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Question 29 4.75 pts On 6/26 Knights, Inc. sold $1,500 in services to SGA on account....
On 6/26 Knights, Inc. sold $1,500 in services to SGA on account. On 8/31 Knights, Inc....
On 6/26 Knights, Inc. sold $1,500 in services to SGA on account. On 8/31 Knights, Inc. received the $1,500 cash payment from SGA for the services provided in June. What should Knights, Inc. record on 8/31 (Select ALL that apply)? Debit Accounts Receivable Debit Accounts Payable Debit Cash Credit Accounts Payable Debit Service Revenue Debit Deferred Revenue Credit Service Revenue Credit Deferred Revenue Credit Cash Credit Accounts Receivable
On 6/26 Knights, Inc. sold $1,500 in services to SGA on account. What should Knights, Inc....
On 6/26 Knights, Inc. sold $1,500 in services to SGA on account. What should Knights, Inc. record on 6/26 (Select ALL that apply)? Debit Deferred Revenue Debit Service Revenue Debit Accounts Receivable Credit Service Revenue Credit Cash Credit Accounts Receivable Debit Accounts Payable Credit Deferred Revenue Debit Cash Credit Accounts Payable
On 6/26 Knights, Inc. sold $1,500 in services to SGA on account. What should Knights, Inc....
On 6/26 Knights, Inc. sold $1,500 in services to SGA on account. What should Knights, Inc. record on 6/26 (Select ALL that apply)? Debit Deferred Revenue Credit Cash Credit Accounts Receivable Debit Service Revenue Credit Deferred Revenue Credit Accounts Payable Debit Accounts Payable Debit Accounts Receivable Credit Service Revenue Debit Cash
Question 33 4.75 pts On 7/1, The Lemonade Stand bought $1,500 of lemons on account from...
Question 33 4.75 pts On 7/1, The Lemonade Stand bought $1,500 of lemons on account from Whole Fruits. What account is debited and what account is credited in the journal entry required on 7/1? (Select ALL that apply) Credit Cash for $1,500 Debit Inventory for $1,500 Credit Accounts Receivable for $1,500 Debit Revenue for $1,500 Debit Accounts Payable for $1,500 Credit Revenue for $1.500 Debit Accounts Receivable for $1,500 Credit Accounts Payable for $1,500 Debit Cash for $1,500 Credit Inventory...
✓ Debit Gash Debit Deferred Revenue Question 30 4.75 pts The balance of retained earnings is...
✓ Debit Gash Debit Deferred Revenue Question 30 4.75 pts The balance of retained earnings is $13,000 on 1/1 at the beginning of the accounting period. Knights Inc. reports total revenues of $18,000; total expenses of $6,000; and pays dividends of $4,000 during this accounting period. What amount would the Balance Sheet show for Retained Earnings at the end of the accounting period on 12/31? Question 31 4.75 pts On 7/1, The Lemonade Stand bought $1,500 of lemons on account...
On July 7, Saints Inc. received $10,200 in cash from a customer for services to be...
On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Which of the following describes how the transaction should be recorded on July 7? Multiple Choice Debit cash $10,200, credit deferred revenue $10,200 Debit accounts receivable $10,200, credit service revenue $10,200 o Debit cash $10,200, credit service revenue $10,200 o Debit deferred revenue $10,200, credit cash $10,200
Question 1 3.5 pts On May 17, Buckeye Corporation performed $800 of services for Betty DeRose,...
Question 1 3.5 pts On May 17, Buckeye Corporation performed $800 of services for Betty DeRose, a customer. Betty paid for one-half of the bill on May 17 and agreed to pay the remainder within 30 days. On June 9, Betty paid the remaining amount owed Which of the following journal entries would Buckeye Corporation make on June 9? debit accounts receivable $400 and credit cash $400 debit cash $400 and credit service revenue $400 debit accounts payable $400 and...
D Question 16 4.75 pts Consider the following list of accounts: Account Name Supplies Retained Earnings...
D Question 16 4.75 pts Consider the following list of accounts: Account Name Supplies Retained Earnings Utilities Expense Accounts Receivable Common Stock Dividends Equipment Notes Payable Deferred Revenue Service Revenue How many of the above accounts have a normal debit balance? Eight Four Three SEX Seven Five
The following events apply to Equipment Services Inc. in its first year of operation: Acquired $60,000...
The following events apply to Equipment Services Inc. in its
first year of operation:
Acquired $60,000 cash from the issue of common stock.
Received an $8,200 cash advance for services to be provided in
the future.
Purchased $2,000 of supplies on account.
Earned $36,000 of service revenue on account.
Incurred $16,100 of operating expenses on account.
Collected $28,500 cash from accounts receivable.
Made a $15,100 payment on accounts payable.
Paid a $2,000 cash dividend to the stockholders.
Recognized $1,600 of...
Question 43 4 pts Received $12,000 cash from a customer for services to be provided in...
Question 43 4 pts Received $12,000 cash from a customer for services to be provided in the future. Account Name Debit Credit A. Cash 12,000 Accounts Receivable 12.000 B. Accounts Receivable 12.000 Cash 12,000 C. Cash 12,000 Unearned Revenue 12,000 12,000 D. Unearned Revenue Cash 12,000 Answer A O Answer B O Answer O Answer D None of the answers are correct. Question 44 4 pts Provided $7.000 worth of the services referred to in transaction Q43. Account Name Debit...
On 6/26 Knights, Inc. sold $1,500 in services to SGA on account. On 8/31 Knights, Inc. received the $1,500 cash payment from SGA for the services provided in June. What should Knights, Inc. record on 8/31 (Select ALL that apply)? Debit Accounts Receivable Debit Accounts Payable Debit Cash Credit Accounts Payable Debit Service Revenue Debit Deferred Revenue Credit Service Revenue Credit Deferred Revenue Credit Cash Credit Accounts Receivable
On 6/26 Knights, Inc. sold $1,500 in services to SGA on account. What should Knights, Inc. record on 6/26 (Select ALL that apply)? Debit Deferred Revenue Debit Service Revenue Debit Accounts Receivable Credit Service Revenue Credit Cash Credit Accounts Receivable Debit Accounts Payable Credit Deferred Revenue Debit Cash Credit Accounts Payable
Question 33 4.75 pts On 7/1, The Lemonade Stand bought $1,500 of lemons on account from Whole Fruits. What account is debited and what account is credited in the journal entry required on 7/1? (Select ALL that apply) Credit Cash for $1,500 Debit Inventory for $1,500 Credit Accounts Receivable for $1,500 Debit Revenue for $1,500 Debit Accounts Payable for $1,500 Credit Revenue for $1.500 Debit Accounts Receivable for $1,500 Credit Accounts Payable for $1,500 Debit Cash for $1,500 Credit Inventory...
✓ Debit Gash Debit Deferred Revenue Question 30 4.75 pts The balance of retained earnings is $13,000 on 1/1 at the beginning of the accounting period. Knights Inc. reports total revenues of $18,000; total expenses of $6,000; and pays dividends of $4,000 during this accounting period. What amount would the Balance Sheet show for Retained Earnings at the end of the accounting period on 12/31? Question 31 4.75 pts On 7/1, The Lemonade Stand bought $1,500 of lemons on account...
On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Which of the following describes how the transaction should be recorded on July 7? Multiple Choice Debit cash $10,200, credit deferred revenue $10,200 Debit accounts receivable $10,200, credit service revenue $10,200 o Debit cash $10,200, credit service revenue $10,200 o Debit deferred revenue $10,200, credit cash $10,200
Question 1 3.5 pts On May 17, Buckeye Corporation performed $800 of services for Betty DeRose, a customer. Betty paid for one-half of the bill on May 17 and agreed to pay the remainder within 30 days. On June 9, Betty paid the remaining amount owed Which of the following journal entries would Buckeye Corporation make on June 9? debit accounts receivable $400 and credit cash $400 debit cash $400 and credit service revenue $400 debit accounts payable $400 and...
D Question 16 4.75 pts Consider the following list of accounts: Account Name Supplies Retained Earnings Utilities Expense Accounts Receivable Common Stock Dividends Equipment Notes Payable Deferred Revenue Service Revenue How many of the above accounts have a normal debit balance? Eight Four Three SEX Seven Five
The following events apply to Equipment Services Inc. in its
first year of operation:
Acquired $60,000 cash from the issue of common stock.
Received an $8,200 cash advance for services to be provided in
the future.
Purchased $2,000 of supplies on account.
Earned $36,000 of service revenue on account.
Incurred $16,100 of operating expenses on account.
Collected $28,500 cash from accounts receivable.
Made a $15,100 payment on accounts payable.
Paid a $2,000 cash dividend to the stockholders.
Recognized $1,600 of...
Question 43 4 pts Received $12,000 cash from a customer for services to be provided in the future. Account Name Debit Credit A. Cash 12,000 Accounts Receivable 12.000 B. Accounts Receivable 12.000 Cash 12,000 C. Cash 12,000 Unearned Revenue 12,000 12,000 D. Unearned Revenue Cash 12,000 Answer A O Answer B O Answer O Answer D None of the answers are correct. Question 44 4 pts Provided $7.000 worth of the services referred to in transaction Q43. Account Name Debit...
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