Homework Answers
| DATE | ACCOUNT NAMES | DEBIT | CREDIT |
| Dec 23 | Cash | $28,500 | |
| Accounts receivable | $28,500 | ||
| Dec 29 | Advertising expenses | $3,750 | |
| Accounts Payable | $3,750 | ||
| Dec 30 | Cash | $62,700 | |
| Service Revenue | $25,900 | ||
| Unearned Revenue | $36,800 | ||
| Dec 31 | Utilities Expense | $6,350 | |
| Accounts Payable | $6,350 |
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a) On December 23, Dizzy Controls Inc. received $28,500 cash from Lawrence Enterprises as a partial...
e) On November 30, Dizzy Controls Inc. borrowed $600,000 cash from its bank and signed a...
e) On November 30, Dizzy Controls Inc. borrowed $600,000 cash from its bank and signed a two-year promissory note bearing 7.4% annual interest due on the last day of the month. DATE ACCOUNT NAMES DEBIT CREDIT On November 29, Dizzy Controls Inc. issued a check for $82,400 to its accountant, Cooper Lybrand, for accounting services used to setup the company. DATE ACCOUNT NAMES DEBIT CREDIT On December 1, Dizzy Controls Inc. signed a two-year contract with Deluca Fix-it Corp. for...
m) On December 17, Dizzy Controls Inc. paid $92,500 cash to its employees for the company...
m) On December 17, Dizzy Controls Inc. paid $92,500 cash to its employees for the company used during the first half of December. DATE ACCOUNT NAMES DEBIT CREDIT n) On December 18, Dizzy Controls Inc. issued a check for $96,000 as a partial payment on its account balance for the office equipment received on December 3. DEBIT CREDIT DATE ACCOUNT NAMES o) On December 19, Dizzy Controls Inc. paid $11,000 cash to its local newspaper for advertising that will run...
u) On December 31, Dizzy Controls Inc. issued a check for $3,700 payable to its bank...
u) On December 31, Dizzy Controls Inc. issued a check for $3,700 payable to its bank for the interest incurred for using the proceeds of the loan during December. DATE ACCOUNT NAMES CREDIT DEBIT v) On December 31, Dizzy Controls Inc. paid $12,500 cash to its stockholders as distributions of a portion of its profits earned in December. DATE ACCOUNT NAMES CREDIT DEBIT
c) On November 28, Dizzy Controls Inc. signed a contract with an insurance company for one-year...
c) On November 28, Dizzy Controls Inc. signed a contract with an insurance company for one-year of general insurance coverage beginning on December 1. Dizzy Controls Inc. issued a check to the insurance company for $21,000 on November 28 that represented the total premium for the year of insurance coverage. DEBIT CREDIT DATE ACCOUNT NAMES d) on November 29, Dizzy Controls Inc. signed a one-year lease agreement with Hatch Properties to rent office space beginning December 1 at a monthly...
b) On November 25, Dizzy Controls Inc. exchanged 40,000 shares of its $1.25 par value common...
b) On November 25, Dizzy Controls Inc. exchanged 40,000 shares of its $1.25 par value common stock for a plot of land that the Company will eventually use as the site for an office building. The Company and the original land owner agreed that the common shares and the land had a total fair value of $270,000 on November 25. DEBIT ACCOUNT NAMES DATE CREDIT Supporting Computations Required:
Required: Prepare the entries in proper general journal form to record the following transactions for Dizzy...
Required: Prepare the entries in proper general journal form to record the following transactions for Dizzy Controls Inc. that began operations in the fall of 2020. If an item describes an event that does not result in a recordable transaction, write "No Entry Required" in the journal entry form. (3 points per entry including one point for proper form = 66 points) a) On November 23, Dizzy Controls Inc. received $1,350,000 cash from investors to finance the business operations and...
On December 15, 2018, Peaceful Living Inc. received $200 cash from a customer in advance for...
On December 15, 2018, Peaceful Living Inc. received $200 cash from a customer in advance for two rounds of bug spraying services, which took place on December 31, 2018 and January 31, 2019. a) Record the cash receipt transaction on December 15, 2018. Date Account Title and Explanation PR Debit Credit b) Record any necessary adjusting entries on December 31, 2018. Date Account Title and Explanation PR Debit Credit
On December 12, 2021, Pace Electronics received $36,800 from a customer toward a cash sale of...
On December 12, 2021, Pace Electronics received $36,800 from a customer toward a cash sale of $368,000 of diodes to be completed on January 16, 2022. What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the appropriate entry on December 12. Note: Enter debits before credits. General Journal Debit Credit Date December...
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
In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $15,000 cash for...
In January, Tongo, Inc., a branding consultant, had the
following transactions.
a.
Received $15,000 cash for consulting services rendered in
January.
b.
Issued common stock to investors for $12,000 cash.
c.
Purchased $16,000 of equipment, paying 25 percent in cash and
owing the rest on a note due in 2 years.
d.
Received $8,300 cash for consulting services to be performed
in February.
e.
Bought $1,230 of supplies on account.
f.
Received utility bill for January for $1,500, due February...
e) On November 30, Dizzy Controls Inc. borrowed $600,000 cash from its bank and signed a two-year promissory note bearing 7.4% annual interest due on the last day of the month. DATE ACCOUNT NAMES DEBIT CREDIT On November 29, Dizzy Controls Inc. issued a check for $82,400 to its accountant, Cooper Lybrand, for accounting services used to setup the company. DATE ACCOUNT NAMES DEBIT CREDIT On December 1, Dizzy Controls Inc. signed a two-year contract with Deluca Fix-it Corp. for...
m) On December 17, Dizzy Controls Inc. paid $92,500 cash to its employees for the company used during the first half of December. DATE ACCOUNT NAMES DEBIT CREDIT n) On December 18, Dizzy Controls Inc. issued a check for $96,000 as a partial payment on its account balance for the office equipment received on December 3. DEBIT CREDIT DATE ACCOUNT NAMES o) On December 19, Dizzy Controls Inc. paid $11,000 cash to its local newspaper for advertising that will run...
u) On December 31, Dizzy Controls Inc. issued a check for $3,700 payable to its bank for the interest incurred for using the proceeds of the loan during December. DATE ACCOUNT NAMES CREDIT DEBIT v) On December 31, Dizzy Controls Inc. paid $12,500 cash to its stockholders as distributions of a portion of its profits earned in December. DATE ACCOUNT NAMES CREDIT DEBIT
c) On November 28, Dizzy Controls Inc. signed a contract with an insurance company for one-year of general insurance coverage beginning on December 1. Dizzy Controls Inc. issued a check to the insurance company for $21,000 on November 28 that represented the total premium for the year of insurance coverage. DEBIT CREDIT DATE ACCOUNT NAMES d) on November 29, Dizzy Controls Inc. signed a one-year lease agreement with Hatch Properties to rent office space beginning December 1 at a monthly...
b) On November 25, Dizzy Controls Inc. exchanged 40,000 shares of its $1.25 par value common stock for a plot of land that the Company will eventually use as the site for an office building. The Company and the original land owner agreed that the common shares and the land had a total fair value of $270,000 on November 25. DEBIT ACCOUNT NAMES DATE CREDIT Supporting Computations Required:
Required: Prepare the entries in proper general journal form to record the following transactions for Dizzy Controls Inc. that began operations in the fall of 2020. If an item describes an event that does not result in a recordable transaction, write "No Entry Required" in the journal entry form. (3 points per entry including one point for proper form = 66 points) a) On November 23, Dizzy Controls Inc. received $1,350,000 cash from investors to finance the business operations and...
On December 12, 2021, Pace Electronics received $36,800 from a customer toward a cash sale of $368,000 of diodes to be completed on January 16, 2022. What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the appropriate entry on December 12. Note: Enter debits before credits. General Journal Debit Credit Date December...
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
In January, Tongo, Inc., a branding consultant, had the
following transactions.
a.
Received $15,000 cash for consulting services rendered in
January.
b.
Issued common stock to investors for $12,000 cash.
c.
Purchased $16,000 of equipment, paying 25 percent in cash and
owing the rest on a note due in 2 years.
d.
Received $8,300 cash for consulting services to be performed
in February.
e.
Bought $1,230 of supplies on account.
f.
Received utility bill for January for $1,500, due February...
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