Homework Answers
Correct entry would be:
Dr. Peter Velk, Withdrawals 5,000; Cr. Cash 5,000
But none of the given option is correct.
Therefore, the answer is option E. None of the above.
Add Answer to:
20. Peter Velk, owner, withdrew $5,000 cash A. Dr. Cash 5000; Cr. Peter Velk, Capital 5000...
19. Peter Velk, owner, contributed $10,000 cash in exchange for capital A. Dr. Cash 10000; Cr....
19. Peter Velk, owner, contributed $10,000 cash in exchange for capital A. Dr. Cash 10000; Cr. Peter Velk, Capital 10000 B. Dr. Peter Velk, Capital 10000 Cr. Cash 10000 C. Dr. Cash 10000; Cr. Peter Velk, Withdrawals 10000 D. Dr. Peter Velk, Capital 10000 Cr. Peter Velk, Withdrawals 10000 E. None of the above 20. Peter Velk, owner withdrew $5,000 cash A. Dr. Cash 5000; Cr. Peter Velk, Capital 5000 B. Dr. Peter Velk, Capital 5000 Cr. Cash 5000 C....
5. Company C has two office employees who earn $100 a day each and are paid...
5. Company C has two office employees who earn $100 a day each and are paid on Friday for a five-day workweek that begins on Monday. If December 31 fell on Tuesday, and the two employees worked both on Monday and on Tuesday, what is the amount of accrued salary expense at December 31 for the two employees? A. 200 B. 300 C. 600 D. 400 E. None of the above 6. For Company D, the balance in office supplies...
9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets...
9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 10. Paid utility bill received in transaction (7) above A. Assets Increase; Liabilities Increase B. Assets Decrease; Equity Decreases C. Assets Increase; Equity Increases D. Liabilities Increase; Equity Decreases E. None of the above
17. The company collected cash from a customer on account $1,000. A. Dr. Service Revenue .000;...
17. The company collected cash from a customer on account $1,000. A. Dr. Service Revenue .000; Cr. Accounts Receivable 1000 B. Dr. Accounts Receivable 1000; Cr. Cash 1000 C. Dr. Cash 1000; Cr. Accounts Receivable 1000 D. Dr. Accounts Receivable 1000; Cr. Service Revenue 1000 E. None of the above
15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue...
15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue E. Equity--Expense Questions 16-20: Show how each of the following five business transactions is recorded as a journal entry. The correct answer is a journal entry which both balances (Dr. debits = Cr. credits) and contains the correct account names and amounts. 16. The company consulted for a new brand and billed the client for services rendered $2,000 A. Dr. Service Revenue 2000; Cr....
Which of the following is not an adjusting entry? (a) Dr: Depreciation expense and Cr: Accumulated...
Which of the following is not an adjusting entry? (a) Dr: Depreciation expense and Cr: Accumulated depreciation. (b) Dr: Utilities expense and Cr: Utilities payable. (c) Dr: Insurance expense and Cr: Prepaid insurance. (d) Dr: Cash and Cr: Accounts receivable. (e) Dr: Interest receivable and Cr: Interest revenue.
uebits = Cr. credits) and contains the correct account names and amous. 16. The company consulted...
uebits = Cr. credits) and contains the correct account names and amous. 16. The company consulted for a new brand and billed the client for services rendered $2,000 A. Dr. Service Revenue 2000; Cr. Accounts Receivable 2000 B. Dr. Service Revenue 2000; Cr. Cash 2000 C. Dr. Cash 2000; Cr. Accounts Payable 2000 D. Dr. Accounts Receivable 2000; Cr. Service Revenue 2000 E. None of the above
J. Torn Trial Balance March 31, 2017 Account Titles Dr. Cr. Cash 22 Accounts Receivable 10...
J. Torn Trial Balance March 31, 2017 Account Titles Dr. Cr. Cash 22 Accounts Receivable 10 Prepaid Insurance 11 8 9 Store Supplies Store Equipment Accumulated Depreciation, Store Equipment Accounts Payable 2 6 J. Torn, Capital 29 J. Torn, Withdrawals 4 Revenue from Clients 38 Rent Expense 9 2 Wage Expense 75 75 Totals a. b. Depreciation expense, store equipment, $5. Insurance expired, $5. Store supplies on hand, $5. Wages owed, but not paid for (they are an expense in...
Molly Martin, the owner of Smart Consulting, withdrew $2,000 cash from the company for personal use....
Molly Martin, the owner of Smart Consulting, withdrew $2,000 cash from the company for personal use. Identify the general journal entry below that Smart Consulting will make to record the transaction. Multiple Choice 2,000 M. Martin, withdrawals Cash 2,000 O 2, eee M. Martin, Capital Cash 2, eee 2,000 M. Martin, Withdrawals M. Martin, Capital 2,000 2,000 Cash M. Martin, Capital 2,000 2,000 Cash M. Martin, withdrawals 2,000
Review the transactions and determine the accounts, the account types (use assets; liabilities; owner, capital; owner,...
Review the transactions and determine the accounts, the account
types (use assets; liabilities; owner, capital; owner, withdrawals;
revenue; and expenses), if they increase/decrease and if they are
DR/CR. List accounts in order they would be in the journal
entry.
Review the transactions and determine the accounts, the account types (use assets; liabilities; owner, capital; owner, withdrawals revenue; and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Collected cash...
19. Peter Velk, owner, contributed $10,000 cash in exchange for capital A. Dr. Cash 10000; Cr. Peter Velk, Capital 10000 B. Dr. Peter Velk, Capital 10000 Cr. Cash 10000 C. Dr. Cash 10000; Cr. Peter Velk, Withdrawals 10000 D. Dr. Peter Velk, Capital 10000 Cr. Peter Velk, Withdrawals 10000 E. None of the above 20. Peter Velk, owner withdrew $5,000 cash A. Dr. Cash 5000; Cr. Peter Velk, Capital 5000 B. Dr. Peter Velk, Capital 5000 Cr. Cash 5000 C....
9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 10. Paid utility bill received in transaction (7) above A. Assets Increase; Liabilities Increase B. Assets Decrease; Equity Decreases C. Assets Increase; Equity Increases D. Liabilities Increase; Equity Decreases E. None of the above
17. The company collected cash from a customer on account $1,000. A. Dr. Service Revenue .000; Cr. Accounts Receivable 1000 B. Dr. Accounts Receivable 1000; Cr. Cash 1000 C. Dr. Cash 1000; Cr. Accounts Receivable 1000 D. Dr. Accounts Receivable 1000; Cr. Service Revenue 1000 E. None of the above
15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue E. Equity--Expense Questions 16-20: Show how each of the following five business transactions is recorded as a journal entry. The correct answer is a journal entry which both balances (Dr. debits = Cr. credits) and contains the correct account names and amounts. 16. The company consulted for a new brand and billed the client for services rendered $2,000 A. Dr. Service Revenue 2000; Cr....
uebits = Cr. credits) and contains the correct account names and amous. 16. The company consulted for a new brand and billed the client for services rendered $2,000 A. Dr. Service Revenue 2000; Cr. Accounts Receivable 2000 B. Dr. Service Revenue 2000; Cr. Cash 2000 C. Dr. Cash 2000; Cr. Accounts Payable 2000 D. Dr. Accounts Receivable 2000; Cr. Service Revenue 2000 E. None of the above
J. Torn Trial Balance March 31, 2017 Account Titles Dr. Cr. Cash 22 Accounts Receivable 10 Prepaid Insurance 11 8 9 Store Supplies Store Equipment Accumulated Depreciation, Store Equipment Accounts Payable 2 6 J. Torn, Capital 29 J. Torn, Withdrawals 4 Revenue from Clients 38 Rent Expense 9 2 Wage Expense 75 75 Totals a. b. Depreciation expense, store equipment, $5. Insurance expired, $5. Store supplies on hand, $5. Wages owed, but not paid for (they are an expense in...
Molly Martin, the owner of Smart Consulting, withdrew $2,000 cash from the company for personal use. Identify the general journal entry below that Smart Consulting will make to record the transaction. Multiple Choice 2,000 M. Martin, withdrawals Cash 2,000 O 2, eee M. Martin, Capital Cash 2, eee 2,000 M. Martin, Withdrawals M. Martin, Capital 2,000 2,000 Cash M. Martin, Capital 2,000 2,000 Cash M. Martin, withdrawals 2,000
Review the transactions and determine the accounts, the account
types (use assets; liabilities; owner, capital; owner, withdrawals;
revenue; and expenses), if they increase/decrease and if they are
DR/CR. List accounts in order they would be in the journal
entry.
Review the transactions and determine the accounts, the account types (use assets; liabilities; owner, capital; owner, withdrawals revenue; and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Collected cash...
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