1.
Prepaid a one-year premium on liability insurance with cash, $876.
Account:
Account:
2.
Billed participants for karate lessons, $2,200.
Account:
Account:
3.
Prepaid six months’ rent with cash, $6,450.
Account:
Account:
Answer 1:
Answer 2:
4.
Received cash of $2,200 on account from participants.
Account:
Account:
5.
For this business event, please list the all debits before any credits, and when multiple debits, or credits, are required, please list them from largest to smallest (largest dollar value debit goes first, then next largest debit goes next, etc. After all debits are listed, the largest dollar credit goes next, then the next largest dollar value credit, etc.).
Purchased equipment for $4,750, paying $950 in cash, with the balance due in 30 days.
Account:
Account:
Account:
6.
Paid $3,800 on account for the balance due on equipment.
Account:
Account:
7.
Billed participants for karate lessons, $2,000.
Account:
Account:
8.Paid assistant’s wages in cash, $950.
Account:
Account:
Homework Answers
Add Answer to:
1.
Prepaid a one-year
premium on liability insurance with cash, $876.
Account:
Account:
2.
Billed participants...
Transaction Entries, Posting, Trial Balance, and Adjusting Entries Zhou Karate School began business on June 1....
Transaction Entries, Posting, Trial Balance, and Adjusting Entries Zhou Karate School began business on June 1. Transactions for June are as follows: $10,000 $4,750 Po Zhou contributed his personal funds in exchange for common stock to begin the business. 2 Purchased equipment for a total of Paid cash of $950, with the balance due in 30 days. 3 Paid 6 months' rent. 4 Paid one-year premium on liability insurance. 5 Paid June newspaper advertising. 6 Billed participants for karate lessons...
1. Paid $400 cash for advertisements run this past week. Account: Account: 2. Purchased supplies costing...
1.
Paid $400 cash for advertisements run this past week.
Account:
Account:
2.
Purchased supplies costing $2,000 on account.
Account:
Account:
3.
Paid wages to employees in cash, $2,500.
Account:
Account:
4.
Received cash of $7,000 from customers for services
rendered.
Account:
Account:
5.
The owner invested $25,000 cash in the business in exchange for
ownership interest.
Account:
Account:
6.
For this transaction, please list the all debits before any
credits, and when multiple debits, or credits, are
required, please...
For each of the following (1) identify the type of account as an asset, liability, equity,...
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense: (2) identify the normal balance of the account; and (3) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance. Type of Account Liability Normal Balance increase (Dr. or Cr.) Credit Credit Account a. Accounts Payable b. Consulting Revenue c. Salaries Expense d. Utilities Expense e. Prepaid Rent f. Wages Payable 9. Notes...
1) Paid (1) cash for the (2) next six months’ insurance premium, $800. (1) Account Type:...
1)
Paid (1) cash for the
(2) next six months’
insurance premium, $800.
(1) Account Type:
Direction:
Debit/Credit:
(2) Account Type:
Direction:
Debit/Credit:
2)
(1) Completed psychological
counseling with a client and (2)
sent a bill for $850 for services
rendered.
(1) Account Type:
Direction:
Debit/Credit:
(2) Account Type:
Direction:
Debit/Credit:
3)
Paid $1,000 of (1)
cash for the (2)
amount owed from the previous purchase of
office furniture.
(1) Account Type:
Direction:
Debit/Credit:
(2) Account Type:
Direction:
Debit/Credit:
4)...
The company paid $2,200 cash for the premium on an 18-month insurance policy. Note: Enter debits...
The company paid $2,200 cash for the premium on an 18-month insurance policy. Note: Enter debits before credits Tranasaction Account Title Debit Credit d The company completed and delivered a set of plans for a client and collected $9,700 cash Note: Enter debits before credits. Tranasaction Account Title Debit Credit The company purchased $34,000 of additional drafting equipment by paying $11,200 cash and signing a long-term note payable for $22,800. Note: Enter debits before credits. Tranasaction Account Title Debit Credit...
Adam's Accounting Service Oct 1 Owner invested $ 18,000 cash into business Oct 3 Purchased supplies...
Adam's Accounting Service Oct 1 Owner invested $ 18,000 cash into business Oct 3 Purchased supplies on account $ 700 Oct 6 Bought furniture on account for $2 500 Oct 8 Provided services and billed customer $ 7,400 Oct 11 Paid six months insurance in advance rent for month $4800 Oct 14 Owner paid his personal utility bill of $ 405 with company's check Oct 16 Received electricity bill for $ 670 but still unpaid Oct 17 Paid S 1,200...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
1-3 2. A disadvantage to the sole proprietor form of business is a. Unlimited personal liability....
1-3
2. A disadvantage to the sole proprietor form of business is a. Unlimited personal liability. b. Dual taxation. c. Unlimited life. d. Complex management structure. 4. The purchase of inventory on credit results in a journal entry that a. Debits cash. b. Credits accounts payable C. Debits accounts receivable d. Credits cash. 3. The account that a firm would not close at the end of an accounting period is a. Service revenues. b. Cost of goods sold. c. Accumulated...
On May 31, the Cash account of Tesla had a normal balance of $5,000. During May,...
On May 31, the Cash account of Tesla had a normal balance of $5,000. During May, the account was debited for a total of $12,200 and credited for a total of $11,500. What was the balance in the Cash account at the beginning of May? Multiple Choice O A SO balance. O A $4,300 debit balance, O A $4,300 credit balance. A $5,700 debit balance. A $5,700 credit balance. 16 24 Next > During the month of March, Harley's Computer...
1. Purchased a 1-year insurance policy, paid $2,000. 2. Billed a customer for a $2,100 job....
1. Purchased a 1-year insurance policy, paid $2,000. 2. Billed a customer for a $2,100 job. 3. Received $4,800 to start an eight-month job,(each month is the same amount) beginning next month. 4. Bought a computer on credit for $3,600. 5. Deposited cash of $3,400 to a business checking account. 6. Received a gas bill, $300. 7. Paid $400 for van repairs. 8. Purchased supplies for $400 in cash. 9. Withdrew $3,600 to his personal checking account. 10. Received $1,150...
Transaction Entries, Posting, Trial Balance, and Adjusting Entries Zhou Karate School began business on June 1. Transactions for June are as follows: $10,000 $4,750 Po Zhou contributed his personal funds in exchange for common stock to begin the business. 2 Purchased equipment for a total of Paid cash of $950, with the balance due in 30 days. 3 Paid 6 months' rent. 4 Paid one-year premium on liability insurance. 5 Paid June newspaper advertising. 6 Billed participants for karate lessons...
1.
Paid $400 cash for advertisements run this past week.
Account:
Account:
2.
Purchased supplies costing $2,000 on account.
Account:
Account:
3.
Paid wages to employees in cash, $2,500.
Account:
Account:
4.
Received cash of $7,000 from customers for services
rendered.
Account:
Account:
5.
The owner invested $25,000 cash in the business in exchange for
ownership interest.
Account:
Account:
6.
For this transaction, please list the all debits before any
credits, and when multiple debits, or credits, are
required, please...
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense: (2) identify the normal balance of the account; and (3) select debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase the account balance. Type of Account Liability Normal Balance increase (Dr. or Cr.) Credit Credit Account a. Accounts Payable b. Consulting Revenue c. Salaries Expense d. Utilities Expense e. Prepaid Rent f. Wages Payable 9. Notes...
1)
Paid (1) cash for the
(2) next six months’
insurance premium, $800.
(1) Account Type:
Direction:
Debit/Credit:
(2) Account Type:
Direction:
Debit/Credit:
2)
(1) Completed psychological
counseling with a client and (2)
sent a bill for $850 for services
rendered.
(1) Account Type:
Direction:
Debit/Credit:
(2) Account Type:
Direction:
Debit/Credit:
3)
Paid $1,000 of (1)
cash for the (2)
amount owed from the previous purchase of
office furniture.
(1) Account Type:
Direction:
Debit/Credit:
(2) Account Type:
Direction:
Debit/Credit:
4)...
The company paid $2,200 cash for the premium on an 18-month insurance policy. Note: Enter debits before credits Tranasaction Account Title Debit Credit d The company completed and delivered a set of plans for a client and collected $9,700 cash Note: Enter debits before credits. Tranasaction Account Title Debit Credit The company purchased $34,000 of additional drafting equipment by paying $11,200 cash and signing a long-term note payable for $22,800. Note: Enter debits before credits. Tranasaction Account Title Debit Credit...
Adam's Accounting Service Oct 1 Owner invested $ 18,000 cash into business Oct 3 Purchased supplies on account $ 700 Oct 6 Bought furniture on account for $2 500 Oct 8 Provided services and billed customer $ 7,400 Oct 11 Paid six months insurance in advance rent for month $4800 Oct 14 Owner paid his personal utility bill of $ 405 with company's check Oct 16 Received electricity bill for $ 670 but still unpaid Oct 17 Paid S 1,200...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
1-3
2. A disadvantage to the sole proprietor form of business is a. Unlimited personal liability. b. Dual taxation. c. Unlimited life. d. Complex management structure. 4. The purchase of inventory on credit results in a journal entry that a. Debits cash. b. Credits accounts payable C. Debits accounts receivable d. Credits cash. 3. The account that a firm would not close at the end of an accounting period is a. Service revenues. b. Cost of goods sold. c. Accumulated...
On May 31, the Cash account of Tesla had a normal balance of $5,000. During May, the account was debited for a total of $12,200 and credited for a total of $11,500. What was the balance in the Cash account at the beginning of May? Multiple Choice O A SO balance. O A $4,300 debit balance, O A $4,300 credit balance. A $5,700 debit balance. A $5,700 credit balance. 16 24 Next > During the month of March, Harley's Computer...
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