Name of contra account Name of adjunct account (applies only to 2) Accounts Receivable Inventory Note...
|
Name of contra account |
Name of adjunct account (applies only to 2) |
|
|
Accounts Receivable |
||
|
Inventory |
||
|
Note Receivable |
||
|
Equipment |
||
|
Investment in Stocks |
||
|
Deferred Tax Assets |
||
|
Note Payable |
||
|
Owners’ equity also has a well-known contra account. |
Homework Answers
|
PARTICULARS |
NAME OF CONTRA ACCOUNT |
NAME OF ADJUNCT ACCOUNT |
|
Accounts Receivable |
Provision for Doubtful Debts |
|
|
Inventory |
Reserve for obsolete or damaged goods |
|
|
Note Receivable |
Discount on Notes Receivable |
|
|
Equipment |
Accumulated Depreciation |
|
|
Investment in Stocks |
Amortization Account Or Fair Value Through OCI/P&L |
|
|
Deferred Tax Assets |
Tax Valuation Allowance |
|
|
Note Payable |
Discount on Notes payable |
Premium on Notes payable |
|
Owners’ equity also has a well-known contra account. |
Treasury Stock Or Owner’s Drawing account |
Premium on shares issued Or Reserves & Surplus |
Add Answer to:
Name of contra account Name of adjunct account (applies only to 2) Accounts Receivable Inventory Note...
Valuation allowances are typically contra-accounts, but they can also be the opposite of a contra-account. On...
Valuation allowances are typically contra-accounts, but they can also be the opposite of a contra-account. On rare occasion, valuation accounts can also add value to the related account. These are known as adjunct accounts. Examples of accounts that have contra accounts: Accounts Receivable Inventory (optional – we did not study write-downs using contra accounts) Note Receivable Equipment Investment in Stocks (see chapter 12) Deferred Tax Assets (see chapter 16) Note Payable Owners’ equity also has a well-known contra account. (see...
Valuation allowances are typically contra-accounts, but they can also be the opposite of a contra-account. On rare occas...
Valuation allowances are typically contra-accounts, but they can also be the opposite of a contra-account. On rare occasion, valuation accounts can also add value to the related account. These are known as adjunct accounts. Examples of accounts that have contra accounts: Accounts Receivable Inventory (optional – we did not study write-downs using contra accounts) Note Receivable Equipment Investment in Stocks (see chapter 12) Deferred Tax Assets (see chapter 16) Note Payable Owners’ equity also has a well-known contra account. (see...
Match the account to the proper element: a. Asset (including Contra Accounts) b. Liability (including Contra...
Match the account to the proper element: a. Asset (including Contra Accounts) b. Liability (including Contra Accounts) c. Owners' Equity (Increase d. Owners' Equity (Decrease) Accrued Expenses Notes Payable Rent Expense Inventory Wages Payable Accumulated Depreciation Retained Earnings Land Accrued Revenue Accounts Payable Prepaid Expense Fees Earned Supplies Dividends Accounts Receivable Depreciation Unearned revenue Cash Common Stock
Account options: Cash, Accounts Receivable, Inventory, Prepaid Rent, Fixtures & Equipment, Accounts Payable, Interest Payable, Wages...
Account options: Cash, Accounts Receivable, Inventory,
Prepaid Rent, Fixtures & Equipment, Accounts Payable, Interest
Payable, Wages Payable, Notes Payable, Paid-in Capital, Retained
Earning, or Leave Blank
Transaction 4 The owners paid $4,000 for website advertising. They were able to get a good deal because one of the company's owners also owns stock in the website company. The owners also paid $6,000 for some advertising in local newspapers. (Note: Combine both transactions into one entry]. Account: Retained Earnings Dollar amount: 10000...
ving uing balances of accounts at December 31, 2021, for $ Account Title Cash Accounts receivable...
ving uing balances of accounts at December 31, 2021, for $ Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits $ 40,000 86,000 111,000 25,000 74,000 150,000 375,000 115,000 105,000 40,000 27,000 47,000 80,000 35,000 325,000 5,000 350,000 40,000 $1,015,000 $1,215,000 Additional Information:...
Assets 2017 2018 Current assets Cash Accounts receivable Inventory JUST DEW IT CORPORATION 2017 and 2018...
Assets 2017 2018 Current assets Cash Accounts receivable Inventory JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 15,120 Accounts payable $ 61,600 25,200 Notes payable 14,400 89,040 $ 7,400 23,400 76,200 $ 62,160 18,240 Total $ 107,000 $ 129,360 Total $ 76,000 $ 80,400 $ 48,000 $ 36,000 Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings $ 60,000 216,000 $ 60,000 303,600 Net plant and equipment $293,000...
6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization...
6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization C. Sales Returns and Allowances D. Sales Discounts 7) To calculate the gross margin percentage, A. Divide net sales by net income B. Divide current assets by current liabilities C. Divide total liabilities by total assets D. Divide gross margin by net sales 8) If a purchaser returns goods purchased on account to the supplier under a perpetual inventory system, the purchaser would debit:...
A company's trial balance included the following account balances: Accounts Payable $ 19,397 Accounts Receivable 81,526...
A company's trial balance included the following account balances: Accounts Payable $ 19,397 Accounts Receivable 81,526 Cash 73,514 Income Tax Payable 3,702 Inventory 26,006 Note Payable, due in two years 1,899 Equipment 56,028 Stockholders’ Equity 204,708 Supplies 5,702 Wages Payable 13,070 What is the amount of the current ratio?
Accounting Standards require accounts receivable to be reported at Accounting Standards require Inventory to be reported...
Accounting Standards require accounts receivable to be reported at Accounting Standards require Inventory to be reported is reported at or is an example of an Inventory cost flow method. Balance sheet accounts are listed in order of Plant, Property and equipment are normally valued at Plant, Property and equipment include a contra asset account known as Investments are reported at Capital Stock is reported at The Balance sheet is useful in determining the proportion of financing from debt and equity....
Problem 38 This is data from the Marjean Company: Accounts Receivable Inventory Fixed Assets Accum Deprec 30,000 15...
Problem 38 This is data from the Marjean Company: Accounts Receivable Inventory Fixed Assets Accum Deprec 30,000 150,000 400,000 Accounts Payable Note Payable Owners' Equity $100,000 80,000 $600,000 200,000 400,000 Burden Co. will buy Marjean Company for $1,200,000. They estimate the Accounts Receivable are worth $ 96,000, the Inventory is worth $90,000 and the Fixed Assets are worth $800,000. The Note Payable is interest only at 10% with the principal due 5 years from today. Current interest is 12%. Everything...
Match the account to the proper element: a. Asset (including Contra Accounts) b. Liability (including Contra Accounts) c. Owners' Equity (Increase d. Owners' Equity (Decrease) Accrued Expenses Notes Payable Rent Expense Inventory Wages Payable Accumulated Depreciation Retained Earnings Land Accrued Revenue Accounts Payable Prepaid Expense Fees Earned Supplies Dividends Accounts Receivable Depreciation Unearned revenue Cash Common Stock
Account options: Cash, Accounts Receivable, Inventory,
Prepaid Rent, Fixtures & Equipment, Accounts Payable, Interest
Payable, Wages Payable, Notes Payable, Paid-in Capital, Retained
Earning, or Leave Blank
Transaction 4 The owners paid $4,000 for website advertising. They were able to get a good deal because one of the company's owners also owns stock in the website company. The owners also paid $6,000 for some advertising in local newspapers. (Note: Combine both transactions into one entry]. Account: Retained Earnings Dollar amount: 10000...
ving uing balances of accounts at December 31, 2021, for $ Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits $ 40,000 86,000 111,000 25,000 74,000 150,000 375,000 115,000 105,000 40,000 27,000 47,000 80,000 35,000 325,000 5,000 350,000 40,000 $1,015,000 $1,215,000 Additional Information:...
Assets 2017 2018 Current assets Cash Accounts receivable Inventory JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 15,120 Accounts payable $ 61,600 25,200 Notes payable 14,400 89,040 $ 7,400 23,400 76,200 $ 62,160 18,240 Total $ 107,000 $ 129,360 Total $ 76,000 $ 80,400 $ 48,000 $ 36,000 Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings $ 60,000 216,000 $ 60,000 303,600 Net plant and equipment $293,000...
Accounting Standards require accounts receivable to be reported at Accounting Standards require Inventory to be reported is reported at or is an example of an Inventory cost flow method. Balance sheet accounts are listed in order of Plant, Property and equipment are normally valued at Plant, Property and equipment include a contra asset account known as Investments are reported at Capital Stock is reported at The Balance sheet is useful in determining the proportion of financing from debt and equity....
Problem 38 This is data from the Marjean Company: Accounts Receivable Inventory Fixed Assets Accum Deprec 30,000 150,000 400,000 Accounts Payable Note Payable Owners' Equity $100,000 80,000 $600,000 200,000 400,000 Burden Co. will buy Marjean Company for $1,200,000. They estimate the Accounts Receivable are worth $ 96,000, the Inventory is worth $90,000 and the Fixed Assets are worth $800,000. The Note Payable is interest only at 10% with the principal due 5 years from today. Current interest is 12%. Everything...
Most questions answered within 3 hours.
-
QUESTION 1 Tamiflu is a drug used to treat influenza. A study
found that Tamiflu reduced...
asked 1 minute from now -
Which of the following would be less likely to be used to
allocate factory overhead when...
asked 4 minutes ago -
Transverse pulses travel with a speed of 195 m/s along a taut
copper wire whose diameter...
asked 2 minutes ago -
Sampling for Engineers Homework question 11.51
Suppose that Y1;Y2;Y3;Y4 denote a random sample from a
Poisson(θ)...
asked 6 minutes ago -
Which of the following is cleaved by regulated intramembrane
proteolysis (RIP)? Select any/all answers that apply....
asked 5 minutes ago -
Random characters You decide to create a program characters.py
that fills a two-dimensional list with random...
asked 17 minutes ago -
What are the major sources of error in your determination of the
molar mass? Select all...
asked 21 minutes ago -
A. Suppose your manager indicates that for a normally
distributed data set you are analyzing, your...
asked 42 minutes ago -
During the month of August, the average temperature of a lake
next to a local college...
asked 24 minutes ago -
Which of these four researchers is most likely to have made Type
1 error
Kim who...
asked 38 minutes ago -
In a performance test, each of two cars takes 8.9 s to
accelerate from rest to...
asked 39 minutes ago -
Sapphire Aerospace operates 52 weeks per year, and its cost of
goods sold last year was...
asked 42 minutes ago