Homework Answers
All assets and expenses have normal debit balances. All liabilities, revenues and owners equity have normal credit balances.
Prepaid rent is an asset, hence it has normal debit balance.
Accounts payable, retained earnings and common stock have normal credit balances.
Second option is correct.
Kindly comment if you need further assistance. Thanks
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Which of the following accounts has a normal debit balance? O Accounts Payable O Prepaid Rent...
Accounts Debit Credit Cash $20,569 Prepaid Rent 6,000 Supplies 4,000 Building 15,000 Accounts Payable $2,000 Deferred...
Accounts Debit Credit Cash $20,569 Prepaid Rent 6,000 Supplies 4,000 Building 15,000 Accounts Payable $2,000 Deferred Revenue 10,000 Common Stock 6,000 Retained Earnings 12,000 Revenue 20,569 Rent Expense 1,000 Salaries Expense 3,000 Utility Expense 1,000 Totals $50,569 $50,569 . Additional Information: Beginning Balance of Common Stock on 1/1/20xx $6,000 Beginning Balance of Retained Earnings on 1/1/20xx $12.000 • No new stock or dividends paid during the accounting period. • Hint: Please remember the formula for retained earnings when preparing the...
Which of the following accounts increases with a debit? O A. Common Stock OB. Accounts Payable...
Which of the following accounts increases with a debit? O A. Common Stock OB. Accounts Payable O C. Interest Payable O D. Prepaid Rent
Identify the normal balance (debit or credit) for each of the following accounts. Normal Ending Balance...
Identify the normal balance (debit or credit) for each of the following accounts. Normal Ending Balance a. Dividends b. Prepaid Rent c. Common Stock d. Prepaid Service Fees e. Utilities Payable f. Prepaid Parking g. Taxes Payable h. Supplies i. Interest Payable
For the following accounts please indicate whether the normal balance is a debit or a credit....
For the following accounts please indicate whether the normal balance is a debit or a credit. Sales Dividends Office Supplies Retained Earnings Accounts Receivable Prepaid Rent Prepaid Insurance Wages Payable Building Wages Expense
D Question 15 4.75 pts Consider the following list of accounts: Account Name Prepaid Rent Common...
D Question 15 4.75 pts Consider the following list of accounts: Account Name Prepaid Rent Common Stock Utilities Expense Supplies Retained Earnings Dividends Accounts Payable Notes Payable Deferred Revenue Revenue How many of the above accounts have a normal debit balance? Eight Six Four Five Seven Three
Which of the following is TRUE regarding the accounts prepaid rent and rent expense? A.Prepaid rent...
Which of the following is TRUE regarding the accounts prepaid rent and rent expense? A.Prepaid rent represents the cost of rent not yet paid for, while rent expense represents the cost of rent which has been paid for. B.TThese account titles both mean the same thing and are used interchangeably. C.Prepaid rent represents the cost of rent paid for but not yet used, while rent expense represents the cost of rent used to deliver goods or services to customers. D.Rent...
Prepaid rent has a balance of $6,000 that was paid on July 1st for 6 months...
Prepaid rent has a balance of $6,000 that was paid on July 1st for 6 months of rent. The date is now August 31st. What should the adjusting journal entry be to correct the prepaid rent balance? Debit Rent Expense $1,000 and Credit Prepaid Rent $1,000 Debit Insurance Expense $2,000 and Credit Prepaid Insurance $2,000 O Debit Rent Expense $2,000, Credit Prepaid Rent $2,000 O Debit Prepaid Rent $2,000 and Credit Rent Expense $2,000 Identify the account below that is...
Trial balance Account Titles Debit Credit Cash $ 95,430 Accounts Receivable $ 6,000 Prepaid Rent $ &n
Trial balance
Account Titles
Debit
Credit
Cash
$
95,430
Accounts Receivable
$
6,000
Prepaid Rent
$
25,000
Prepaid Insurance
$
2,700
Prepaid Supplies
$
120
Equipment
$ 400,000
Accumulated Depreciation
$
3,250
Accounts Payable
$
970
Accrued Interest
$
1,400
Accrued Salaries
$
550
Unearned Rental Revenue
$
1,950
Notes Payable
$ 350,000
Capital Stock-Mike
$
80,000
Capital Stock-Julie
$
80,000
Dividend
$
4,000
Retained Earnings
$
-
Rental Revenue
$
46,100
Salaries Expense
$
19,950
Rent Expense
$
5,000...
Debit Credit Cash $615 Accounts receivable 776 1156 Inventory Prepaid rent 32 Equipment 110 Accumulated depreciation...
Debit Credit Cash $615 Accounts receivable 776 1156 Inventory Prepaid rent 32 Equipment 110 Accumulated depreciation equipment Accounts payable Unearned service revenue Common stock Retained earnings Service revenue Interest revenue Salaries and wages expense Travel expense Total $2773 $2773 After closing entries have been posted, the balance in retained earnings will be:
Given the following adjusted trial balance: Debit Credit Cash $648 Accounts receivable 818 Inventory 1218 Prepaid...
Given the following adjusted trial balance: Debit Credit Cash $648 Accounts receivable 818 Inventory 1218 Prepaid rent 34 120 $20 Equipment Accumulated depreciation-equipment Accounts payable Unearned service revenue 32 48 Common stock 78 Retained earnings 2580 Service revenue 144 22 Interest revenue Salaries and wages expense 60 Travel expense 26 Total $ 2924 $2924 After closing entries have been posted, the balance in retained earnings will be:
Accounts Debit Credit Cash $20,569 Prepaid Rent 6,000 Supplies 4,000 Building 15,000 Accounts Payable $2,000 Deferred Revenue 10,000 Common Stock 6,000 Retained Earnings 12,000 Revenue 20,569 Rent Expense 1,000 Salaries Expense 3,000 Utility Expense 1,000 Totals $50,569 $50,569 . Additional Information: Beginning Balance of Common Stock on 1/1/20xx $6,000 Beginning Balance of Retained Earnings on 1/1/20xx $12.000 • No new stock or dividends paid during the accounting period. • Hint: Please remember the formula for retained earnings when preparing the...
Which of the following accounts increases with a debit? O A. Common Stock OB. Accounts Payable O C. Interest Payable O D. Prepaid Rent
Identify the normal balance (debit or credit) for each of the following accounts. Normal Ending Balance a. Dividends b. Prepaid Rent c. Common Stock d. Prepaid Service Fees e. Utilities Payable f. Prepaid Parking g. Taxes Payable h. Supplies i. Interest Payable
D Question 15 4.75 pts Consider the following list of accounts: Account Name Prepaid Rent Common Stock Utilities Expense Supplies Retained Earnings Dividends Accounts Payable Notes Payable Deferred Revenue Revenue How many of the above accounts have a normal debit balance? Eight Six Four Five Seven Three
Prepaid rent has a balance of $6,000 that was paid on July 1st for 6 months of rent. The date is now August 31st. What should the adjusting journal entry be to correct the prepaid rent balance? Debit Rent Expense $1,000 and Credit Prepaid Rent $1,000 Debit Insurance Expense $2,000 and Credit Prepaid Insurance $2,000 O Debit Rent Expense $2,000, Credit Prepaid Rent $2,000 O Debit Prepaid Rent $2,000 and Credit Rent Expense $2,000 Identify the account below that is...
Trial balance
Account Titles
Debit
Credit
Cash
$
95,430
Accounts Receivable
$
6,000
Prepaid Rent
$
25,000
Prepaid Insurance
$
2,700
Prepaid Supplies
$
120
Equipment
$ 400,000
Accumulated Depreciation
$
3,250
Accounts Payable
$
970
Accrued Interest
$
1,400
Accrued Salaries
$
550
Unearned Rental Revenue
$
1,950
Notes Payable
$ 350,000
Capital Stock-Mike
$
80,000
Capital Stock-Julie
$
80,000
Dividend
$
4,000
Retained Earnings
$
-
Rental Revenue
$
46,100
Salaries Expense
$
19,950
Rent Expense
$
5,000...
Debit Credit Cash $615 Accounts receivable 776 1156 Inventory Prepaid rent 32 Equipment 110 Accumulated depreciation equipment Accounts payable Unearned service revenue Common stock Retained earnings Service revenue Interest revenue Salaries and wages expense Travel expense Total $2773 $2773 After closing entries have been posted, the balance in retained earnings will be:
Given the following adjusted trial balance: Debit Credit Cash $648 Accounts receivable 818 Inventory 1218 Prepaid rent 34 120 $20 Equipment Accumulated depreciation-equipment Accounts payable Unearned service revenue 32 48 Common stock 78 Retained earnings 2580 Service revenue 144 22 Interest revenue Salaries and wages expense 60 Travel expense 26 Total $ 2924 $2924 After closing entries have been posted, the balance in retained earnings will be:
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