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At Sugarland Ltd. prepaid costs are debited to expense when cash is paid and unearned revenues...
At Pronghorn Corp., prepaid costs are debited to expense when cash is paid and unearned revenues...
At Pronghorn Corp., 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. Jan. 2 Received $10,100 for services to be performed in the future. Paid $3,672 for casualty insurance protection for the year. Paid $4,650 for supplies. 10 On January 31, it is determined that $3,460 of the service revenue has been earned and that there is...
cash, supplies, prepaid insurance not correct answer At Flint Corporation, prepaid costs are debited to expense...
cash, supplies, prepaid insurance not correct answer
At Flint Corporation, 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. Jan. 2 Received $10,400 for services to be performed in the future. 2 Paid $3,540 for casualty insurance protection for the year. 10 Paid $4,900 for supplies. On January 31, it is determined that $3,080 of the service...
On April 1, a business collected $3,600 rent in advance, debiting Cash and crediting Unearned Revenue....
On April 1, a business collected $3,600 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. At December 31, the business must account for the amount of rent it has earned. a.On April 1, a business collected $3,600 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. On December 31, the business must account for the amount of rent it has earned....
Classify the following adjusting entries as involving prepaid expenses, unearned revenues, accrued expenses, or accrued revenues....
Classify the following adjusting entries as involving prepaid expenses, unearned revenues, accrued expenses, or accrued revenues. a. To record rent expense incurred but not yet paid. | b. To record cash received from gift card sales. c. To record service revenues performed but not yet billed (nor recorded). d. To record expiration of prepaid rent. e. To record supplies used as supplies expense.
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...
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...
Options; Accounts Payable, Equipment, Common Shares, Cash, Rent Expense, Supplies, No Transaction, Income Tax Expense, Unearned...
Options; Accounts Payable, Equipment, Common Shares, Cash, Rent
Expense, Supplies, No Transaction, Income Tax Expense, Unearned
Revenue, Accounts Receivable, Service Revenue.
Question 3 Transactions for Crane Ltd. for the month of June, its first month of operations, are presented below: June 1 Issued common shares to shareholders in exchange for $2,550 cash 4 Purchased supplies on account for $256 7 Billed J. Kronsnoble $278 for welding work done. 18 Received partial payment of $192 from J. Kronsnoble for work billed...
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. B a. Entry to record revenue earned but not yet billed (nor...
Consider the following independent situations at December 31:
Consider the following independent situations at December 31: Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal 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 $6,900 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. On December 31, the business must account for the amount of rent...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
At Pronghorn Corp., 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. Jan. 2 Received $10,100 for services to be performed in the future. Paid $3,672 for casualty insurance protection for the year. Paid $4,650 for supplies. 10 On January 31, it is determined that $3,460 of the service revenue has been earned and that there is...
cash, supplies, prepaid insurance not correct answer
At Flint Corporation, 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. Jan. 2 Received $10,400 for services to be performed in the future. 2 Paid $3,540 for casualty insurance protection for the year. 10 Paid $4,900 for supplies. On January 31, it is determined that $3,080 of the service...
Classify the following adjusting entries as involving prepaid expenses, unearned revenues, accrued expenses, or accrued revenues. a. To record rent expense incurred but not yet paid. | b. To record cash received from gift card sales. c. To record service revenues performed but not yet billed (nor recorded). d. To record expiration of prepaid rent. e. To record supplies used as supplies expense.
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...
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...
Options; Accounts Payable, Equipment, Common Shares, Cash, Rent
Expense, Supplies, No Transaction, Income Tax Expense, Unearned
Revenue, Accounts Receivable, Service Revenue.
Question 3 Transactions for Crane Ltd. for the month of June, its first month of operations, are presented below: June 1 Issued common shares to shareholders in exchange for $2,550 cash 4 Purchased supplies on account for $256 7 Billed J. Kronsnoble $278 for welding work done. 18 Received partial payment of $192 from J. Kronsnoble for work billed...
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. B a. Entry to record revenue earned but not yet billed (nor...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
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