Homework Answers
3a)
| Assets | Liabilities | Equity |
| +3000 | +3000 | NA |
3b)
| Assets | Liabilities | Equity |
| NA | -700 | +700 |
c) If the above adjustment is not recorded at the end of the month, June revenue will be Understated, Liabilities will be overstated and net income will be understated
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3. Smith Company received a deposit for work in advance for $3,000 in May. a. Record...
I needed help with c! Thanks :) 3. Smith Company received a deposit for work in...
I needed help with c! Thanks :)
3. Smith Company received a deposit for work in advance for $3,000 in May a. Record the transaction for this deposit received in May. Assets Cash 3000 Liabilities Unearned Revenues Equity 3000 b. During the month of June, some work was completed and $700 can now be recorded as revenue. What adjustment should be recorded to the accounting equation to properly state the accounts at June 30 (include account and dollar amount)? Assets...
I need help with B! Thanks :) 3. Smith Company received a deposit for work in...
I need help with B! Thanks :)
3. Smith Company received a deposit for work in advance for $3,000 in May a. Record the transaction for this deposit received in May. Assets Cash 3000 Liabilities Unearned Revenues 3000 Equity b. During the month of June, some work was completed and $700 can now be recorded as revenue. What adjustment should be recorded to the accounting equation to properly state the accounts at June 30 (include account and dollar amount)? Assets
Clicker Assignment: Ch. 4 Clicker questions will be asked in class based on your completion of...
Clicker Assignment: Ch. 4 Clicker questions will be asked in class based on your completion of this preparation guide. Example in class question: What is the answer to Question 2? You will not have time to complete this guide in class! 1. The revenue recognition principle states that companies recognize revenue in the accounting period in which 2. List the two subcategories of deferral accounts and the two subcategories of accrual accounts: and Deferrals: Accruals: and 3. Smith Company received...
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...
8) Daisy Co. previously received & recorded $5,000 cash from a client for future consulting services....
8) Daisy Co. previously received & recorded $5,000 cash from a client for future consulting services. Now Daisy Co. has provided $3,000 of the services and earned that revenue. What is the necessary adjusting entry? Debit Credit If this adjustment is not made, the following are overstated, understated, or not impacted: (completed for you on this question) Assets: not impacted Revenue: understated Liabilities: overstated Expense:_not impacted Stockholders' Equity: understated 9) Interest of $450 has accrued on a note payable. What...
5. At the end of the October, XYZ Corp. owes employee wages of $750, but hasn't...
5. At the end of the October, XYZ Corp. owes employee wages of $750, but hasn't paid them (they will be paid in Nov.) a. What should be recorded to the accounting equation to account for the wages that are owed? Assets Liabilities Equity b. If the above transaction is not recorded at the end of the month, October expenses will be liabilities will be and net income will be (indicate understated or overstated for all three) 6. On March...
1) Complete the below table listing Debit and Credit rules: C- E L- A- E- D...
1) Complete the below table listing Debit and Credit rules: C- E L- A- E- D R- 2) The Revenue Recognition Principle says that companies recognize revenue when (when the is satisfied). It does not matter when is received (it could be before, during, or after). You should match with revenues when the company makes efforts to generate those revenues. 3) Accrual-basis accounting means that transactions that change a company's financial statements are recorded in the periods in which the...
4. The supplies account of ABC Corp. on December 31 shows a balance of $4,000. An...
4. The supplies account of ABC Corp. on December 31 shows a balance of $4,000. An actual count of the supplies shows the balance is $3,400. a. What should be recorded to the accounting equation to adjust the balance in the supplies account to properly reflect the balance at December 31? Assets Liabilities Equity b. If the above transaction is not recorded at the end of the month, December assets will be expenses will be and net income will be...
please show work. 2. In 2019, the bookkeeper for a company mistakenly recorded an entry for...
please show work.
2. In 2019, the bookkeeper for a company mistakenly recorded an entry for a two-year contract as cash basis rather than accrual basis and made no adjustment at year-end. The mistake was not caught and resulted in the following errors: Assets 12/31/19 NE Assets 12/31/20 NE Assets 12/31/21 NE Liabilities 12/31/19 NI 2019 Equity 12/31/19 Understated - $765,000 Overstated - $765,000 Overstated - $765,000 Liabilities 12/31/20 NI 2020 Equity 12/31/20 Understated - $225,000 Understated - $540,000 Overstated...
please do question 3 Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a...
please do question 3
Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a building in which it leases office space to small businesses and professionals. During 2019, Greensboro Properties engaged in the following transactions: a. On March 1, Greensboro Properties paid $9,240 in advance to Patterson Insurance Company for 1 year of insurance beginning March 1, 2019. The full amount of the prepayment was debited to prepaid insurance, b. On May 1, Greensboro Properties received $32,280 for...
I needed help with c! Thanks :)
3. Smith Company received a deposit for work in advance for $3,000 in May a. Record the transaction for this deposit received in May. Assets Cash 3000 Liabilities Unearned Revenues Equity 3000 b. During the month of June, some work was completed and $700 can now be recorded as revenue. What adjustment should be recorded to the accounting equation to properly state the accounts at June 30 (include account and dollar amount)? Assets...
I need help with B! Thanks :)
3. Smith Company received a deposit for work in advance for $3,000 in May a. Record the transaction for this deposit received in May. Assets Cash 3000 Liabilities Unearned Revenues 3000 Equity b. During the month of June, some work was completed and $700 can now be recorded as revenue. What adjustment should be recorded to the accounting equation to properly state the accounts at June 30 (include account and dollar amount)? Assets
Clicker Assignment: Ch. 4 Clicker questions will be asked in class based on your completion of this preparation guide. Example in class question: What is the answer to Question 2? You will not have time to complete this guide in class! 1. The revenue recognition principle states that companies recognize revenue in the accounting period in which 2. List the two subcategories of deferral accounts and the two subcategories of accrual accounts: and Deferrals: Accruals: and 3. Smith Company received...
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...
8) Daisy Co. previously received & recorded $5,000 cash from a client for future consulting services. Now Daisy Co. has provided $3,000 of the services and earned that revenue. What is the necessary adjusting entry? Debit Credit If this adjustment is not made, the following are overstated, understated, or not impacted: (completed for you on this question) Assets: not impacted Revenue: understated Liabilities: overstated Expense:_not impacted Stockholders' Equity: understated 9) Interest of $450 has accrued on a note payable. What...
5. At the end of the October, XYZ Corp. owes employee wages of $750, but hasn't paid them (they will be paid in Nov.) a. What should be recorded to the accounting equation to account for the wages that are owed? Assets Liabilities Equity b. If the above transaction is not recorded at the end of the month, October expenses will be liabilities will be and net income will be (indicate understated or overstated for all three) 6. On March...
1) Complete the below table listing Debit and Credit rules: C- E L- A- E- D R- 2) The Revenue Recognition Principle says that companies recognize revenue when (when the is satisfied). It does not matter when is received (it could be before, during, or after). You should match with revenues when the company makes efforts to generate those revenues. 3) Accrual-basis accounting means that transactions that change a company's financial statements are recorded in the periods in which the...
4. The supplies account of ABC Corp. on December 31 shows a balance of $4,000. An actual count of the supplies shows the balance is $3,400. a. What should be recorded to the accounting equation to adjust the balance in the supplies account to properly reflect the balance at December 31? Assets Liabilities Equity b. If the above transaction is not recorded at the end of the month, December assets will be expenses will be and net income will be...
please show work.
2. In 2019, the bookkeeper for a company mistakenly recorded an entry for a two-year contract as cash basis rather than accrual basis and made no adjustment at year-end. The mistake was not caught and resulted in the following errors: Assets 12/31/19 NE Assets 12/31/20 NE Assets 12/31/21 NE Liabilities 12/31/19 NI 2019 Equity 12/31/19 Understated - $765,000 Overstated - $765,000 Overstated - $765,000 Liabilities 12/31/20 NI 2020 Equity 12/31/20 Understated - $225,000 Understated - $540,000 Overstated...
please do question 3
Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a building in which it leases office space to small businesses and professionals. During 2019, Greensboro Properties engaged in the following transactions: a. On March 1, Greensboro Properties paid $9,240 in advance to Patterson Insurance Company for 1 year of insurance beginning March 1, 2019. The full amount of the prepayment was debited to prepaid insurance, b. On May 1, Greensboro Properties received $32,280 for...
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