which of the following is the correct entry needed to record the revenue earned
Homework Answers
| Date | Particular | Debit | Credit |
|
Cash / Bank A/c Dr. To Sales A/C's |
|||
| (Being amount received is debited and Sales in credited) |
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which of the following is the correct entry needed to record the
revenue earned
Which of the following adjusting entries will increase rent revenue and decrease rent expense? A. Entry...
Which of the following adjusting entries will increase rent revenue and decrease rent expense? A. Entry to record accrued revenue B. Entry to record the earned portion of revenue in advance and credited to rent expense. C. Entry to record accrued expense D. None of the entries applies
Which of the following statements is correct? O The entry to record the payment of an...
Which of the following statements is correct? O The entry to record the payment of an invoice within the cash discount period would include a debit to the Purchases Discounts account. O To record a cash purchase of merchandise, the accountant would debit Purchases and credit Cash O A transaction that is properly recorded in the cash payments journal will always include the recording of an amount in the Cash Debit column. O Purchase discounts is a contra revenue account.
Entry 1: Record the entry to close revenue accounts. Entry 2: Record the entry to close...
Entry 1:
Record the entry to close revenue accounts.
Entry 2:
Record the entry to close expense accounts.
Entry 3:
Record the entry to close the income summary account.
Entry 4:
Record the entry to close the dividends account.
The ledger of Mai Company includes the following accounts with normal balances as of December 31: Common Stock $10,900; Dividends $1,750; Services Revenue $32,000; Wages Expense $17,900; and Rent Expense $5,400. Prepare its December 31 closing entries. View transaction list Journal...
Which of the following shows the correct journal entry to record the sale under the gross...
Which of the following shows the correct journal entry to record the sale under the gross method if Beryl Brothers made a $15,000 sale with credit terms of 1/15, n/30? A : Debit Accounts Receivable for $14,850 and credit Sales Revenue for $14,850 B : Debit Accounts Receivable for $15,000 and credit Sales Revenue for $15,000 C : Debit Accounts Receivable for $14,850 and Sales Discounts for $150 and credit Sales Revenue for $15,000 D : Debit Accounts Receivable for...
after posting the adjustment entry to record revenues earned but not yet collected which account will...
after posting the adjustment entry to record revenues earned but not yet collected which account will increase? why?
5 Which of the following is the correct journal entry to record the issuance of 3,000...
5 Which of the following is the correct journal entry to record the issuance of 3,000 shares of 6% cumulative, $40 stated value, preferred stock at $44? points Multiple Choice 00:04:52 Debit 132.000 Credit Preferred Stock, $40 Stated Value, 6% Cumulative Cash 132,000
The entry to record a return by a credit customer of defective merchandise on which no...
The entry to record a return by a credit customer of defective merchandise on which no sales tax was charged includes a debit to Sales and a credit to Sales Returns and Allowances. a debit to Accounts Receivable and a credit to Sales Returns and Allowances. a debit to Sales Returns and Allowances and a credit to Accounts Receivable. a debit to Sales and a credit to Accounts Receivable. Which of the following statements is correct? Under the accrual basis of accounting,...
Which of the following is NOT a line in your journal entry to record... You disposed...
Which of the following is NOT a line in your journal entry to record... You disposed of Office Furniture for $2,000 cash. The furniture cost $8,000 and had accumulated depreciation of $5,000. Select one: O a. dr. Loss on Disposal of Assets $1,000 O b. dr. Accum.Depreciation - Office Furniture $5,000 O c. dr. Cash $2,000 O d.cr. Office Furniture $8,000 O ecr. Loss on Disposal of Assets - $1,000 Which of the following is NOT a line in your...
An adjusting entry to record an accrued revenue (like accounts receivable) involves: O a debit to...
An adjusting entry to record an accrued revenue (like accounts receivable) involves: O a debit to an asset account and a credit to a liability account O a debit to a revenue account and a credit to an asset account O a debit to a liability account and a credit to a revenue account a debit to an asset account and a credit to a revenue account QUESTION 14 Which of the following properly describes a deferral? O Cash is...
Fill out chart for A: Record entry to close service revenue. B: Record entry to close...
Fill out chart for A: Record entry to close service revenue.
B: Record entry to close expenses.
C:Record entry to close Dividends.
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 25,300...
Which of the following statements is correct? O The entry to record the payment of an invoice within the cash discount period would include a debit to the Purchases Discounts account. O To record a cash purchase of merchandise, the accountant would debit Purchases and credit Cash O A transaction that is properly recorded in the cash payments journal will always include the recording of an amount in the Cash Debit column. O Purchase discounts is a contra revenue account.
Entry 1:
Record the entry to close revenue accounts.
Entry 2:
Record the entry to close expense accounts.
Entry 3:
Record the entry to close the income summary account.
Entry 4:
Record the entry to close the dividends account.
The ledger of Mai Company includes the following accounts with normal balances as of December 31: Common Stock $10,900; Dividends $1,750; Services Revenue $32,000; Wages Expense $17,900; and Rent Expense $5,400. Prepare its December 31 closing entries. View transaction list Journal...
5 Which of the following is the correct journal entry to record the issuance of 3,000 shares of 6% cumulative, $40 stated value, preferred stock at $44? points Multiple Choice 00:04:52 Debit 132.000 Credit Preferred Stock, $40 Stated Value, 6% Cumulative Cash 132,000
Which of the following is NOT a line in your journal entry to record... You disposed of Office Furniture for $2,000 cash. The furniture cost $8,000 and had accumulated depreciation of $5,000. Select one: O a. dr. Loss on Disposal of Assets $1,000 O b. dr. Accum.Depreciation - Office Furniture $5,000 O c. dr. Cash $2,000 O d.cr. Office Furniture $8,000 O ecr. Loss on Disposal of Assets - $1,000 Which of the following is NOT a line in your...
An adjusting entry to record an accrued revenue (like accounts receivable) involves: O a debit to an asset account and a credit to a liability account O a debit to a revenue account and a credit to an asset account O a debit to a liability account and a credit to a revenue account a debit to an asset account and a credit to a revenue account QUESTION 14 Which of the following properly describes a deferral? O Cash is...
Fill out chart for A: Record entry to close service revenue.
B: Record entry to close expenses.
C:Record entry to close Dividends.
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 25,300...
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