Homework Answers
Accounts receivable, Accumulated depreciation, Prepaid insurance, Retained earnings are reported on the balance sheet.
The answer is Option A.
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QUESTION 2 1 points Save Answer Consider the following accounts introduced in Accy 201 and reintroduced...
(1) Accounts Receivable (ii) Accumulated Depreciation (ii) Unearned Sales Revenue (iv) Prepaid Insurance Expense (v) Retained...
(1) Accounts Receivable (ii) Accumulated Depreciation (ii) Unearned Sales Revenue (iv) Prepaid Insurance Expense (v) Retained Earnings How many of these accounts would be reported on the balance sheet? o A. 4 OB. 1 0.3 OD.2 E.5 OF.O
QUESTION 4 The recognition of a revenue would most likely be accompanied by which of the...
QUESTION 4 The recognition of a revenue would most likely be accompanied by which of the following? A. a decrease in assets B. an increase in assets C. the contribution of capital by an owner D. an increase in liabilities E. none of the other answers provided are correct 1 points QUESTION 5 A gain on the disposal of a fixed asset will increase the following on the company’s income statement A. COGS B. Non-operating Income (Loss) C. Net...
Hope to have a detailed explanation, thank you QUESTION 1 2 points Save Answer On June...
Hope to have a detailed explanation, thank you
QUESTION 1 2 points Save Answer On June 1, 2020. Palomo Corp paid $7,200 for a two-year insurance policy and correctly recorded the amount as Insurance Expense. The adjusting entry on December 31, 2020 is: debit Insurance Expense and credit Prepaid Insurance. $2.100. debit Prepaid Insurance and credit Insurance Expense. $2.100 debit Insurance Expense and credit Prepaid Insurance. $5.100. debit Prepaid Insurance and credit Insurance Expense. $5.100. QUESTION 2 2 points Save...
Question 2 12 points Save Answer Below is a selected group of accounts. For each account,...
Question 2 12 points Save Answer Below is a selected group of accounts. For each account, indicate the normal balance and identify the financial statement where found. For example, your answers should be entered in the following format EXAMPLE Account Normal Balance Financial Statement Cash Debit Balance Sheet Financial Statement Normal Balance Credit T Account Utilities Payable Accounts Receivable Interest Revenue Equipment Owner's Drawings Salaries and Wages Expense Prepaid Insurance Accumulated Depreciation- Equipment Service Revenue Mortgage Payable Advertising Expense Accumulated...
Can you make a balance sheet using the following information: General Ledger Accounts Title Debit Credit Cash 468,236,1...
Can you make a balance sheet using the following
information:
General Ledger Accounts Title Debit Credit Cash 468,236,170 Accounts Receivable 47,294,000 Allowance for Bad Debts 1,181,880 Inventory 13,556,530 Notes Receivable 400,000 Accumulated Depreciation 74,937,000 Equipment 114,940,000 Buildings 1,000,000 Land 2,914,300 Patents 180,000 Accumulated Amortization 53,000 Interest Receivable 4,666 Prepaid Insurance Expense Accounts Payable 10,000 95,550,000 Unearned Rent Revenue Common Stock 120,006,500 APIC-Common Stock 266,266,500 Retained Earnings 73,230,000 65,421,000 10,000 Sales Revenue Rent Revenue 4,666 Interest Revenue Loss on Sale of...
Question 1 Question 2 Question 3 Question 4 Question 5 Which of the following pairs of...
Question 1
Question 2
Question 3
Question 4
Question 5
Which of the following pairs of accounts could not appear in the same adjusting entry? Salaries Payable and Salaries Expense Interest Income and Interest Expense Fees Earned and Unearned Fees Rent Expense and Prepaid Rent On which financial statement will Income Summary be shown? no financial statement retained earnings statement balance sheet х income statement For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Account Title...
Please complete and or correct Following are the accounts and balances (in random order from the...
Please complete and or correct
Following are the accounts and balances (in random order from the adjusted trial balance of Stark Company $ 11,000 2,500 500 1,5ee 400 Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Common stock Retained earnings Services revenue Accumulated depreciation-Buildings Accounts receivable Utilities expense Interest payable Unearned revenue Supplies expense Buildings Dividends Depreciation expense-Buildings Supplies $ 15, eee 4,000 1,300 1ee 800 200 40,00 3, eee 2, Bee 10,000...
Following are the accounts and balances (in random order) from the adjusted trial balance of Stark...
Following are the accounts and balances (in random order) from the adjusted trial balance of Stark Company $ 11,000 2,5ee 500 1,500 Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Common stock Retained earnings Services revenue Accumulated depreciation-Buildings Accounts receivable Utilities expense Interest payable Unearned revenue Supplies expense Buildings Dividends Depreciation expense-Buildings Supplies $ 15,000 4,000 1,300 100 800 2ee 40,000 3,000 2,000 800 10,000 7,500 1,800 10,000 14,800 20,000 Prepare the (1)...
The adjusted trial balance for Pl Detectives reported the following account balances: Accounts Receivable $590; Supplies...
The adjusted trial balance for Pl Detectives reported the following account balances: Accounts Receivable $590; Supplies $9,900; Prepaid Insurance $8,100; Equipment $32,500; Accumulated Depreciation $4,900; Accounts Payable $290; Deferred Revenue $5,900; Notes Payable $3,900; Common Stock $26,500; Retained Earnings $6,600; Dividends $3,900; Service Revenue $38,300; Salaries and Wages Expense $24,500; and Depreciation Expense $1,000. Prepare an adjusted trial balance as of December 31, and solve for its missing Cash balance. PIDETECTIVES Adjusted Trial Balance As of December 31 Debit Credit...
Print 3. Consider the following independent situations at December 31: Click the icon to view the...
Print 3. Consider the following independent situations at December 31: Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the joumal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. On October 1, a business collected $3,000 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. Al...
(1) Accounts Receivable (ii) Accumulated Depreciation (ii) Unearned Sales Revenue (iv) Prepaid Insurance Expense (v) Retained Earnings How many of these accounts would be reported on the balance sheet? o A. 4 OB. 1 0.3 OD.2 E.5 OF.O
Hope to have a detailed explanation, thank you
QUESTION 1 2 points Save Answer On June 1, 2020. Palomo Corp paid $7,200 for a two-year insurance policy and correctly recorded the amount as Insurance Expense. The adjusting entry on December 31, 2020 is: debit Insurance Expense and credit Prepaid Insurance. $2.100. debit Prepaid Insurance and credit Insurance Expense. $2.100 debit Insurance Expense and credit Prepaid Insurance. $5.100. debit Prepaid Insurance and credit Insurance Expense. $5.100. QUESTION 2 2 points Save...
Question 2 12 points Save Answer Below is a selected group of accounts. For each account, indicate the normal balance and identify the financial statement where found. For example, your answers should be entered in the following format EXAMPLE Account Normal Balance Financial Statement Cash Debit Balance Sheet Financial Statement Normal Balance Credit T Account Utilities Payable Accounts Receivable Interest Revenue Equipment Owner's Drawings Salaries and Wages Expense Prepaid Insurance Accumulated Depreciation- Equipment Service Revenue Mortgage Payable Advertising Expense Accumulated...
Can you make a balance sheet using the following
information:
General Ledger Accounts Title Debit Credit Cash 468,236,170 Accounts Receivable 47,294,000 Allowance for Bad Debts 1,181,880 Inventory 13,556,530 Notes Receivable 400,000 Accumulated Depreciation 74,937,000 Equipment 114,940,000 Buildings 1,000,000 Land 2,914,300 Patents 180,000 Accumulated Amortization 53,000 Interest Receivable 4,666 Prepaid Insurance Expense Accounts Payable 10,000 95,550,000 Unearned Rent Revenue Common Stock 120,006,500 APIC-Common Stock 266,266,500 Retained Earnings 73,230,000 65,421,000 10,000 Sales Revenue Rent Revenue 4,666 Interest Revenue Loss on Sale of...
Question 1
Question 2
Question 3
Question 4
Question 5
Which of the following pairs of accounts could not appear in the same adjusting entry? Salaries Payable and Salaries Expense Interest Income and Interest Expense Fees Earned and Unearned Fees Rent Expense and Prepaid Rent On which financial statement will Income Summary be shown? no financial statement retained earnings statement balance sheet х income statement For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Account Title...
Please complete and or correct
Following are the accounts and balances (in random order from the adjusted trial balance of Stark Company $ 11,000 2,500 500 1,5ee 400 Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Common stock Retained earnings Services revenue Accumulated depreciation-Buildings Accounts receivable Utilities expense Interest payable Unearned revenue Supplies expense Buildings Dividends Depreciation expense-Buildings Supplies $ 15, eee 4,000 1,300 1ee 800 200 40,00 3, eee 2, Bee 10,000...
Following are the accounts and balances (in random order) from the adjusted trial balance of Stark Company $ 11,000 2,5ee 500 1,500 Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Common stock Retained earnings Services revenue Accumulated depreciation-Buildings Accounts receivable Utilities expense Interest payable Unearned revenue Supplies expense Buildings Dividends Depreciation expense-Buildings Supplies $ 15,000 4,000 1,300 100 800 2ee 40,000 3,000 2,000 800 10,000 7,500 1,800 10,000 14,800 20,000 Prepare the (1)...
The adjusted trial balance for Pl Detectives reported the following account balances: Accounts Receivable $590; Supplies $9,900; Prepaid Insurance $8,100; Equipment $32,500; Accumulated Depreciation $4,900; Accounts Payable $290; Deferred Revenue $5,900; Notes Payable $3,900; Common Stock $26,500; Retained Earnings $6,600; Dividends $3,900; Service Revenue $38,300; Salaries and Wages Expense $24,500; and Depreciation Expense $1,000. Prepare an adjusted trial balance as of December 31, and solve for its missing Cash balance. PIDETECTIVES Adjusted Trial Balance As of December 31 Debit Credit...
Print 3. Consider the following independent situations at December 31: Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the joumal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. On October 1, a business collected $3,000 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. Al...
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