Homework Answers
Journal entry
Debit Credit
01 May. By Accounts Receivable Dr. 3,200.00
To Sales Revenue Cr. 3,200.00
The answer is (A) Debit Accounts receivable for $3,200 and credit Service Revenue for $3,200.
As per the accounting rules we need to credit all income and gains since the legal services were rendered and the bill was raised the revenue or income is generated or accrued(income earned but not received), the promise by the client to pay in a month makes them as Debtors or as Accounts Receivable (asset)
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On May 1, a business provided legal services to a client and billed the dient $3,200...
On May 1, a business provided legal services to a client and billed the client $...
On May 1, a business provided legal services to a client and billed the client $ 4 comma 000$4,000. The client promised to pay the business in one month. Which journal entry should the business record on May 1?
A business paid $3,200 on account. The journal entry would: O A. debit Accounts Payable for...
A business paid $3,200 on account. The journal entry would: O A. debit Accounts Payable for $3,200 and credit Cash for $3,200. O B. debit Cash for $3,200 and credit Accounts Payable for $3,200 O C. debit Accounts Receivable for $3,200 and credit Revenue for $3,200 O D. debit Cash for $3,200 and credit Retained Earnings for $3,200.
In May, Quinn Accounting billed its client $3,000 for services provided in May. The client did...
In May, Quinn Accounting billed its client $3,000 for services provided in May. The client did not pay Quinn for these services until June. How would this transaction affect the accounting equation in May? A. Increase both cash and service revenue by $3,000 B. Decrease accounts receivable and increase service revenue by $3,000 C. This transaction will not affect the accounting equation in May since the cash was not collected by Quinn until June D. Increase both accounts receivable and...
Multiple choice. Herschel Inc. provided lanscaping services to $5,600. The customer was billed for the services....
Multiple choice. Herschel Inc. provided lanscaping services to $5,600. The customer was billed for the services. What journal entry should Herschel Inc. record? A) Debit Accounts Receivable 5,600; Credit Landscaping Revenue 5,600 B) Debit Cash 5,600; Credit Landscaping Revenue 5,600 C) Credit Landscaping Revenue 5,600; Debit Accounts Receivable 5,600 D) Debit Landscaping Revenue 5,600; Credit Cash 5,600
On July 31, 2022, the general ledger of Crane Legal Services Inc. showed the following balances:...
On July 31, 2022, the general ledger of Crane Legal Services Inc.
showed the following balances: Cash $3,920, Accounts Receivable
$1,470, Supplies $490, Equipment $4,900, Accounts Payable $4,020,
Common Stock $3,430, and Retained Earnings $3,330. During August,
the following transactions occurred.
Aug.
3
Collected
$1,180 of accounts receivable due from customers.
5
Received
$1,270 cash for issuing common stock to new investors.
6
Paid
$2,650 cash on accounts payable.
7
Performed
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8- SELECT THE BEST ANSWER Mary Richardo has performed $550 of CPA services for a client...
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If a business has received cash in advance of services performed and credits a liability account,...
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
Current Attempt in Progress On July 31, 2022, the general ledger of Cullumber Legal Services Inc....
Current Attempt in Progress On July 31, 2022, the general ledger of Cullumber Legal Services Inc. showed the following balances: Cash $3,120, Accounts Receivable $1,170, Supplies $390, Equipment $3,900, Accounts Payable $3,200, Common Stock $2,730, and Retained Earnings $2,650. During August, the following transactions occurred. Aug. 3 Collected $940 of accounts receivable due from customers. 5 Received $1.010 cash for issuing common stock to new investors. 6 Pald $2.110 cash on accounts payable. 7 Performed legal services of $5,070, of...
Kailua and Company is a legal services firm. All sales of legal services are billed to...
Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June 100,800 July 77,000 August 86,800 September 91,000 Required: Prepare...
On July 31, 2022, the general ledger of Ivanhoe Leon Services Inc. showed the following balances:...
On July 31, 2022, the general ledger of Ivanhoe Leon Services Inc. showed the following balances: Cash $4,160, Accounts Receivable $1,560, Supplies $520, Equipment $5,200, Accounts Payable $4,250, Common Stock $3,640, and Retained Earnings $3,540. During August, the following transactions occurred Aug 3 Collected $1,250 of accounts receivable due from customers S Received $1,350 cash for issuing common stock to new inwestors 6 Paid $2,810 cash on accounts payable 7 Performed legal services of 36,760, of which $3,120 was collected...
A business paid $3,200 on account. The journal entry would: O A. debit Accounts Payable for $3,200 and credit Cash for $3,200. O B. debit Cash for $3,200 and credit Accounts Payable for $3,200 O C. debit Accounts Receivable for $3,200 and credit Revenue for $3,200 O D. debit Cash for $3,200 and credit Retained Earnings for $3,200.
On July 31, 2022, the general ledger of Crane Legal Services Inc.
showed the following balances: Cash $3,920, Accounts Receivable
$1,470, Supplies $490, Equipment $4,900, Accounts Payable $4,020,
Common Stock $3,430, and Retained Earnings $3,330. During August,
the following transactions occurred.
Aug.
3
Collected
$1,180 of accounts receivable due from customers.
5
Received
$1,270 cash for issuing common stock to new investors.
6
Paid
$2,650 cash on accounts payable.
7
Performed
legal services of $6,370, of which $2,940 was collected...
8- SELECT THE BEST ANSWER Mary Richardo has performed $550 of CPA services for a client but has not billed the client as of the end of the accounting period. What adjusting entry must Mary make? Debit Unearned Service Revenue and credit Service Revenue Debit Cash and credit Unearned Service Revenue Debit Accounts Receivable and credit Unearned Service Revenue Debit Accounts Receivable and credit Service Revenue 9- Employees at Cheyenne Corp. are paid $13200 cash every Friday for working Monday...
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
Current Attempt in Progress On July 31, 2022, the general ledger of Cullumber Legal Services Inc. showed the following balances: Cash $3,120, Accounts Receivable $1,170, Supplies $390, Equipment $3,900, Accounts Payable $3,200, Common Stock $2,730, and Retained Earnings $2,650. During August, the following transactions occurred. Aug. 3 Collected $940 of accounts receivable due from customers. 5 Received $1.010 cash for issuing common stock to new investors. 6 Pald $2.110 cash on accounts payable. 7 Performed legal services of $5,070, of...
On July 31, 2022, the general ledger of Ivanhoe Leon Services Inc. showed the following balances: Cash $4,160, Accounts Receivable $1,560, Supplies $520, Equipment $5,200, Accounts Payable $4,250, Common Stock $3,640, and Retained Earnings $3,540. During August, the following transactions occurred Aug 3 Collected $1,250 of accounts receivable due from customers S Received $1,350 cash for issuing common stock to new inwestors 6 Paid $2,810 cash on accounts payable 7 Performed legal services of 36,760, of which $3,120 was collected...
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