Homework Answers
As its a financial Transaction we have to record that and the entry will be
Accounts Payable A/c 8000
To Cash A/c 8000
as we know when we bought the good we gave credit to accounts payable A/c by $8000 and we have to clear that $8000 when we pay the supplier back therefore when we paid them back we reversed the entry and recorded the entry as shown above.
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Required information Beg bi 50000 42.000b 420 11 of 12 ts Knowledge Check 01 Cary's Carpet...
Knowledge Check 01 The unadjusted trial balance of Cary's Carpet Cleaning, Inc. reports $3,600 of Deferred...
Knowledge Check 01 The unadjusted trial balance of Cary's Carpet Cleaning, Inc. reports $3,600 of Deferred Revenue, which represents the amounts that a major industrial customer had paid in advance for carpet cleaning during the months of April and May. By cleaning carpets during April, the company has fulfilled $2,000 of its obligation. Complete the necessary adjustment for the month of April. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)...
Beg. Bal. Cash 0 49,5001 0 Required information Merchandise Inventory Beg. Bal. OF | 175,5001 0...
Beg. Bal. Cash 0 49,5001 0 Required information Merchandise Inventory Beg. Bal. OF | 175,5001 0 End. Bal. 175,500 [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for Year 1: End. Bal. 49,500 Sales Tax Payable 0 Beg. Bal. Accounts Payable Beg. Bal. | 175,500 2. Ol 0 End. Bal. 175,500 0 0 End. Bal. Interest Payable 1. The business was started when the company received $49,500 from the issue of common...
UNCTIUNEnteps%253A%252F%252Fkei... 01 HW Saved Help Save & Exi- Check Required information Knowledge Check 01 The company's...
UNCTIUNEnteps%253A%252F%252Fkei... 01 HW Saved Help Save & Exi- Check Required information Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000, Accumulated Depreciation, $25,000, Accounts Payable, $10,000; Owner, Capital, $63,500; Owner, Withdrawals, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000: Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the second closing entry by selecting the account names from the pull-down menus and entering...
Saved Required information Knowledge Check 01 On December 29, 2020, Patel Products, Inc, sells a delivery...
Saved Required information Knowledge Check 01 On December 29, 2020, Patel Products, Inc, sells a delivery van that cost $20,000 The equipment had accumulated depreciation of $16,000 at December 31, 2019. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the account names from the drop- down menus and entering the dollar amounts in the debit or credit columns View transaction fist Journal entry worksheet...
Required information (The following information applies to the questions displayed below) Deliberate Speed Corporation (DSC) was...
Required information (The following information applies to the questions displayed below) Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 27,400 146,000 52,75e 190,000 140,000 220,000 5,950 342,700 7,300 During the month of July, the company had the following activities: a. Issued 6,000 shares of common stock for $600,000 cash. b. Borrowed $151,000 cash from...
Check my work Part 7 of 7 Required information (The following information applies to the questions...
Check my work Part 7 of 7 Required information (The following information applies to the questions displayed below.) Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) points Debit Credit $ 40 11 8 eBook 84 $ 0 Hint 11 Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue Insurance Expense...
Check my wo! Required information [The following information applies to the questions displayed below) Part 1...
Check my wo! Required information [The following information applies to the questions displayed below) Part 1 of 7 Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) points Debit Credit $ 40 11 eBook 84 Hint Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense...
Questions 11 16 (of 16) Save Exit Submit [The following information applies to the questions displayed below.] Delibera...
Questions 11 16 (of 16) Save Exit Submit [The following information applies to the questions displayed below.] Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30 Accounts Payable Buildings 29,800 121,000 53,250 Cash Common Stock 240,000 Equipment 134,500 Land 285,000 Notes Payable (long-term) Retained Earnings Supplies 3,100 332,850 12,000 During the month of July, the company had the following activities: a. Issued 6,300 shares of common stock for $630,000 cash...
Required information Knowledge Check 01 At January 1, Year 1, AMC Company grants 10,000 options that...
Required information Knowledge Check 01 At January 1, Year 1, AMC Company grants 10,000 options that permit key executives to acquire 10,000 of the company's $1 par common shares within the next five years, but not before December 31, Year 3 (the vesting date). The exercise price is the market price of the shares on the date of grant, $20 per share. The fair value of the options is $4 per option. Eighty percent of the options (or 8,000) are...
6 Required Information (The following information applies to the questions displayed below.] Jaguar Auto Company provides...
6
Required Information (The following information applies to the questions displayed below.] Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018. trial balance (before any adjusting entries) appears below. Credits Debits $ 16,500 13.900 21.500 17,400 84.000 $ 26,500 10.900 Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense...
Knowledge Check 01 The unadjusted trial balance of Cary's Carpet Cleaning, Inc. reports $3,600 of Deferred Revenue, which represents the amounts that a major industrial customer had paid in advance for carpet cleaning during the months of April and May. By cleaning carpets during April, the company has fulfilled $2,000 of its obligation. Complete the necessary adjustment for the month of April. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)...
Beg. Bal. Cash 0 49,5001 0 Required information Merchandise Inventory Beg. Bal. OF | 175,5001 0 End. Bal. 175,500 [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for Year 1: End. Bal. 49,500 Sales Tax Payable 0 Beg. Bal. Accounts Payable Beg. Bal. | 175,500 2. Ol 0 End. Bal. 175,500 0 0 End. Bal. Interest Payable 1. The business was started when the company received $49,500 from the issue of common...
UNCTIUNEnteps%253A%252F%252Fkei... 01 HW Saved Help Save & Exi- Check Required information Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000, Accumulated Depreciation, $25,000, Accounts Payable, $10,000; Owner, Capital, $63,500; Owner, Withdrawals, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000: Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the second closing entry by selecting the account names from the pull-down menus and entering...
Saved Required information Knowledge Check 01 On December 29, 2020, Patel Products, Inc, sells a delivery van that cost $20,000 The equipment had accumulated depreciation of $16,000 at December 31, 2019. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the account names from the drop- down menus and entering the dollar amounts in the debit or credit columns View transaction fist Journal entry worksheet...
Required information (The following information applies to the questions displayed below) Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 27,400 146,000 52,75e 190,000 140,000 220,000 5,950 342,700 7,300 During the month of July, the company had the following activities: a. Issued 6,000 shares of common stock for $600,000 cash. b. Borrowed $151,000 cash from...
Check my work Part 7 of 7 Required information (The following information applies to the questions displayed below.) Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) points Debit Credit $ 40 11 8 eBook 84 $ 0 Hint 11 Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue Insurance Expense...
Check my wo! Required information [The following information applies to the questions displayed below) Part 1 of 7 Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) points Debit Credit $ 40 11 eBook 84 Hint Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense...
Questions 11 16 (of 16) Save Exit Submit [The following information applies to the questions displayed below.] Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30 Accounts Payable Buildings 29,800 121,000 53,250 Cash Common Stock 240,000 Equipment 134,500 Land 285,000 Notes Payable (long-term) Retained Earnings Supplies 3,100 332,850 12,000 During the month of July, the company had the following activities: a. Issued 6,300 shares of common stock for $630,000 cash...
Required information Knowledge Check 01 At January 1, Year 1, AMC Company grants 10,000 options that permit key executives to acquire 10,000 of the company's $1 par common shares within the next five years, but not before December 31, Year 3 (the vesting date). The exercise price is the market price of the shares on the date of grant, $20 per share. The fair value of the options is $4 per option. Eighty percent of the options (or 8,000) are...
6
Required Information (The following information applies to the questions displayed below.] Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018. trial balance (before any adjusting entries) appears below. Credits Debits $ 16,500 13.900 21.500 17,400 84.000 $ 26,500 10.900 Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense...
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