Homework Answers
1. Option ,Inventory [ Assets increase with debit]
2. Option, credits underneath and to the right of the dollar amount for debits
3. Option, the company buys $18000 of software, pays cash of $7200, and signs a note for $10800
4. Option, fulfilled within one year
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^last muliple choice for cut out it is- d. the company
receives 7,200 in cash and...
A debit would make which of the following accounts increase? Common Stock Inventory Notes Payable Retained...
A debit would make which of the following accounts increase? Common Stock Inventory Notes Payable Retained Earnings Consider the following journal entry: Software 18,000 Cash 7,200 Note Payable 10,800 Which of the following explanations best describes this journal entry? A) The company buys $18,000 of software, pays cash of $7,200, and signs a note for $10,800. B) The company receives $7,200 in cash and $10,800 in notes payable in exchange for selling $18,000 of software. C) The company...
First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for...
First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for $12,000 to be paid one year from today. The equipment could be purchased for $10,909 in cash today. Record the entries for First Choice Company on the following dates. a. Issuance of the note on October 1, 2020. b. Adjusting entry on December 31, 2020, First Choice Company's fiscal year-end. Amortize the discount on the note using the straight-line method. c. Payment of the...
First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for...
First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for $12,000 to be paid one year from today. The equipment could be purchased for $10,909 in cash today. Record the entries for First Choice Company on the following dates. a. Issuance of the note on October 1, 2020. b. Adjusting entry on December 31, 2020, First Choice Company's fiscal year-end. Amortize the discount on the note using the straight-line method. c. Payment of the...
A company receives a utility bill each month for services received. The company's policy is to pay the utility bill...
A company receives a utility bill each month for services received. The company's policy is to pay the utility bill within 30 days of receipt. On December 31, 2021, the company receives a utility bill of $4,200 for the month of December and plans to pay the bill by January 30, 2022. What adjusting entry, if any, will the company record on December 31, 2021? Multiple Choice ) Debit Utilities Expense and credit Cash for $4,200 O Debit Utilities Expense...
Selected balance sheet information for the Wolf Company at November 30, and December 31, 2021, is...
Selected balance sheet information for the Wolf Company at November 30, and December 31, 2021, is presented below. The company uses the perpetual inventory system and all sales to customers are made on credit. Accounts receivable Prepaid insurance Inventory Accounts payable Salaries payable Nov. 30 Debits Credits 10,200 5,200 7,200 12,200 5,200 Dec. 31 Debits Credits 3,200 7,700 6,200 15,200 3,200 The following cash flow information also is available: a. Cash collected from credit customers, $82,000. b. Cash paid for...
During the month, a company enters into the following transactions: Borrows $5,250 of cash from the...
During the month, a company enters into the following
transactions:
Borrows $5,250 of cash from the bank by signing a formal
agreement to repay the loan in 2 years.
Buys $5,500 of new equipment on account.
Pays off $3,500 of accounts payable.
Pays off $1,750 of notes payable.
Required:
Show the effect of these transactions on the basic accounting
equation.
Prepare the journal entries that would be used to record the
transactions.
Required A Required B Show the effect of...
cCan someone let me know if this is correct? Recording Noninterest-Bearing Note Payable Entries First Choice...
cCan someone let me know if this is
correct?
Recording Noninterest-Bearing Note Payable Entries First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for $32,000 to be paid one year from today. The equipment could be purchased for $29,091 in cash today. Record the entries for First Choice Company on the following dates. a. Issuance of the note on October 1, 2020. b. Adjusting entry on December 31, 2020, First Choice Company's fiscal year-end....
On August 31 Year 1 the general ledger of a company shows a balance for cash...
On August 31 Year 1 the general ledger of a company shows a balance for cash of $7.934 Cash receipts yet to be deposited into the checking account total 53.328, and checks written by the academy but not yet processed by the bank total $1415 The company's balance of cash does not reflect a bank service fee of $34 and interest earned on the checking account of $45. These amounts are included in the balance of cash of $6,032 reported...
ing the month, a company enters into the folowing transactions Buys $8,750 of supplies on account...
ing the month, a company enters into the folowing transactions Buys $8,750 of supplies on account Pays $0,000 cash for new equipment Pays off $4.800 of accounts payable. Pays off $2.450 of notes payable. quired: Show the effect of these transactions account balances with a minus sign) on the basic accounting equation. (Enter any decreases to Liabilitie S Stockholders Equity b. b. Prepare the joumal entries that would be used to record the transactions (if no entry is required for...
Jaguar Plastics Company has been operating for three years. At December 31 of last year, the...
Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $ 24,000 Accounts payable 2,900 Accrued liabilities payable 4,900 Notes payable (current) 26,000 Notes payable (noncurrent) 1,300 Common stock 56,000 Additional paid-in capital 104,000 Retained earnings 4,200 $ 13,000 2,900 6,500 41,000 10,400 93,600 55,900 During the current year, the company had the following summarized activities:...
First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for $12,000 to be paid one year from today. The equipment could be purchased for $10,909 in cash today. Record the entries for First Choice Company on the following dates. a. Issuance of the note on October 1, 2020. b. Adjusting entry on December 31, 2020, First Choice Company's fiscal year-end. Amortize the discount on the note using the straight-line method. c. Payment of the...
First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for $12,000 to be paid one year from today. The equipment could be purchased for $10,909 in cash today. Record the entries for First Choice Company on the following dates. a. Issuance of the note on October 1, 2020. b. Adjusting entry on December 31, 2020, First Choice Company's fiscal year-end. Amortize the discount on the note using the straight-line method. c. Payment of the...
A company receives a utility bill each month for services received. The company's policy is to pay the utility bill within 30 days of receipt. On December 31, 2021, the company receives a utility bill of $4,200 for the month of December and plans to pay the bill by January 30, 2022. What adjusting entry, if any, will the company record on December 31, 2021? Multiple Choice ) Debit Utilities Expense and credit Cash for $4,200 O Debit Utilities Expense...
Selected balance sheet information for the Wolf Company at November 30, and December 31, 2021, is presented below. The company uses the perpetual inventory system and all sales to customers are made on credit. Accounts receivable Prepaid insurance Inventory Accounts payable Salaries payable Nov. 30 Debits Credits 10,200 5,200 7,200 12,200 5,200 Dec. 31 Debits Credits 3,200 7,700 6,200 15,200 3,200 The following cash flow information also is available: a. Cash collected from credit customers, $82,000. b. Cash paid for...
During the month, a company enters into the following
transactions:
Borrows $5,250 of cash from the bank by signing a formal
agreement to repay the loan in 2 years.
Buys $5,500 of new equipment on account.
Pays off $3,500 of accounts payable.
Pays off $1,750 of notes payable.
Required:
Show the effect of these transactions on the basic accounting
equation.
Prepare the journal entries that would be used to record the
transactions.
Required A Required B Show the effect of...
cCan someone let me know if this is
correct?
Recording Noninterest-Bearing Note Payable Entries First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for $32,000 to be paid one year from today. The equipment could be purchased for $29,091 in cash today. Record the entries for First Choice Company on the following dates. a. Issuance of the note on October 1, 2020. b. Adjusting entry on December 31, 2020, First Choice Company's fiscal year-end....
On August 31 Year 1 the general ledger of a company shows a balance for cash of $7.934 Cash receipts yet to be deposited into the checking account total 53.328, and checks written by the academy but not yet processed by the bank total $1415 The company's balance of cash does not reflect a bank service fee of $34 and interest earned on the checking account of $45. These amounts are included in the balance of cash of $6,032 reported...
ing the month, a company enters into the folowing transactions Buys $8,750 of supplies on account Pays $0,000 cash for new equipment Pays off $4.800 of accounts payable. Pays off $2.450 of notes payable. quired: Show the effect of these transactions account balances with a minus sign) on the basic accounting equation. (Enter any decreases to Liabilitie S Stockholders Equity b. b. Prepare the joumal entries that would be used to record the transactions (if no entry is required for...
Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $ 24,000 Accounts payable 2,900 Accrued liabilities payable 4,900 Notes payable (current) 26,000 Notes payable (noncurrent) 1,300 Common stock 56,000 Additional paid-in capital 104,000 Retained earnings 4,200 $ 13,000 2,900 6,500 41,000 10,400 93,600 55,900 During the current year, the company had the following summarized activities:...
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