Homework Answers
As per golden rules of accounting for personal account , nominal account and expense income. Account:
- Debit the receiver credit the giver
- Debit what comes in credit what goes out
- Debit the expense or asset credit the income or liability
In the given question on June when service is provided on account ; revenue must have been recognised by debiting account receivable as that much of amount is to be received from debtor for service rendered
When on 31/08 cash is received from SGV- Debtor we shall pass following journal
- Cash a/c dr (as cash is received i.e. debit what comes in) .... 1500
- Account receivable a/c credit ( as credit the giver) ....1500
So answer is....
- Debit cash and credit account receivable
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On 6/26 Knights, Inc. sold $1,500 in services to SGA on account. On 8/31 Knights, Inc....
Question 29 4.75 pts On 6/26 Knights, Inc. sold $1,500 in services to SGA on account....
Question 29 4.75 pts 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)? Credit Cash Credit Deferred Revenue Debit Service Revenue Credit Service Revenue Debit Accounts Payable Credit Accounts Payable Debit Accounts Receivable Credit Accounts Receivable Debit Cash Debit Deferred Revenue 4.75 pts
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
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...
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 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...
On July 31, 2022, the general ledger of Crane Legal Services Inc. showed the following balances:...
On July 31, 2022, the general ledger of Crane Legal Services Inc.
showed the following balances: Cash $3,920, Accounts Receivable
$1,470, Supplies $490, Equipment $4,900, Accounts Payable $4,020,
Common Stock $3,430, and Retained Earnings $3,330. During August,
the following transactions occurred.
Aug.
3
Collected
$1,180 of accounts receivable due from customers.
5
Received
$1,270 cash for issuing common stock to new investors.
6
Paid
$2,650 cash on accounts payable.
7
Performed
legal services of $6,370, of which $2,940 was collected...
On July 31, 2022, the general ledger of Ivanhoe Leon Services Inc. showed the following balances:...
On July 31, 2022, the general ledger of Ivanhoe Leon Services Inc. showed the following balances: Cash $4,160, Accounts Receivable $1,560, Supplies $520, Equipment $5,200, Accounts Payable $4,250, Common Stock $3,640, and Retained Earnings $3,540. During August, the following transactions occurred Aug 3 Collected $1,250 of accounts receivable due from customers S Received $1,350 cash for issuing common stock to new inwestors 6 Paid $2,810 cash on accounts payable 7 Performed legal services of 36,760, of which $3,120 was collected...
On October 31 of the current year, a contract was signed and achegue received for services...
On October 31 of the current year, a contract was signed and achegue received for services to be performed by October 31 of the following year. The neared Service Revenue account was credited for $4,500. Assuming services were performed evenly during the remainder of the sea the adjusting entry on December 31 will involve a: A) credit to Unearned Service Revenue 5800 B) credit to Service Revenue for $4,000 C) credit to Service Revenue 5800 D) debit to Unearned Service...
The account of Meadowbrook Services, Inc., at January 31, 2018 are isted in phabetical Click the...
The account of Meadowbrook Services, Inc., at January 31, 2018 are isted in phabetical Click the icon to view tas) Read the remonts Requirement 1. Al adjustments have been junized and posted, but he dosing entries have not yet been made. Journal Madiwtrock's closing entries at Jay 31, 2018. (Record duties, the credits. Exclude infromary jounales Record ecosing restor Madowbrook of January 31, 2016. Begin by cong the rest Journal Entry Accounts De Credit 31 Data Table boste (Record debits...
Question 29 4.75 pts 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)? Credit Cash Credit Deferred Revenue Debit Service Revenue Credit Service Revenue Debit Accounts Payable Credit Accounts Payable Debit Accounts Receivable Credit Accounts Receivable Debit Cash Debit Deferred Revenue 4.75 pts
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
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...
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 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...
On July 31, 2022, the general ledger of Crane Legal Services Inc.
showed the following balances: Cash $3,920, Accounts Receivable
$1,470, Supplies $490, Equipment $4,900, Accounts Payable $4,020,
Common Stock $3,430, and Retained Earnings $3,330. During August,
the following transactions occurred.
Aug.
3
Collected
$1,180 of accounts receivable due from customers.
5
Received
$1,270 cash for issuing common stock to new investors.
6
Paid
$2,650 cash on accounts payable.
7
Performed
legal services of $6,370, of which $2,940 was collected...
On July 31, 2022, the general ledger of Ivanhoe Leon Services Inc. showed the following balances: Cash $4,160, Accounts Receivable $1,560, Supplies $520, Equipment $5,200, Accounts Payable $4,250, Common Stock $3,640, and Retained Earnings $3,540. During August, the following transactions occurred Aug 3 Collected $1,250 of accounts receivable due from customers S Received $1,350 cash for issuing common stock to new inwestors 6 Paid $2,810 cash on accounts payable 7 Performed legal services of 36,760, of which $3,120 was collected...
On October 31 of the current year, a contract was signed and achegue received for services to be performed by October 31 of the following year. The neared Service Revenue account was credited for $4,500. Assuming services were performed evenly during the remainder of the sea the adjusting entry on December 31 will involve a: A) credit to Unearned Service Revenue 5800 B) credit to Service Revenue for $4,000 C) credit to Service Revenue 5800 D) debit to Unearned Service...
The account of Meadowbrook Services, Inc., at January 31, 2018 are isted in phabetical Click the icon to view tas) Read the remonts Requirement 1. Al adjustments have been junized and posted, but he dosing entries have not yet been made. Journal Madiwtrock's closing entries at Jay 31, 2018. (Record duties, the credits. Exclude infromary jounales Record ecosing restor Madowbrook of January 31, 2016. Begin by cong the rest Journal Entry Accounts De Credit 31 Data Table boste (Record debits...
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