Homework Answers
Answer-1-If the beginning balance of the accumulated depreciation -Equipment account is 10000 and an adjusting journal entry is recorded for depreciation on the equipment for $2,500 , the balance of the accumulated depreciation account after the entry is recorded will be on the balance sheet as a reduction from the gross amount of fixed assets reported.
2-the correct option is c-the income statement, the statement of owner's equity and the classified balance sheet
Once the adjusted trial balance is balanced, it can be used to prepare the income statement, the statement of owner's equity and the classified balance sheet.
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If the beginning balance of the Accumulated Depreciation Equipment account is $10,000 and an adjusting journal...
1. If the beginning balance of the Accumulated Depreciation—Equipment account is $10,000 and an adjusting journal...
1. If the beginning balance of the Accumulated Depreciation—Equipment account is $10,000 and an adjusting journal entry is recorded for depreciation on the equipment for $2,500, the balance of the accumulated depreciation account after the entry is recorded will be a.$7,500. b.$2,500. c.$12,500. d.$10,000. please explain
7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accu...
7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accumulated Depreciation account. D) the Depreciation Expense account. 8) An adjusting entry is completed: A) at the beginning of the accounting period. B) at the end of the accounting period. C) when the balance sheet is prepared. D) when accounts need to be balanced in the ledger. 9) Prior to recording adjusting entries, the Office Supplies account had a $359...
I need help with the journal entries, adjusting entries, classified balance sheet and the post closing...
I need help with the journal entries, adjusting
entries, classified balance sheet and the post closing balance
PTUDlen. Laura Eddy opened Eddy's Carpet Cleaners on March 1. During March, the following transactions were completed. Mar 1 3 14 18 Invested $10,000 cash in the business. Purchased used truck for $6,000, paying $3,000 cash and the balance on account. Purchased cleaning supplies for $1,200 on account. Pald $1,200 cash on one-year insurance policy effective March 1. Billed customers $4,800 for cleaning...
On a balance sheet, Accumulated Depreciation-Equipment is reported: Multiple Choice o as a contra-asset on the...
On a balance sheet, Accumulated Depreciation-Equipment is reported: Multiple Choice o as a contra-asset on the Balance Sheet. o as a liability on the Income Statement o as owner's equity on the Balance Sheet. o as an expense on the Income Statement. Proy 1 of 30
Credits Account Title Debits 30,000 15,000 Cash Accounts receivable Equipment Accumulated depreciation Salaries payable 20,000 6,000...
Credits Account Title Debits 30,000 15,000 Cash Accounts receivable Equipment Accumulated depreciation Salaries payable 20,000 6,000 9,000 40,500 9,500 65,000 Common stock Retained earnings Total 65,000 The following is a summary of the transactions for the year: a. Service revenue, $100,000, of which $30,000 was on account and the balance was received in cash. b. Collected on accounts receivable, $27,300. c. Issued shares of common stock in exchange for $10,000 in cash. d. Paid salaries, $50,000 (of which $9,000 was...
Credits Debits 30,000 15,000 20,000 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common...
Credits Debits 30,000 15,000 20,000 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 6,000 9,000 40,500 9,500 65,000 65,000 The following is a summary of the transactions for the year: a. Service revenue, $100,000, of which $30,000 was on account and the balance was received in cash. b. Collected on accounts receivable, $27,300. c. Issued shares of common stock in exchange for $10,000 in cash. d. Paid salaries, $50,000 (of which $9,000 was...
Data Table Cash 10,000 Accounts receivable 18,900 Supplies 2,000 1,300 Prepaid rent Equipment 36,900 Accumulated depreciation-equipment...
Data Table Cash 10,000 Accounts receivable 18,900 Supplies 2,000 1,300 Prepaid rent Equipment 36,900 Accumulated depreciation-equipment 4,100 Accounts payable 8,700 Interest payable 800 Unearned service revenue 500 Income tax payable 2,000 Note payable 18,400 Common stock 11,000 Retained earnings 5,000 Dividends 3,000 Service revenue 98,900 Depreciation expense-equipment 1,300 Salary expense 49,800 Rent expense 11,200 Interest expense 2,500 Insurance expense 3,500 2,100 Supplies expense 6,900 Income tax expense 149,400 $ 149,400 Total Print Done %24 The adjusted trial balance for the...
Please show all parts Credits Account Title Debits 30,000 15,000 Cash Accounts receivable Equipment Accumulated depreciation...
Please show all parts
Credits Account Title Debits 30,000 15,000 Cash Accounts receivable Equipment Accumulated depreciation Salaries payable 20,000 6,000 9,000 40,500 9,500 65,000 Common stock Retained earnings Total 65,000 The following is a summary of the transactions for the year: a. Service revenue, $100,000, of which $30,000 was on account and the balance was received in cash. b. Collected on accounts receivable, $27,300. c. Issued shares of common stock in exchange for $10,000 in cash. d. Paid salaries, $50,000...
"Prepare Adjusting Journal Entries (given the information below), then an Adjusted Trial Balance given said information....
"Prepare Adjusting Journal Entries (given the information
below), then an Adjusted Trial Balance given said information.
Prepare an Income statement, Retained Earnings, Statement, and a
Classified Balance Sheet (in this order). Finally, answer the
following questions: 1) 'What is the dollar amount for Net Income
or Net loss?' 2) 'What is the dollar amount for Ending Retained
Earning?' 3) 'What is the amount for total Current Assets?' 4)
'What is the dollar amount for Total Current Liabilities?' 5) 'What
is...
On a balance sheet, Accumulated Depreciation-Equipment is reported: Multiple Choice as an expense on the Income...
On a balance sheet, Accumulated Depreciation-Equipment is reported: Multiple Choice as an expense on the Income Statement. as a liability on the Income Statement. as owner's equity on the Balance Sheet. as a contra-asset on the Balance Sheet.
7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accumulated Depreciation account. D) the Depreciation Expense account. 8) An adjusting entry is completed: A) at the beginning of the accounting period. B) at the end of the accounting period. C) when the balance sheet is prepared. D) when accounts need to be balanced in the ledger. 9) Prior to recording adjusting entries, the Office Supplies account had a $359...
I need help with the journal entries, adjusting
entries, classified balance sheet and the post closing balance
PTUDlen. Laura Eddy opened Eddy's Carpet Cleaners on March 1. During March, the following transactions were completed. Mar 1 3 14 18 Invested $10,000 cash in the business. Purchased used truck for $6,000, paying $3,000 cash and the balance on account. Purchased cleaning supplies for $1,200 on account. Pald $1,200 cash on one-year insurance policy effective March 1. Billed customers $4,800 for cleaning...
On a balance sheet, Accumulated Depreciation-Equipment is reported: Multiple Choice o as a contra-asset on the Balance Sheet. o as a liability on the Income Statement o as owner's equity on the Balance Sheet. o as an expense on the Income Statement. Proy 1 of 30
Credits Account Title Debits 30,000 15,000 Cash Accounts receivable Equipment Accumulated depreciation Salaries payable 20,000 6,000 9,000 40,500 9,500 65,000 Common stock Retained earnings Total 65,000 The following is a summary of the transactions for the year: a. Service revenue, $100,000, of which $30,000 was on account and the balance was received in cash. b. Collected on accounts receivable, $27,300. c. Issued shares of common stock in exchange for $10,000 in cash. d. Paid salaries, $50,000 (of which $9,000 was...
Credits Debits 30,000 15,000 20,000 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 6,000 9,000 40,500 9,500 65,000 65,000 The following is a summary of the transactions for the year: a. Service revenue, $100,000, of which $30,000 was on account and the balance was received in cash. b. Collected on accounts receivable, $27,300. c. Issued shares of common stock in exchange for $10,000 in cash. d. Paid salaries, $50,000 (of which $9,000 was...
Data Table Cash 10,000 Accounts receivable 18,900 Supplies 2,000 1,300 Prepaid rent Equipment 36,900 Accumulated depreciation-equipment 4,100 Accounts payable 8,700 Interest payable 800 Unearned service revenue 500 Income tax payable 2,000 Note payable 18,400 Common stock 11,000 Retained earnings 5,000 Dividends 3,000 Service revenue 98,900 Depreciation expense-equipment 1,300 Salary expense 49,800 Rent expense 11,200 Interest expense 2,500 Insurance expense 3,500 2,100 Supplies expense 6,900 Income tax expense 149,400 $ 149,400 Total Print Done %24 The adjusted trial balance for the...
Please show all parts
Credits Account Title Debits 30,000 15,000 Cash Accounts receivable Equipment Accumulated depreciation Salaries payable 20,000 6,000 9,000 40,500 9,500 65,000 Common stock Retained earnings Total 65,000 The following is a summary of the transactions for the year: a. Service revenue, $100,000, of which $30,000 was on account and the balance was received in cash. b. Collected on accounts receivable, $27,300. c. Issued shares of common stock in exchange for $10,000 in cash. d. Paid salaries, $50,000...
"Prepare Adjusting Journal Entries (given the information
below), then an Adjusted Trial Balance given said information.
Prepare an Income statement, Retained Earnings, Statement, and a
Classified Balance Sheet (in this order). Finally, answer the
following questions: 1) 'What is the dollar amount for Net Income
or Net loss?' 2) 'What is the dollar amount for Ending Retained
Earning?' 3) 'What is the amount for total Current Assets?' 4)
'What is the dollar amount for Total Current Liabilities?' 5) 'What
is...
On a balance sheet, Accumulated Depreciation-Equipment is reported: Multiple Choice as an expense on the Income Statement. as a liability on the Income Statement. as owner's equity on the Balance Sheet. as a contra-asset on the Balance Sheet.
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