Homework Answers
13. Correct answer is C
Debit Accounts Receivable (debit the receiver as he has received
services)
Credit Service Revenue (credit all incomes and gains)
14. Correct answer is B
Debit Cash (debit what comes in)
Credit Accounts Receivable (credit the giver)
15. Correct answer is C
=200000*9/100*8/12
16. Correct answer is C
(assuming that the payment will be made on Thursday, only accruals are made now)
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SHARJAH HIGHER COLLEGES OF TECHNOLOGY Salem has performed AEDS00 of legel services for a cinsilled the...
If a business has received cash in advance of services performed and credits a liability account,...
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
8- SELECT THE BEST ANSWER Mary Richardo has performed $550 of CPA services for a client...
8- SELECT THE BEST ANSWER Mary Richardo has performed $550 of CPA services for a client but has not billed the client as of the end of the accounting period. What adjusting entry must Mary make? Debit Unearned Service Revenue and credit Service Revenue Debit Cash and credit Unearned Service Revenue Debit Accounts Receivable and credit Unearned Service Revenue Debit Accounts Receivable and credit Service Revenue 9- Employees at Cheyenne Corp. are paid $13200 cash every Friday for working Monday...
5. The following transactions occurred for Wilke Technology Solutions: 4(Click the icon to view the transactions.)...
5. The following transactions occurred for Wilke Technology Solutions: 4(Click the icon to view the transactions.) Read the requirement" (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) May 1: The business received cash of $105,000 and issued common stock to Zoe Wilke. Date Accounts and Explanation Debit Credit May 1 CE May 2: Purchased office supplies on account, $550. Date Accounts and Explanation Debit Credit May 2 (6) (10) May 4:...
a. As of December 31, Greavy had performed $500 of service revenue but has not yet...
a. As of December 31, Greavy had performed $500 of service revenue but has not yet billed customers. At the end of the month, Greavy had $700 of office supplies remaining. c. Prepaid Insurance of $3,900 remained. d. Depreciation expense, $4,000. e. Accrued salaries expense of $200 that hasn't been paid yet. Unadjusted Trial Balance Debit Credit Adjusted Trial Balance Adjustments Account Names Debit Credit | Debit Credit Cash 4,300 5,900 1,900 4,550 30,000 7,600 3,600 Accounts Receivable Office Supplies...
Question 1 3.5 pts On May 17, Buckeye Corporation performed $800 of services for Betty DeRose,...
Question 1 3.5 pts On May 17, Buckeye Corporation performed $800 of services for Betty DeRose, a customer. Betty paid for one-half of the bill on May 17 and agreed to pay the remainder within 30 days. On June 9, Betty paid the remaining amount owed Which of the following journal entries would Buckeye Corporation make on June 9? debit accounts receivable $400 and credit cash $400 debit cash $400 and credit service revenue $400 debit accounts payable $400 and...
5. Harper Sales Consultants completed the following transactions during the latter part of January 2 (Click...
5. Harper Sales Consultants completed the following transactions during the latter part of January 2 (Click the icon to view the transactions.) Journalize the transactions of Harper Sales Consultants. Include an explanation with each journal entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 22: Performed services for customers on account, $7,500. Date Accounts and Explanation Debit Credit Jan. 22 (1) Jan. 30: Received cash on account from customers, $8,000....
5. Harper Sales Consultants completed the following transactions during the latter part of January 2 (Click...
5. Harper Sales Consultants completed the following transactions during the latter part of January 2 (Click the icon to view the transactions.) Journalize the transactions of Harper Sales Consultants. Include an explanation with each journal entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 22: Performed services for customers on account, $7,500. Date Accounts and Explanation Debit Credit Jan. 22 (1) Jan. 30: Received cash on account from customers, $8,000....
9. Healthe Sales Consultants completed the following transactions during the latter part of January (Click the...
9. Healthe Sales Consultants completed the following transactions during the latter part of January (Click the icon to view the transactions.) Print Print Journalize the transactions of Healthe Sales Consultants. Include an explanation with each journal entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 22: Performed services for customers on account, $7,000. Date Accounts and Explanation Debit Credit Jan. 22 (1) 123 Jan. 30: Received cash on account from...
On October 31 of the current year, a contract was signed and achegue received for services...
On October 31 of the current year, a contract was signed and achegue received for services to be performed by October 31 of the following year. The neared Service Revenue account was credited for $4,500. Assuming services were performed evenly during the remainder of the sea the adjusting entry on December 31 will involve a: A) credit to Unearned Service Revenue 5800 B) credit to Service Revenue for $4,000 C) credit to Service Revenue 5800 D) debit to Unearned Service...
The following trial balance of Blue Co. does not balance. Credit $3,307 BLUE CO. TRIAL BALANCE...
The following trial balance of Blue Co. does not balance. Credit $3,307 BLUE CO. TRIAL BALANCE JUNE 30, 2020 Debit Cash Accounts Receivable $2,844 Supplies 1,237 Equipment 4,237 Accounts Payable Unearned Service Revenue 1,637 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 3,837 Office Expense 1,377 Totals $15,169 3,103 6,437 3,437 2,817 $19,101 Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors....
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
8- SELECT THE BEST ANSWER Mary Richardo has performed $550 of CPA services for a client but has not billed the client as of the end of the accounting period. What adjusting entry must Mary make? Debit Unearned Service Revenue and credit Service Revenue Debit Cash and credit Unearned Service Revenue Debit Accounts Receivable and credit Unearned Service Revenue Debit Accounts Receivable and credit Service Revenue 9- Employees at Cheyenne Corp. are paid $13200 cash every Friday for working Monday...
5. The following transactions occurred for Wilke Technology Solutions: 4(Click the icon to view the transactions.) Read the requirement" (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) May 1: The business received cash of $105,000 and issued common stock to Zoe Wilke. Date Accounts and Explanation Debit Credit May 1 CE May 2: Purchased office supplies on account, $550. Date Accounts and Explanation Debit Credit May 2 (6) (10) May 4:...
a. As of December 31, Greavy had performed $500 of service revenue but has not yet billed customers. At the end of the month, Greavy had $700 of office supplies remaining. c. Prepaid Insurance of $3,900 remained. d. Depreciation expense, $4,000. e. Accrued salaries expense of $200 that hasn't been paid yet. Unadjusted Trial Balance Debit Credit Adjusted Trial Balance Adjustments Account Names Debit Credit | Debit Credit Cash 4,300 5,900 1,900 4,550 30,000 7,600 3,600 Accounts Receivable Office Supplies...
Question 1 3.5 pts On May 17, Buckeye Corporation performed $800 of services for Betty DeRose, a customer. Betty paid for one-half of the bill on May 17 and agreed to pay the remainder within 30 days. On June 9, Betty paid the remaining amount owed Which of the following journal entries would Buckeye Corporation make on June 9? debit accounts receivable $400 and credit cash $400 debit cash $400 and credit service revenue $400 debit accounts payable $400 and...
5. Harper Sales Consultants completed the following transactions during the latter part of January 2 (Click the icon to view the transactions.) Journalize the transactions of Harper Sales Consultants. Include an explanation with each journal entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 22: Performed services for customers on account, $7,500. Date Accounts and Explanation Debit Credit Jan. 22 (1) Jan. 30: Received cash on account from customers, $8,000....
5. Harper Sales Consultants completed the following transactions during the latter part of January 2 (Click the icon to view the transactions.) Journalize the transactions of Harper Sales Consultants. Include an explanation with each journal entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 22: Performed services for customers on account, $7,500. Date Accounts and Explanation Debit Credit Jan. 22 (1) Jan. 30: Received cash on account from customers, $8,000....
9. Healthe Sales Consultants completed the following transactions during the latter part of January (Click the icon to view the transactions.) Print Print Journalize the transactions of Healthe Sales Consultants. Include an explanation with each journal entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 22: Performed services for customers on account, $7,000. Date Accounts and Explanation Debit Credit Jan. 22 (1) 123 Jan. 30: Received cash on account from...
On October 31 of the current year, a contract was signed and achegue received for services to be performed by October 31 of the following year. The neared Service Revenue account was credited for $4,500. Assuming services were performed evenly during the remainder of the sea the adjusting entry on December 31 will involve a: A) credit to Unearned Service Revenue 5800 B) credit to Service Revenue for $4,000 C) credit to Service Revenue 5800 D) debit to Unearned Service...
The following trial balance of Blue Co. does not balance. Credit $3,307 BLUE CO. TRIAL BALANCE JUNE 30, 2020 Debit Cash Accounts Receivable $2,844 Supplies 1,237 Equipment 4,237 Accounts Payable Unearned Service Revenue 1,637 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 3,837 Office Expense 1,377 Totals $15,169 3,103 6,437 3,437 2,817 $19,101 Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors....
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