A customer of Ashley Frangipane Corp
Question 2
A customer of Ashley Frangipane Corp. ordered merchandise on June 17, 2020. The customer agreed to pay Frangipane $3,000 for the merchandise, which included delivery. Frangipane shipped the merchandise on June 30, and it was delivered to the customer on July 3. The customer paid the $3,000 in cash on July 14. When should Frangipane record the $3,000 in revenue for this sale?
June 17
June 30
July 3
July 14
November 15 (just to be safe)
Question 5
Stefani Joanne Angelina Germanotta, Inc., is a retailer that sells kitchen appliances. On Dec. 30, 2020, a customer stopped by Germanotta's store to order a $750 dishwasher and paid cash. Germanotta will deliver the dishwasher to the customer on Jan. 15, 2021. What should Germanotta record for this transaction in its 2020 financial statements?
$750 in revenue on the income statement
$750 expense (cost of goods sold) on the income statement
$750 liability (unearned revenue) on the balance sheet
$750 asset (prepaid expense) on the balance sheet
$750 equity (contributed capital) on the balance sheet
Homework Answers
Question 2
The answer is June 30
Question 5
The answer is $750 liability (unearned revenue) on the balance sheet.
Ashley Judd Fine Motors, Inc. commenced operations on July 1 of the current year.Since Ashley is...
Ashley Judd Fine Motors, Inc. commenced operations on July 1 of the current year.Since Ashley is skilled in automotive matters but lacks any expertise in accounting, she hires a bookkeeper from a Facebook site. This bookkeeper has exaggerated his abilities and, on December 31 presented Ashley with financial statements fraught with errors and a stated net income of $96,000. When Ashley's banker examined these statements, he brought up the following issues: Why does the rent expense account have a balance...
he 6 Chapter 2-Adjusting Entries Ashley Judd Fine Motors, Inc. commenced operations on July 1 of...
he 6 Chapter 2-Adjusting Entries Ashley Judd Fine Motors, Inc. commenced operations on July 1 of the current year. Since Ashley is skilled trom a Facebook site. This bookkeeper has exaggerated his abilities and, on December 31, presented Ashley with financial statements fraught with errors and a stated net income of 96,000. When Ashley's banker examined these statements, he brought up the following issues: in automotive matters but lacks any expertise in accounting, she hires a bookkeeper 1. Why does...
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer....
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer. The payment was for four months of services (4x $12,000 - $48,000) which XYZ will provide to the customer starting on June 1, 2020. On June 1, 2020 XYZ made the following entry in its accounting system. Cash 48,000 Uņearned Revenue 48,000 If XYZ has not made any other entry related to this advance payment, and on June 30, 2020 fails to make the...
Ashley Somers owns San Diego Art Company, a firm providing designs for advertisers, market analysts, and...
Ashley Somers owns San Diego Art Company, a firm providing designs
for advertisers, market analysts, and others. On July 1, the
business's general ledger showed the following normal account
balances:
Transaction Analysis and Trial Balance Ashley somers owns San Diego Art Company, a firm providing designs for advertisers, market analysis, and others. On the business's general ledger showed the following normal account balances 111100 AD Payable 21.300 Total Libes and Stockholders Buy 2.500 The following transactions occurred during the month...
Question 08 (Part Level Submission) Inventory was purchased on credit in April and paid for in...
Question 08 (Part Level Submission)
Inventory was purchased on credit in April and paid for in May
by Lebel Ltée. Lebel sold and delivered the merchandise, along with
an invoice, to a customer in June. The customer paid Lebel for the
merchandise in July.
(a) In which month should Lebel record the sale as revenue and
in which month should Lebel record the cost of goods sold as
expense?
The company should record the sale as revenue in the month...
New Translate Web... 2 23 59 On July 31, 2020 Baker completed a $1,500 service job...
New Translate Web... 2 23 59 On July 31, 2020 Baker completed a $1,500 service job for a customer. The customer did not pay cash for the job when it was completed the customer will pay for the job on August 15, 2020. It was late in the day when the job was completed and Baker's accounting department did not have time to invoice the customer for the $1,500 completed job, If Baker did not make the July 31 adjusting...
Exercise 8-18 Cash Flows; Budgeted Income Statement and Balance Sheet [LO8-2, LO8-3, LO8-9, LO8-10] Wolfpack Company...
Exercise 8-18 Cash Flows; Budgeted Income Statement and Balance Sheet [LO8-2, LO8-3, LO8-9, LO8-10] Wolfpack Company is a merchandising company that is preparing a budget for the month of July. It has provided the following information: Wolfpack Company Balance Sheet June 30 Assets Cash $ 75,000 Accounts receivable 50,000 Inventory 30,000 Buildings and equipment, net of depreciation 150,000 Total assets $ 305,000 Liabilities and Stockholders’ Equity Accounts payable $ 35,300 Common stock 100,000 Retained earnings 169,700 Total liabilities and stockholders’...
Pharoah Company had the following trial balance at June 30, 2021 (its year end). Collaborations Wiley...
Pharoah Company had the following trial balance at June 30, 2021 (its year end). Collaborations Wiley PLUS Support Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Equipment Unearned Revenue Pharoah. Capital Totals Debit Credit $6,000 860 1.260 9.864 $4.110 1.490 12,384 $17,984 $17.984 During the month of July, the following selected transactions took place: July 2 Paid $780 cash for rent for July August, and September 10 Purchased $100 of supplies for cash. 14 Collected the full balance of accounts receivable....
The following is a balance sheet for Mundy Corporation at June 30, 2019. Mundy Corporation Balance...
The following is a balance sheet for Mundy Corporation at June 30, 2019. Mundy Corporation Balance Sheet June 30, 2019 ASSETS LIABILITIES Current Assets Current Liabilities Cash 20,300 Accounts Payable 25,600 Accounts Receivable - Net 8,160 Wages Payable 34,300 Inventory 16,450 Interest Payable 1,350 Supplies 6,650 Unearned Revenue 5,700 Prepaid Insurance 10,000 Total Current Liabilities 66,950 Total Current Assets 61,560 Long-Term Liabilities Property, Plant & Equipment Notes Payable 24,700 Land 5,590 Total Liabilities 91,650 Buildings 21,000 STOCKHOLDERS' EQUITY Equipment 44,500...
Transaction Analysis and Trial Balance Ashley Somers owns San Diego Art Company, a firm providing designs...
Transaction Analysis and Trial Balance Ashley Somers owns San Diego Art Company, a firm providing designs for advertisers, market analysts, and others. On July 1, the account balances: Cash $10,700 Accounts Payable $2,600 Accounts Receivable 10,000 Notes Payable 5.200 Common Stock 10.900 Retained Earnings 2,000 Total Assets $20,700 Total Liabilities and Stockholders' Equity $20,700 The following transactions occurred during the month of July: July 1 Paid July rent, 5870. 2 Collected 58,300 on account from customers 3 Paid $2,700 installment...
Ashley Judd Fine Motors, Inc. commenced operations on July 1 of the current year.Since Ashley is skilled in automotive matters but lacks any expertise in accounting, she hires a bookkeeper from a Facebook site. This bookkeeper has exaggerated his abilities and, on December 31 presented Ashley with financial statements fraught with errors and a stated net income of $96,000. When Ashley's banker examined these statements, he brought up the following issues: Why does the rent expense account have a balance...
he 6 Chapter 2-Adjusting Entries Ashley Judd Fine Motors, Inc. commenced operations on July 1 of the current year. Since Ashley is skilled trom a Facebook site. This bookkeeper has exaggerated his abilities and, on December 31, presented Ashley with financial statements fraught with errors and a stated net income of 96,000. When Ashley's banker examined these statements, he brought up the following issues: in automotive matters but lacks any expertise in accounting, she hires a bookkeeper 1. Why does...
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer. The payment was for four months of services (4x $12,000 - $48,000) which XYZ will provide to the customer starting on June 1, 2020. On June 1, 2020 XYZ made the following entry in its accounting system. Cash 48,000 Uņearned Revenue 48,000 If XYZ has not made any other entry related to this advance payment, and on June 30, 2020 fails to make the...
Ashley Somers owns San Diego Art Company, a firm providing designs
for advertisers, market analysts, and others. On July 1, the
business's general ledger showed the following normal account
balances:
Transaction Analysis and Trial Balance Ashley somers owns San Diego Art Company, a firm providing designs for advertisers, market analysis, and others. On the business's general ledger showed the following normal account balances 111100 AD Payable 21.300 Total Libes and Stockholders Buy 2.500 The following transactions occurred during the month...
Question 08 (Part Level Submission)
Inventory was purchased on credit in April and paid for in May
by Lebel Ltée. Lebel sold and delivered the merchandise, along with
an invoice, to a customer in June. The customer paid Lebel for the
merchandise in July.
(a) In which month should Lebel record the sale as revenue and
in which month should Lebel record the cost of goods sold as
expense?
The company should record the sale as revenue in the month...
New Translate Web... 2 23 59 On July 31, 2020 Baker completed a $1,500 service job for a customer. The customer did not pay cash for the job when it was completed the customer will pay for the job on August 15, 2020. It was late in the day when the job was completed and Baker's accounting department did not have time to invoice the customer for the $1,500 completed job, If Baker did not make the July 31 adjusting...
Pharoah Company had the following trial balance at June 30, 2021 (its year end). Collaborations Wiley PLUS Support Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Equipment Unearned Revenue Pharoah. Capital Totals Debit Credit $6,000 860 1.260 9.864 $4.110 1.490 12,384 $17,984 $17.984 During the month of July, the following selected transactions took place: July 2 Paid $780 cash for rent for July August, and September 10 Purchased $100 of supplies for cash. 14 Collected the full balance of accounts receivable....
Transaction Analysis and Trial Balance Ashley Somers owns San Diego Art Company, a firm providing designs for advertisers, market analysts, and others. On July 1, the account balances: Cash $10,700 Accounts Payable $2,600 Accounts Receivable 10,000 Notes Payable 5.200 Common Stock 10.900 Retained Earnings 2,000 Total Assets $20,700 Total Liabilities and Stockholders' Equity $20,700 The following transactions occurred during the month of July: July 1 Paid July rent, 5870. 2 Collected 58,300 on account from customers 3 Paid $2,700 installment...
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