Homework Answers
19. Option B is the answer
Cash is credited. So, it was paid to somebody.
Accounts Payable is debited. So, the amount payable to somebody have been clearEd
20. Option B is the answer
Cash paid reduces the asset balance
Land bought increases asset balance by same amount. So not affected
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19. What transaction does the following general journal entry represent? Accounts payable 1,200 Cash 1,200 A....
The following transaction has been recorded in the general Journal entry:? 1,200 Accounts payable Cash 1,200...
The following transaction has been recorded in the general Journal entry:? 1,200 Accounts payable Cash 1,200 Which of the following could be an explanation for this transaction? Multiple Choice Provided services on account Pald cash to settle accounts payable Collected cash from customers Which of the following could be an explanation for this transaction? Multiple Choice Ο Provided services on account Ο Paid cash to settle accounts payable Ο Collected cash from customers Ο Borrowed money to support operating activities
Paid $400 cash on accounts payable. Made a cash purchase of land for a building site...
Paid $400 cash on accounts payable. Made a cash purchase of land for a building site for the business, $89,000. Sold land and received cash of $69,000 (the land was carried on the company's books at $69,000). a. b. C. Received $15,400 cash from customers on account. d. Purchased medical equipment and signed a $90,000 promissory note in e. payment. f. Purchased a flat-screen TV for Smith's home. Paid Smith a cash dividend of 4,000. g. h. Purchased office supplies...
10) Contessa Company collected $42,000 cash on its accounts receivable. The effects of this 10 transaction...
10) Contessa Company collected $42,000 cash on its accounts receivable. The effects of this 10 transaction as reflected in the accounting equation are: A) Total assets, total liabilities, and total equity are unchanged B) Total assets increase and equity decreases C) Both total assets and total liabilities decrease D) Both total assets and equity are unchanged and liabilities increase. E) Total assets decrease and equity increases. 11) If the liabilities of a business increased $75,000 during a period of time...
Cash Opening Balances - November 1, 2018 $ 990 Accounts Receivable $1,000 Prepaid Expenses $ 310...
Cash Opening Balances - November 1, 2018 $ 990 Accounts Receivable $1,000 Prepaid Expenses $ 310 Machinery Accounts Payable $ 1,460 Notes Payable $0 Irwin, Captial $ 4,140 $ 3,300 Required a) Indicate whether the account balances will increase or decrease and by how much, based on each transaction during November. The first transaction has been completed for you. Always ensure that the accounting equation is balanced. Do not enter dollar signs or commas in the input boxes. Use the...
2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event,...
2. Prepare journal entries to record each transaction. (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 < 1 2 3 4 5 6 Placed an order for office supplies costing $2,000. Supplier intends to deliver later in the month. Note: Enter debits before credits. Event General Journal Debit Credit a. Record entry Clear entry View general journal Rawico Communications operates fifteen radio stations throughout...
At the beginning of Year 2, Better Corp.’s accounting records had the following general ledger accounts...
At the beginning of Year 2, Better Corp.’s accounting records
had the following general ledger accounts and balances.
Better Corp. completed the following transactions during Year
2:
Purchased land for $6,000 cash.
Acquired $27,000 cash from the issue of common stock.
Received $66,000 cash for providing services to customers.
Paid cash operating expenses of $41,800.
Borrowed $12,000 cash from the bank.
Paid a $6,000 cash dividend to the stockholders.
Determined that the market value of the land purchased in event...
At the beginning of 2018, Better Corp's accounting records had the following general ledger accounts and...
At the beginning of 2018, Better Corp's accounting records had the following general ledger accounts and balances: BETTER CORP. Accounting Equation Accounting Titles for Retained Earnings Event Assets = + Cash Land 23,000 33,000 Liabilities Notes Payable 13,300 Stockholders' Equity Common Retained Stock Earnings 8,300 34,400 1/1/2018 Better Corp. completed the following transactions during 2018: 1. Purchased land for $11,500 cash. 2. Acquired $38,000 cash from the issue of common stock. 3. Received $77,000 cash for providing services to customers....
General journal entry options: No Journal Entry Required Accounts Payable Accounts Receivable Ac...
General journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation—Buildings
Accumulated Depreciation—Equipment
Accumulated Depreciation—Vehicles
Accumulated Other Comprehensive Income
Additional Paid-In Capital, Common Stock
Additional Paid-In Capital, Preferred Stock
Additional Paid-In Capital, Treasury Stock
Advertising Expense
Allowance for Doubtful Accounts
Amortization Expense
Bad Debt Expense
Bonds Payable
Building
Cash
Cash Equivalents
Cash Overage
Cash Shortage
Charitable Contributions Payable
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Discount on Bonds Payable...
delete 23) Which of the following would be reported in the cash flow from financing activities...
delete 23) Which of the following would be reported in the cash flow from financing activities section of cash flows? 23) A) Paid cash for dividends backspac B) Sold land for cash C) Paying cash for dividends and receiving cash from common stock D) Received cash for common stock 24) Mayberry Company paid $30,000 cash to purchase land. What happened as a result of this business event 24) A) Total equity was not affected. B) Total assets were not affected....
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and...
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier next month. How does the receipt of the bill from the supplier affect the accounting equation of Mitchell? A) assets and equity decrease B) liabilities increase and equity decreases C) assets and liabilities increase D) liabilities and equity increase -3- 15. Country Homes Company just recorded a transaction in its books. If this transaction increased the total liabilities by $12.000,...
The following transaction has been recorded in the general Journal entry:? 1,200 Accounts payable Cash 1,200 Which of the following could be an explanation for this transaction? Multiple Choice Provided services on account Pald cash to settle accounts payable Collected cash from customers Which of the following could be an explanation for this transaction? Multiple Choice Ο Provided services on account Ο Paid cash to settle accounts payable Ο Collected cash from customers Ο Borrowed money to support operating activities
Paid $400 cash on accounts payable. Made a cash purchase of land for a building site for the business, $89,000. Sold land and received cash of $69,000 (the land was carried on the company's books at $69,000). a. b. C. Received $15,400 cash from customers on account. d. Purchased medical equipment and signed a $90,000 promissory note in e. payment. f. Purchased a flat-screen TV for Smith's home. Paid Smith a cash dividend of 4,000. g. h. Purchased office supplies...
10) Contessa Company collected $42,000 cash on its accounts receivable. The effects of this 10 transaction as reflected in the accounting equation are: A) Total assets, total liabilities, and total equity are unchanged B) Total assets increase and equity decreases C) Both total assets and total liabilities decrease D) Both total assets and equity are unchanged and liabilities increase. E) Total assets decrease and equity increases. 11) If the liabilities of a business increased $75,000 during a period of time...
Cash Opening Balances - November 1, 2018 $ 990 Accounts Receivable $1,000 Prepaid Expenses $ 310 Machinery Accounts Payable $ 1,460 Notes Payable $0 Irwin, Captial $ 4,140 $ 3,300 Required a) Indicate whether the account balances will increase or decrease and by how much, based on each transaction during November. The first transaction has been completed for you. Always ensure that the accounting equation is balanced. Do not enter dollar signs or commas in the input boxes. Use the...
2. Prepare journal entries to record each transaction. (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 < 1 2 3 4 5 6 Placed an order for office supplies costing $2,000. Supplier intends to deliver later in the month. Note: Enter debits before credits. Event General Journal Debit Credit a. Record entry Clear entry View general journal Rawico Communications operates fifteen radio stations throughout...
At the beginning of Year 2, Better Corp.’s accounting records
had the following general ledger accounts and balances.
Better Corp. completed the following transactions during Year
2:
Purchased land for $6,000 cash.
Acquired $27,000 cash from the issue of common stock.
Received $66,000 cash for providing services to customers.
Paid cash operating expenses of $41,800.
Borrowed $12,000 cash from the bank.
Paid a $6,000 cash dividend to the stockholders.
Determined that the market value of the land purchased in event...
At the beginning of 2018, Better Corp's accounting records had the following general ledger accounts and balances: BETTER CORP. Accounting Equation Accounting Titles for Retained Earnings Event Assets = + Cash Land 23,000 33,000 Liabilities Notes Payable 13,300 Stockholders' Equity Common Retained Stock Earnings 8,300 34,400 1/1/2018 Better Corp. completed the following transactions during 2018: 1. Purchased land for $11,500 cash. 2. Acquired $38,000 cash from the issue of common stock. 3. Received $77,000 cash for providing services to customers....
General journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation—Buildings
Accumulated Depreciation—Equipment
Accumulated Depreciation—Vehicles
Accumulated Other Comprehensive Income
Additional Paid-In Capital, Common Stock
Additional Paid-In Capital, Preferred Stock
Additional Paid-In Capital, Treasury Stock
Advertising Expense
Allowance for Doubtful Accounts
Amortization Expense
Bad Debt Expense
Bonds Payable
Building
Cash
Cash Equivalents
Cash Overage
Cash Shortage
Charitable Contributions Payable
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Discount on Bonds Payable...
delete 23) Which of the following would be reported in the cash flow from financing activities section of cash flows? 23) A) Paid cash for dividends backspac B) Sold land for cash C) Paying cash for dividends and receiving cash from common stock D) Received cash for common stock 24) Mayberry Company paid $30,000 cash to purchase land. What happened as a result of this business event 24) A) Total equity was not affected. B) Total assets were not affected....
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier next month. How does the receipt of the bill from the supplier affect the accounting equation of Mitchell? A) assets and equity decrease B) liabilities increase and equity decreases C) assets and liabilities increase D) liabilities and equity increase -3- 15. Country Homes Company just recorded a transaction in its books. If this transaction increased the total liabilities by $12.000,...
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