Homework Answers
33.
Correct option is a. Debit to Interest Receivable and credit to interest Revenue.
Explanation:
Accrued interest is current assets and it is to be received so it will be debited and interest Revenue is income so it will be credited.
34.
Correct option is b. Decrease
Explanation:
Drawings means withdraw money for personal use which is decrease owner capital.
35.
Land = Property, plant and equipment.
36.
Mortgage payable = Long term liabilities
37.
Unearned revenue for the one year = Current liability
38.
Vehicles = Tangible Asset
39.
Equipment = Property , Plant , and Equipment
40.
Cash = Current Asset
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Secognize accrued interest on a note rece adjustin Sting entry is made on December 311 a...
please answer all parts, will thumb up! Pige sofs To recognize accrued a debit to Intereste...
please answer all parts, will thumb up!
Pige sofs To recognize accrued a debit to Intereste Pevenue a debit to Interest Expen 48ting entered interest on note receivable, the toto ontry is made on December 31 Receivable and credit to Interest nerest Expanded to Cash a debit to Inserest Expense and a CT debit to Interest Payable *pense and a credit to Interest Payable. to Interest Payable and a credit to Cash vestments increase E DC Drawings has what effect...
The adjusting entry for the accrued interest on a one-year note payable includes:
The adjusting entry for the accrued interest on a one-year note payable includes: debit Interest Receivable; credit Interest Expense. debit Interest Expense; credit Interest Payable. debit Interest Receivable; credit Interest Revenue. debit Interest Expense; credit Interest Receivable. debit Interest Payable; credit Interest Revenue.
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land...
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land by signing a nine-month, non-interest-bearing note payable. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's equity increase assets increase; owner's equity decrease Question 2 3 pts Received $12,000 cash for services provided to a customer. debit accounts receivable; credit fees earned debit cash; credit fees earned debit fees earned; credit cash debit cash; credit supplies expense Account used to record amounts...
Liberty Company calculates that interest of $900 has accrued at December 31 on outstanding notes payable....
Liberty Company calculates that interest of $900 has accrued at December 31 on outstanding notes payable. How should Liberty record this on December 317 Select one: BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S EQUITY REVENUE ASSETS Cash Prepaid interest 900 LIABILITIES Interest Payable EXPENSE Interest Expense -900 +900 Ob BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S EQUITY . ASSETS Cash Prepaid interest REVENUE LIABILITIES Interest Payable +900 EXPENSE Interest Expense 900 900 C BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S EQUITY LIABILITIES Interest Payable ASSETS Cash...
answer these problems please answer the account thank you 7. The Insurance Company accrued $2,500 in...
answer these problems please
answer the account
thank you
7. The Insurance Company accrued $2,500 in interest on an investment. Account Effect on Account Debit Credit Revenue increase decrease Interest Receivable increase decrease Account DB CR 8. The Insurance Company was paid $1,000 in interest on a bond payable. Account Effect on Account Debit/Credit Cash increase decrease Interest Revenue Account increase decrease DB CR 9. The Insurance Company was paid $2,500 in interest on an investment. Account Debit/Credit Effect on...
answer these problem please thank you! Account DB CR 7. The Insurance Company accrued $2,500 in...
answer these problem please
thank you!
Account DB CR 7. The Insurance Company accrued $2,500 in interest on an investment. Account Effect on Account Debit/Credit Revenue increase decrease Interest Receivable increase decrease Account DB CR 8. The Insurance Company was paid $1,000 in interest on a bond payable. Account Effect on Account Debit/Credit Cash increase decrease Interest Revenue increase decrease DB Account CR 9. The Insurance Company was paid $2,500 in interest on an investment. Account Debit/Credit Effect on Account...
Oriole Enterprises had the following selected transactions. 1. Bo Oriole invested $6,400 cash in the business....
Oriole Enterprises had the following selected transactions.
1. Bo Oriole invested $6,400 cash in the business.
2. Purchased a 2-year insurance policy for $3,840.
3. Paid office rent of $1,344.
4. Performed consulting services and billed a client $8,320.
5. Bo Oriole withdrew $1,200 cash for personal use.
Prepare the debit-credit analysis for each transaction.
Debit-Credit Analysis Effect on Amounts Effect on Accounting Equation : Debit Cash 1. Debits Increase Assets 6,400 Credits Increase Owner's Equity 4: Credit Owner's Capital...
Font Paragraph Styles Q1: Categorize the following accounts into the table below. Note that certain accounts...
Font Paragraph Styles Q1: Categorize the following accounts into the table below. Note that certain accounts may appear in multiple columns. Accounts Receivable Equipment Interest Income Maintenance Expense Owner's Equity, End. Balance Rent Revenue Unearned Revenue Withdrawals Accounts Payable Fuel Expense Interest Payable Merchandise Inventory Prepaid Expenses Salaries Expense Utilities Expense Advertising Expense Furniture Interest Receivable Notes Payable Prepaid Rent Salaries Payable Vehicle Building Cash Insurance Expense Interest Expense Investment by Owner Land Other Expenses Owner's Equity, Beg. Balance Profit/Loss...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabil...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabilities. increase assets and increase liabilities. increase one asset and decrease another asset. An example of an expense is withdrawals by the owner. supplies consumed. prepaid insurance. investments. Asset and expense accounts normally have credit balances. large balances. debit balances. negative balances. Accounts that affect owner's equity are expenses, capital, and revenue....
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if...
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if omitted, will overstate or understate assets, liabilities, owner's equity, revenues, expenses, or net income. Indicate the amount and direction of the misstatement that would result if the end of period adjusting entry suggested by the transaction was omitted. Place your results in the table following the transactions and use (+) for overstate, (-) for understate, and (NE) for no effect. 1. Morrison purchased supplies...
please answer all parts, will thumb up!
Pige sofs To recognize accrued a debit to Intereste Pevenue a debit to Interest Expen 48ting entered interest on note receivable, the toto ontry is made on December 31 Receivable and credit to Interest nerest Expanded to Cash a debit to Inserest Expense and a CT debit to Interest Payable *pense and a credit to Interest Payable. to Interest Payable and a credit to Cash vestments increase E DC Drawings has what effect...
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land by signing a nine-month, non-interest-bearing note payable. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's equity increase assets increase; owner's equity decrease Question 2 3 pts Received $12,000 cash for services provided to a customer. debit accounts receivable; credit fees earned debit cash; credit fees earned debit fees earned; credit cash debit cash; credit supplies expense Account used to record amounts...
Liberty Company calculates that interest of $900 has accrued at December 31 on outstanding notes payable. How should Liberty record this on December 317 Select one: BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S EQUITY REVENUE ASSETS Cash Prepaid interest 900 LIABILITIES Interest Payable EXPENSE Interest Expense -900 +900 Ob BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S EQUITY . ASSETS Cash Prepaid interest REVENUE LIABILITIES Interest Payable +900 EXPENSE Interest Expense 900 900 C BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S EQUITY LIABILITIES Interest Payable ASSETS Cash...
answer these problems please
answer the account
thank you
7. The Insurance Company accrued $2,500 in interest on an investment. Account Effect on Account Debit Credit Revenue increase decrease Interest Receivable increase decrease Account DB CR 8. The Insurance Company was paid $1,000 in interest on a bond payable. Account Effect on Account Debit/Credit Cash increase decrease Interest Revenue Account increase decrease DB CR 9. The Insurance Company was paid $2,500 in interest on an investment. Account Debit/Credit Effect on...
answer these problem please
thank you!
Account DB CR 7. The Insurance Company accrued $2,500 in interest on an investment. Account Effect on Account Debit/Credit Revenue increase decrease Interest Receivable increase decrease Account DB CR 8. The Insurance Company was paid $1,000 in interest on a bond payable. Account Effect on Account Debit/Credit Cash increase decrease Interest Revenue increase decrease DB Account CR 9. The Insurance Company was paid $2,500 in interest on an investment. Account Debit/Credit Effect on Account...
Oriole Enterprises had the following selected transactions.
1. Bo Oriole invested $6,400 cash in the business.
2. Purchased a 2-year insurance policy for $3,840.
3. Paid office rent of $1,344.
4. Performed consulting services and billed a client $8,320.
5. Bo Oriole withdrew $1,200 cash for personal use.
Prepare the debit-credit analysis for each transaction.
Debit-Credit Analysis Effect on Amounts Effect on Accounting Equation : Debit Cash 1. Debits Increase Assets 6,400 Credits Increase Owner's Equity 4: Credit Owner's Capital...
Font Paragraph Styles Q1: Categorize the following accounts into the table below. Note that certain accounts may appear in multiple columns. Accounts Receivable Equipment Interest Income Maintenance Expense Owner's Equity, End. Balance Rent Revenue Unearned Revenue Withdrawals Accounts Payable Fuel Expense Interest Payable Merchandise Inventory Prepaid Expenses Salaries Expense Utilities Expense Advertising Expense Furniture Interest Receivable Notes Payable Prepaid Rent Salaries Payable Vehicle Building Cash Insurance Expense Interest Expense Investment by Owner Land Other Expenses Owner's Equity, Beg. Balance Profit/Loss...
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if omitted, will overstate or understate assets, liabilities, owner's equity, revenues, expenses, or net income. Indicate the amount and direction of the misstatement that would result if the end of period adjusting entry suggested by the transaction was omitted. Place your results in the table following the transactions and use (+) for overstate, (-) for understate, and (NE) for no effect. 1. Morrison purchased supplies...
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