Homework Answers
ANSWER
11. A. RETAINED EARNINGS
SINCE RETAINED EARNINGS IS A BALANCE SHEET ACCOUNT, IT IS A PERMANENT NATURE ACCOUNT. WHEREAS SERVICE REVENUE, DIVIDEND AND SALARIES EXPENSES ARE ALL TEMPORARY ACCOUNT AND WILL BE CLOSED POST PERIOD END.
12. C. THAT RECORDS THE EFFECT OF TRANSACTION AND OTHER EVENTS IN AT LEAST TWO ACCOUNTS WITH EQUAL DEBITS AND CREDITS
DOUBLE ENTRY ACCOUNTING MEANS RECORDING TRANSACTION WITH EQUAL DEBITS AND CREDITS IN TWO OR MORE ACCOUNTS, THE TWO ACCOUNTS CAN BE OF SAME FINANCIAL STATEMENT OR CAN BE OF TWO OR MORE FINANCIAL STATEMENTS EFFECT TO BE RECORDED.
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11. Which of the following is not a temporary account? A. Retained earnings....
What is the amount of equity on September 1 and September A. $86,000; 54,000 B. 586,000;...
What is the amount of equity on September 1 and September A. $86,000; 54,000 B. 586,000; 5106,000 C. $74,000; $106,000 D. $74,000, $4,000 E None of these answers is correct 25. The rule that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash, and (3) measures revenue as the amount of cash plus the cash equivalent value of any noncash...
Which of the following is false with regards to the double-entry system of recording transactions? Group...
Which of the following is false with regards to the double-entry system of recording transactions? Group of answer choices A)Each transaction affects at least one income statement account and at least one balance sheet account. B)All of these are false. C)Each transaction affects the balances of at least two different accounts. D)None of these are false. E)Each transaction is recorded with an equal dollar amount of debits and credits.
The year end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings....
The year end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings. $220,000; Service Revenue, $850,000; Salaries Expense. $380,000; Rent Expense, $140,000: Interest Expense, $75,000; and Dividends. $50,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal y Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the entry to close revenue accounts. Note: Enter debits before credits. General Journal Debit Credit...
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $210,000;...
The year-end adjusted trial balance of Aggies Corporation
included the following account balances: Retained Earnings,
$210,000; Service Revenue, $800,000; Salaries Expense, $370,000;
Rent Expense, $130,000; Interest Expense, $65,000; and Dividends,
$40,000.
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $210,000; Service Revenue, $800,000; Salaries Expense, $370,000; Rent Expense, $130,000; Interest Expense, $65,000; and Dividends, $40,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required"...
11. What is the purpose of the statement of retained earnings? 12. What are expenses? 13....
11. What is the purpose of the statement of retained earnings? 12. What are expenses? 13. In a T-account, how are debits and credits shown? 14. Which accounts have debit balances and which accounts have credit balances? 15. What is the difference between and expense and a dividend? 16. Where does unearned revenue appear on the financial statements? 17. What is the relationship of expenses, revenues and dividends to retained earnings? 18. What is the first financial statement prepared after...
6. Which of the following presents key aspects of the process of accounting in the correct...
6. Which of the following presents key aspects of the process of accounting in the correct chronological order? a. Totaling, auditing, and budgeting b. Budgeting, recording, and communicating c. Recording, totaling, and auditing d. Identifying, recording, and communicating 7. The process of transferring transaction effects into the appropriate accounts is referred to as a. closing. b. joumalizing. C. recording. d. posting 8. The following describes the process of identifying the economic events of an organization a. Keeping a chronological diary...
12) Retained earnings at the end of the year is calculated using: A) Common stock and...
12) Retained earnings at the end of the year is calculated using: A) Common stock and dividends. B) Beginning retained earings, net income, and dividends. C) Stockholders' equity, net income, and dividends. D) Net income and dividends. 13) Which of the following accounts has a credit balance! A) Land. B) Accounts Payable C) Salaries Expense. D) Prepaid Rent 14) Emmitt had the following final balances after the first year of operations assets, S55.000; stockholders' equity, 525,000; dividends, 53.000, and met...
Closing accounts and the accounting cycle Required a. Identify which of the following accounts are temporary...
Closing accounts and the accounting cycle Required a. Identify which of the following accounts are temporary will be closed to Retained Earnings at the end of the year) and which are permanent: (1) Other Operating Expenses (2) Utilities Expense (3) Retained Earnings (4) Salaries Expense (5) Land (6) Dividends (7) Service Revenue (8) Cash (9) Salaries Payable (10) Common Stock
Record the entry to close the dividends account. Record the entry to close the expense accounts...
Record the entry to close the dividends account.
Record the entry to close the expense accounts using the
retained earnings account.
I only need help with those two part thank you!!
Credits Debits 28,700 18, see 31,00 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 9, 3ee 10, see 49, see 9,400 77, 7ee 77,700 The following is a summary of the transactions for the year: a. Service revenue, $134,000, of which $40,200...
Which of the following describes the closing process? Multiple Choice Transfer the balances of temporary accounts...
Which of the following describes the closing process? Multiple Choice Transfer the balances of temporary accounts (revenues, expenses, and dividends) to retained earnings. Store all source documents used to record transactions throughout the period. O Record external events for the period so that financial statements can be prepared. Record activities that have occurred but that have not been recorded by the end of the accounting period.
What is the amount of equity on September 1 and September A. $86,000; 54,000 B. 586,000; 5106,000 C. $74,000; $106,000 D. $74,000, $4,000 E None of these answers is correct 25. The rule that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash, and (3) measures revenue as the amount of cash plus the cash equivalent value of any noncash...
The year end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings. $220,000; Service Revenue, $850,000; Salaries Expense. $380,000; Rent Expense, $140,000: Interest Expense, $75,000; and Dividends. $50,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal y Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the entry to close revenue accounts. Note: Enter debits before credits. General Journal Debit Credit...
The year-end adjusted trial balance of Aggies Corporation
included the following account balances: Retained Earnings,
$210,000; Service Revenue, $800,000; Salaries Expense, $370,000;
Rent Expense, $130,000; Interest Expense, $65,000; and Dividends,
$40,000.
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $210,000; Service Revenue, $800,000; Salaries Expense, $370,000; Rent Expense, $130,000; Interest Expense, $65,000; and Dividends, $40,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required"...
6. Which of the following presents key aspects of the process of accounting in the correct chronological order? a. Totaling, auditing, and budgeting b. Budgeting, recording, and communicating c. Recording, totaling, and auditing d. Identifying, recording, and communicating 7. The process of transferring transaction effects into the appropriate accounts is referred to as a. closing. b. joumalizing. C. recording. d. posting 8. The following describes the process of identifying the economic events of an organization a. Keeping a chronological diary...
12) Retained earnings at the end of the year is calculated using: A) Common stock and dividends. B) Beginning retained earings, net income, and dividends. C) Stockholders' equity, net income, and dividends. D) Net income and dividends. 13) Which of the following accounts has a credit balance! A) Land. B) Accounts Payable C) Salaries Expense. D) Prepaid Rent 14) Emmitt had the following final balances after the first year of operations assets, S55.000; stockholders' equity, 525,000; dividends, 53.000, and met...
Closing accounts and the accounting cycle Required a. Identify which of the following accounts are temporary will be closed to Retained Earnings at the end of the year) and which are permanent: (1) Other Operating Expenses (2) Utilities Expense (3) Retained Earnings (4) Salaries Expense (5) Land (6) Dividends (7) Service Revenue (8) Cash (9) Salaries Payable (10) Common Stock
Record the entry to close the dividends account.
Record the entry to close the expense accounts using the
retained earnings account.
I only need help with those two part thank you!!
Credits Debits 28,700 18, see 31,00 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 9, 3ee 10, see 49, see 9,400 77, 7ee 77,700 The following is a summary of the transactions for the year: a. Service revenue, $134,000, of which $40,200...
Which of the following describes the closing process? Multiple Choice Transfer the balances of temporary accounts (revenues, expenses, and dividends) to retained earnings. Store all source documents used to record transactions throughout the period. O Record external events for the period so that financial statements can be prepared. Record activities that have occurred but that have not been recorded by the end of the accounting period.
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