Homework Answers
7.
The entry to record depreciation includes a debit to the Depreciation expense account.
Hence option D is correct.
8.
An adjusting entry is completed at the end of accounting period.
Hence option B is correct.
9.
| Office supplies expense ($359-100) | $259 | |
| Office supplies | $259 |
Hence, option C is correct.
10.
Net income is the excess of revenues over expenses.
Hence option D is correct.
11.
| Salaries expense ($100*2*3) | $600 | |
| Salaries payable | $600 |
Hence option C is correct.
12.
Financial Statements are typically prepared in the following order:
1. Income statement
2. Statement of owner's equity
3. Balance sheet
Hence option D is correct.
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7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accu...
Income Statement Debit Credit Account Name Cash Accounts Receivable Supplies Prepaid Advertising Equipment Accumulated Depreciation-Equipment Accounts...
Income Statement Debit Credit Account Name Cash Accounts Receivable Supplies Prepaid Advertising Equipment Accumulated Depreciation-Equipment Accounts Payable Selena Cantu, Capital Selena Cantu, Drawing Fees Income Supplies Expense Advertising Expense Depreciation Expense-Equipment Salaries Expense Utilities Expense Totals Net Income CANTU CORPORATION Worksheet Month Ended December 31, 2019 Adiusted Trial Trial Balance Adjustments Balance Debit Credit Debit Credit Debit Credit 77.789 77,789 12,5e 12,500 11,109 6,50 4,609 17.469 2.900 14.500 72,5ee 72,500 1,450 1,450 12,500 12,500 108,500 108,500 7,700 7,700 97,500 97,500...
Prior to recording adjusting entries, the Office Supplies account had a $370 debit balance. A physical...
Prior to recording adjusting entries, the Office Supplies account had a $370 debit balance. A physical count of the supplies showed $111 of unused supplies available. The required adjusting entry is: Multiple Choice () Debit Office Supplies $259 and credit Office Supplies Expense $259, Doha Debit Office Supplies Expense $111 and credit Office Supplies $111. 0 O Debit Office Supplies $111 and credit Supplies Expense $259. 0 Debit Office Supplies $111 and credit Office Supplies Expense $111 0 O Debit...
Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent...
Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Rent Revenue 6. Salaries of $710 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. DC not indent manually.)...
Unadjusted Adjustments Adjsuted Income statement Balance sheet Credit Debit Debit Credit Debit Debit Credit Debit Credit...
Unadjusted Adjustments Adjsuted Income statement Balance sheet Credit Debit Debit Credit Debit Debit Credit Debit Credit Credit Cash $1,500 $1,000 $6200 $7,700 S7,700 Accounts receivable $10,100 S11,100 $11,100 Cleaning supplies Prepaid insurance $1,400 $400 S1,800 S400 $4,600 $4,800 S9,000 $200 S4,600 S9,000 Truck $9,000 S350 Accumulated depreciation- Truck Accounts payable Salaries payable Напу, саpital Harry, withdrawls $350 S350 S6,000 $6,000 S6,000 $700 S700 S700 S19,500 S19,500 $18,000 $1,500 $500 500 $500 Service revenue $10,500 $1,000 Si1,500 $11,500 S1,700 Salaries expense...
A company pays each of its two office employees each Friday at the rate of $140 per day for a five-day week that begins on Monday.
A company pays each of its two office employees each Friday at the rate of $140 per day for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is: Multiple Choice Debit Salaries Payable $560 and credit Salaries Expense $560. Debit Salaries Expense $560 and credit Salaries Payable $560. Debit Salaries Expense $840 and credit Salaries Payable $840 Debit...
The entry to close the revenue accounts includes a * Debit to income summary $32,300 Debit...
The entry to close the revenue accounts includes a
*
Debit to income summary $32,300
Debit to Revenues for $37,100
Credit to income summary $35,300
Credit to Revenues for $28,300
The entry to close the expenses accounts includes a
*
Debit to income summary $12,900
Credit to income summary $12,900
Debit to income summary for $24,000
Credit to total expenses for $16,000
After the revenue and expense accounts have been
closed, the balance of Income Summary will be *
Credit...
39. Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following...
39. Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries for Janer's Cleaning Service records this transaction? a. Cash, debit; Debbi Janer, Capital, credit b. Accounts Payable, debit; Cash, credit c. Accounts Receivable, debit; Cash, credit d. Accounts Payable, debit; Accounts Receivable, credit 40. Which of the following statements is not true about liabilities? a. Liabilities are debts owed to outsiders. b. Account titles of liabilities often include the term "payable." e. Cash...
Debit Credit Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) office supplies Automobiles...
Debit Credit Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Salaries payable Unearned fees Long-term notes payable R. Chiara, Capital R. Chiara, Withdrawals Fees earned Interest earned Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense office supplies expense Advertising expense Repairs expense-Automobiles Totals $ 209,400 55, 000 19, 600 168, 500 15, 500 168, 00G $ 100, 000 136, 000 16, 000...
Question 6 The trial balance columns of the work sheet for Tang Cable Service at 31 May 2018 are as follow Tang Cable Service Trial Balance 31 May 2018 Debit (RM) Credit 6,200 2,000 500 15,300 j Cash...
Question 6 The trial balance columns of the work sheet for Tang Cable Service at 31 May 2018 are as follow Tang Cable Service Trial Balance 31 May 2018 Debit (RM) Credit 6,200 2,000 500 15,300 j Cash Accounts Receivable Supplies Office Furniture Accumulated Depreciation - Furniture Accounts Payable Unearned Revenue Tang, Capital Tang, Drawing Service Revenue Salaries Expense Miscellaneous Expense 1,700 5,400 500 12,000 600 5,900 700 200 RM 25,500 RM 25,500 Other data: 1. 2. 3. 4. Supplies...
20. Tom Jones started the coffee shop business with $ 300 of office supplies. He has...
20. Tom Jones started the coffee shop business with $ 300 of office supplies. He has $ 200 of office supplies left at the end of the month. Record the entry for the office supplies used during the month (6 points). 21. Account Debit Credit 22. Calculate the balance in the cash account (4 points). Cash Debit Credit 400 200 600 300 23.Complete the trial balance (5 points). Cash 500 Accounts Payable 100 Capital 300 Drawi 200 Revenue Rent Expense...
Income Statement Debit Credit Account Name Cash Accounts Receivable Supplies Prepaid Advertising Equipment Accumulated Depreciation-Equipment Accounts Payable Selena Cantu, Capital Selena Cantu, Drawing Fees Income Supplies Expense Advertising Expense Depreciation Expense-Equipment Salaries Expense Utilities Expense Totals Net Income CANTU CORPORATION Worksheet Month Ended December 31, 2019 Adiusted Trial Trial Balance Adjustments Balance Debit Credit Debit Credit Debit Credit 77.789 77,789 12,5e 12,500 11,109 6,50 4,609 17.469 2.900 14.500 72,5ee 72,500 1,450 1,450 12,500 12,500 108,500 108,500 7,700 7,700 97,500 97,500...
Prior to recording adjusting entries, the Office Supplies account had a $370 debit balance. A physical count of the supplies showed $111 of unused supplies available. The required adjusting entry is: Multiple Choice () Debit Office Supplies $259 and credit Office Supplies Expense $259, Doha Debit Office Supplies Expense $111 and credit Office Supplies $111. 0 O Debit Office Supplies $111 and credit Supplies Expense $259. 0 Debit Office Supplies $111 and credit Office Supplies Expense $111 0 O Debit...
Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Rent Revenue 6. Salaries of $710 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. DC not indent manually.)...
Unadjusted Adjustments Adjsuted Income statement Balance sheet Credit Debit Debit Credit Debit Debit Credit Debit Credit Credit Cash $1,500 $1,000 $6200 $7,700 S7,700 Accounts receivable $10,100 S11,100 $11,100 Cleaning supplies Prepaid insurance $1,400 $400 S1,800 S400 $4,600 $4,800 S9,000 $200 S4,600 S9,000 Truck $9,000 S350 Accumulated depreciation- Truck Accounts payable Salaries payable Напу, саpital Harry, withdrawls $350 S350 S6,000 $6,000 S6,000 $700 S700 S700 S19,500 S19,500 $18,000 $1,500 $500 500 $500 Service revenue $10,500 $1,000 Si1,500 $11,500 S1,700 Salaries expense...
The entry to close the revenue accounts includes a
*
Debit to income summary $32,300
Debit to Revenues for $37,100
Credit to income summary $35,300
Credit to Revenues for $28,300
The entry to close the expenses accounts includes a
*
Debit to income summary $12,900
Credit to income summary $12,900
Debit to income summary for $24,000
Credit to total expenses for $16,000
After the revenue and expense accounts have been
closed, the balance of Income Summary will be *
Credit...
39. Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries for Janer's Cleaning Service records this transaction? a. Cash, debit; Debbi Janer, Capital, credit b. Accounts Payable, debit; Cash, credit c. Accounts Receivable, debit; Cash, credit d. Accounts Payable, debit; Accounts Receivable, credit 40. Which of the following statements is not true about liabilities? a. Liabilities are debts owed to outsiders. b. Account titles of liabilities often include the term "payable." e. Cash...
Debit Credit Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Salaries payable Unearned fees Long-term notes payable R. Chiara, Capital R. Chiara, Withdrawals Fees earned Interest earned Depreciation expense-Automobiles Depreciation expense-Equipment Salaries expense Wages expense Interest expense office supplies expense Advertising expense Repairs expense-Automobiles Totals $ 209,400 55, 000 19, 600 168, 500 15, 500 168, 00G $ 100, 000 136, 000 16, 000...
Question 6 The trial balance columns of the work sheet for Tang Cable Service at 31 May 2018 are as follow Tang Cable Service Trial Balance 31 May 2018 Debit (RM) Credit 6,200 2,000 500 15,300 j Cash Accounts Receivable Supplies Office Furniture Accumulated Depreciation - Furniture Accounts Payable Unearned Revenue Tang, Capital Tang, Drawing Service Revenue Salaries Expense Miscellaneous Expense 1,700 5,400 500 12,000 600 5,900 700 200 RM 25,500 RM 25,500 Other data: 1. 2. 3. 4. Supplies...
20. Tom Jones started the coffee shop business with $ 300 of office supplies. He has $ 200 of office supplies left at the end of the month. Record the entry for the office supplies used during the month (6 points). 21. Account Debit Credit 22. Calculate the balance in the cash account (4 points). Cash Debit Credit 400 200 600 300 23.Complete the trial balance (5 points). Cash 500 Accounts Payable 100 Capital 300 Drawi 200 Revenue Rent Expense...
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