Homework Answers
(1): The answer will be “C” – debit to prepaid rent, credit to cash.
Explanation – This is because prepaid rent will stand as a current asset in the books and hence will be debited.
(2): The answer is “C” – debits and credits.
Explanation – This is because the first column represents the title of account, the second column represents the debit balances while the third column represents credit balances.
(3): The answer is “A” - $2,400
Explanation: Net income = Revenue – Expenses
= 5500-3100
= 2400
(4): The answer is “B” – Rent expenses
Explanation: This is because rent expenses are an expense account and appears in the income statement. They are not liabilities and hence will not appear in balance sheet.
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Coyote Co. paid $8,000 rent in advance. The journal entry would require: O A. debit to...
A journal entry for a $800 payment for Prepaid Rent was erroneously recorded as a debit...
A journal entry for a $800 payment for Prepaid Rent was erroneously recorded as a debit to Prepaid Rent for$1,000 and a credit to Cash for $800. Which of the following statements correctly states the effect of the error on the trial balance? O A. The sum of the debits will exceed the sum of the credits by $200. B. The sum of the debits will exceed the sum of the credits by $1,800. OC. The sum of the credits...
A journal entry for a $65 payment for rent expense was posted as a debit to...
A journal entry for a $65 payment for rent expense was posted as a debit to Salaries Expense and a credit to Cash. Which of the following statements correctly states the effect of the error on the trial balance? O A. The sum of the credits will equal the sum of the debits. OB. The sum of the debits will exceed the sum of the credits by $65. O C. The sum of the debits will exceed the sum of...
A journal entry for a $400 payment for Prepaid Rent was erroneously recorded as a debit...
A journal entry for a $400 payment for Prepaid Rent was erroneously recorded as a debit to Prepaid Rent for $100, and a credit to Cash for $400. Which of the following statements correctly states the effect of the error on the trial balance? A. The sum of the debits will exceed the sum of the credits by $100. B. The sum of the credits will exceed the sum of the debits by $300. C. The sum of the credits...
Leon Company Adjusted Trial Balance December 31, 2017 DEBIT CREDIT 1,300 4,445 Cash Accounts Receivable Allowance...
Leon Company Adjusted Trial Balance December 31, 2017 DEBIT CREDIT 1,300 4,445 Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Supplies 370 500 100 50 1,900 Inventory Prepaid Expenses Equipment Accumulated Depreciation 150 8,570 1,800 Copyrights Accounts Payable Interest Payable 430 650 65 Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par - CS Retained Earnings (1/1/17) Dividends Sales 150 1,200 5,000 300 3,700 5,500 43,400 Sales Returns & Allowances 130...
1 .Choose all the accounts below that would be INCREASED by a DEBIT entry to the...
1 .Choose all the accounts below that would be INCREASED by a DEBIT entry to the account. Group of answer choices Assets Dividends Capital Contributions Revenues Contra Assets Losses Expenses Liabilities Contra Revenues Retained Earnings Gains 2. Choose all the accounts below that would be DECREASED by a CREDIT entry to the account. Group of answer choices Retained Earnings Assets Equity Expenses Dividends Contra Assets Losses Liabilities 3. Choose all the accounts below that would be DECREASED by a DEBIT...
AlfordCo paid $11,800 in advance for six months of rent. What journal entry will AlfordCo prepare...
AlfordCo paid $11,800 in advance for six months of rent. What journal entry will AlfordCo prepare to record this transaction? Multiple Choice Debit Cash and credit Deferred Rent for $11,800 Debit Rent Expense and credit Cash for $11,800 O O Debit Prepaid Rent and credit Cash for $11,800 Debit Cash and credit Prepaid Rent for $11,800
Multi Step Income Statement For the year ended December 31, 2017 (Be sure to include all...
Multi Step Income Statement
For the year ended December 31, 2017
(Be sure to include all the necessary headings, totals and
subtotals as outlined in Chapter 5. You may not need to use all the
lines provided. Note: The two columns below do not represent debit
and credit balances like they do on a trial balance. On the Income
Statement, use the right column for subtotals and totals.)
James Company Adjusted Trial Balance December 31, 2017 DEBIT 3,100 2,460 CREDIT...
Statement of Retained Earnings For the year ended December 31, 2017 Classified Balance Sheet December 31,...
Statement of Retained Earnings
For the year ended December 31, 2017
Classified Balance Sheet
December 31, 2017
(Be sure to include all the necessary subtotals and totals as
outlined in Chapter 2. You may not need to use all of the lines
provided. Note: The two columns below do not represent debit and
credit balances like they do on a trial balance. On the Balance
Sheet, use the right column for subtotals and totals.)
James Company Adjusted Trial Balance December...
Credit Debit $ 1,240 2,100 2,400 3,100 12,500 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-...
Credit Debit $ 1,240 2,100 2,400 3,100 12,500 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long- term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Unearned Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense $ 2,800 5,520 1,050 3,000 620 2,500 1,040 310 42,930 310 21,800 1,400 4,320 1,500 6.100 3.000 Total $59.770 $59.770 Journal entry worksheet Record the...
The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Debit $...
The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Debit $ 1,280 2,500 2,800 3,500 14,500 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total $ 3,600 5,920 1,250 3,400 700 2,900 1,200 350 46,530 350 22,600...
A journal entry for a $800 payment for Prepaid Rent was erroneously recorded as a debit to Prepaid Rent for$1,000 and a credit to Cash for $800. Which of the following statements correctly states the effect of the error on the trial balance? O A. The sum of the debits will exceed the sum of the credits by $200. B. The sum of the debits will exceed the sum of the credits by $1,800. OC. The sum of the credits...
A journal entry for a $65 payment for rent expense was posted as a debit to Salaries Expense and a credit to Cash. Which of the following statements correctly states the effect of the error on the trial balance? O A. The sum of the credits will equal the sum of the debits. OB. The sum of the debits will exceed the sum of the credits by $65. O C. The sum of the debits will exceed the sum of...
A journal entry for a $400 payment for Prepaid Rent was erroneously recorded as a debit to Prepaid Rent for $100, and a credit to Cash for $400. Which of the following statements correctly states the effect of the error on the trial balance? A. The sum of the debits will exceed the sum of the credits by $100. B. The sum of the credits will exceed the sum of the debits by $300. C. The sum of the credits...
Leon Company Adjusted Trial Balance December 31, 2017 DEBIT CREDIT 1,300 4,445 Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Supplies 370 500 100 50 1,900 Inventory Prepaid Expenses Equipment Accumulated Depreciation 150 8,570 1,800 Copyrights Accounts Payable Interest Payable 430 650 65 Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par - CS Retained Earnings (1/1/17) Dividends Sales 150 1,200 5,000 300 3,700 5,500 43,400 Sales Returns & Allowances 130...
AlfordCo paid $11,800 in advance for six months of rent. What journal entry will AlfordCo prepare to record this transaction? Multiple Choice Debit Cash and credit Deferred Rent for $11,800 Debit Rent Expense and credit Cash for $11,800 O O Debit Prepaid Rent and credit Cash for $11,800 Debit Cash and credit Prepaid Rent for $11,800
Multi Step Income Statement
For the year ended December 31, 2017
(Be sure to include all the necessary headings, totals and
subtotals as outlined in Chapter 5. You may not need to use all the
lines provided. Note: The two columns below do not represent debit
and credit balances like they do on a trial balance. On the Income
Statement, use the right column for subtotals and totals.)
James Company Adjusted Trial Balance December 31, 2017 DEBIT 3,100 2,460 CREDIT...
Statement of Retained Earnings
For the year ended December 31, 2017
Classified Balance Sheet
December 31, 2017
(Be sure to include all the necessary subtotals and totals as
outlined in Chapter 2. You may not need to use all of the lines
provided. Note: The two columns below do not represent debit and
credit balances like they do on a trial balance. On the Balance
Sheet, use the right column for subtotals and totals.)
James Company Adjusted Trial Balance December...
Credit Debit $ 1,240 2,100 2,400 3,100 12,500 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long- term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Unearned Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense $ 2,800 5,520 1,050 3,000 620 2,500 1,040 310 42,930 310 21,800 1,400 4,320 1,500 6.100 3.000 Total $59.770 $59.770 Journal entry worksheet Record the...
The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Debit $ 1,280 2,500 2,800 3,500 14,500 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total $ 3,600 5,920 1,250 3,400 700 2,900 1,200 350 46,530 350 22,600...
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