Homework Answers
B) Accounts Receivable
Because at the time of credit Sales Accounts Receivable A/c is Debited and Credited to Sales Account i.e Sales made by company on account to customer. So when we Receive Cash from Customer. We will pass following entry
Cash Account Debited and Account Receivable shall be Credited.
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Question 7 (2 points) Received cash from a customer that was previously billed. What account is...
Question 6 (2 points) Billed a customer for services completed. What account is credited? O a)...
Question 6 (2 points) Billed a customer for services completed. What account is credited? O a) Accounts Receivable Ob) Unearned Revenue c) Fees Earned d) Cash
Billed customers for fees earned, $112,700. Purchased supplies on account, $4,500. Received cash from customers on...
Billed customers for fees earned, $112,700. Purchased supplies on account, $4,500. Received cash from customers on account, $88,220. Paid creditors on account, $3,100. a. Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank. (1) (2) (3) (4) b. Post the entries prepared in (a) to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees...
Choose the correct accounts for each transaction. Completed work for a customer. Payment ✓ Choose] received...
Choose the correct accounts for each transaction. Completed work for a customer. Payment ✓ Choose] received immediately. Debit Equipment Expense Retained Earnings Completed work for a customer. Payment Cash Preferred Stock received immediately. Credit Cost of Goods Sold Insurance Expense Paid for a 1-year insurance policy. Debit Accounts Receivable Fees Earned Prepaid Insurance Accounts Payable Paid for a 1-year insurance policy. Credit Common Stock Supplies Equipment Sold preferred stock at par value. Debit [Choose] Sold preferred stock at par value....
Transactions Aug. 1 Billed customers for fees earned, $74,140. 4 Purchased supplies on account, $2,150. 8...
Transactions
Aug.
1
Billed customers for fees earned, $74,140.
4
Purchased supplies on account, $2,150.
8
Received cash from customers on account, $62,770.
11
Paid creditors on account, $890.
B. Post the entries prepared in (A) to the following T accounts:
Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned.
To the left of each amount posted in the accounts, select the
appropriate date.
continued labels at the top
this is an example of the set up
Cash 8/1 х 74,140.00...
Question 43 4 pts Received $12,000 cash from a customer for services to be provided in...
Question 43 4 pts Received $12,000 cash from a customer for services to be provided in the future. Account Name Debit Credit A. Cash 12,000 Accounts Receivable 12.000 B. Accounts Receivable 12.000 Cash 12,000 C. Cash 12,000 Unearned Revenue 12,000 12,000 D. Unearned Revenue Cash 12,000 Answer A O Answer B O Answer O Answer D None of the answers are correct. Question 44 4 pts Provided $7.000 worth of the services referred to in transaction Q43. Account Name Debit...
The journal entry that records the collection of cash from a customer for payment on account...
The journal entry that records the collection of cash from a customer for payment on account for a sale that was recorded previously includes a debit to: Multiple Choice Accounts Receivable and credit to Cash. Cash and credit to Accounts Payable. Cash and credit to Accounts Receivable Accounts Payable and credit to Cash.
The following selected transactions were completed during July of the current year: 1. Billed customers for...
The following selected transactions were completed during July of the current year: 1. Billed customers for fees earned, $112,700. 2. Purchased supplies on account, $4,500. 3. Received cash from customers on account, $88,220. 4. Paid creditors on account, $3,100. a. Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank (1) (2) II II II II (3)...
Answer all please. The following selected transactions were completed during August of the current year: Billed...
Answer all please. The following selected transactions were completed during August of the current year: Billed customers for fees earned, $60,240. Purchased supplies on account, $2,590. Received cash from customers on account, $56,630. Paid creditors on account, $1,570. a. Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions. (1) Accounts Receivable Fees Earned (2) Supplies Accounts Payable (3) Cash Accounts Receivable (4) Accounts Payable Cash Feedback a. Identify the type of accounts affected in...
1. Purchased a 1-year insurance policy, paid $2,000. 2. Billed a customer for a $2,100 job....
1. Purchased a 1-year insurance policy, paid $2,000. 2. Billed a customer for a $2,100 job. 3. Received $4,800 to start an eight-month job,(each month is the same amount) beginning next month. 4. Bought a computer on credit for $3,600. 5. Deposited cash of $3,400 to a business checking account. 6. Received a gas bill, $300. 7. Paid $400 for van repairs. 8. Purchased supplies for $400 in cash. 9. Withdrew $3,600 to his personal checking account. 10. Received $1,150...
the transactions of spade company appear below You received partial credit in the previous attempt The...
the transactions of spade company appear below
You received partial credit in the previous attempt The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $10,500 cash in the company b. The company purchased office supplies for $305 cash. c. The company purchased $5,807 of office equipment on credit. d. The company received $1,239 cash as fees for services provided to a customer. e. The company paid $5,807 cash to settle the payable for the office equipment purchased...
Question 6 (2 points) Billed a customer for services completed. What account is credited? O a) Accounts Receivable Ob) Unearned Revenue c) Fees Earned d) Cash
Choose the correct accounts for each transaction. Completed work for a customer. Payment ✓ Choose] received immediately. Debit Equipment Expense Retained Earnings Completed work for a customer. Payment Cash Preferred Stock received immediately. Credit Cost of Goods Sold Insurance Expense Paid for a 1-year insurance policy. Debit Accounts Receivable Fees Earned Prepaid Insurance Accounts Payable Paid for a 1-year insurance policy. Credit Common Stock Supplies Equipment Sold preferred stock at par value. Debit [Choose] Sold preferred stock at par value....
Transactions
Aug.
1
Billed customers for fees earned, $74,140.
4
Purchased supplies on account, $2,150.
8
Received cash from customers on account, $62,770.
11
Paid creditors on account, $890.
B. Post the entries prepared in (A) to the following T accounts:
Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned.
To the left of each amount posted in the accounts, select the
appropriate date.
continued labels at the top
this is an example of the set up
Cash 8/1 х 74,140.00...
Question 43 4 pts Received $12,000 cash from a customer for services to be provided in the future. Account Name Debit Credit A. Cash 12,000 Accounts Receivable 12.000 B. Accounts Receivable 12.000 Cash 12,000 C. Cash 12,000 Unearned Revenue 12,000 12,000 D. Unearned Revenue Cash 12,000 Answer A O Answer B O Answer O Answer D None of the answers are correct. Question 44 4 pts Provided $7.000 worth of the services referred to in transaction Q43. Account Name Debit...
The journal entry that records the collection of cash from a customer for payment on account for a sale that was recorded previously includes a debit to: Multiple Choice Accounts Receivable and credit to Cash. Cash and credit to Accounts Payable. Cash and credit to Accounts Receivable Accounts Payable and credit to Cash.
The following selected transactions were completed during July of the current year: 1. Billed customers for fees earned, $112,700. 2. Purchased supplies on account, $4,500. 3. Received cash from customers on account, $88,220. 4. Paid creditors on account, $3,100. a. Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank (1) (2) II II II II (3)...
the transactions of spade company appear below
You received partial credit in the previous attempt The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $10,500 cash in the company b. The company purchased office supplies for $305 cash. c. The company purchased $5,807 of office equipment on credit. d. The company received $1,239 cash as fees for services provided to a customer. e. The company paid $5,807 cash to settle the payable for the office equipment purchased...
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