Which of the following accounts would be credited to reduce its balance?
Which of the following accounts would be credited to reduce its balance?
Deferred revenue
Service revenue
Common stock
Dividends
Homework Answers
| Question 17: | |||||||||
| Correct Option D i.e. Dividend | |||||||||
| Reason: Dividend has a debit balance and its reduces when gets credited. | |||||||||
| Why other options are incorrect: | |||||||||
| Option A : Deferred Revenue is a liability and has a credit balance. It increases when gets credited. | |||||||||
| Option B : Service Revenue is an income statement account and has a credit balance. It increases when gets credited. | |||||||||
| Option C : Common Stock is a part of stockholder's equity and has a credit balance. It increases when gets credited. | |||||||||
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Which of the following accounts would be credited to reduce its balance?
Indicate whether each of the following accounts has its balance increased with a debit or a...
Indicate whether each of the following accounts has its balance increased with a debit or a credit. Notes Payable Cash Common Stock Prepaid Insurance Dividends Land Service Revenue Choose.. Choose... Choose... * Choose... + debit + Choose...+ Choose... + Choose...+ Accounts Receivable Supplies Expense Choose... + Deferred (or Unearned) RevenueChoose....
Each of the following accounts would find its balance reported on either the income statement or...
Each of the following accounts would find its balance reported on either the income statement or balance sheet Required: For each account, indicate which of these financial statements the account's balance should be reported on. In addition, if the account's balance should be found on the balance sheet, further indicate if it is found in the asset, liability, or owners' equity section. There is only one possible answer for each account. Example: Cash = Balance Sheet-asset Utilities Expense Choose... Retained...
The adjusted trial balance for Pl Detectives reported the following account balances: Accounts Receivable $590; Supplies...
The adjusted trial balance for Pl Detectives reported the following account balances: Accounts Receivable $590; Supplies $9,900; Prepaid Insurance $8,100; Equipment $32,500; Accumulated Depreciation $4,900; Accounts Payable $290; Deferred Revenue $5,900; Notes Payable $3,900; Common Stock $26,500; Retained Earnings $6,600; Dividends $3,900; Service Revenue $38,300; Salaries and Wages Expense $24,500; and Depreciation Expense $1,000. Prepare an adjusted trial balance as of December 31, and solve for its missing Cash balance. PIDETECTIVES Adjusted Trial Balance As of December 31 Debit Credit...
1. Which account would be credited when closing the account for rent expense for the year?...
1. Which account would be credited when closing the account for rent expense for the year? a. Rent Expense b. Prepaid Rent c. Rent Revenue d. Unearned Rent Revenue 2. Which of the following accounts is considered a permanent or real account? a. Prepaid Insurance b. Interest Revenue c. Insurance Expense d. Supplies Expense 3. Which of these accounts would be present in the closing entries? a. Dividends b. Accounts Receivable c. Unearned Service Revenue d. Sales Tax Payable 4....
only final answers plz 15. The Accounts Receivable account has a beginning balance of $10,000 and...
only final answers plz
15. The Accounts Receivable account has a beginning balance of $10,000 and the company provides services $50,000 on account during the month. If the company received cash payments from customers totaling $12,000 from customers during the month, what is the ending balance in the Accounts Receivable account? A. $50,000 B. $52,000 C. $48,000. D. $62,000. 16. When cash payments are made to stockholders, what is the effect on the company's accounts? A. Cash decreases and dividends...
CALCULATOR PULL SCREEN PRINTER VERSION The following trial balance of Windsor Co. does not balance. 4...
CALCULATOR PULL SCREEN PRINTER VERSION The following trial balance of Windsor Co. does not balance. 4 BACK Credit $3,083 WINDSOR CO. TRIAL BALANCE JUNE 30, 2020 Debit Cash Accounts Receivable $2,988 Supplies 1,013 Equipment 4,013 Accounts Payable Unearned Service Revenue 1,413 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 3,613 Office Expense 1,153 Totals $14,193 2,879 6,213 3,213 2,593 $17.981 Each of the listed accounts should have a normal balance per the general ledger. An examination of the...
The following trial balance of Blue Co. does not balance. Credit $3,307 BLUE CO. TRIAL BALANCE...
The following trial balance of Blue Co. does not balance. Credit $3,307 BLUE CO. TRIAL BALANCE JUNE 30, 2020 Debit Cash Accounts Receivable $2,844 Supplies 1,237 Equipment 4,237 Accounts Payable Unearned Service Revenue 1,637 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 3,837 Office Expense 1,377 Totals $15,169 3,103 6,437 3,437 2,817 $19,101 Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors....
roblem 3-07A this trial balance of Crane Company does not balance. CRANE COMPANY Trial Balance June...
roblem 3-07A this trial balance of Crane Company does not balance. CRANE COMPANY Trial Balance June 30, 2022 Debit Credit $ 5,690 $5,790 2,000 5,600 6,297 Accounts Receivable Supplies Equipment Accounts Payable Unearned Service Revenue Common Stock Dividends Service Revenue Salaries and Wages Expense Utilities Expense 2,400 11,600 800 6,080 3,520 950 $21,060 $29,667 Each of the listed accounts has a normal balance per the general ledger. mination of the ledger and journal reveals the following errors: 1. Cash received...
The trial balance of Yewlett Company includes the following balance sheet accounts, which may require adjustment....
The trial balance of Yewlett Company includes the following balance sheet accounts, which may require adjustment. For each account that requires adjustment, indicate (a) the type of adjusting entry (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (b) the related account in the adjusting entry. (a) Type of Adjustment (b) Related Account Account Accounts Receivable Prepaid Insurance Accumulated Depreciation Equipment Interest Payable Unearned Service Revenue The adjusted trial balance of Parsons Company at December 31, 2020, includes the...
The following selected accounts appear in the adjusted trial balance columns of the worksheet for Goulet...
The following selected accounts appear in the adjusted trial balance columns of the worksheet for Goulet Company. Identify the accounts that would be included in a post-closing trial balance. Accumulated Depreciation—Equipment NoYes Depreciation Expense NoYes Common Stock YesNo Dividends YesNo Service Revenue NoYes Supplies YesNo Accounts Payable NoYes
Indicate whether each of the following accounts has its balance increased with a debit or a credit. Notes Payable Cash Common Stock Prepaid Insurance Dividends Land Service Revenue Choose.. Choose... Choose... * Choose... + debit + Choose...+ Choose... + Choose...+ Accounts Receivable Supplies Expense Choose... + Deferred (or Unearned) RevenueChoose....
Each of the following accounts would find its balance reported on either the income statement or balance sheet Required: For each account, indicate which of these financial statements the account's balance should be reported on. In addition, if the account's balance should be found on the balance sheet, further indicate if it is found in the asset, liability, or owners' equity section. There is only one possible answer for each account. Example: Cash = Balance Sheet-asset Utilities Expense Choose... Retained...
The adjusted trial balance for Pl Detectives reported the following account balances: Accounts Receivable $590; Supplies $9,900; Prepaid Insurance $8,100; Equipment $32,500; Accumulated Depreciation $4,900; Accounts Payable $290; Deferred Revenue $5,900; Notes Payable $3,900; Common Stock $26,500; Retained Earnings $6,600; Dividends $3,900; Service Revenue $38,300; Salaries and Wages Expense $24,500; and Depreciation Expense $1,000. Prepare an adjusted trial balance as of December 31, and solve for its missing Cash balance. PIDETECTIVES Adjusted Trial Balance As of December 31 Debit Credit...
only final answers plz
15. The Accounts Receivable account has a beginning balance of $10,000 and the company provides services $50,000 on account during the month. If the company received cash payments from customers totaling $12,000 from customers during the month, what is the ending balance in the Accounts Receivable account? A. $50,000 B. $52,000 C. $48,000. D. $62,000. 16. When cash payments are made to stockholders, what is the effect on the company's accounts? A. Cash decreases and dividends...
CALCULATOR PULL SCREEN PRINTER VERSION The following trial balance of Windsor Co. does not balance. 4 BACK Credit $3,083 WINDSOR CO. TRIAL BALANCE JUNE 30, 2020 Debit Cash Accounts Receivable $2,988 Supplies 1,013 Equipment 4,013 Accounts Payable Unearned Service Revenue 1,413 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 3,613 Office Expense 1,153 Totals $14,193 2,879 6,213 3,213 2,593 $17.981 Each of the listed accounts should have a normal balance per the general ledger. An examination of the...
The following trial balance of Blue Co. does not balance. Credit $3,307 BLUE CO. TRIAL BALANCE JUNE 30, 2020 Debit Cash Accounts Receivable $2,844 Supplies 1,237 Equipment 4,237 Accounts Payable Unearned Service Revenue 1,637 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 3,837 Office Expense 1,377 Totals $15,169 3,103 6,437 3,437 2,817 $19,101 Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors....
roblem 3-07A this trial balance of Crane Company does not balance. CRANE COMPANY Trial Balance June 30, 2022 Debit Credit $ 5,690 $5,790 2,000 5,600 6,297 Accounts Receivable Supplies Equipment Accounts Payable Unearned Service Revenue Common Stock Dividends Service Revenue Salaries and Wages Expense Utilities Expense 2,400 11,600 800 6,080 3,520 950 $21,060 $29,667 Each of the listed accounts has a normal balance per the general ledger. mination of the ledger and journal reveals the following errors: 1. Cash received...
The trial balance of Yewlett Company includes the following balance sheet accounts, which may require adjustment. For each account that requires adjustment, indicate (a) the type of adjusting entry (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (b) the related account in the adjusting entry. (a) Type of Adjustment (b) Related Account Account Accounts Receivable Prepaid Insurance Accumulated Depreciation Equipment Interest Payable Unearned Service Revenue The adjusted trial balance of Parsons Company at December 31, 2020, includes the...
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