Homework Answers
A. The debits and credits posted to the Inventory account caused it to decrease by $13500.
The beginning balance is a debit balance of $75,000. Debits of $48,500 and credits of $62,000 cause the balance to decrease by $13,500 and the ending balance is a debit balance of$61,500.
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A company started the year with a normal balance of $75,000 in the Inventory account. During...
A company started the year with a normal balance of $69.000 in the Inventory account. During...
A company started the year with a normal balance of $69.000 in the Inventory account. During the year, debits totaling $45.500 and credits totaung 556.000 were posted to the invente about the inventory account is correct?
^answes for question ^multiple choice for that question Which of the following statements regarding debits and...
^answes for question
^multiple choice for that question
Which of the following statements regarding debits and credits is always correct? Multiple Choice The total value of all debits to a particular account must equal the total value of all credits to that account. O The total value of all debits recorded in the ledger must equal the total value of all credits recorded in the ledger. Debits decrease accounts while credits increase them. The normal balance for an account is...
Accounts Payable had a balance of $18,360 at the beginning of the month. During the month,...
Accounts Payable had a balance of $18,360 at the beginning of the month. During the month, three debits in the amounts of $4,540, $11140, and $14,640 were posted to Accounts Payable, and three credits in the amounts of $3,760, $9,660, and $12,860 were posted to Accounts Payable. What is the ending balance of the Accounts Payable account? Multiple Choice o o o o
A company general ledger shows a checking account balance of $22,820 on July 31, Year 1....
A company general ledger shows a checking account balance of
$22,820 on July 31, Year 1. The July cash receipts of $1,735,
included in the general ledger balance, are placed in the night
depository at the bank on July 31 and processed by the bank on
August 1. The bank statement dated July 31 shows bank service fees
of $40. The bank processes all checks written by the company by
July 31 and lists them on the bank statement, except...
The balance in beginning inventory is $75,000. During the year, the company purchased $200,000 of inventory....
The balance in beginning inventory is $75,000. During the year, the company purchased $200,000 of inventory. Sales during the period were $300,000. The gross profit margin is 20% of sales. On December 31, all unsold inventory was destroyed in a warehouse fire. Calculate the dollar value of the inventory lost in the fire. Prepare the journal entry for $20,000 of inventory purchased on credit.
Blair Scott started a sole proprietorship by depositing $75,000 cash in a business checking account. During...
Blair Scott started a sole proprietorship by depositing $75,000 cash in a business checking account. During the accounting period, the business borrowed $30,000 from a bank, earned $18,000 of net income, and Scott withdrew $12,000 cash from the business. Based on this information, what is the balance in Scott’s capital account at the end of the accounting period? Multiple Choice A) $93,000 B) $81,000 C) $72,000 D) $111,000
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
During Year 1, Hardy Merchandising Company purchased $18,000 of Inventory on account. Hardy sold Inventory on...
During Year 1, Hardy Merchandising Company purchased $18,000 of Inventory on account. Hardy sold Inventory on account that cost $13,500 for $20,300. Cash payments on accounts payable were $11,300. There was $18,100 cash collected from accounts receivable. Hardy also paid $3,800 cash for operating expenses. Assume that Hardy started the accounting period with $23,000 in both cash and common stock Required a. Identify the events described in the preceding paragraph and show them in a horizontal statements model. The first...
8. McGregor Insurance Agency started the year with a beginning Retained Earnings balance of $27,500. During...
8. McGregor Insurance Agency started the year with a beginning Retained Earnings balance of $27,500. During the year, McGregor Insurance Agency earned $34,000 of Service Revenue and incurred $23,500 of various expenses. Dividends of $12,000 from the business were paid to stockholders. After the closing entries are recorded and posted, what will be the balance of Retained Earnings? Post the beginning balance and closing entry amounts to the Retained Earnings account. Use a "Bal" posting reference to show the beginning...
Northwest Fur Co started the year with $99,000 of merchandise inventory on hand. During the year, $435,000 in merch...
Northwest Fur Co started the year with $99,000 of merchandise inventory on hand. During the year, $435,000 in merchandise was purchased on account with credit terms of 1/5, 1/4 All discounts were taken Northwest paid freight in charges of $7000 Merchandise with an invoice amount of 14,500 was returned for credit Cost of goods sold for the year was $370,000 What is ending inventory? Multiple Choice Ο S166,500. Ο Ο S16190 Ο Ο $162 195. Ο Ο $65.000
A company started the year with a normal balance of $69.000 in the Inventory account. During the year, debits totaling $45.500 and credits totaung 556.000 were posted to the invente about the inventory account is correct?
^answes for question
^multiple choice for that question
Which of the following statements regarding debits and credits is always correct? Multiple Choice The total value of all debits to a particular account must equal the total value of all credits to that account. O The total value of all debits recorded in the ledger must equal the total value of all credits recorded in the ledger. Debits decrease accounts while credits increase them. The normal balance for an account is...
Accounts Payable had a balance of $18,360 at the beginning of the month. During the month, three debits in the amounts of $4,540, $11140, and $14,640 were posted to Accounts Payable, and three credits in the amounts of $3,760, $9,660, and $12,860 were posted to Accounts Payable. What is the ending balance of the Accounts Payable account? Multiple Choice o o o o
A company general ledger shows a checking account balance of
$22,820 on July 31, Year 1. The July cash receipts of $1,735,
included in the general ledger balance, are placed in the night
depository at the bank on July 31 and processed by the bank on
August 1. The bank statement dated July 31 shows bank service fees
of $40. The bank processes all checks written by the company by
July 31 and lists them on the bank statement, except...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
During Year 1, Hardy Merchandising Company purchased $18,000 of Inventory on account. Hardy sold Inventory on account that cost $13,500 for $20,300. Cash payments on accounts payable were $11,300. There was $18,100 cash collected from accounts receivable. Hardy also paid $3,800 cash for operating expenses. Assume that Hardy started the accounting period with $23,000 in both cash and common stock Required a. Identify the events described in the preceding paragraph and show them in a horizontal statements model. The first...
8. McGregor Insurance Agency started the year with a beginning Retained Earnings balance of $27,500. During the year, McGregor Insurance Agency earned $34,000 of Service Revenue and incurred $23,500 of various expenses. Dividends of $12,000 from the business were paid to stockholders. After the closing entries are recorded and posted, what will be the balance of Retained Earnings? Post the beginning balance and closing entry amounts to the Retained Earnings account. Use a "Bal" posting reference to show the beginning...
Northwest Fur Co started the year with $99,000 of merchandise inventory on hand. During the year, $435,000 in merchandise was purchased on account with credit terms of 1/5, 1/4 All discounts were taken Northwest paid freight in charges of $7000 Merchandise with an invoice amount of 14,500 was returned for credit Cost of goods sold for the year was $370,000 What is ending inventory? Multiple Choice Ο S166,500. Ο Ο S16190 Ο Ο $162 195. Ο Ο $65.000
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