Homework Answers
|
S.No, |
Transaction or Closing Entry |
Debit |
Credit |
|
1 |
Paid $600 for two-year premium on the insurance policy covering the truck |
B,M |
A |
|
2 |
Collected $1,000 in advance for service to be provided next year |
A |
H |
|
3 |
Declared a cash dividend, $2,000 |
J |
N |
|
4 |
Depreciation of $1,500 on the truck must be recorded |
E |
D |
|
5 |
Truck insurance used for one full year must be recorded |
J |
M |
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A list of the accounts of Medford Corporation is given below, followed by some selected transactions....
Accounts payable Accounts receivable Operating activities Wages expense Net income Cash 63. On January 1, Merry...
Accounts payable Accounts receivable Operating activities Wages expense Net income Cash 63. On January 1, Merry Walker established a catering service. Listed below are accounts through (1). cach Identified by a number. Following this list are the transactions that occu operations. You are to indicate for each transaction the accounts that should be debited cach transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box Service. Listed below are accounts to use...
1. Listed below are accounts to use for transactions (a) through (j), each identified by a...
1. Listed below are accounts to use for transactions (a) through (j), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box. Accounts Payable 2. Accounts Receivable 3. Accumulated Depreciation Office Equipmeng 4. Building 5. Owner's Capital Cash 2 Depreciation Expense-Office Equipment Owner's Drawing 2 Fees Earned 10 Insurance Expense 11. Insurance Payable 12. Interest...
1. Listed below are accounts to use for transactions (a) through (), each identified by a...
1. Listed below are accounts to use for transactions (a) through (), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box. 1. Accounts Payable Accounts Receivable 3. Accumulated Depreciation Office Equipment - Building s owner's Capital Cash 2 Depreciation Expense Office Equipment Owner's Drawing Fees Eamed 10 insurance Expense 11. Insurance Payable 12 interest...
Listed below are accounts to use for transactions (a) through (1), each identified by a number....
Listed below are accounts to use for transactions (a) through (1), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box. 1. Accounts Payable 2. Accounts Receivable 3. Accumulated Depreciation - Office Equipment 4. Building 5. Common Stock 6. Cash 7. Depreciation Expense-Office Equipment 8. Dividends 9. Fees Earned 10. Insurance Expense 11. Insurance Payable...
Post the transactions to the T-accounts. Use the transaction dates as posting references. Use a "Bal"...
Post the transactions to the T-accounts. Use the transaction dates as posting references. Use a "Bal" posting reference to show the ending balance of each account. For any accounts with a zero balance, select the "Bal" posting reference and enter a "0" on the normal side of the account. Review the journal entries you prepared above Cash Accounts Payable Service Revenue Salaries Payable Accounts Receivable Unearned Revenue Salaries Expense Office Supplies Common Stock Depreciation Expense Truck Prepaid Insurance Retained Earnings...
Roth Contractors Corporation was incorporated on December 1, 2019 and had the following transactions during December:...
Roth Contractors Corporation was incorporated on December 1,
2019 and had the following transactions during December: PART B
Here are answers to part A along with the instructions.
Part B The following information relates to December 31, 2019: o. One month of the prepaid insurance has expired. p. The December portion of the rent paid on December 1 has expired. q. A physical count indicates that $350 of supplies is still on hand. r. The amount collected in transaction m...
Question 4 During the month of August, Karlsson Industries had the following transactions: Aug. 2 Paid...
Question 4 During the month of August, Karlsson Industries had the following transactions: Aug. 2 Paid cash for the August rent of $1,500. Aug. 6 Purchased supplies of $250 on account. Aug. 10 Collected $5,700 from customers on account. Aug. 15 Received $2,200 cash for services to be rendered in September. Aug. 21 Paid for supplies purchased on account on August 6. Aug. 28 Billed customers for $7,500 for services provided in August. Aug. 31 Paid $150 cash for utilities...
Exercise 2-2 Selected transactions for A. Mane, an interior decorator, in her first month of business,...
Exercise 2-2 Selected transactions for A. Mane, an interior decorator, in her first month of business, are as follows. List of Accounts Jan. 2 Invested $10,000 cash in business. Exercise 2-2 3 Purchased used car for $3,000 cash for use in business. Accounts Payable Accounts Receivable Advertising Expense Buildings 9 Purchased supplies on account for $500 11 Billed customers S2,400 for services performed. 16 Paid $350 cash for advertising. 20 Received $7D0 cash from customers billed on January 11 23...
CHAPTER 13 EXERCISES-SERIES B-WORKING PAPERS Matching debit and credit terminology with accounts Exercise 13-1B LO 13-1...
CHAPTER 13 EXERCISES-SERIES B-WORKING PAPERS Matching debit and credit terminology with accounts Exercise 13-1B LO 13-1 Required Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of the following accounts. The appropriate debit/credit terminology has been identified for the first account as an example. Used to Decrease This Account Used to Increase This Account Account Titles Credit Debit Insurance Expense Rent Expense Prepaid Rent Interest Revenue Accounts Receivable Accounts Payable...
Activity 1.a - Post Transactions to T-accounts Use the information provided in the journal entry to...
Activity 1.a - Post Transactions to T-accounts
Use the information provided in the journal entry to post the
transaction to the t-account. Post in DR/CR order.
Use the information provided in the journal entry to post the transaction to the t-account. Post in DR/CR order Date Accounts and Explanation Debit Credit Nov. 2 Utilities Expense 43,600 Utilities Payable 43,600 Accrued liability for utilities. Date Accounts and Explanation Debit Credit Nov. 4 Cash 47,200 Service Revenue 47,200 Collected cash for services...
Accounts payable Accounts receivable Operating activities Wages expense Net income Cash 63. On January 1, Merry Walker established a catering service. Listed below are accounts through (1). cach Identified by a number. Following this list are the transactions that occu operations. You are to indicate for each transaction the accounts that should be debited cach transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box Service. Listed below are accounts to use...
1. Listed below are accounts to use for transactions (a) through (j), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box. Accounts Payable 2. Accounts Receivable 3. Accumulated Depreciation Office Equipmeng 4. Building 5. Owner's Capital Cash 2 Depreciation Expense-Office Equipment Owner's Drawing 2 Fees Earned 10 Insurance Expense 11. Insurance Payable 12. Interest...
1. Listed below are accounts to use for transactions (a) through (), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box. 1. Accounts Payable Accounts Receivable 3. Accumulated Depreciation Office Equipment - Building s owner's Capital Cash 2 Depreciation Expense Office Equipment Owner's Drawing Fees Eamed 10 insurance Expense 11. Insurance Payable 12 interest...
Listed below are accounts to use for transactions (a) through (1), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box. 1. Accounts Payable 2. Accounts Receivable 3. Accumulated Depreciation - Office Equipment 4. Building 5. Common Stock 6. Cash 7. Depreciation Expense-Office Equipment 8. Dividends 9. Fees Earned 10. Insurance Expense 11. Insurance Payable...
Post the transactions to the T-accounts. Use the transaction dates as posting references. Use a "Bal" posting reference to show the ending balance of each account. For any accounts with a zero balance, select the "Bal" posting reference and enter a "0" on the normal side of the account. Review the journal entries you prepared above Cash Accounts Payable Service Revenue Salaries Payable Accounts Receivable Unearned Revenue Salaries Expense Office Supplies Common Stock Depreciation Expense Truck Prepaid Insurance Retained Earnings...
Roth Contractors Corporation was incorporated on December 1,
2019 and had the following transactions during December: PART B
Here are answers to part A along with the instructions.
Part B The following information relates to December 31, 2019: o. One month of the prepaid insurance has expired. p. The December portion of the rent paid on December 1 has expired. q. A physical count indicates that $350 of supplies is still on hand. r. The amount collected in transaction m...
Exercise 2-2 Selected transactions for A. Mane, an interior decorator, in her first month of business, are as follows. List of Accounts Jan. 2 Invested $10,000 cash in business. Exercise 2-2 3 Purchased used car for $3,000 cash for use in business. Accounts Payable Accounts Receivable Advertising Expense Buildings 9 Purchased supplies on account for $500 11 Billed customers S2,400 for services performed. 16 Paid $350 cash for advertising. 20 Received $7D0 cash from customers billed on January 11 23...
CHAPTER 13 EXERCISES-SERIES B-WORKING PAPERS Matching debit and credit terminology with accounts Exercise 13-1B LO 13-1 Required Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of the following accounts. The appropriate debit/credit terminology has been identified for the first account as an example. Used to Decrease This Account Used to Increase This Account Account Titles Credit Debit Insurance Expense Rent Expense Prepaid Rent Interest Revenue Accounts Receivable Accounts Payable...
Activity 1.a - Post Transactions to T-accounts
Use the information provided in the journal entry to post the
transaction to the t-account. Post in DR/CR order.
Use the information provided in the journal entry to post the transaction to the t-account. Post in DR/CR order Date Accounts and Explanation Debit Credit Nov. 2 Utilities Expense 43,600 Utilities Payable 43,600 Accrued liability for utilities. Date Accounts and Explanation Debit Credit Nov. 4 Cash 47,200 Service Revenue 47,200 Collected cash for services...
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