Homework Help Question & Answers

Journal Entry please Circle the best answer to each of the following questions. 1. When a...

Journal Entry please
Circle the best answer to each of the following questions. 1. When a company has performed services for a client but has not
6. Which of the following accounts is decreased with a CREDIT? a. Unearned Revenue b. Sales Revenue c. Accounts Receivable d.
d) Collected $68,438 million cash from customers related to prior credit sales. Account Title Debit Credit e) Declared and pa
1) Paid $28,600 million cash for current period operating expenses. Account Title Debit Credit k) Based on the journal entrie
Circle the best answer to each of the following questions. 1. When a company has performed services for a client but has not yet received payment, it: a. makes no entry until the cash is received. b. debits Accounts Receivable and credits Revenue. c. debits Accounts Payable and credits Revenue. d. debits Cash and credits Accounts Receivable. 2. Brewer Company's controller accidentally erased the 8/1/20 balance for the Cash account. However, she can see that the 8/31/20 Cash balance is $350,000, the company collected $900,000 cash during August 2020 and paid $1,000,000 cash during August 2020. What was the 8/1/20 Cash balance? a. $550,000 b. $350,000 c. $250,000 d. $450,000 3. Which of the following statements is TRUE? a. If a company provides service and bills its client $20,000, the journal entry to record this transaction will cause Total Assets to increase. b. If a company collects a cash deposit of $20,000 for services not yet performed, the journal entry to record this transaction will cause Net Income to increase. If a company pays $20,000 for inventory previously purchased on account, the journal entry to record this payment will cause Total Liabilities to increase. d. None of the above. c. On September 1, Marina, Inc. purchased 5500,000 worth of merchandise inventory on credit. On September 14, Marina paid $500,000 cash related to this purchase. 4. The journal entry to record the September 1 transaction will have the following effect on Marina's financial statements: a. Total Expenses will increase by $500,000. b. Total Liabilities will increase by $500,000 c. Total Assets will decrease by $500,000. d. Total Stockholders' Equity will decrease by $500,000. e. None of the above. 1 5. The journal entry to record the September 14 transaction will have the following effect on Marina's financial statements: a Total Expenses will increase by $500,000 b. Total Liabilities will increase by $500,000 Total Assets will decrease by $500,000 d. Total Stockholders' Equity will decrease by $500,000. C.
6. Which of the following accounts is decreased with a CREDIT? a. Unearned Revenue b. Sales Revenue c. Accounts Receivable d. Accounts Payable ups Problem (38 points) United Parcel Service, Inc. (UPS) says in its first footnote that: "it was founded in 1907 as a private messenger and delivery service in Seattle, Washington. Today, we are the world's largest package delivery company, a leader in the U.S. less-than-truckload industry and the premier provider of global supply chain management solutions. The global market for these services includes transportation, distribution, contract logistics, ground freight, ocean freight, air freight, customs brokerage, insurance and financing. We operate one of the largest airlines in the world, as well as the world's largest fleet of alternative-powered vehicles. We deliver packages each business day for 1.6 million shipping customers to 9.9 million delivery customers in over 220 countries and territories. In 2019, we delivered an average of 21.9 million pieces per day, or a total of 5.5 billion packages." Below you will see SOME (not all!) of UPS transactions in their most recent fiscal year. Provide the journal entry or entries (accounts and amounts) needed to record each transaction. a) Borrowed $5,205 million cash from a bank by signing a note payable. Account Title Debit Credit b) Had $74,094 million in credit sales to customers. Account Title Debit Credit c) Purchased $698 million worth of supplies (fuel) on account. Account Title Debit Credit d) Collected $68,438 million cash from customers related to prior credit sales. Account Title Debit Credit Search
d) Collected $68,438 million cash from customers related to prior credit sales. Account Title Debit Credit e) Declared and paid cash dividends of $3,194 million. Account Title Debit Credit f) Issued new common stock for $218 million. Account Title Debit Credit B) Paid $38,908 million cash for current period wages. Account Title Debit Credit h) Purchased new equipment costing S6,380 million on account during the current period. Account Title Debit Credit i) Paid $2,146 million cash for current period interest expense on the loans. Account Title Debit Credit Paid $2960
1) Paid $28,600 million cash for current period operating expenses. Account Title Debit Credit k) Based on the journal entries you've prepared, calculate UPS' Net Income. SHOW YOUR WORK. UPS' Net Income 1) At the beginning of the period, UPS had a Cash balance of $4,225 million. Use this beginning balance and your journal entries to show what UPS' Cash T account would look like for the most recent period and calculate UPS'ending Cash balance. SHOW YOUR WORK. Cash UPS Ending Cash Balance 3
0 0
Add a comment
Answer #1

Answer 1

When a company has performed services, then Revenue will be credited, and if Cash is not year received by the company, then Accounts Receivables will be debited.

Option b debits Accounts Receivables and credits revenue is the correct option.

Answer 2

Calculation of Cash balance as on 8/1/20

Cash Balance as on 8/31/20                                         350,000

Add: Cash payments during August                         1,000,000

Less: Cash collected in August                                    900,000

Cash Balance as on 8/1/20                                           $450,000

Option d $450,000 is the correct option

Answer 3

Option a is the correct option

As the Journal entry will be done is Accounts Receivables will be debited and Revenue will be credited. Therefore by debiting Accounts Receivables, Total Assets will increase.

As per Chegg Guidelines, I am supposed to answer maximum one Q (Maximum four subparts), in a post. To honor guidelines, I have solved Subparts 1,2 and 3 above.

Add a comment
Know the answer?
Add Answer to:
Journal Entry please Circle the best answer to each of the following questions. 1. When a...
Your Answer:

Post as a guest

Your Name:
What's your source?

Earn Coin

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Multiple Choice (2 points each) Circle the best answer to each of the following questions. 1....

    Multiple Choice (2 points each) Circle the best answer to each of the following questions. 1. When a company has performed services for a client but has not yet received payment, it: a. makes no entry until the cash is received. b. debits Accounts Receivable and credits Revenue. debits Accounts Payable and credits Revenue. d. debits Cash and credits Accounts Receivable. C. 2. Brewer Company's controller accidentally erased the 8/1/20 balance for the Cash account. However, she can see that...

  • Circle the best answer to each of the following questions. 1. When a company has performed...

    Circle the best answer to each of the following questions. 1. When a company has performed services for a client but has not yet received payment, it: a. makes no entry until the cash is received. b. debits Accounts Receivable and credits Revenue. c. debits Accounts Payable and credits Revenue. d. debits Cash and credits Accounts Receivable. 2. Brewer Company's controller accidentally erased the 8/1/20 balance for the Cash account. However, she can see that the 8/31/20 Cash balance is...

  • a. 5. The journal entry to record the September 14 transaction will have the following effect...

    a. 5. The journal entry to record the September 14 transaction will have the following effect on Marina's financial statements: Total Expenses will increase by $500,000. b. Total Liabilities will increase by $500,000. Total Assets will decrease by $500,000. d. Total Stockholders' Equity will decrease by $500,000. None of the above. c. e. 1 6. Which of the following accounts is decreased with a CREDIT? a. Unearned Revenue b. Sales Revenue Accounts Receivable d. Accounts Payable c. Problem (38 points)...

  • Ups United Parcel Service, Inc. (UPS) says in its first footnote that: "it was founded in...

    Ups United Parcel Service, Inc. (UPS) says in its first footnote that: "it was founded in 1907 as a private messenger and delivery service in Seattle, Washington. Today, we are the world's largest package delivery company, a leader in the U.S. less-than-truckload industry and the premier provider of global supply chain management solutions. The global market for these services includes transportation, distribution, contract logistics, ground freight, ocean freight, air freight, customs brokerage, insurance and financing. We operate one of the...

  • Problem (38 points) United Parcel Service, Inc. (UPS) says in its first footnote that: "it was...

    Problem (38 points) United Parcel Service, Inc. (UPS) says in its first footnote that: "it was founded in 1907 as a private messenger and delivery service in Seattle, Washington. Today, we are the world's largest package delivery company, a leader in the U.S. less-than-truckload industry and the premier provider of global supply chain management solutions. The global market for these services includes transportation, distribution, contract logistics, ground freight, ocean freight, air freight, customs brokerage, insurance and financing. We operate one...

  • United Parcel Service, Inc. (UPS) says in its first footnote that:“it was founded in 1907 as...

    United Parcel Service, Inc. (UPS) says in its first footnote that:“it was founded in 1907 as a private messenger and delivery service in Seattle, Washington. Today, we are the world’s largest package delivery company, a leader in the U.S. less-than-truckload industry and the premier provider of global supply chain management solutions. The global market for these services includes transportation, distribution, contract logistics, ground freight, ocean freight, air freight, customs brokerage, insurance and financing. We operate one of the largest airlines...

  • Lab 2 fall 2020 Saved ut References Mailings Review View Table Design Layout Tell me А...

    Lab 2 fall 2020 Saved ut References Mailings Review View Table Design Layout Tell me А Аа AO E 15 Anib ea AHMC D4B AaBb AaBbCcDdE AaBb A-DA- No Spacing Heading Heading 2 On September 1, Marina, Inc. purchased $500,000 worth of merchandise inventory on credit. On September 14, Marina paid $500,000 cash related to this purchase. 4. The journal entry to record the September 1 transaction will have the following effect on Marina's financial statements: Total Expenses will increase...

  • The following adjusting journal entry found in the journal is missing an explanation. Select the best...

    The following adjusting journal entry found in the journal is missing an explanation. Select the best explanation for the entry. 4,500 Wages Expense Wages Payable ???????????????? 4,500 Record wages expense incurred and to be paid next month. Record wages paid in advance. Record payment of wages. Record wages paid last month. Basic Calculator X 1120 Use this end-of-period spreadsheet to answer the questions that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement...

  • Multiple Choice Questions: 1) An example on an ACCRUAL journal entry is: A) Debit to Interest...

    Multiple Choice Questions: 1) An example on an ACCRUAL journal entry is: A) Debit to Interest Expense and Credit to Interest Payable, because the expense has been incurred but it wasn't paid yet which creates a liability B) Debit to A/R and Credit to Service Revenue because the service has been provided and the customer already paid us in advance C) Debit to Salaries Expense and Credit to Salaries Payable, because the expense has been incurred and cash was paid...

  • Record the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry...

    Record the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26,000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5,900 cash. (e) Purchased $1,700 of supplies on account....

Free Homework App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.