Select the account that will be Debited and the account that will be Credited for each...
Select the account that will be Debited and the account that will be Credited for each of the following transactions for Beta Computers:
| Transaction | Dr | Cr |
| Owner invests cash into business one answer must be chosen |
Answer Cash Accounts ReceivablePrepaid InsuranceAccounts PayableCapital IntroducedService RevenueAdvertising ExpenseSalary ExpenseInterest Expense |
AnswerCashAccounts ReceivablePrepaid InsuranceAccounts PayableCapital IntroducedService RevenueAdvertising ExpenseSalary ExpenseInterest Expense |
| Beta Computers performs a service on account one answer must be chosen |
AnswerCashAccounts ReceivablePrepaid InsuranceAccounts PayableCapital IntroducedService RevenueAdvertising ExpenseSalary ExpenseInterest Expense |
AnswerCashAccounts ReceivablePrepaid InsuranceAccounts PayableCapital IntroducedService RevenueAdvertising ExpenseSalary ExpenseInterest Expense |
| Beta receives a bill for advertising which it will pay in 30 days | AnswerCashAccounts ReceivablePrepaid InsuranceAccounts PayableCapital IntroducedService RevenueAdvertising ExpenseSalary ExpenseInterest Expense | AnswerCashAccounts ReceivablePrepaid InsuranceAccounts PayableCapital IntroducedService RevenueAdvertising ExpenseSalary ExpenseInterest Expense |
| Beta pays salaries |
AnswerCashAccounts ReceivablePrepaid InsuranceAccounts PayableCapital IntroducedService RevenueAdvertising ExpenseSalary ExpenseInterest Expense |
AnswerCashAccounts ReceivablePrepaid InsuranceAccounts PayableCapital IntroducedService RevenueAdvertising ExpenseSalary ExpenseInterest Expense |
|
Beta receives cash from a client for services provided in a previous period |
AnswerCashAccounts ReceivablePrepaid InsuranceAccounts PayableCapital IntroducedService RevenueAdvertising ExpenseSalary ExpenseInterest Expense | AnswerCashAccounts ReceivablePrepaid InsuranceAccounts PayableCapital IntroducedService RevenueAdvertising ExpenseSalary ExpenseInterest Expense |
Homework Answers
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Select the account that will be Debited and the account that
will be Credited for each...
QUESTION 14 Identify the account to be debited and the account to be credited for each...
QUESTION 14 Identify the account to be debited and the account to be credited for each of the following transactions: 1 Purchased equipment for cash and a note payable. 2. Accepted a cash deposit from a customer for a service to be provided next month. 3. Provided services on account. 4. Purchased supplies on account. 5. Received payment form the client in 3. 6. Provided services to customer in 2 and collected cash for the remaining work done. 7. Owner...
20. For each transaction, identify which account is debited and which account is credited. Use proper...
20. For each transaction, identify which account is debited and which account is credited. Use proper account titles (Cash, Accounts Receivable, etc.). Debit Credit Transaction Received a bill for utilities to be paid next month Performed services on account Paid employees' salaries Paid cash for a 6-month insurance policy, with coverage starting next month Paid dividends to stockholders Borrowed cash and signed a promissory note Used up warehouse supplies Received cash from a customer to pay on their account Received...
For each transaction, indicate the account or accounts that should be debited and credited. Accounts 1....
For each transaction, indicate the account or accounts that should be debited and credited. Accounts 1. Cash 2. Accounts Receivables 3. Prepaid Insurance 4. Office Supplies 5. Automobiles 6. Land 7. Accounts Payable 8. Income Taxes Payable 9. Notes Payable 10. Capital Stock 11. Retained Earnings 12. Service Revenue 13. Wage and Salary Expense 14. Utilities Expense 15. Income Tax Expense Transactions Debited Credited Example: Purchased office supplies for cash 4 1 a. Issued capital stock for cash. __ __...
Recording a Payment by Seller to Customer On March 18, 2020, Kudos Corporation sells snack products...
Recording a Payment by Seller to Customer On March 18, 2020, Kudos Corporation sells snack products to a retail warehouse club chain in the amount of $75,000 (cost of $45,000). The contract includes an obligation for the warehouse club to run certain advertising campaigns for the snack products in exchange for $6,000 cash from Kudos Corporation on the contract date. The comparable price for this type of advertising campaign to be conducted by a third party is $6,000. a. Prepare...
Required a. In parallel columns, list the accounts that would be debited and credited for each...
Required a. In parallel columns, list the accounts that would be debited and credited for each of the following unrelated transactions: Event Account Debited Account Credited (1) Acquired cash from the issue of common stock. (2) Provided services for cash. (3) Paid cash for salaries expense. (4) Purchased supplies for cash. (5) Paid in advance for two-year lease on office space. (6) Provided services on account. |(7) Recognized expense for prepaid rent that had been used up by the end...
Given the following accounts, complete the table by inserting appropriate numbers next to the individual transaction...
Given the following accounts, complete the table by inserting appropriate numbers next to the individual transaction to indicate which account is debited and which account is credited (Click the icon to view the accounts.) i (Click the icon to view the table) Given the following accounts, complete the table by inserting appropriate numbers next to the individual transaction to indicate which account is debited and which account is credited Click the icon to view the accounts.) More Info Transaction Example...
Required For each of the following independent events, identify the account that would be debited and...
Required For each of the following independent events, identify the account that would be debited and the account that would be credited. The accounts for the first event are identified as an example, Account Debited Cash Account Credited Common stock Event a. Received cash by issuing common stock b. Received cash for services to be performed in the future. c. Paid salaries payable. d. Provided services on account. e. Pald cash for operating expenses. 1. Purchased supplies on account. 9....
Determine the account and amount to be debited and the account and amount to be credited...
Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. Equipment purchased for $65.000 on January 3, 2019. has an estimated life of 6 years and an estimated salvage value of $3.800. The firm uses the straight-line method of depreciation. Determine the adjustment for the month ended January 31, 2019. View transaction list Journal entry worksheet 1 Record adjusting entry for depreciation. Note: Enter debits before credits General Journal Debit...
SECTION 4: DEBITS/CREDITS (30 points) Chart of accounts Assets 101: cash Liabilities 200: AP Owners' equity...
SECTION 4: DEBITS/CREDITS (30 points) Chart of accounts Assets 101: cash Liabilities 200: AP Owners' equity Revenue 300: capital 400: sales income 301: drawing 102:AR 201: notes payable 103: equipment expenses 500: rent expense 501: telephone expense 502: electricity expense 503: advertising expense 104: Land Instructions: For each transaction, identify which account(s) is/are debited and which is/are credited and enter them below. Do not put the account numbers Transaction #: 1 Mike put $35,000 into his business Purchased equipment for...
QUESTION 3 For each of the following transactions for the Banner Company, mark the account that...
QUESTION 3 For each of the following transactions for the Banner Company, mark the account that is debited, the account that is credited, and the amount for each. Choose from the following account names AND PLEASE SPELL THEM CORRECTLY IN YOUR ANSWER or Blackboard will mark your answer wrong. Note: Accounts: Cash, Prepaid Insurance, Equipment, Accumulated Depreciation, Unearned Revenue, Service Revenue, Insurance expense, Depreciation expense. 1. The Banner Company paid $1,200 for an insurance policy in December, 2017. This insurance...
QUESTION 14 Identify the account to be debited and the account to be credited for each of the following transactions: 1 Purchased equipment for cash and a note payable. 2. Accepted a cash deposit from a customer for a service to be provided next month. 3. Provided services on account. 4. Purchased supplies on account. 5. Received payment form the client in 3. 6. Provided services to customer in 2 and collected cash for the remaining work done. 7. Owner...
20. For each transaction, identify which account is debited and which account is credited. Use proper account titles (Cash, Accounts Receivable, etc.). Debit Credit Transaction Received a bill for utilities to be paid next month Performed services on account Paid employees' salaries Paid cash for a 6-month insurance policy, with coverage starting next month Paid dividends to stockholders Borrowed cash and signed a promissory note Used up warehouse supplies Received cash from a customer to pay on their account Received...
Required a. In parallel columns, list the accounts that would be debited and credited for each of the following unrelated transactions: Event Account Debited Account Credited (1) Acquired cash from the issue of common stock. (2) Provided services for cash. (3) Paid cash for salaries expense. (4) Purchased supplies for cash. (5) Paid in advance for two-year lease on office space. (6) Provided services on account. |(7) Recognized expense for prepaid rent that had been used up by the end...
Given the following accounts, complete the table by inserting appropriate numbers next to the individual transaction to indicate which account is debited and which account is credited (Click the icon to view the accounts.) i (Click the icon to view the table) Given the following accounts, complete the table by inserting appropriate numbers next to the individual transaction to indicate which account is debited and which account is credited Click the icon to view the accounts.) More Info Transaction Example...
Required For each of the following independent events, identify the account that would be debited and the account that would be credited. The accounts for the first event are identified as an example, Account Debited Cash Account Credited Common stock Event a. Received cash by issuing common stock b. Received cash for services to be performed in the future. c. Paid salaries payable. d. Provided services on account. e. Pald cash for operating expenses. 1. Purchased supplies on account. 9....
Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. Equipment purchased for $65.000 on January 3, 2019. has an estimated life of 6 years and an estimated salvage value of $3.800. The firm uses the straight-line method of depreciation. Determine the adjustment for the month ended January 31, 2019. View transaction list Journal entry worksheet 1 Record adjusting entry for depreciation. Note: Enter debits before credits General Journal Debit...
SECTION 4: DEBITS/CREDITS (30 points) Chart of accounts Assets 101: cash Liabilities 200: AP Owners' equity Revenue 300: capital 400: sales income 301: drawing 102:AR 201: notes payable 103: equipment expenses 500: rent expense 501: telephone expense 502: electricity expense 503: advertising expense 104: Land Instructions: For each transaction, identify which account(s) is/are debited and which is/are credited and enter them below. Do not put the account numbers Transaction #: 1 Mike put $35,000 into his business Purchased equipment for...
QUESTION 3 For each of the following transactions for the Banner Company, mark the account that is debited, the account that is credited, and the amount for each. Choose from the following account names AND PLEASE SPELL THEM CORRECTLY IN YOUR ANSWER or Blackboard will mark your answer wrong. Note: Accounts: Cash, Prepaid Insurance, Equipment, Accumulated Depreciation, Unearned Revenue, Service Revenue, Insurance expense, Depreciation expense. 1. The Banner Company paid $1,200 for an insurance policy in December, 2017. This insurance...
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