Homework Answers
Question 1
Correct answer-------------Debit accounts receivable and credit service revenue.
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Accounts receivable will be debited because for services of $550 cash will be recerived in future. Service revenue is earned hence service revenue will be recorded on accrul basis.
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8- SELECT THE BEST ANSWER Mary Richardo has performed $550 of CPA services for a client...
SELECT BEST ANSWER 5- The trial balance for Sheridan Company appears as follows: Sheridan Company Trial...
SELECT BEST ANSWER 5- The trial balance for Sheridan Company appears as follows: Sheridan Company Trial Balance December 31, 2022 Cash $310 Accounts Receivable 543 Prepaid Insurance 85 Supplies 187 Equipment 4160 Accumulated Depreciation, Equipment $620 Accounts Payable 399 Common Stock 1250 Retained Earnings 1460 Service Revenue 3116 Salaries and Wages Expense 1040 Rent Expense 520 $6845 $6845 If the estimated depreciation for equipment were $624, the adjusting entry would contain a: credit to Accumulated Depreciation, Equipment for $624. credit...
2 Aa Bbcode Aa Bbccede AaBbceDe AalbCode AaBbc ADA harma No Spacing Heading 1 Heading 2...
2 Aa Bbcode Aa Bbccede AaBbceDe AalbCode AaBbc ADA harma No Spacing Heading 1 Heading 2 HIGHLIGHT IN YELLOW THE BEST ANSWER 1 - A law firm received $1560 cash for legal services to be rendered in the future. The full amount was credited to the liability account Unearned Service Revenue. If the legal services have been rendered at the end of the accounting period and no adjusting entry is made, this would cause: revenues to be understated. expenses to...
6- SELECT THE BEST ANSWER The policy at Sheffield Corp. is to expense all office supplies...
6- SELECT THE BEST ANSWER The policy at Sheffield Corp. is to expense all office supplies at the time of purchase. On the last day of the accounting period, there are $1170 of unused office supplies on hand and the balance of supplies expense is $3710. What should the accountant do? Nothing, company policy says to expense supplies when purchased. Debit Supplies and credit Supplies Expense for $1170. Convince management to change its policy to avoid problems in the future....
If a business has received cash in advance of services performed and credits a liability account,...
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
SHARJAH HIGHER COLLEGES OF TECHNOLOGY Salem has performed AEDS00 of legel services for a cinsilled the...
SHARJAH HIGHER COLLEGES OF TECHNOLOGY Salem has performed AEDS00 of legel services for a cinsilled the clicat as of he end of the accounting period. What aljusting enry mast he make? A. Debit Cash and credit Uncaned Revenue B. Debit Accounts Receivable and credit Unearnod Revenu C. Debit Accounts Receivable and credit Service Reven D. Debit Uacarned Revenue and crodin Service Revense 14. Salem has billed his clients for services performed He subsequently receives payments from his clients. What enery...
please answer all these Problem 2-2A Julia Dumars is a licensed CPA. During the first month...
please
answer all these
Problem 2-2A Julia Dumars is a licensed CPA. During the first month of operations of her business, Monty Corp., the following events and transactions occurred. May 1 Stockholders invested $20,700 cash in exchange for common stock. 2 Hired a secretary-receptionist at a salary of $2,700 per month. 3 Purchased $2,400 of supplies on account from Vincent Supply Company. 7 Paid office rent of $830 cash for the month. 11 Completed a tax assignment and billed client...
Problem 4-6A (Part Level Submission) Dao Vang, CPA, was retained by Martinez to prepare financial statements...
Problem 4-6A (Part Level Submission) Dao Vang, CPA, was retained by Martinez to prepare financial statements for April 2019. Vang accumulated all the ledger balances per Martinez's records and found the following. Martinez Trial Balance April 30, 2019 Credit Debit $4,100 3,100 700 10,300 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation-Equip. Accounts Payable Salaries and Wages Payable Unearned Service Revenue Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Advertising Expense Miscellaneous Expense Depreciation Expense $1,300 2,200 800 1,000...
The following trial balance of Blue Co. does not balance. Credit $3,307 BLUE CO. TRIAL BALANCE...
The following trial balance of Blue Co. does not balance. Credit $3,307 BLUE CO. TRIAL BALANCE JUNE 30, 2020 Debit Cash Accounts Receivable $2,844 Supplies 1,237 Equipment 4,237 Accounts Payable Unearned Service Revenue 1,637 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 3,837 Office Expense 1,377 Totals $15,169 3,103 6,437 3,437 2,817 $19,101 Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors....
11) Which of the following entries records the cash payment of an Account Payable? a. debit...
11) Which of the following entries records the cash payment of an Account Payable? a. debit Cash; credit Accounts Payable b. debit Accounts Receivable; credit Cash c. debit Cash; credit Expense d. debit Accounts Payable; credit Cash 12) Haselhof Company purchases equipment for $2,400 and supplies for $700 from Behrman Co. for $3,100 cash. The entry for this transaction will include a a. debit to Equipment $2,400 and a debit to Supplies Expense $700 for Behrman. b. credit to Cash...
CALCULATOR PULL SCREEN PRINTER VERSION The following trial balance of Windsor Co. does not balance. 4...
CALCULATOR PULL SCREEN PRINTER VERSION The following trial balance of Windsor Co. does not balance. 4 BACK Credit $3,083 WINDSOR CO. TRIAL BALANCE JUNE 30, 2020 Debit Cash Accounts Receivable $2,988 Supplies 1,013 Equipment 4,013 Accounts Payable Unearned Service Revenue 1,413 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 3,613 Office Expense 1,153 Totals $14,193 2,879 6,213 3,213 2,593 $17.981 Each of the listed accounts should have a normal balance per the general ledger. An examination of the...
2 Aa Bbcode Aa Bbccede AaBbceDe AalbCode AaBbc ADA harma No Spacing Heading 1 Heading 2 HIGHLIGHT IN YELLOW THE BEST ANSWER 1 - A law firm received $1560 cash for legal services to be rendered in the future. The full amount was credited to the liability account Unearned Service Revenue. If the legal services have been rendered at the end of the accounting period and no adjusting entry is made, this would cause: revenues to be understated. expenses to...
6- SELECT THE BEST ANSWER The policy at Sheffield Corp. is to expense all office supplies at the time of purchase. On the last day of the accounting period, there are $1170 of unused office supplies on hand and the balance of supplies expense is $3710. What should the accountant do? Nothing, company policy says to expense supplies when purchased. Debit Supplies and credit Supplies Expense for $1170. Convince management to change its policy to avoid problems in the future....
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
SHARJAH HIGHER COLLEGES OF TECHNOLOGY Salem has performed AEDS00 of legel services for a cinsilled the clicat as of he end of the accounting period. What aljusting enry mast he make? A. Debit Cash and credit Uncaned Revenue B. Debit Accounts Receivable and credit Unearnod Revenu C. Debit Accounts Receivable and credit Service Reven D. Debit Uacarned Revenue and crodin Service Revense 14. Salem has billed his clients for services performed He subsequently receives payments from his clients. What enery...
please
answer all these
Problem 2-2A Julia Dumars is a licensed CPA. During the first month of operations of her business, Monty Corp., the following events and transactions occurred. May 1 Stockholders invested $20,700 cash in exchange for common stock. 2 Hired a secretary-receptionist at a salary of $2,700 per month. 3 Purchased $2,400 of supplies on account from Vincent Supply Company. 7 Paid office rent of $830 cash for the month. 11 Completed a tax assignment and billed client...
Problem 4-6A (Part Level Submission) Dao Vang, CPA, was retained by Martinez to prepare financial statements for April 2019. Vang accumulated all the ledger balances per Martinez's records and found the following. Martinez Trial Balance April 30, 2019 Credit Debit $4,100 3,100 700 10,300 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation-Equip. Accounts Payable Salaries and Wages Payable Unearned Service Revenue Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Advertising Expense Miscellaneous Expense Depreciation Expense $1,300 2,200 800 1,000...
The following trial balance of Blue Co. does not balance. Credit $3,307 BLUE CO. TRIAL BALANCE JUNE 30, 2020 Debit Cash Accounts Receivable $2,844 Supplies 1,237 Equipment 4,237 Accounts Payable Unearned Service Revenue 1,637 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 3,837 Office Expense 1,377 Totals $15,169 3,103 6,437 3,437 2,817 $19,101 Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors....
CALCULATOR PULL SCREEN PRINTER VERSION The following trial balance of Windsor Co. does not balance. 4 BACK Credit $3,083 WINDSOR CO. TRIAL BALANCE JUNE 30, 2020 Debit Cash Accounts Receivable $2,988 Supplies 1,013 Equipment 4,013 Accounts Payable Unearned Service Revenue 1,413 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 3,613 Office Expense 1,153 Totals $14,193 2,879 6,213 3,213 2,593 $17.981 Each of the listed accounts should have a normal balance per the general ledger. An examination of the...
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