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C) $4,500
As per Accrual Based accounting, income or expenses will be booked whether or not payment received.
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D Question 33 2 pts Allen Company is hired on December 15, 2016 to perform services,...
why is 6800 the coreect answer? Question 16 0/1 pts Dalton Delivery Service is hired on...
why is 6800 the coreect answer?
Question 16 0/1 pts Dalton Delivery Service is hired on October 31, 2016 to perform services, beginning on November 1, 2016. The delivery services will be performed for six months at a rate of $3400 per month Dalton's fiscal year ends on December 31. What amount of service revenue should be recorded as an adjusting entry on December 31, 2016? bu Answered • $3400 rect Answer $6800 $10,200
Credit ABC Business Services Unadjusted Trial Balance December 31, 2018 Balance Account Title Debit Cash $20.000...
Credit ABC Business Services Unadjusted Trial Balance December 31, 2018 Balance Account Title Debit Cash $20.000 Accounts Receivable 14,000 Equipment 50,000 Accumulated Depreciation - Equipment Accounts Payable Unearned Revenue Common Stock . Retained Earnings Dividends 5,000 Service Revenue Advertising Expense 4,000 Depreciation Expense - Equipment 8,000 Insurance Expense 4,500 Salaries Expense 15.000 Total $120,500 $17.500 10,000 9,000 30,000 5,000 49.000 $120.5.09 Adjustment data at December 31 follows: a. Depreciation for the equipment is $4,000. b. As of December 31, 2018,...
a. The company provided $3,600 in services to customers that are expected to pay the company...
a. The company provided $3,600 in services to customers that are expected to pay the company sometime in January following the company's year-end. b. Wage expenses of $2,600 have been incurred but are not paid as of December 31. c. The company has a $6,600 bank loan and has incurred (but not recorded) 7% interest expense of $462 for the year ended December 31. The company will pay the $462 interest in cash on January 2 following the company's year-end....
QUESTION 10 On December 31, 2016, the manager of Jordan Creek Apartments noticed that four tenants...
QUESTION 10 On December 31, 2016, the manager of Jordan Creek Apartments noticed that four tenants had not paid their December rent amounting to $500 each. The manager spoke to each tenant individually and was promised by all 4 that the rent would be paid by January 15, 2017. Assuming the tenants follow through and make their payments by January 15, 2017, Jordan Creek should make the following entry as of December 31, 2016: Cash (dr) $2,000 Rental Receivable...
a. M&R Company provided $2,000 in services to customers in December. Those customers are expected to...
a. M&R Company provided $2,000 in services to customers in December. Those customers are expected to pay the company sometime in January following the company's year-end. b. Wage expenses of $1,000 have been incurred but are not paid as of December 31. c. M&R Company has a $5,000 bank loan and has incurred (but not recorded) 8% Interest expense of $400 for the year ended December 31. The company will pay the $400 interest in cash on January 2 following...
E4-10 Determining Adjusted Income Statement Account Balances [LO 4-1, LO 4-2] Partial comparative Income statements are...
E4-10 Determining Adjusted Income Statement Account Balances [LO 4-1, LO 4-2] Partial comparative Income statements are presented below for Commonplace Corporation COMMONPLACE CORPORATION (Partial) Income Statements For the Years Ended December 31 2018 Service Revenue $705,000 utilities Expense 20,000 Salaries and Wages Expense 405,000 Rent, Insurance, and Supplies Expense 163,000 Depreciation and Amortization Expense 17.000 Income before Income Tax Expense $100,000 2017 $730,000 24,000 460,000 142.000 4,000 $100,000 The company's manager provides the following additional information: a. The company received...
Shamsud Ltd. operates on a calendar-year basis. At the beginning of December 2016, the company had...
Shamsud Ltd. operates on a calendar-year basis. At the beginning of December 2016, the company had the following current liabilities on its books: Accounts payable $85,000 Rent payable $10,000 Warranty provision $12,000 Unearned revenue $14,000 In December, the following events occurred: 1. Shamsud purchased a new computer system on account at a cost of $28,000, payable on January 15, 2017. In addition to this, $4,000 was paid in cash to have the new system installed and customized to the company's...
a. M&R Company provided $3,700 in services to customers in December. Those customers are expected to...
a. M&R Company provided $3,700 in services to customers in December. Those customers are expected to pay the company sometime in January following the company's year-end. b. Wage expenses of $2,700 have been incurred but are not paid as of December 31. c. M&R Company has a $6,700 bank loan and has incurred (but not recorded) 6% interest expense of $402 for the year ended December 31. The company will pay the $402 interest in cash on January 2 following...
can you please mark the explanations while answering this practice problem? 1. 2. 3. etc Magness Delivery Service has completed closing entries and the accounting cycle for 2016. The busine...
can you please mark the explanations while answering this
practice problem?
1.
2.
3.
etc
Magness Delivery Service has completed closing entries and the accounting cycle for 2016. The business is now ready to record January 2017 transactions. Collected $1,000 cash from customer on account. 5 Purchased office supplies on account, $600. 12 Performed delivery services for a customer and received $2,000 cash. 15 Paid employee salary including the amount owed on December 31, $2,500. 18 Performed delivery services on...
15 PTS: QUESTION 6 - SERVICE CONTRACTS / AGREEMENTS 2 PARTS) On October 1, 2019 GOOD...
15 PTS: QUESTION 6 - SERVICE CONTRACTS / AGREEMENTS 2 PARTS) On October 1, 2019 GOOD LAWNS, INC and PENNY PALS COMPANY entered into a 2 year agreement. GOOD LAWNS will provide monthly landscaping services to PENNY PALS at a cost of $500 per month **PART 1: REQUIRED" How much landscaping revenue should GOOD LAWNS record for each time period below (assume accrual basis): . Over the entire 2 year contract • Revenue for 2019? • Revenue for 2020? •...
why is 6800 the coreect answer?
Question 16 0/1 pts Dalton Delivery Service is hired on October 31, 2016 to perform services, beginning on November 1, 2016. The delivery services will be performed for six months at a rate of $3400 per month Dalton's fiscal year ends on December 31. What amount of service revenue should be recorded as an adjusting entry on December 31, 2016? bu Answered • $3400 rect Answer $6800 $10,200
Credit ABC Business Services Unadjusted Trial Balance December 31, 2018 Balance Account Title Debit Cash $20.000 Accounts Receivable 14,000 Equipment 50,000 Accumulated Depreciation - Equipment Accounts Payable Unearned Revenue Common Stock . Retained Earnings Dividends 5,000 Service Revenue Advertising Expense 4,000 Depreciation Expense - Equipment 8,000 Insurance Expense 4,500 Salaries Expense 15.000 Total $120,500 $17.500 10,000 9,000 30,000 5,000 49.000 $120.5.09 Adjustment data at December 31 follows: a. Depreciation for the equipment is $4,000. b. As of December 31, 2018,...
a. The company provided $3,600 in services to customers that are expected to pay the company sometime in January following the company's year-end. b. Wage expenses of $2,600 have been incurred but are not paid as of December 31. c. The company has a $6,600 bank loan and has incurred (but not recorded) 7% interest expense of $462 for the year ended December 31. The company will pay the $462 interest in cash on January 2 following the company's year-end....
a. M&R Company provided $2,000 in services to customers in December. Those customers are expected to pay the company sometime in January following the company's year-end. b. Wage expenses of $1,000 have been incurred but are not paid as of December 31. c. M&R Company has a $5,000 bank loan and has incurred (but not recorded) 8% Interest expense of $400 for the year ended December 31. The company will pay the $400 interest in cash on January 2 following...
E4-10 Determining Adjusted Income Statement Account Balances [LO 4-1, LO 4-2] Partial comparative Income statements are presented below for Commonplace Corporation COMMONPLACE CORPORATION (Partial) Income Statements For the Years Ended December 31 2018 Service Revenue $705,000 utilities Expense 20,000 Salaries and Wages Expense 405,000 Rent, Insurance, and Supplies Expense 163,000 Depreciation and Amortization Expense 17.000 Income before Income Tax Expense $100,000 2017 $730,000 24,000 460,000 142.000 4,000 $100,000 The company's manager provides the following additional information: a. The company received...
a. M&R Company provided $3,700 in services to customers in December. Those customers are expected to pay the company sometime in January following the company's year-end. b. Wage expenses of $2,700 have been incurred but are not paid as of December 31. c. M&R Company has a $6,700 bank loan and has incurred (but not recorded) 6% interest expense of $402 for the year ended December 31. The company will pay the $402 interest in cash on January 2 following...
can you please mark the explanations while answering this
practice problem?
1.
2.
3.
etc
Magness Delivery Service has completed closing entries and the accounting cycle for 2016. The business is now ready to record January 2017 transactions. Collected $1,000 cash from customer on account. 5 Purchased office supplies on account, $600. 12 Performed delivery services for a customer and received $2,000 cash. 15 Paid employee salary including the amount owed on December 31, $2,500. 18 Performed delivery services on...
15 PTS: QUESTION 6 - SERVICE CONTRACTS / AGREEMENTS 2 PARTS) On October 1, 2019 GOOD LAWNS, INC and PENNY PALS COMPANY entered into a 2 year agreement. GOOD LAWNS will provide monthly landscaping services to PENNY PALS at a cost of $500 per month **PART 1: REQUIRED" How much landscaping revenue should GOOD LAWNS record for each time period below (assume accrual basis): . Over the entire 2 year contract • Revenue for 2019? • Revenue for 2020? •...
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