Homework Answers
Answer: Prepaid expense
Explanation:
When expenses are paid in advance / before the benefit of the expense is received the entry is:
| Account title and explanation | Debit | Credit |
| Prepaid expense | xxx | |
| Cash | xxx | |
| [To record expenses paid in advance] |
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Which of asset account is debited when expenses are paid in advance/before the benefit of the...
a. During the month, the Supplies (asset) account was debited $3,600 for supplies purchased. The cost...
a. During the month, the Supplies (asset) account was debited $3,600 for supplies purchased. The cost of supplies used during the month was $2,800. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month b. An insurance premium of $960 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $6,400 were paid for the current month. d. Interest revenue of $500 was received for the current month. e....
Required For each of the following independent events, identify the account that would be debited and...
Required For each of the following independent events, identify the account that would be debited and the account that would be credited. The accounts for the first event are identified as an example, Account Debited Cash Account Credited Common stock Event a. Received cash by issuing common stock b. Received cash for services to be performed in the future. c. Paid salaries payable. d. Provided services on account. e. Pald cash for operating expenses. 1. Purchased supplies on account. 9....
Which of the following balances increase when their accounts are debited? (select all that apply -...
Which of the following balances increase when their accounts are debited? (select all that apply - i.e. just one or as many as all of them) Rent revenue Prepaid rent A contra-asset account Inventory A contra-revenue account Accrued interest payable O A contra-expense account Cost of goods sold
Accrued expenses are O a. paid and recorded in an asset account before they are used...
Accrued expenses are O a. paid and recorded in an asset account before they are used or consumed. O b. paid and recorded in an asset account after they are used or consumed. O c. incurred but not yet paid or recorded. O d. incurred and already paid or recorded.
At Sugarland Ltd. prepaid costs are debited to expense when cash is paid and unearned revenues...
At Sugarland Ltd. prepaid costs are debited to expense when cash is paid and unearned revenues are credited to revenue when the cash is received. During January of the current year, the following transactions occurred. Received $11,100 for services to be performed in the future. Paid $3,600 for casualty insurance protection for the year. Paid $5,700 for supplies Jan. 2 2 10 On January 31, it is determined that $3,500 of the service revenue has been earned and that there...
Adjusting entries affect at least one balance sheet account and at least one income statement account....
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. a. Entry to record revenue earned that was previously received as cash...
If The Gym paid for 8 months of advance rent on 7/1 for $4,800 ($600 per...
If The Gym paid for 8 months of advance rent on 7/1 for $4,800 ($600 per month). What account is debited and what account is credited in the journal entry required on 7/1? (Select ALL that apply) Credit Cash for $4,800 Credit Prepaid Rent for $4,800 Debit Accounts Payable for $600 Debit Rent Expense for $4,800 Credit Accounts Receivable for $4,800 Debit Prepaid Rent for $4,800 Debit Accounts Receivable $4,800 Credit Accounts Payable for $4,800 Credit Rent Expense for $600...
During the year, a company recorded prepayments of expenses in asset accounts, and cash receipts of...
During the year, a company recorded prepayments of expenses in asset accounts, and cash receipts of uneamed revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries (1) Accrue salaries expense (2) Adjust the Uneared Services Revenue account to recognize earned revenue (3) Record services revenue eamed for which cash will be received the following period. through For each of the adjusting entries (1), (2), and (3. indicate the account to...
Adjusting entries affect at least one balance sheet account and at least one income statement account....
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below. Identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. a. Entry to record revenue earned that was previously received as cash...
Accrued expenses are A) paid and recorded in an asset account before they are used or...
Accrued expenses are A) paid and recorded in an asset account before they are used or consumed B) paid and recorded in an asset account after they are used or consumed C) incurred but not yet paid or recorded D) incurred and already paid or recorded
a. During the month, the Supplies (asset) account was debited $3,600 for supplies purchased. The cost of supplies used during the month was $2,800. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month b. An insurance premium of $960 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $6,400 were paid for the current month. d. Interest revenue of $500 was received for the current month. e....
Required For each of the following independent events, identify the account that would be debited and the account that would be credited. The accounts for the first event are identified as an example, Account Debited Cash Account Credited Common stock Event a. Received cash by issuing common stock b. Received cash for services to be performed in the future. c. Paid salaries payable. d. Provided services on account. e. Pald cash for operating expenses. 1. Purchased supplies on account. 9....
Which of the following balances increase when their accounts are debited? (select all that apply - i.e. just one or as many as all of them) Rent revenue Prepaid rent A contra-asset account Inventory A contra-revenue account Accrued interest payable O A contra-expense account Cost of goods sold
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At Sugarland Ltd. prepaid costs are debited to expense when cash is paid and unearned revenues are credited to revenue when the cash is received. During January of the current year, the following transactions occurred. Received $11,100 for services to be performed in the future. Paid $3,600 for casualty insurance protection for the year. Paid $5,700 for supplies Jan. 2 2 10 On January 31, it is determined that $3,500 of the service revenue has been earned and that there...
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. a. Entry to record revenue earned that was previously received as cash...
If The Gym paid for 8 months of advance rent on 7/1 for $4,800 ($600 per month). What account is debited and what account is credited in the journal entry required on 7/1? (Select ALL that apply) Credit Cash for $4,800 Credit Prepaid Rent for $4,800 Debit Accounts Payable for $600 Debit Rent Expense for $4,800 Credit Accounts Receivable for $4,800 Debit Prepaid Rent for $4,800 Debit Accounts Receivable $4,800 Credit Accounts Payable for $4,800 Credit Rent Expense for $600...
During the year, a company recorded prepayments of expenses in asset accounts, and cash receipts of uneamed revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries (1) Accrue salaries expense (2) Adjust the Uneared Services Revenue account to recognize earned revenue (3) Record services revenue eamed for which cash will be received the following period. through For each of the adjusting entries (1), (2), and (3. indicate the account to...
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below. Identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. a. Entry to record revenue earned that was previously received as cash...
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