Homework Answers
9. $4500
10. book value of asset / useful life
11. contra asset account
12. unearned rent revenue
13. liability account
14. book value of the asset
15. carrying value
16. $2600
17. $9600
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The balance in the supplies account on June 1 was $5. 00 sulis purchased during June...
EX 2-5 Normal entries for accounts During the month, Gates Labs Co. has a substantial number...
EX 2-5 Normal entries for accounts During the month, Gates Labs Co. has a substantial number of transactions affecting following accounts. State for each account whether it is likely to have (a) debit entri credit entries only, or (c) both debit and credit entries. 1. Accounts Payable ! 5. Insurance Expense a 2. Accounts Receivable a 6. Dividends 3. Cash a 7. Utilities Expense a 4. Fees Earned Save PQQ- Angela Bums c. $5,000 d. $ 8,000 8. The difference...
1) The supplies account has a balance of $3,000 at the beginning of the year and...
1) The supplies account has a balance of $3,000 at the beginning of the year and was debited during the year for $1,400, representing the total of supplies purchased during the year. If $800 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is ______________? 2) ABC, Inc. Made a Prepaid Rent payment of $4,000 on January 1st. The company's monthly rent is $800. The...
Question 18 The balance in the supplies account on June 1 was $5370, supplies purchased during...
Question 18 The balance in the supplies account on June 1 was $5370, supplies purchased during June were $3540, and the supplies on hand at June 30 were $3090. The amount to be used for the appropriate adjusting entry is O $6630. O $3540. $5820. O $12000. Question 26 The following items are taken from the financial statements of the Novak Service for the year ending December 31, 2018: Accounts payable $ 17800 Accounts receivable 11000 Accumulated depreciation - equipment...
1-7. Which of the following statements about the trail balance is NOT true? Debit balances must...
1-7. Which of the following statements about the trail balance is NOT true? Debit balances must equal credit balances It includes only assets, liability and equity accounts c) It is useful for detecting errors it is an important step in the accounting cycle. 1-B. An example of a contra asset account is a) Accumulated depreciation b) Depreciation expense e) Discount on Bonds Payable. d) Prepaid expenses 1-9. Which of the following would cause the trial balance to be out of...
Match the account to the proper element: a. Asset (including Contra Accounts) b. Liability (including Contra...
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this has a depreciable con of 90.000 22. On June 1. Scott Comey purchased and an...
this has a depreciable con of 90.000 22. On June 1. Scott Comey purchased and an estimated and an estimated useful life of three years or 30,000 hours in Company purchased Using straight-line de e , calculate d on 1 b $10,000 c. $12.500 d. 540.000 years and a salvage of residual value of $150, the journa a fixed asset, such as a computer, were purchased on January 1 for $3.750 with an estimated life of three age or residual...
Cost of Assets, Subsequent Book Values, and Balance Sheet Presentation The following events took place at...
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Chapter 2-Recording Business Transactions 11. What type of account is cash? A. Asset B. Liability C....
Chapter 2-Recording Business Transactions 11. What type of account is cash? A. Asset B. Liability C. Equity--Capital D. Equity--Revenue E. Equity--Expense 12. Which of the following accounts does NOT have a normal balance? A. Cash--Balance 1,000 credit B. Bright, Withdrawals--Balance 1,000 debit C. Accounts payable--Balance 1,000 credit D. Rent expense--Balance 1,000 debit E. Prepaid Rent--Balance 1,000 debit 13. Which of the following account names is a liability account? A. Cash B. Unearned Revenue C. Accounts Receivable D. Furniture E. Prepaid...
During June, the Grass Is Greener Company mows 100 lawns a week; the company bills customers...
During June, the Grass Is Greener Company mows 100 lawns a week; the company bills customers and full payment is due by July 15. The company uses the accrual basis of accounting. How will these events affect the company's financial statements? A) In June, an asset and a liability account will both increase. B) In June, an asset and a revenue account will both increase. C) In July, an asset account will increase and a liability account will decrease. D)...
EX 2-5 Normal entries for accounts During the month, Gates Labs Co. has a substantial number of transactions affecting following accounts. State for each account whether it is likely to have (a) debit entri credit entries only, or (c) both debit and credit entries. 1. Accounts Payable ! 5. Insurance Expense a 2. Accounts Receivable a 6. Dividends 3. Cash a 7. Utilities Expense a 4. Fees Earned Save PQQ- Angela Bums c. $5,000 d. $ 8,000 8. The difference...
Question 18 The balance in the supplies account on June 1 was $5370, supplies purchased during June were $3540, and the supplies on hand at June 30 were $3090. The amount to be used for the appropriate adjusting entry is O $6630. O $3540. $5820. O $12000. Question 26 The following items are taken from the financial statements of the Novak Service for the year ending December 31, 2018: Accounts payable $ 17800 Accounts receivable 11000 Accumulated depreciation - equipment...
1-7. Which of the following statements about the trail balance is NOT true? Debit balances must equal credit balances It includes only assets, liability and equity accounts c) It is useful for detecting errors it is an important step in the accounting cycle. 1-B. An example of a contra asset account is a) Accumulated depreciation b) Depreciation expense e) Discount on Bonds Payable. d) Prepaid expenses 1-9. Which of the following would cause the trial balance to be out of...
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
this has a depreciable con of 90.000 22. On June 1. Scott Comey purchased and an estimated and an estimated useful life of three years or 30,000 hours in Company purchased Using straight-line de e , calculate d on 1 b $10,000 c. $12.500 d. 540.000 years and a salvage of residual value of $150, the journa a fixed asset, such as a computer, were purchased on January 1 for $3.750 with an estimated life of three age or residual...
Chapter 2-Recording Business Transactions 11. What type of account is cash? A. Asset B. Liability C. Equity--Capital D. Equity--Revenue E. Equity--Expense 12. Which of the following accounts does NOT have a normal balance? A. Cash--Balance 1,000 credit B. Bright, Withdrawals--Balance 1,000 debit C. Accounts payable--Balance 1,000 credit D. Rent expense--Balance 1,000 debit E. Prepaid Rent--Balance 1,000 debit 13. Which of the following account names is a liability account? A. Cash B. Unearned Revenue C. Accounts Receivable D. Furniture E. Prepaid...
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