Homework Answers
The adjusting entry is below:
we accrue the expenses when we incurred them . There is liability
created .so it is option B.
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A company receives a utility bill each month for services received. The company's policy is to pay the utility bill...
A company provides maintenance services to customers. The company's policy is to provide services and then...
A company provides maintenance services to customers. The company's policy is to provide services and then bill customers on the 10th of the following month. In December 2021, the company provided services of $14.000 and plans to bill customers on January 10, 2022. What adjusting entry, if any, will the company record on December 31, 2021? Multiple Choice Debit Accounts Receivable and credit Deferred Revenue for $14,000. Debit Accounts Receivable and credit Service Revenue for $14,000. 0 Debit Service Revenue...
A manufacturing company received its water bill for the month of December on December 31, 2020....
A manufacturing company received its water bill for the month of December on December 31, 2020. The $8,000 bill represents the cost of water used during December. The bill will be paid on January 15, 2021. The adjusting entry as of December 31, 2020 will include which of the following? Question 9 options: Credit to cash, $8,000 Credit to utilities expense, $8,000 No adjusting entry is required as the bill will be paid in January, 2021 Credit to utilities payable,...
Question 38 12 points) The corporation received a utility bill; the bill will be paid next...
Question 38 12 points) The corporation received a utility bill; the bill will be paid next month. The corporation produces monthly financial statements. The journal entry to record this transaction is debit Utilities Expense; credit Accounts Receivable. debit Utilities Expense; credit Cash. debit Accounts Payable; credit Utilities Expense. debit Utilities Expense; credit Accounts Payable.
Consider the following situations for Shocker: 1. On November 28, 2021, Shocker receives a $2,100 payment...
Consider the following situations for Shocker: 1. On November 28, 2021, Shocker receives a $2,100 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2,220 for 30 radio ads that were to be aired, 10 per month throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling $6.400 will be...
1. On November 28, 2021, Shocker receives a $1,650 payment from a customer for services to...
1. On November 28, 2021, Shocker receives a $1,650 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2,130 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling $6,100 will be paid on January 7, 2022 4....
Consider the following situations for Shocker: 1. On November 28, 2021. Shocker receives a $3.750 payment...
Consider the following situations for Shocker: 1. On November 28, 2021. Shocker receives a $3.750 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2.550 for 30 radio ads that were to be aired. 10 per month. throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling $7,500 will be...
Cullumber Company has the following information available for accruals for the year ended December 31, 2022....
Cullumber Company has the following information available for accruals for the year ended December 31, 2022. The company adjusts its accounts annually. 1. 2. 3. The December utility bill for $315 was unrecorded on December 31. Cullumber paid the bill on January 11. Cullumber is open 7 days a week and employees are paid a total of $2,590 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees will have worked 4 days (Monday, December 28-Thursday,...
On April 15, 2021, Sampson Consulting provides services to a customer for $94,000. To pay for...
On April 15, 2021, Sampson Consulting provides services to a customer for $94,000. To pay for the series, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each April 15. (Hint: Because the note is accepted during the middle of the month, Sampson plans to recognize one-half month of interest revenue in April 2021, and one-half month of interest revenue in April 2024) Required: 1....
Westen om QUESTION 22 Russell Co, received a $100 utility bill for the current month's electricity....
Westen om QUESTION 22 Russell Co, received a $100 utility bill for the current month's electricity. It is not duen the end of the next month which is when they intend to pay it Which of the following general journal entries will use Co. make to record the receipt of the es Expense Accounts Receivable Utilities Expense 400 lities Expense accounts Payable 200 400 Accounts Payable es Bepense No journal entry is required
Thunder Cat Services specializes in training and veterinary services to household pets, such as dogs, birds,...
Thunder Cat Services specializes in training and veterinary services to household pets, such as dogs, birds, lizards, fish, horses, and of course, cats. After the first 11 months of operations in 2021, Thunder Cat has the following account balances: THUNDER CAT SERVICES Trial Balance November 30, 2021 Accounts Debits Credits Cash $ 19,400 Supplies 1,500 Prepaid Rent 7,200 Equipment 83,700 Buildings 240,000 Accounts Payable $ 9,800 Deferred Revenue 2,000 Common Stock 125,000 Retained Earnings 75,500 Dividends 9,000 Service Revenue 264,000...
A company provides maintenance services to customers. The company's policy is to provide services and then bill customers on the 10th of the following month. In December 2021, the company provided services of $14.000 and plans to bill customers on January 10, 2022. What adjusting entry, if any, will the company record on December 31, 2021? Multiple Choice Debit Accounts Receivable and credit Deferred Revenue for $14,000. Debit Accounts Receivable and credit Service Revenue for $14,000. 0 Debit Service Revenue...
Question 38 12 points) The corporation received a utility bill; the bill will be paid next month. The corporation produces monthly financial statements. The journal entry to record this transaction is debit Utilities Expense; credit Accounts Receivable. debit Utilities Expense; credit Cash. debit Accounts Payable; credit Utilities Expense. debit Utilities Expense; credit Accounts Payable.
Consider the following situations for Shocker: 1. On November 28, 2021, Shocker receives a $2,100 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2,220 for 30 radio ads that were to be aired, 10 per month throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling $6.400 will be...
1. On November 28, 2021, Shocker receives a $1,650 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2,130 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling $6,100 will be paid on January 7, 2022 4....
Consider the following situations for Shocker: 1. On November 28, 2021. Shocker receives a $3.750 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2.550 for 30 radio ads that were to be aired. 10 per month. throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling $7,500 will be...
Cullumber Company has the following information available for accruals for the year ended December 31, 2022. The company adjusts its accounts annually. 1. 2. 3. The December utility bill for $315 was unrecorded on December 31. Cullumber paid the bill on January 11. Cullumber is open 7 days a week and employees are paid a total of $2,590 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees will have worked 4 days (Monday, December 28-Thursday,...
On April 15, 2021, Sampson Consulting provides services to a customer for $94,000. To pay for the series, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each April 15. (Hint: Because the note is accepted during the middle of the month, Sampson plans to recognize one-half month of interest revenue in April 2021, and one-half month of interest revenue in April 2024) Required: 1....
Westen om QUESTION 22 Russell Co, received a $100 utility bill for the current month's electricity. It is not duen the end of the next month which is when they intend to pay it Which of the following general journal entries will use Co. make to record the receipt of the es Expense Accounts Receivable Utilities Expense 400 lities Expense accounts Payable 200 400 Accounts Payable es Bepense No journal entry is required
Thunder Cat Services specializes in training and veterinary services to household pets, such as dogs, birds, lizards, fish, horses, and of course, cats. After the first 11 months of operations in 2021, Thunder Cat has the following account balances: THUNDER CAT SERVICES Trial Balance November 30, 2021 Accounts Debits Credits Cash $ 19,400 Supplies 1,500 Prepaid Rent 7,200 Equipment 83,700 Buildings 240,000 Accounts Payable $ 9,800 Deferred Revenue 2,000 Common Stock 125,000 Retained Earnings 75,500 Dividends 9,000 Service Revenue 264,000...
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