,000 18,000 6.00 57.000 18,000 18.000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Eamings Dividends 25,000 25,000 6,000 6,000 30,000 30,000 3.000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income Loss) 15,000...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit 48,000 Debit Credit Credit Debit 48,000 18,000 6,000 57,000 18,000 6,000 57,000 18,000 18,000 25,000 25,000 6,000 6,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 30,000 30,000 3,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15.000...
d. $22,500 Use this end-of-period spreadsheet to answer the questions that follow Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Debit Credit Debit 48,000 Credit 18,000 6,000 57,000 18,000 25,000 6,00 30,0 Adjusted Trial Balance Account Title Debit Credit Cash 48,000 Accounts Receivable 18,000 Supplies 6,000 Equipment 57,000 Accumulated Depr. 18,000 Accounts Payable 25,000 Wages Payable 6,000 Common Stock 30,000 Retained Earnings 3,000 Dividends 3,000 Fees Earned 155,000 Wages xpense 63,000 ent Expense 27,000...
EX 2-5 Normal entries for accounts During the month, Gates Labs Co. has a substantial number of transactions affecting following accounts. State for each account whether it is likely to have (a) debit entri credit entries only, or (c) both debit and credit entries. 1. Accounts Payable ! 5. Insurance Expense a 2. Accounts Receivable a 6. Dividends 3. Cash a 7. Utilities Expense a 4. Fees Earned Save PQQ- Angela Bums c. $5,000 d. $ 8,000 8. The difference...
Required information
A six-column table for JKL Company follows. The first two
columns contain the unadjusted trial balance for the company as of
July 31, 2017. The last two columns contain the adjusted trial
balance as of the same date.
Unadjusted
Trial Balance
Adjusted
Trial Balance
Cash
$
106,100
$
106,100
Accounts receivable
12,000
21,000
Office supplies
16,600
10,000
Prepaid insurance
6,940
3,560
Office equipment
91,000
91,000
Accum. Depreciation—Office equip.
$
25,000
$
28,000
Accounts payable
10,100
24,000
Interest payable...
1 J , 13 Secunos, Question Completion Status: 10000 20000 5000 37000 Cash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 Prepare a statement of Retained Earnings to get the ending retained earnings. Don't forget you have to do an income statement before you can do the statement of retained earnings. Negative ($8000) $14,000 $7000 None of the above...
CARS I.D. ACC 200 Test 1-4 Use the attached working papers to complete the following activities: Problem 1 Instructions: 1. Complete the ten-column work sheet. Data needed to determine the necessary adjusting entries are as follows: .. Supplies inventory as of October 31 is $210. Unexpired insurance as of October 31 is $800. c. Depreciation on automobile is $250. 4. Wages earned but not paid as of October 31, $175. 2. Prepare an income statement, a retained earnings statement, and...
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