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| Incorrect statement is D i.e. If retained earnings increase, it is a debit |
| Since retained earnings increases with credit and decreases with debit |
| Expenses and supplies inventory increase with debit and decreases with credit. Thus B and C are correct |
| Note payable increase with credit and decreases with debit. Thus A is correct |
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Which of the following statement is incorrect? O A) If note payable increases, it is a...
Adjusted trial balance to income statement, retained earnings and balance sheet hanges NOTE: This is a...
Adjusted trial balance to income statement, retained earnings
and balance sheet
hanges NOTE: This is a DIFFERENT COMPANY. Using the trial balance below, complete Step Income Statement and prepare the Statement of Retained Earnings and Red Balance sheet on the pages which follow. To get full credit you must include all me Matteo lo critical subtotals. Jackson Company Adjusted Trial Balance December 31, 2015 DEBIT 1.900 2,460 CREDIT 670 200 20 3,000 150 10,720 1,970 600 670 20 50 1,400...
A debit would make which of the following accounts increase? Common Stock Inventory Notes Payable Retained...
A debit would make which of the following accounts increase? Common Stock Inventory Notes Payable Retained Earnings Consider the following journal entry: Software 18,000 Cash 7,200 Note Payable 10,800 Which of the following explanations best describes this journal entry? A) The company buys $18,000 of software, pays cash of $7,200, and signs a note for $10,800. B) The company receives $7,200 in cash and $10,800 in notes payable in exchange for selling $18,000 of software. C) The company...
13 43 ***Question #6*** • GoBuffs has the following adjusted trial balance: Cash 11 Accounts Payable...
13 43 ***Question #6*** • GoBuffs has the following adjusted trial balance: Cash 11 Accounts Payable 76 Inventory 18 Unearned Revenue Land 650 Common Stock 64 Dividends 8 Retained Earnings 128 Rent Expense 13 Service Revenue 338 Supplies Expense 11 Salaries Payable 62 Total Debit Balance 711 Total Credit Balance 711 Which closing entry is needed? A debit service revenue 338, credit retained earnings 338. B debit rent expense 13, credit retained earnings 13. С credit retained earnings 11, debit...
Identify whether a debit or credit results in the indicated change for each of the following...
Identify whether a debit or credit results in the indicated change for each of the following accounts. a. To increase Note Receivable b. To decrease Prepaid Rent c. To increase Delivery Expense d. To increase Haircutting Revenue e. To decrease Utilities Payable f. To decrease Prepaid Parking g. To increase Taxes Payable h. To decrease Furniture i. To increase Common Stock j. To increase Office Supplies Indicate the financial statement on which each of the following items appears. Use Ifor...
Indicate in which financial statement(s) each item would most likely appear, by selecting income statement (1),...
Indicate in which financial statement(s) each item would most likely appear, by selecting income statement (1), balance sheet (B), statement of retained earnings (E), or Statement of cash flows (CF) from the drop down provided. Postage expense b. Common stock c. Dividends d. Rent expense e. Note payable f. Supplies expense g. Supplies h. Insurance expense i. Equipment Indicate whether a debit or credit decreases the normal balance of each of the following accounts. Decrease Normal Balance a. c. e....
Page But 5 20. $20.000 machine 18 purchased by paying $5,000 cash and sory note to...
Page But 5 20. $20.000 machine 18 purchased by paying $5,000 cash and sory note to the remainder. The Journal entry would $5,000 cash and lunga promissory note for the incluce a: a. credit to Notes Receivable. b. credit to Machinery. c. credit to Notes Fayable. d. cebit to Cash. 21. Which of the following is not a valid adjusting entry? a. Debit interest expense, credit interest payable. b. Debit supplies expense, credit supplies c. Debit unearned revenue, credit service...
13 seconds. Status: Trial Balance wash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock...
13 seconds. Status: Trial Balance wash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 10000 20000 5000 37000 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 === ======== == What are the total assets? $35,000 $72,000 $116,000 Click Save and Submit to save and submit. Click Save All A QUESTION 10 I bou ght office supplies on account. How do I record that? a. Office Supplies, debit:...
Mookie, Inc. had the following assets, liabilities, and stockholders' equity balances at 12/31/X1: Accounts Payable, 72;...
Mookie, Inc. had the following assets, liabilities, and stockholders' equity balances at 12/31/X1: Accounts Payable, 72; Accounts Receivable, 145; Buildings, 545; Cash, 77 Common Stock, 110; Land, 220; -Notes Payable, 468; Retained Earnings, ??? Unearned Revenue, 98; Supplies, 59. What is the Retained Earnings balance? Report your answer to the nearest dollar. с G Search or type URL Giancarlo Stanton opened a consulting firm, Stanton Consulting. During its first month of business, the following transactions were completed: 1) Giancarlo invested...
Which of the following accounts increases with a debit? O A. Common Stock OB. Accounts Payable...
Which of the following accounts increases with a debit? O A. Common Stock OB. Accounts Payable O C. Interest Payable O D. Prepaid Rent
Which of the following is included in the entry to record estimated warranty payable? 2 O...
Which of the following is included in the entry to record estimated warranty payable? 2 O a credit to Merchandise Inventory O a debit to Estimated Warranty Payable a credit to Warranty Expense O a credit to Estimated Warranty Payable
Adjusted trial balance to income statement, retained earnings
and balance sheet
hanges NOTE: This is a DIFFERENT COMPANY. Using the trial balance below, complete Step Income Statement and prepare the Statement of Retained Earnings and Red Balance sheet on the pages which follow. To get full credit you must include all me Matteo lo critical subtotals. Jackson Company Adjusted Trial Balance December 31, 2015 DEBIT 1.900 2,460 CREDIT 670 200 20 3,000 150 10,720 1,970 600 670 20 50 1,400...
13 43 ***Question #6*** • GoBuffs has the following adjusted trial balance: Cash 11 Accounts Payable 76 Inventory 18 Unearned Revenue Land 650 Common Stock 64 Dividends 8 Retained Earnings 128 Rent Expense 13 Service Revenue 338 Supplies Expense 11 Salaries Payable 62 Total Debit Balance 711 Total Credit Balance 711 Which closing entry is needed? A debit service revenue 338, credit retained earnings 338. B debit rent expense 13, credit retained earnings 13. С credit retained earnings 11, debit...
Identify whether a debit or credit results in the indicated change for each of the following accounts. a. To increase Note Receivable b. To decrease Prepaid Rent c. To increase Delivery Expense d. To increase Haircutting Revenue e. To decrease Utilities Payable f. To decrease Prepaid Parking g. To increase Taxes Payable h. To decrease Furniture i. To increase Common Stock j. To increase Office Supplies Indicate the financial statement on which each of the following items appears. Use Ifor...
Indicate in which financial statement(s) each item would most likely appear, by selecting income statement (1), balance sheet (B), statement of retained earnings (E), or Statement of cash flows (CF) from the drop down provided. Postage expense b. Common stock c. Dividends d. Rent expense e. Note payable f. Supplies expense g. Supplies h. Insurance expense i. Equipment Indicate whether a debit or credit decreases the normal balance of each of the following accounts. Decrease Normal Balance a. c. e....
Page But 5 20. $20.000 machine 18 purchased by paying $5,000 cash and sory note to the remainder. The Journal entry would $5,000 cash and lunga promissory note for the incluce a: a. credit to Notes Receivable. b. credit to Machinery. c. credit to Notes Fayable. d. cebit to Cash. 21. Which of the following is not a valid adjusting entry? a. Debit interest expense, credit interest payable. b. Debit supplies expense, credit supplies c. Debit unearned revenue, credit service...
13 seconds. Status: Trial Balance wash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 10000 20000 5000 37000 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 === ======== == What are the total assets? $35,000 $72,000 $116,000 Click Save and Submit to save and submit. Click Save All A QUESTION 10 I bou ght office supplies on account. How do I record that? a. Office Supplies, debit:...
Mookie, Inc. had the following assets, liabilities, and stockholders' equity balances at 12/31/X1: Accounts Payable, 72; Accounts Receivable, 145; Buildings, 545; Cash, 77 Common Stock, 110; Land, 220; -Notes Payable, 468; Retained Earnings, ??? Unearned Revenue, 98; Supplies, 59. What is the Retained Earnings balance? Report your answer to the nearest dollar. с G Search or type URL Giancarlo Stanton opened a consulting firm, Stanton Consulting. During its first month of business, the following transactions were completed: 1) Giancarlo invested...
Which of the following accounts increases with a debit? O A. Common Stock OB. Accounts Payable O C. Interest Payable O D. Prepaid Rent
Which of the following is included in the entry to record estimated warranty payable? 2 O a credit to Merchandise Inventory O a debit to Estimated Warranty Payable a credit to Warranty Expense O a credit to Estimated Warranty Payable
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