Please answer all parts of this question.
Homework Answers
Answers
- #1
Correct Answer = Option #1: No Change in utilities expense on Oct 20 because the expenses must have been increased in September itself as ‘accrued expense’. - #2
Correct Answer = Option #3: An increase in Utilities Payable will be recorded on Sept 30, as a liability which will be PAID on October 20th. - #3
Correct Answer = Option #1: An increase in Unearned revenue will be recorded on Feb 20th, because ADVANCE IS BEING received and goods are not yet sold/delivered. - #4
Correct Answer = Option #3: An increase in Cash will be recorded on Feb 20th because Cash is being received as an Advance.
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Please answer all parts of this question. During September, Red Shelf Inc. uses $600 of utilities....
Question 1 (1 point) v Saved During September, Red Shelf Inc. uses $600 of utilities. Red...
Question 1 (1 point) v Saved During September, Red Shelf Inc. uses $600 of utilities. Red Shelf Inc. pays its utility bill on October 20th. On October 20th, Red Shelf Inc. records an increase in utilities payable. O no change in utilities payable. O a decrease in utilities payable.
Question 6 (1 point) On February 20th, Puzzle Inc. receives a custom order and the customer...
Question 6 (1 point) On February 20th, Puzzle Inc. receives a custom order and the customer pays $500. On March 17th, Puzzle Inc. delivers the custom order to the customer. On February 20th, Puzzle Inc. records O a decrease in cash O an increase in cash. no change in cash. Question 7 (1 point) Saved On February 20th, Puzzle Inc. receives a custom order and the customer pays $500. On March 17th, Puzzle Inc. delivers the custom order to the...
Please answer all parts of this question. On June 1st, Port Boats Co. pays $9,000 to...
Please answer all parts of this question.
On June 1st, Port Boats Co. pays $9,000 to rent a boat slip for the months of June, July, and August. On June 1st, Port Boats Co. records O no change in expense. O an increase in expense. O a decrease in expense. On June 1st, Port Boats Co. pays $9,000 to rent a boat slip for the months of June, July, and August. On June 30th, Port Boats Co. records O a...
1) Entity N follows the revenue recognition principle. It services a vehicle on September 30. The...
1) Entity N follows the revenue recognition principle. It services a vehicle on September 30. The customer picks up the vehicle on October 1 and mails the payment to Entity N on October 7. Entity N receives the check in the mail on October 9. When should Entity N show that the revenue was recognized? a) september 30th b) october 7th c) october 1st d) october 9th 2. Entity M signed a six-month note payable in the amount of $60,000...
Needs help with this questions please!! Below is the trial balance of Slowcombe Services on September...
Needs help with this questions please!!
Below is the trial balance of Slowcombe Services on September 30, 2014 SLOWCOMBE SERVICES Trial Balance September 30, 2014 Debit Credit Cash Accounts receivable Supplies Equipment Accounts payable Unearned revenue W. Slowcombe, capital $7,620 2,650 2,230 7,780 $5,350 850 14,080 $20.280 $20,280 The October transactions were as follows: Oct. 5 Received $1,050 in cash from customers for accounts receivable due 10 Billed customers for services performed in the amount of $5,370 15 Paid employee...
Problem 4-4A Salt Creek Golf Inc. was organized on July 1, 2017. Quarterly financial statements are...
Problem 4-4A Salt Creek Golf Inc. was organized on July 1, 2017. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on September 30 ar shown here. SALT CREEK GOLF INC. Trial Balance September 30, 2017 Unadjusted Cr Adjusted Dr. Dr. Cr. Cash Accounts Receivable $ 6,500 630 1,200 1,700 16,000 6,500 1,280 420 850 16,000 Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable 320 5,500 1,800 610 5,500 1,800 Salaries and Wages Payable Interest...
Question 4 Salt Creek Golf Inc. was organized on July 1, 2017. Quarterly financial statements are...
Question 4 Salt Creek Golf Inc. was organized on July 1, 2017. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on September 30 are shown here. SALT CREEK GOLF INC. Trial Balance September 30, 2017 Unadjusted Adjusted Dr. Cr. Dr. cr $ 6,480 $6,480 Cash 490 1,350 Accounts Receivable 1,200 370 Supplies 1,780 390 Prepaid Rent 16,500 16.500 Equipment 330 Accumulated Depreciation-Equipment 5,500 5,500 Notes Payable 1,900 Accounts Payable 1,900 Salaries and Wages Payable 620 Interest...
COMPREHENSIVE PROBLEM - TRANSACTION UST During 2020 Tim & Lori form Rocked Out, Inc., a music...
COMPREHENSIVE PROBLEM - TRANSACTION UST During 2020 Tim & Lori form Rocked Out, Inc., a music consulting business. Below are transactions that occurred during the year. 1) Tim and Lori each contribute $200,000 to Rocked Out, Inc cash in exchange for common stock 2) Rocked Out performs consulting services for a new musician customer on account for $120.000 "Rocked Out purchases music supplies from a vender for $30,000 from the customer involved in 12 4) In July, Rocked Out receives...
COMPREHENSIVE PROBLEM - TRANSACTION UST During 2020 Tim & Lori form Rocked Out, Inc., a music...
COMPREHENSIVE PROBLEM - TRANSACTION UST During 2020 Tim & Lori form Rocked Out, Inc., a music consulting business. Below are transactions that occurred during the year. 1) Tim and Lori each contribute $200,000 to Rocked Out, Inc cash in exchange for common stock 2) Rocked Out performs consulting services for a new musician customer on account for $120.000 "Rocked Out purchases music supplies from a vender for $30,000 from the customer involved in 12 4) In July, Rocked Out receives...
Problem 21 Check my work mode : This shows what is correct or incorrect for the...
Problem 21 Check my work mode : This shows what is correct or incorrect for the work you have a itseiron naving no long-term nabilities. The company has provided the following trial balance dated December 31, 2018. $ 47,000 34,000 130,000 5,500 251,000 1,800 7,150 1,799,000 795,000 74,800 MUSIC-IS-US, INC. TRIAL BALANCE DECEMBER 31, 2018 Cash Marketable securities Accounts receivable Allowance for doubtful accounts Merchandise inventory Office supplies Prepaid insurance Building and fixtures Accumulated depreciation Land Accounts payable Unearned customer...
Question 1 (1 point) v Saved During September, Red Shelf Inc. uses $600 of utilities. Red Shelf Inc. pays its utility bill on October 20th. On October 20th, Red Shelf Inc. records an increase in utilities payable. O no change in utilities payable. O a decrease in utilities payable.
Question 6 (1 point) On February 20th, Puzzle Inc. receives a custom order and the customer pays $500. On March 17th, Puzzle Inc. delivers the custom order to the customer. On February 20th, Puzzle Inc. records O a decrease in cash O an increase in cash. no change in cash. Question 7 (1 point) Saved On February 20th, Puzzle Inc. receives a custom order and the customer pays $500. On March 17th, Puzzle Inc. delivers the custom order to the...
Please answer all parts of this question.
On June 1st, Port Boats Co. pays $9,000 to rent a boat slip for the months of June, July, and August. On June 1st, Port Boats Co. records O no change in expense. O an increase in expense. O a decrease in expense. On June 1st, Port Boats Co. pays $9,000 to rent a boat slip for the months of June, July, and August. On June 30th, Port Boats Co. records O a...
Needs help with this questions please!!
Below is the trial balance of Slowcombe Services on September 30, 2014 SLOWCOMBE SERVICES Trial Balance September 30, 2014 Debit Credit Cash Accounts receivable Supplies Equipment Accounts payable Unearned revenue W. Slowcombe, capital $7,620 2,650 2,230 7,780 $5,350 850 14,080 $20.280 $20,280 The October transactions were as follows: Oct. 5 Received $1,050 in cash from customers for accounts receivable due 10 Billed customers for services performed in the amount of $5,370 15 Paid employee...
Problem 4-4A Salt Creek Golf Inc. was organized on July 1, 2017. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on September 30 ar shown here. SALT CREEK GOLF INC. Trial Balance September 30, 2017 Unadjusted Cr Adjusted Dr. Dr. Cr. Cash Accounts Receivable $ 6,500 630 1,200 1,700 16,000 6,500 1,280 420 850 16,000 Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable 320 5,500 1,800 610 5,500 1,800 Salaries and Wages Payable Interest...
Question 4 Salt Creek Golf Inc. was organized on July 1, 2017. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on September 30 are shown here. SALT CREEK GOLF INC. Trial Balance September 30, 2017 Unadjusted Adjusted Dr. Cr. Dr. cr $ 6,480 $6,480 Cash 490 1,350 Accounts Receivable 1,200 370 Supplies 1,780 390 Prepaid Rent 16,500 16.500 Equipment 330 Accumulated Depreciation-Equipment 5,500 5,500 Notes Payable 1,900 Accounts Payable 1,900 Salaries and Wages Payable 620 Interest...
COMPREHENSIVE PROBLEM - TRANSACTION UST During 2020 Tim & Lori form Rocked Out, Inc., a music consulting business. Below are transactions that occurred during the year. 1) Tim and Lori each contribute $200,000 to Rocked Out, Inc cash in exchange for common stock 2) Rocked Out performs consulting services for a new musician customer on account for $120.000 "Rocked Out purchases music supplies from a vender for $30,000 from the customer involved in 12 4) In July, Rocked Out receives...
COMPREHENSIVE PROBLEM - TRANSACTION UST During 2020 Tim & Lori form Rocked Out, Inc., a music consulting business. Below are transactions that occurred during the year. 1) Tim and Lori each contribute $200,000 to Rocked Out, Inc cash in exchange for common stock 2) Rocked Out performs consulting services for a new musician customer on account for $120.000 "Rocked Out purchases music supplies from a vender for $30,000 from the customer involved in 12 4) In July, Rocked Out receives...
Problem 21 Check my work mode : This shows what is correct or incorrect for the work you have a itseiron naving no long-term nabilities. The company has provided the following trial balance dated December 31, 2018. $ 47,000 34,000 130,000 5,500 251,000 1,800 7,150 1,799,000 795,000 74,800 MUSIC-IS-US, INC. TRIAL BALANCE DECEMBER 31, 2018 Cash Marketable securities Accounts receivable Allowance for doubtful accounts Merchandise inventory Office supplies Prepaid insurance Building and fixtures Accumulated depreciation Land Accounts payable Unearned customer...
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