Homework Answers
1. Cash
2. Cash
3. Cash
4. Cash
5. Accounts payable
6. Revenue
7. Accounts receivable
8. Cash
9. Cash
10. Accounts payable
Note: Under cash accounting, the cash paid or received is directly accounted in the journal entry.
Under accrual accounting, the entries are initially accrued through subledgers i.e. the payables and receivables and then the cash inflow or outflow is shown.
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3. 1. Under cash accounting, a credit to revenue account must...
please answer all of these thank you 1. Under cash accounting, a credit to fees earned...
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1. Under cash accounting, a credit to fees earned is preceded by a debit to what account A. Cash B. Accounts Receivable C. Accounts Payable D. Wages Expense A credit to accounts receivable is balanced with a debit to what account A. Wages Expense B. Cash C. Accounts Payable D. Owner's Withdrawals 3. Under cash accounting, a debit to rent expense is balanced by a credit to what 2. account A. Revenue B....
answer these problems thank you 11. Under accrual accounting, normally a debit to the Wages Payable...
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11. Under accrual accounting, normally a debit to the Wages Payable will be balanced with a credit to the account 12. Under accrual accounting, normally a credit to the interest receivable account will be balanced with a debit to the account 13. Under accrual accounting, normally a debit to the unearned fees account will be balanced with a credit to the account 14. When an owner of the company invests a parcel of land into...
Answer all of these thank you 8. A debit to wages expense can be balanced by...
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8. A debit to wages expense can be balanced by a credit to what account. A. Wages Payable B. Fees Earned C. Fees Unearned D. Depreciation 9. A credit to prepaid insurance can be balanced by a debit to what account. A. Insurance Expense B. Notes Payable C. Revenue D. Unearned Revenue 10. A credit to rental revenue can be balanced by a debit to what account. A. Depreciation B. Rental Expense C. Accounts...
solve all these problem please thank you 1. Under accrual basis of accounting, when an organization...
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1. Under accrual basis of accounting, when an organization receives capital for services provided in the future, then the organization will debit it's cash account and balance this transaction with a credit to this account. 2. Under accrual basis of accounting, when an organization owes wages to it's employees for services provided, then the organization will debit it's wages expense account and balance this transaction with a credit to this account. _ 3....
solve all these problem please thank you 9. Under accrual basis of accounting, when an organization...
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9. Under accrual basis of accounting, when an organization owes sales taxes to the government, then the organization will debit it's sales taxes expense account and balance this transaction with a credit to this account. 10. Under cash basis of accounting, when an organization receives it's power bill and pays, the organization will credit the cash account and balance it with a debit to this account. 11. Under accrual basis of accounting, when...
answer these problems please answer the account thank you 7. The Insurance Company accrued $2,500 in...
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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...
Account Type Asset Liability Equity Norma Balance Debit Credit 1. Cash 2. Accounts receivable 3. Supplies...
Account Type Asset Liability Equity Norma Balance Debit Credit 1. Cash 2. Accounts receivable 3. Supplies 4. Prepaid insurance 5. Equipment 6. Accounts payable 7. Deferred (Unearned) service revenue 8. Notes payable 9. Common stock 10. Consulting revenue 11. Salaries expense 12. lease expense
1. Which of the following are NOT in accordance with generally accepted accounting principles? cash basis...
1. Which of the following are NOT in accordance with generally accepted accounting principles? cash basis accounting accrual basis accounting both cash and accrual basis accounting neither the cash or accrual basis accounting 2. The balance in the office supplies account on June 1 was $2,000, supplies purchased during June were $4,300, and the supplies on hand at June 30 were $1,500. The amount to be used for the appropriate adjusting entry is 800 6300 3500 4800 3. Melman Company...
can you also please specify whether they fall under debit or credit? thank you! Use the...
can you also please specify whether they fall under debit or
credit? thank you!
Use the financial year end information below to create the Financial Statements and Closing Entries for en $ Dr. $15.300 16, 200 31.900 $5,700 39.000 2,300 Alex Co.'s Account Balance 31 Dec 2018 Cash Account receivable Prepaid Rent Equipment Accumulated depreciation Land Accounts payable Salaries payable Unearned revenue Capital withdrawals Service revenue Salaries expense Rent expense Depreciation expense 3,000 2.200 90,000 10.000 48.100 22.000 7.300 400g...
Data Table Beautiful Tots Child Care Trial Balance August 31, 2017 Balance Debit Credit Account Title Cash 9,000 7,300...
Data Table Beautiful Tots Child Care Trial Balance August 31, 2017 Balance Debit Credit Account Title Cash 9,000 7,300 Accounts Receivable Office Supplies 1,400 Prepaid Insurance 1,000 87,500 Equipment Accounts Payable 3,100 Notes Payable 49,000 55,000 Thompson, Capital Thompson, Withdrawals 3,400 Service Revenue 8,500 Salaries Expense 5,200 1,100 Rent Expense $ 115,900 $ 115,600 Total Print Done More Info Cash is understated by $1,400. A $3,800 debit to Accounts Receivable was posted as a credit. a. b. A $800 purchase...
please answer all of these
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1. Under cash accounting, a credit to fees earned is preceded by a debit to what account A. Cash B. Accounts Receivable C. Accounts Payable D. Wages Expense A credit to accounts receivable is balanced with a debit to what account A. Wages Expense B. Cash C. Accounts Payable D. Owner's Withdrawals 3. Under cash accounting, a debit to rent expense is balanced by a credit to what 2. account A. Revenue B....
answer these problems
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11. Under accrual accounting, normally a debit to the Wages Payable will be balanced with a credit to the account 12. Under accrual accounting, normally a credit to the interest receivable account will be balanced with a debit to the account 13. Under accrual accounting, normally a debit to the unearned fees account will be balanced with a credit to the account 14. When an owner of the company invests a parcel of land into...
Answer all of these thank you
8. A debit to wages expense can be balanced by a credit to what account. A. Wages Payable B. Fees Earned C. Fees Unearned D. Depreciation 9. A credit to prepaid insurance can be balanced by a debit to what account. A. Insurance Expense B. Notes Payable C. Revenue D. Unearned Revenue 10. A credit to rental revenue can be balanced by a debit to what account. A. Depreciation B. Rental Expense C. Accounts...
solve all these problem please
thank you
1. Under accrual basis of accounting, when an organization receives capital for services provided in the future, then the organization will debit it's cash account and balance this transaction with a credit to this account. 2. Under accrual basis of accounting, when an organization owes wages to it's employees for services provided, then the organization will debit it's wages expense account and balance this transaction with a credit to this account. _ 3....
solve all these problem please
thank you
9. Under accrual basis of accounting, when an organization owes sales taxes to the government, then the organization will debit it's sales taxes expense account and balance this transaction with a credit to this account. 10. Under cash basis of accounting, when an organization receives it's power bill and pays, the organization will credit the cash account and balance it with a debit to this account. 11. Under accrual basis of accounting, when...
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...
Account Type Asset Liability Equity Norma Balance Debit Credit 1. Cash 2. Accounts receivable 3. Supplies 4. Prepaid insurance 5. Equipment 6. Accounts payable 7. Deferred (Unearned) service revenue 8. Notes payable 9. Common stock 10. Consulting revenue 11. Salaries expense 12. lease expense
can you also please specify whether they fall under debit or
credit? thank you!
Use the financial year end information below to create the Financial Statements and Closing Entries for en $ Dr. $15.300 16, 200 31.900 $5,700 39.000 2,300 Alex Co.'s Account Balance 31 Dec 2018 Cash Account receivable Prepaid Rent Equipment Accumulated depreciation Land Accounts payable Salaries payable Unearned revenue Capital withdrawals Service revenue Salaries expense Rent expense Depreciation expense 3,000 2.200 90,000 10.000 48.100 22.000 7.300 400g...
Data Table Beautiful Tots Child Care Trial Balance August 31, 2017 Balance Debit Credit Account Title Cash 9,000 7,300 Accounts Receivable Office Supplies 1,400 Prepaid Insurance 1,000 87,500 Equipment Accounts Payable 3,100 Notes Payable 49,000 55,000 Thompson, Capital Thompson, Withdrawals 3,400 Service Revenue 8,500 Salaries Expense 5,200 1,100 Rent Expense $ 115,900 $ 115,600 Total Print Done More Info Cash is understated by $1,400. A $3,800 debit to Accounts Receivable was posted as a credit. a. b. A $800 purchase...
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