Homework Answers
1. Any fixed assets are property plant and equipment
anything that can be converted to cash within one year is current asset
anything payable within one year is current liability
income is revenue
| Truck | Property plant and equipment (A) | it is movable long term asset | |||
| accumulated depreciation | Property plant and equipment(Asset-A) | ||||
| Telephone expense | Expense (E) | It is an expense | |||
| Fees earned | Revenue (R) | It is an income | |||
| wages payable | Current liability (L) | ||||
| prepaid insurance | Asset(A) Current asset | it is advance payment | |||
| Office supplies | Asset(A) Current asset | It is current asset | |||
| dining expense | Expense(E) | ||||
| unearned rent | current liability (L) | it is rent received in advance not yet earned so it is liability. |
2.
| A Type of account | B Increase side | ||||
| Supplies | A | Debit | supplies is an asset which have debit balance | ||
| Fees earned | R | Credit | It is an income which will be credited on income statement | ||
| retained earnings | L | Credit | It is equity recorded on liability side of balance sheet | ||
| accounts payable | L | credit | it is current liability recorded on credit side of balance sheet | ||
| salaries expense | E | Debit | It is an expense debited in income statement | ||
| common stock | L | Credit | t is equity recorded on liability side of balance sheet | ||
| Accounts receivable | A | Debit | it is an asset which have debit balance | ||
| equipment | A | debit | it is an asset which have debit balance | ||
| notes payable | L | Credit | t is current liability recorded on credit side of balance sheet | ||
Please upvote if you find this helpful.Incase of query please comment.
Add Answer to:
Indicate whether each of the following would be reported in the financial statements as a current...
Indicate whether each of the following would be reported in the financial statements as a (a)...
Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, or (e) expense: 1. Truck 2. Accumulated Depreciation 3. Telephone Expense 4. Fees Earned 5. Wages Payable 6. Prepaid Insurance 7. Office Supplies 8. Dining Expense 9. Unearned Rent The revenue recognition principle a. states that revenue is not recorded until the cash is received Ob. determines when revenue is credited to...
Indicate whether each of the following would be reported in the financial statements as a (a)...
Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, or (e) expense: 1. Truck Current Asset 2. Accumulated Depreciation Property, Plant, and Equipment 3. Telephone Expense Expense 4. Fees Earned Revenue 5. Wages Payable Current Liability Current Asset 6. Prepaid Insurance 7. Office Supplies 8. Dining Expense Property, Plant, and Equipment Expense Current Liability 9. Unearned Rent Beachside Realty rents condominiums...
Selected accounts from the ledger of Garrison Company appear below. For each account, indicate the following:...
Selected accounts from the ledger of Garrison Company appear below. For each account, indicate the following: a. In the first column at the right, indicate the nature of each account, using the following abbreviations: Asset - A Revenue - R Expense - E Liability - L None of the above - N b. In the second column, indicate the increase side of each account by inserting "Dr." for Debit or "Cr." for Credit. Type of Account Increase Side Account (1)...
Calculator Instructions Chart of Accounts General Journal Instructions Following are the selected transactions for April: (a)...
Calculator Instructions Chart of Accounts General Journal Instructions Following are the selected transactions for April: (a) Received $18,000 from sale of common stock (b) Purchased equipment for $27.000, paying $10,000 in cash and giving a note payable for the remainder. (c) Paid $2,300 for rent for April (d) Purchased $1,500 of supplies on account. (e) Recorded $9,800 of tees earned on account (1) Received $7,500 in cash for fees earned. (9) Paid $1.200 to creditors on account (h) Paid wages...
p. Indicate whether each of the following would be reported in the section of financial statements...
p. Indicate whether each of the following would be reported in the section of financial statements identified as (a) current asset, (b) property, plant, and equipment, (e) current liability, (d) revenue, or (e) expense: (1) Truck 2) Accumulated Depreciation 3) Telephone Expense (4) Fees Earned (5) Wages Payable 6 Prepaid Insurance z Office Supplies (8)Dining Expense Unearned Rent
Instructions Following are the selected transactions for April: (a) Received $18,000 from sale of common stock...
Instructions Following are the selected transactions for April: (a) Received $18,000 from sale of common stock (b) Purchased equipment for $27.000, paying $10,000 in cash and giving a note payable for the remainder. (c) Paid $2,300 for rent for April. (d) Purchased $1,500 of supplies on account. (e) Recorded $9.800 of fees earned on account. (o Received $7,500 in cash for fees earned (9) Paid $1,200 to creditors on account. ch) Paid wages of $3,425. C) Received $7.900 from customers...
Instructions Chart of Accounts General Journal Instructions Following are the selected transactions for April: (a) Received...
Instructions Chart of Accounts General Journal Instructions Following are the selected transactions for April: (a) Received $18,000 from sale of common stock. (b) Purchased equipment for $27,000, paying $10,000 in cash and giving a note payable for the remainder. (c) Paid $2,300 for rent for April. (d) Purchased $1,500 of supplies on account. (e) Recorded $9,800 of lees earned on account. (1) Received $7,500 in cash for fees earned. (g) Paid $1,200 to creditors on account. (h) Paid wages of...
Accounts from Jake Stone Co. appear below. (a) In the first column at the right indicate...
Accounts from Jake Stone Co. appear below. (a) In the first column at the right indicate the nature of each account, using the following abbreviations: Asset - A Liability - L Owner's Equity - O Revenue - R Expense - E (b) In the second column indicate the increase side of each account by inserting Dr. or Cr. Type of Account Increase Side Account (1) Cash (2) Accounts Receivable (3) Fees Earned (4) Jake, Drawing (5) Wages Payable (6) Utilities...
Ski Master Company pays weekly salaries of $2,100 on Friday for a five-day week ending on...
Ski Master Company pays weekly salaries of $2,100 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Wednesday. On May 7, Carpet Barn Company offered to pay $81,370 for land that had a selling price of $90,000. On May 15, Carpet Barn accepted a counteroffer of $86,220. On June 5, the land was assessed at a value of $100,000 for property...
Obj. 3 EX 1-8 Asset, liability, and stockholders' equity items Indicate whether each of the following...
Obj. 3 EX 1-8 Asset, liability, and stockholders' equity items Indicate whether each of the following is identified with (1) an asset, (2) a liability, or。) stockholders' equity A. accounts payable B. cash D. land E supplies F wages expense fees earned
Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, or (e) expense: 1. Truck 2. Accumulated Depreciation 3. Telephone Expense 4. Fees Earned 5. Wages Payable 6. Prepaid Insurance 7. Office Supplies 8. Dining Expense 9. Unearned Rent The revenue recognition principle a. states that revenue is not recorded until the cash is received Ob. determines when revenue is credited to...
Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, or (e) expense: 1. Truck Current Asset 2. Accumulated Depreciation Property, Plant, and Equipment 3. Telephone Expense Expense 4. Fees Earned Revenue 5. Wages Payable Current Liability Current Asset 6. Prepaid Insurance 7. Office Supplies 8. Dining Expense Property, Plant, and Equipment Expense Current Liability 9. Unearned Rent Beachside Realty rents condominiums...
Selected accounts from the ledger of Garrison Company appear below. For each account, indicate the following: a. In the first column at the right, indicate the nature of each account, using the following abbreviations: Asset - A Revenue - R Expense - E Liability - L None of the above - N b. In the second column, indicate the increase side of each account by inserting "Dr." for Debit or "Cr." for Credit. Type of Account Increase Side Account (1)...
Calculator Instructions Chart of Accounts General Journal Instructions Following are the selected transactions for April: (a) Received $18,000 from sale of common stock (b) Purchased equipment for $27.000, paying $10,000 in cash and giving a note payable for the remainder. (c) Paid $2,300 for rent for April (d) Purchased $1,500 of supplies on account. (e) Recorded $9,800 of tees earned on account (1) Received $7,500 in cash for fees earned. (9) Paid $1.200 to creditors on account (h) Paid wages...
p. Indicate whether each of the following would be reported in the section of financial statements identified as (a) current asset, (b) property, plant, and equipment, (e) current liability, (d) revenue, or (e) expense: (1) Truck 2) Accumulated Depreciation 3) Telephone Expense (4) Fees Earned (5) Wages Payable 6 Prepaid Insurance z Office Supplies (8)Dining Expense Unearned Rent
Instructions Following are the selected transactions for April: (a) Received $18,000 from sale of common stock (b) Purchased equipment for $27.000, paying $10,000 in cash and giving a note payable for the remainder. (c) Paid $2,300 for rent for April. (d) Purchased $1,500 of supplies on account. (e) Recorded $9.800 of fees earned on account. (o Received $7,500 in cash for fees earned (9) Paid $1,200 to creditors on account. ch) Paid wages of $3,425. C) Received $7.900 from customers...
Instructions Chart of Accounts General Journal Instructions Following are the selected transactions for April: (a) Received $18,000 from sale of common stock. (b) Purchased equipment for $27,000, paying $10,000 in cash and giving a note payable for the remainder. (c) Paid $2,300 for rent for April. (d) Purchased $1,500 of supplies on account. (e) Recorded $9,800 of lees earned on account. (1) Received $7,500 in cash for fees earned. (g) Paid $1,200 to creditors on account. (h) Paid wages of...
Accounts from Jake Stone Co. appear below. (a) In the first column at the right indicate the nature of each account, using the following abbreviations: Asset - A Liability - L Owner's Equity - O Revenue - R Expense - E (b) In the second column indicate the increase side of each account by inserting Dr. or Cr. Type of Account Increase Side Account (1) Cash (2) Accounts Receivable (3) Fees Earned (4) Jake, Drawing (5) Wages Payable (6) Utilities...
Ski Master Company pays weekly salaries of $2,100 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Wednesday. On May 7, Carpet Barn Company offered to pay $81,370 for land that had a selling price of $90,000. On May 15, Carpet Barn accepted a counteroffer of $86,220. On June 5, the land was assessed at a value of $100,000 for property...
Obj. 3 EX 1-8 Asset, liability, and stockholders' equity items Indicate whether each of the following is identified with (1) an asset, (2) a liability, or。) stockholders' equity A. accounts payable B. cash D. land E supplies F wages expense fees earned
Most questions answered within 3 hours.
-
C - Language
Write a loop that sets each array element to the sum of itself...
asked 51 minutes ago -
(63
#14)
which of the following statments best describes how chamging
the concentration of the substances...
asked 4 hours ago -
In the following reaction, which element is undergoing
oxidation: Na2SO3 + N2O --> N2 + Na2SO4...
asked 5 hours ago -
Which of the following pairs of ions have the same electron
configuration?
I: Br− and Se2−...
asked 7 hours ago -
The Foremost Composite Materials Company is planning a two-day
sales conference for October 19-20. The conference...
asked 8 hours ago -
3) Illustrate the observed pattern of relatedness of organisms
versus adaptations to specific conditions. This means...
asked 8 hours ago -
In winter a lake has a 0.35 m thick ice layer over 1.10 m of
water....
asked 9 hours ago -
Assuming the following has been encrypted with a Vigenere cipher
below, use the method(s) and assumptions...
asked 9 hours ago -
How would I use switch statements to write a program that will
take an input of...
asked 9 hours ago -
Imagine a reaction in which methane gas combusts at a constant
pressure of 1 atm and...
asked 9 hours ago -
Two parallel wires (each 12 m in length) are separated by a
distance of 0.065 m...
asked 9 hours ago -
Suppose there were three masses at the corner of uniform
equilateral triangle. The masses are m1...
asked 9 hours ago