Homework Answers
Ans.
|
Accounts getting Affected |
Equipment | Cash |
| Type of Account | Real | Real |
| Increase or decrease | Increase | Decrease |
| Debit or credit | Debit | Credit |
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ACCOUNTING CYCLE Basic journal entry with the step-through method For the following transaction, answer the questions...
ACCOUNTING CYCLE Basic journal entry with the step-through method For the following transaction, answer the questions...
ACCOUNTING CYCLE Basic journal entry with the step-through method For the following transaction, answer the questions that follow in accordance with the rules of journalizing and the Transaction: Stewart Company placed an ad in the local paper for the current month to be paid next month, $1,600. which two accounts are affected? Choose one Choose one V What kind of accounts are they? Choose one Choose one Do the account balances increase or decrease? Increase Decrease Increase Decrease Do we...
ACCOUNTING CYCLE Basic journal entry with the step-through method or the following transaction, answer the questions...
ACCOUNTING CYCLE Basic journal entry with the step-through method or the following transaction, answer the questions that follow in accordance with the rules of journalizing and ransaction: Owner withdrew $2,900 cash for personal use. which two accounts are affected? Choose one V Choose one What kind of accounts are they? Choose one Choose one Decrease Increase Decrease Do the account balances increase or decrease? Increase Credit Debit Credit Debit Do we debit or credit the accounts? Х $ ?
Joum entry with the step-through method For the following transaction, answer the questions that follow in...
Joum entry with the step-through method For the following transaction, answer the questions that follow in accordance with the rules of journalizing and the Transaction: Taylor Company paid balance due of $4,500 on equipment that had been previously purchased on account < which two accounts are affected? Choose one Choose one Choose one < What kind of accounts are they? Choose one Increase Decrease Do the account balances increase or decrease? Increase Decrease Debit Credit Credit Do we debit or...
For the following transaction, answer the questions that follow in accordance with the rules of journalizi...
For the following transaction, answer the questions that follow in accordance with the rules of journalizi Transaction: Roberts Company billed clients on account for services already performed, $6,500. Which two accounts are affected? Choose one Choose one What kind of accounts are they? Choose one Choose one Do the account balances increase or decrease? Increase Decrease Increase O Decrease Do we debit or edit the accounts? O Debit Credit Debit Credit N. X Explanation Check
The following transaction has been recorded in a particular accounting period. Determine the effect of this...
The following transaction has been recorded in a particular accounting period. Determine the effect of this transaction on the Accounting Equation Please note: do not overthink the scenario. Instead, deal only with the facts provided. The Accounting Equation effects being requested in any given scenario are for the current period only A business purchases Inventory for $5,000 cash. Increase in Asset Increase in the No Efecto Shareholders Equity Increase in increase in Libis Decrease in Shareholders Equity Increase in As...
ACCOUNTING CYCLE Journalizing transactions Journalize the following transactions into the general journal in accordance with the...
ACCOUNTING CYCLE Journalizing transactions Journalize the following transactions into the general journal in accordance with the rules of Jour June 23 September 10 Cox Company pays $2,200 of monthly salaries. Owner deposits $44,000 in business bank account as an initial investment. Date Account Title Debit Credit to ?
ACCOUNTING CYCLE Journalizing transactions Journalize the following transactions into the general journal in accordance with the...
ACCOUNTING CYCLE Journalizing transactions Journalize the following transactions into the general journal in accordance with the rules of Journalizing, and the Double April 2 Morris Company pays current month's rent, $1,900. October 2 Morris Company pays $2,700 of monthly salaries. Date Account Title Debit Credit X 5 ?
Accounting Cycle Tutorial Step 2: Analyze and Journalize Transactions >000 > Analyze the Transactions Activity 2.b...
Accounting Cycle Tutorial Step 2: Analyze and Journalize Transactions >000 > Analyze the Transactions Activity 2.b - Analyze the Transactions Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Refer to the Chart of Accounts for account titles. Purchase of building with note. Account 1 Account Type Increase/Decrease Debit/Credit Account 02...
Journal Entry please Circle the best answer to each of the following questions. 1. When a...
Journal Entry please
Circle the best answer to each of the following questions. 1. When a company has performed services for a client but has not yet received payment, it: a. makes no entry until the cash is received. b. debits Accounts Receivable and credits Revenue. c. debits Accounts Payable and credits Revenue. d. debits Cash and credits Accounts Receivable. 2. Brewer Company's controller accidentally erased the 8/1/20 balance for the Cash account. However, she can see that the 8/31/20...
The accounting cycle Required information Problem 3-8B Complete the full accounting cycle (L03-3, 3-4, 3-5, 3-6,...
The accounting cycle
Required information Problem 3-8B Complete the full accounting cycle (L03-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.) The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Accounts Debits Cash $ 3,700 Accounts 8,700 Receivable Supplies 2,700 Equipment 20,000 Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $35,100 $ 4,800 2,800 3,800 15,000 8,700 $35,100 The following is a summary...
ACCOUNTING CYCLE Basic journal entry with the step-through method For the following transaction, answer the questions that follow in accordance with the rules of journalizing and the Transaction: Stewart Company placed an ad in the local paper for the current month to be paid next month, $1,600. which two accounts are affected? Choose one Choose one V What kind of accounts are they? Choose one Choose one Do the account balances increase or decrease? Increase Decrease Increase Decrease Do we...
ACCOUNTING CYCLE Basic journal entry with the step-through method or the following transaction, answer the questions that follow in accordance with the rules of journalizing and ransaction: Owner withdrew $2,900 cash for personal use. which two accounts are affected? Choose one V Choose one What kind of accounts are they? Choose one Choose one Decrease Increase Decrease Do the account balances increase or decrease? Increase Credit Debit Credit Debit Do we debit or credit the accounts? Х $ ?
Joum entry with the step-through method For the following transaction, answer the questions that follow in accordance with the rules of journalizing and the Transaction: Taylor Company paid balance due of $4,500 on equipment that had been previously purchased on account < which two accounts are affected? Choose one Choose one Choose one < What kind of accounts are they? Choose one Increase Decrease Do the account balances increase or decrease? Increase Decrease Debit Credit Credit Do we debit or...
For the following transaction, answer the questions that follow in accordance with the rules of journalizi Transaction: Roberts Company billed clients on account for services already performed, $6,500. Which two accounts are affected? Choose one Choose one What kind of accounts are they? Choose one Choose one Do the account balances increase or decrease? Increase Decrease Increase O Decrease Do we debit or edit the accounts? O Debit Credit Debit Credit N. X Explanation Check
The following transaction has been recorded in a particular accounting period. Determine the effect of this transaction on the Accounting Equation Please note: do not overthink the scenario. Instead, deal only with the facts provided. The Accounting Equation effects being requested in any given scenario are for the current period only A business purchases Inventory for $5,000 cash. Increase in Asset Increase in the No Efecto Shareholders Equity Increase in increase in Libis Decrease in Shareholders Equity Increase in As...
ACCOUNTING CYCLE Journalizing transactions Journalize the following transactions into the general journal in accordance with the rules of Jour June 23 September 10 Cox Company pays $2,200 of monthly salaries. Owner deposits $44,000 in business bank account as an initial investment. Date Account Title Debit Credit to ?
ACCOUNTING CYCLE Journalizing transactions Journalize the following transactions into the general journal in accordance with the rules of Journalizing, and the Double April 2 Morris Company pays current month's rent, $1,900. October 2 Morris Company pays $2,700 of monthly salaries. Date Account Title Debit Credit X 5 ?
Accounting Cycle Tutorial Step 2: Analyze and Journalize Transactions >000 > Analyze the Transactions Activity 2.b - Analyze the Transactions Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Refer to the Chart of Accounts for account titles. Purchase of building with note. Account 1 Account Type Increase/Decrease Debit/Credit Account 02...
Journal Entry please
Circle the best answer to each of the following questions. 1. When a company has performed services for a client but has not yet received payment, it: a. makes no entry until the cash is received. b. debits Accounts Receivable and credits Revenue. c. debits Accounts Payable and credits Revenue. d. debits Cash and credits Accounts Receivable. 2. Brewer Company's controller accidentally erased the 8/1/20 balance for the Cash account. However, she can see that the 8/31/20...
The accounting cycle
Required information Problem 3-8B Complete the full accounting cycle (L03-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.) The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Accounts Debits Cash $ 3,700 Accounts 8,700 Receivable Supplies 2,700 Equipment 20,000 Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $35,100 $ 4,800 2,800 3,800 15,000 8,700 $35,100 The following is a summary...
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