Homework Answers
1.
| Account | Transaction | Increae/ Decrease |
| Accounts Receivable | Sales to Customers on Account | Increase |
| Accounts Receivable | Cash Collection from Customers | Decrease |
| Prepaid Rent | Cash payment for rent related to future period | Increase |
| Prepaid Rent | The benefits of these prepayment are used up over time. | Decrease |
| Deferred Revenue | Cash Received from Customers for goods or services to be provided in the future. | Increase |
| Deferred Revenue | Goods and Services are Provided . | Decrease |
2. Missing Amounts
| Beginning | Increase | Decreaee | = | Ending | |
| Accounts Receivable | $448 | $2,580 | $2,560 | = | $468 |
| Prepaid Rent | $26 | $76 | $74 | = | $28 |
| Deferred Revenue | $242 | $404 | $312 | = | $334 |
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A company's accounting records included the following accounts. Accounts Receivable (A) 1/1 448 2,580 a 12/31...
A company's accounting records included the following accounts counts. Receivable (A) 434 322 2,755 a 382...
A company's accounting records included the following accounts counts. Receivable (A) 434 322 2,755 a 382 12/31 30 12/31 12/31 Required: 1. For each T-account, describe the typical transactions that cause it to increase and decrease. 2. Compute the missing amounts Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each T-account, describe the typical transactions that cause it to increase and decrease. Transactions Increase and Decrease Accounts Receivable Sales to customers on...
The accounting records of Funaro Architects include the following selected, unadjusted balances at March 31: Accounts...
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Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2021, the law firm...
Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2021, the law firm collected $590,000 for services rendered to its clients and paid out $421,000 in expenses. You are able to determine the following information about accounts receivable, prepaid expenses, deferred service revenue, and accrued liabilities: Accounts receivable Prepaid insurance Prepaid rent Deferred service revenue Accrued liabilities (for various expenses) January 1, 2021 $71,000 5,400 10,100 10,100 December 31, 2021 $ 67,000 7,200 8,300 12,400 13,100 16,900...
1. The Accounting Cycle - During the period (8pts): Following is a complete list of accounts...
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The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31 Accounts...
The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31 Accounts Receivable $1,000 Office Supplies 51.100 Prepaid Rent, 2.100Equipment. 59.500 Accumulated Depreciation Equipment, 50 Salaries Payable 50 Unearned Revenue $1.000. Service Revenue 54.200 Salaries Expense 51200, Supplies Expense 50 Rent Expense. 50. Depreciation Expense-Equipment. 50 (Assume al balances are normal balances) The data developed for the March 31 adjusting entries are as follows Click the icon to view the data) Read the requirements Requirement 1....
1. The Accounting Cycle - During the period (8pts): Following is a complete list of accounts...
1. The Accounting Cycle - During the period (8pts): Following is a complete list of accounts and account balances that appear in the general ledger as of August 1, 2020 for Flourish and Botts, Co. bookstore. Assume all accounts have their normal debit or credit balance. Account: Amount: Account: Amount: Cash $9,021 Common Stock $84 Accounts Receivable (A/R) $13,992 Additional Paid-In Capital $6,408 Inventory $4,033 Retained Earnings $7,220 Prepaid Rent $200 Sales Revenue $0 Equipment $7,200 Cost of Goods Sold...
The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31: Accounts...
The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,500; Office Supplies, $700; Prepaid Rent, $2,240; Equipment, $8,000; Accumulated Depreciation-Equipment, $0; Salaries Payable, $0; Unearned Revenue, $900; Service Revenue, $4,100; Salaries Expense, $800; Supplies Expense, $0; Rent Expense, $0; Depreciation Expense-Equipment, $0. The data developed for the March 31 adjusting entries are as follows: a. Service revenue accrued, $700. b. Unearned revenue that has been earned, $100. c. Office Supplies on hand,...
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Use the following to answer questions 10-13 Indicate which of the following accounts should be debited and which should be credited. An example has been provided (ex). Purchase Office Supplies in exchange for cash Debit : N (Supplies) Credit: C (Cash)...See below. Only include the letter of the account not the account name. A Accounts payable B. Accounts receivable C Cash D. Common stock E. Dividends F. Equipment G. Notes payable H. Prepaid rent L. Rent expense J. Retained earnings...
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...
Martin Mfg Co included the following information for the fiscal ended Dec 31, 2020 Depreciation expense. ...
Martin Mfg Co included the following information for the fiscal ended Dec 31, 2020 Depreciation expense. 15,000 Increase accounts receivable.20,000 Decrease inventory. 15,000 Decrease prepaid insurance. 500 Decrease in salaries payable. 20000 Increase in deferred revenue. 5000 Net income is 50000, what is the cash flow? Please show your work
A company's accounting records included the following accounts counts. Receivable (A) 434 322 2,755 a 382 12/31 30 12/31 12/31 Required: 1. For each T-account, describe the typical transactions that cause it to increase and decrease. 2. Compute the missing amounts Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each T-account, describe the typical transactions that cause it to increase and decrease. Transactions Increase and Decrease Accounts Receivable Sales to customers on...
The accounting records of Funaro Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,000; Office Supplies, $1,100; Prepaid Rent, $3,400; Equipment, $14,000; Accumulated Depreciation Equipment, $0, Salaries Payable, $0; Unearned Revenue, $400; Service Revenue, $4,200; Salaries Expense, $1,200; Supplies Expense, $0; Rent Expense, $0; Depreciation Expense-Equipment, $0. The data developed for the March 31 adjusting entries are as follows: (Click the icon to view the data.) Read the requirements. Requirement 2. Post the adjustments to the...
Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2021, the law firm collected $590,000 for services rendered to its clients and paid out $421,000 in expenses. You are able to determine the following information about accounts receivable, prepaid expenses, deferred service revenue, and accrued liabilities: Accounts receivable Prepaid insurance Prepaid rent Deferred service revenue Accrued liabilities (for various expenses) January 1, 2021 $71,000 5,400 10,100 10,100 December 31, 2021 $ 67,000 7,200 8,300 12,400 13,100 16,900...
The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31 Accounts Receivable $1,000 Office Supplies 51.100 Prepaid Rent, 2.100Equipment. 59.500 Accumulated Depreciation Equipment, 50 Salaries Payable 50 Unearned Revenue $1.000. Service Revenue 54.200 Salaries Expense 51200, Supplies Expense 50 Rent Expense. 50. Depreciation Expense-Equipment. 50 (Assume al balances are normal balances) The data developed for the March 31 adjusting entries are as follows Click the icon to view the data) Read the requirements Requirement 1....
The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,500; Office Supplies, $700; Prepaid Rent, $2,240; Equipment, $8,000; Accumulated Depreciation-Equipment, $0; Salaries Payable, $0; Unearned Revenue, $900; Service Revenue, $4,100; Salaries Expense, $800; Supplies Expense, $0; Rent Expense, $0; Depreciation Expense-Equipment, $0. The data developed for the March 31 adjusting entries are as follows: a. Service revenue accrued, $700. b. Unearned revenue that has been earned, $100. c. Office Supplies on hand,...
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