Homework Answers
Answer is Debit to prepaid telephone expense for $455 . Its treated as an asset , and thus debited by crediting the cash account .
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On October 1, 2020, the Islandia Corporation paid $455 for telephone service in their office in...
66. On September 1, 2004, Merit Company paid the landlord $4,800 for one year's rent in...
66. On September 1, 2004, Merit Company paid the landlord $4,800 for one year's rent in advance. A temporary account was debited. The adjusting entry at December 31, 2004 would include a: debit to Prepaid Rent credit to Prepaid Rent debit to Rent Payable debit to Rent Expense none of the above 67. Refer to the above question. The amount of the adjusting journal entry at December 31, 2004 would be: $ 4,800 $ 3,200 $ 400 $ 1,600 none...
On October 1, 2016. Satillo Richey opened an advertising agency. DATE TRANSACTIONS Oct. 1 Satillo Richey...
On October 1, 2016. Satillo Richey opened an advertising agency. DATE TRANSACTIONS Oct. 1 Satillo Richey invested $52,000 cash in the business 2 Paid October office rent of $2,600; issued Check 1001. 5 Purchased desks and other office furniture for $14,200 from Office Furniture Mart, Inc., received Invoice 6704 payable in 60 days. 6 Issued Check 1002 for $2.800 to purchase art equipment 7 Purchased supplies for $1,150; paid with Check 1003. 10 Issued Check 1004 for $520 for office...
1. On October 1, 2020 a company purchased supplies from a vendor on credit for $2,500....
1. On October 1, 2020 a company purchased supplies from a vendor on credit for $2,500. The journal entry includes a debit to ____ and a credit to _____. a. supplies b. cash c. account payable d. accounts receivable 2. On November 1, 2020 a company paid cash to a vendor for the purchase on October 1 (in question 28) for $2,500. The journal entry includes a debit to____ and a credit to _____. a. supplies b. cash c. account...
Entries into T Accounts and Tral Balance Connie Young, an architect, opened an office on October...
Entries into T Accounts and Tral Balance Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the following transactions connected with her professional practice: a. Transferred cash from a personal bank account to an account to be used for the business, $39,700. b. Paid October rent for office and workroom, $4,000. c. Purchased used automobile for $26,000, paying $6,000 cash and giving a note payable for the remainder. d. Purchased office and computer...
On October 1, 2019, Helen Kennedy opened an advertising agency. DATE TRANSACTIONS Oct. 1 Helen Kennedy...
On October 1, 2019, Helen Kennedy opened an advertising agency. DATE TRANSACTIONS Oct. 1 Helen Kennedy invested $62,000 cash in the business 2 Paid 0ctober office rent of $3,100; issued Check 1001 5 Purchased desks and other office furniture for $13, 800 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days 6 Issued Check 1002 for $3,300 to purchase art equipment. 7 Purchased supplies for $1, 650; paid with Ccheck 100:3 10 Issued Check 1004 for $480...
Answer the following questions about prepaid expenses: a. On October 1, Pegassi Motors Service prepaid $...
Answer the following questions about prepaid expenses: a. On
October 1, Pegassi Motors Service prepaid $ 6000 for six months'
rent. Give the adjusting entry to record rent expense at October
31. Include the date of the entry and an explanation. Then post all
amounts to the two accounts involved, and show their balances at
October 31. High and Low adjusts the accounts only at October 31,
the end of its fiscal year. b. On October 1, Pegassi motors paid...
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...
The following accounts are used by Bridgid's Mittens, Inc. Accounts Cash Office Supplies Accounts Receivable Office...
The following accounts are used by Bridgid's Mittens, Inc.
Accounts
Cash
Office Supplies
Accounts Receivable
Office Equipment
Accumulated Depreciation
Notes Payable
Wages Payable
Interest Payable
Unearned Service Revenue
Common Stock and Additional Paid-in Capital
Retained Earnings
Service Revenue
Interest Revenue
Wage Expense
Depreciation Expense
Interest Expense
Supplies Expense
None of the above
Required:
For each of the following nine independent situations, give the
journal entry by selecting the appropriate account descriptions and
enter the amount(s). The first transaction is used...
ESTRUCE CORPORATION TRIAL BALANCE UNE 30, 2020 Debt Credit 7.60 3,760 8,300 Pevable $8,396 Common Stock...
ESTRUCE CORPORATION TRIAL BALANCE UNE 30, 2020 Debt Credit 7.60 3,760 8,300 Pevable $8,396 Common Stock 12,500 ned Earnings 3,300 Service Revenue 5,461 Office Expense 4,640 $32,012 $29,652 An examination of the ledger shows these errors. 1. Cash received from a customer on account was recorded (both debit and credit) as $1,270 instead of $1,720. 2. The purchase on account of a computer costing $3,500 was recorded as a debit to Office Expense and a credit to Accounts Payable 3....
If The Gym paid for 8 months of advance rent on 7/1 for $4,800 ($600 per...
If The Gym paid for 8 months of advance rent on 7/1 for $4,800 ($600 per month). What account is debited and what account is credited in the journal entry required on 7/1? (Select ALL that apply) Credit Cash for $4,800 Credit Prepaid Rent for $4,800 Debit Accounts Payable for $600 Debit Rent Expense for $4,800 Credit Accounts Receivable for $4,800 Debit Prepaid Rent for $4,800 Debit Accounts Receivable $4,800 Credit Accounts Payable for $4,800 Credit Rent Expense for $600...
On October 1, 2016. Satillo Richey opened an advertising agency. DATE TRANSACTIONS Oct. 1 Satillo Richey invested $52,000 cash in the business 2 Paid October office rent of $2,600; issued Check 1001. 5 Purchased desks and other office furniture for $14,200 from Office Furniture Mart, Inc., received Invoice 6704 payable in 60 days. 6 Issued Check 1002 for $2.800 to purchase art equipment 7 Purchased supplies for $1,150; paid with Check 1003. 10 Issued Check 1004 for $520 for office...
Entries into T Accounts and Tral Balance Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the following transactions connected with her professional practice: a. Transferred cash from a personal bank account to an account to be used for the business, $39,700. b. Paid October rent for office and workroom, $4,000. c. Purchased used automobile for $26,000, paying $6,000 cash and giving a note payable for the remainder. d. Purchased office and computer...
On October 1, 2019, Helen Kennedy opened an advertising agency. DATE TRANSACTIONS Oct. 1 Helen Kennedy invested $62,000 cash in the business 2 Paid 0ctober office rent of $3,100; issued Check 1001 5 Purchased desks and other office furniture for $13, 800 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days 6 Issued Check 1002 for $3,300 to purchase art equipment. 7 Purchased supplies for $1, 650; paid with Ccheck 100:3 10 Issued Check 1004 for $480...
Answer the following questions about prepaid expenses: a. On
October 1, Pegassi Motors Service prepaid $ 6000 for six months'
rent. Give the adjusting entry to record rent expense at October
31. Include the date of the entry and an explanation. Then post all
amounts to the two accounts involved, and show their balances at
October 31. High and Low adjusts the accounts only at October 31,
the end of its fiscal year. b. On October 1, Pegassi motors paid...
The following accounts are used by Bridgid's Mittens, Inc.
Accounts
Cash
Office Supplies
Accounts Receivable
Office Equipment
Accumulated Depreciation
Notes Payable
Wages Payable
Interest Payable
Unearned Service Revenue
Common Stock and Additional Paid-in Capital
Retained Earnings
Service Revenue
Interest Revenue
Wage Expense
Depreciation Expense
Interest Expense
Supplies Expense
None of the above
Required:
For each of the following nine independent situations, give the
journal entry by selecting the appropriate account descriptions and
enter the amount(s). The first transaction is used...
ESTRUCE CORPORATION TRIAL BALANCE UNE 30, 2020 Debt Credit 7.60 3,760 8,300 Pevable $8,396 Common Stock 12,500 ned Earnings 3,300 Service Revenue 5,461 Office Expense 4,640 $32,012 $29,652 An examination of the ledger shows these errors. 1. Cash received from a customer on account was recorded (both debit and credit) as $1,270 instead of $1,720. 2. The purchase on account of a computer costing $3,500 was recorded as a debit to Office Expense and a credit to Accounts Payable 3....
If The Gym paid for 8 months of advance rent on 7/1 for $4,800 ($600 per month). What account is debited and what account is credited in the journal entry required on 7/1? (Select ALL that apply) Credit Cash for $4,800 Credit Prepaid Rent for $4,800 Debit Accounts Payable for $600 Debit Rent Expense for $4,800 Credit Accounts Receivable for $4,800 Debit Prepaid Rent for $4,800 Debit Accounts Receivable $4,800 Credit Accounts Payable for $4,800 Credit Rent Expense for $600...
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