Homework Answers
Journal:
Cash a/c...Dr$1000
To Accounts Receivable $1000
The cash balance would increase while accounts receivable balance decrease due to this transaction.
Hence the correct option is C.
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17. The company collected cash from a customer on account $1,000. A. Dr. Service Revenue .000;...
15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue...
15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue E. Equity--Expense Questions 16-20: Show how each of the following five business transactions is recorded as a journal entry. The correct answer is a journal entry which both balances (Dr. debits = Cr. credits) and contains the correct account names and amounts. 16. The company consulted for a new brand and billed the client for services rendered $2,000 A. Dr. Service Revenue 2000; Cr....
5. Company C has two office employees who earn $100 a day each and are paid...
5. Company C has two office employees who earn $100 a day each and are paid on Friday for a five-day workweek that begins on Monday. If December 31 fell on Tuesday, and the two employees worked both on Monday and on Tuesday, what is the amount of accrued salary expense at December 31 for the two employees? A. 200 B. 300 C. 600 D. 400 E. None of the above 6. For Company D, the balance in office supplies...
uebits = Cr. credits) and contains the correct account names and amous. 16. The company consulted...
uebits = Cr. credits) and contains the correct account names and amous. 16. The company consulted for a new brand and billed the client for services rendered $2,000 A. Dr. Service Revenue 2000; Cr. Accounts Receivable 2000 B. Dr. Service Revenue 2000; Cr. Cash 2000 C. Dr. Cash 2000; Cr. Accounts Payable 2000 D. Dr. Accounts Receivable 2000; Cr. Service Revenue 2000 E. None of the above
On December 31, 2015, Dab Industries reported an unearned service revenue account balance of $2,500 and...
On December 31, 2015, Dab Industries reported an unearned service revenue account balance of $2,500 and during 2016 the overall account balance (i.e. reported by the company on its financial statements) increased by $700. During 2016, cash payments collected from customers for future services totaled $8,000. Select the answer below that correctly presents the December 31, 2016 adjusting entry. A. Service Revenue (dr) $3,200 Unearned Service Revenue (cr) $3,200 O B. Unearned Service Revenue (dr) $7,300 Service Revenue (cr) $7,300...
On December 31, 2015, Dab Industries reported an unearned service revenue account balance of $2,500 and...
On December 31, 2015, Dab Industries reported an unearned service revenue account balance of $2,500 and during 2016 the overall account balance (i.e. reported by the company on its financial statements) decreased by $1,300. During 2016, cash payments collected from customers for future services totaled $5,000. Select the answer below that correctly presents the December 31, 2016 adjusting entry. A. Cash (dr) $5,000 Unearned Service Revenue (cr) $5,000 B. Unearned Service Revenue (dr) $1,300 Service Revenue (cr) $1,300...
Holloway Company earned $18,000 of service revenue on account during 2018. The company collected $14,000 cash...
Holloway Company earned $18,000 of service revenue on account during 2018. The company collected $14,000 cash from accounts receivable during 2018. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. The balance of the accounts receivable that would be reported on the December 31, 2018, balance sheet. b. The amount of net income that would be reported on the 2018...
QUESTION 21 What is the proper entry to close out the Drawing account? O Dr. Capital,...
QUESTION 21 What is the proper entry to close out the Drawing account? O Dr. Capital, Cr. Drawing Account O Dr. Drawing Account, Cr. Capital O Dr. Cash, Cr. Drawing Account O Dr. Drawing Account, Cr. Cash QUESTION 22 If the income summary has a credit balance, the company is operating at a: O profit loss QUESTION 31 What is the entry to record a funeral service done on account and signed for? O Dr. Notes Receivable, Cr. Cash O...
Worksheet For the Month Ended March 31, 2019 Trial Balance Account Titles Dr. Cr. Cash 4,200...
Worksheet For the Month Ended March 31, 2019 Trial Balance Account Titles Dr. Cr. Cash 4,200 Accounts Receivable 2,800 Supplies 2,200 Equipment 10,560 Accumulated Depreciation-Equipment 1,200 Accounts Payable 2,600 Unearned Service Revenue 600 Common Stock 8,020 Retained Earnings 3,800 Dividends 1,100 Service Revenue 6,100 Salaries and Wages Expense 1,000 Miscellaneous Expense 460 22,320 22,320 Other data: 1. 2. 3. A physical count reveals only $400 of roofing supplies on hand. Depreciation for March is $240. Unearned service revenue amounted to...
E. None of the do 18. The company purchased office supplies from Office Max on account...
E. None of the do 18. The company purchased office supplies from Office Max on account $600. A. Dr. Office Supplies 600; Cr. Cash 600 B. Dr. Cash 600 Cr. Office Supplies 600 C. Dr. Office Supplies 600; Cr. Accounts Payable 600 D. Dr. Accounts Payable 600 Cr. Cash 600 E. None of the above
Holloway Company earned $18,000 of service revenue on account during Year 1. The company collected $14.000...
Holloway Company earned $18,000 of service revenue on account during Year 1. The company collected $14.000 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement. c. The amount of net cash flow from operating activities...
15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue E. Equity--Expense Questions 16-20: Show how each of the following five business transactions is recorded as a journal entry. The correct answer is a journal entry which both balances (Dr. debits = Cr. credits) and contains the correct account names and amounts. 16. The company consulted for a new brand and billed the client for services rendered $2,000 A. Dr. Service Revenue 2000; Cr....
uebits = Cr. credits) and contains the correct account names and amous. 16. The company consulted for a new brand and billed the client for services rendered $2,000 A. Dr. Service Revenue 2000; Cr. Accounts Receivable 2000 B. Dr. Service Revenue 2000; Cr. Cash 2000 C. Dr. Cash 2000; Cr. Accounts Payable 2000 D. Dr. Accounts Receivable 2000; Cr. Service Revenue 2000 E. None of the above
On December 31, 2015, Dab Industries reported an unearned service revenue account balance of $2,500 and during 2016 the overall account balance (i.e. reported by the company on its financial statements) increased by $700. During 2016, cash payments collected from customers for future services totaled $8,000. Select the answer below that correctly presents the December 31, 2016 adjusting entry. A. Service Revenue (dr) $3,200 Unearned Service Revenue (cr) $3,200 O B. Unearned Service Revenue (dr) $7,300 Service Revenue (cr) $7,300...
Holloway Company earned $18,000 of service revenue on account during 2018. The company collected $14,000 cash from accounts receivable during 2018. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. The balance of the accounts receivable that would be reported on the December 31, 2018, balance sheet. b. The amount of net income that would be reported on the 2018...
QUESTION 21 What is the proper entry to close out the Drawing account? O Dr. Capital, Cr. Drawing Account O Dr. Drawing Account, Cr. Capital O Dr. Cash, Cr. Drawing Account O Dr. Drawing Account, Cr. Cash QUESTION 22 If the income summary has a credit balance, the company is operating at a: O profit loss QUESTION 31 What is the entry to record a funeral service done on account and signed for? O Dr. Notes Receivable, Cr. Cash O...
Worksheet For the Month Ended March 31, 2019 Trial Balance Account Titles Dr. Cr. Cash 4,200 Accounts Receivable 2,800 Supplies 2,200 Equipment 10,560 Accumulated Depreciation-Equipment 1,200 Accounts Payable 2,600 Unearned Service Revenue 600 Common Stock 8,020 Retained Earnings 3,800 Dividends 1,100 Service Revenue 6,100 Salaries and Wages Expense 1,000 Miscellaneous Expense 460 22,320 22,320 Other data: 1. 2. 3. A physical count reveals only $400 of roofing supplies on hand. Depreciation for March is $240. Unearned service revenue amounted to...
E. None of the do 18. The company purchased office supplies from Office Max on account $600. A. Dr. Office Supplies 600; Cr. Cash 600 B. Dr. Cash 600 Cr. Office Supplies 600 C. Dr. Office Supplies 600; Cr. Accounts Payable 600 D. Dr. Accounts Payable 600 Cr. Cash 600 E. None of the above
Holloway Company earned $18,000 of service revenue on account during Year 1. The company collected $14.000 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement. c. The amount of net cash flow from operating activities...
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