Question

only final answers plz

15. The Accounts Receivable account has a beginning balance of $10,000 and the company provides services $50,000 on account during the month. If the company received cash payments from customers totaling $12,000 from customers during the month, what is the ending balance in the Accounts Receivable account? A. $50,000 B. $52,000 C. $48,000. D. $62,000. 16. When cash payments are made to stockholders, what is the effect on the company's accounts? A. Cash decreases and dividends increase. B. Cash increases and dividends decrease. C. Cash decreases and common stock decreases D. Cash increases and common stock increases 17. Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. Issued 10,000 shares of common stock for $15,000 cash. 2. Purchased land for $12,000, signing a note payable for the full amount. 3. Purchased office equipment for $1.200 cash. 4. Received cash of $14,000 for services provided to customers during the month. 5. Purchased $300 of office supplies on account. 6. Paid employees $10,000 for their first month's salaries What was the total amount of Gotebo's liabilities following these six transactions? A. $12,300 B. $27,300 C. $22,600. D. $15,500 18. Assets normally carry a balance and are shown in the A. Debit; Statement of stockholders' equity B. Debit; Income statement C. Credit; Balance sheet D. Debit; Balance sheet 19. Which of the following accounts would normally have a credit balance? A. Accounts Payable, Service Revenue, Common Stock. B. Salaries Payable, Deferred Revenue, Delivery Expense. C. Income Tax Payable, Service Revenue, Dividends. D. Cash, Repairs and Maintenance Expense, Dividends. 20. Styleson Inc. performed cleaning services for its customers for cash. These transactions would be re as: A. Debit Service Revenue, credit Cash. B. Debit Cash, credit Service Revenue. C. Debit Cash, credit Accounts Receivable. D. Debit Accounts Receivable, credit Service Revenue. Rev. 1217

Answer 1

15.

Account Recievable

OPENING BALANCE	10,000
Service provided	50,000
Total amount Recievable	60,000
Cash received	(12,000)
Closing balance	48,000

Answer is C. 48,000

16.A. Cash decrease and dividends increase.

When cash paid to shareholder then

Dividends

To cash

17.

Tran	Effect on liabilities	Amount
1.	No effect
2.	Increase in liabiity due to issue of note payable	12,000
3.	No effect beacuse of cash purchase
4.	No effect beacuse cash received of service provided
5.	Increase in liabiity beacuse supplies purchase on account.	300
6	no effect beacuse first month salary paid.
	Total increase in liabiity	12,300

A. 12,300 is correct

18.D.debit, Balance sheet

Assets has a debit balance and assets shown in balance sheet asset side.

19.A. Accounts Payable, Service revenue, Common Stock

Account payable is a Liabilities.

Service revenue is revenue

Common stock shown in stockholders equity.

20.B. debit cash, credit services revenue

Cash dr

To service Revenue