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Homework Answers
Answers
| Event | General Journal | Debit | Credit |
| 1 | Accounts receivables | $18,000 | |
| Service revenue | $18,000 | ||
| (to record revenue on account) | |||
| 2 | Cash | $135,000 | |
| Accounts receivables | $135,000 | ||
| (to record collection) | |||
| 3 | Salaries expense | $32,000 | |
| Cash | $32,000 | ||
| (to record salaries payment) | |||
| 4 | Uncollectible account expense | $1,900 | |
| Allowance for uncollectible account | $1,900 | ||
| (to record bad debt expense) |
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Fill in the table A,B,C, and D [The following information applies to the questions displayed below.) Holmes Clean...
fill in the table A (1) (2) B (1) (2) (3) (4) The following information is...
fill in the table A (1) (2)
B (1) (2) (3) (4)
The following information is available for Quality Book Sales' sales on account and accounts receivable: Accounts receivable balance, January 1, Year 2 Allowance for doubtful accounts, January 1, Year 2 Sales on account, Year 2 Collection on accounts receivable, Year 2 $ 78,500 4,710 550,000 556,000 After several collection attempts, Quality Book Sales wrote off $2.850 of accounts that could not be collected. Quality Book Sales estimates that...
Holmes Cleaning Service began operation on January 1, 2018. The company experienced the following events for...
Holmes Cleaning Service began operation on January 1, 2018. The company experienced the following events for its first year of operations: Events Affecting 2018: 1. Provided $180,000 of cleaning services on account. 2. Collected $135,000 cash from accounts receivable. 3. Paid salaries of $34,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $2,100. The expense was determined using the percent of revenue method. Required a. Organize the transaction data in accounts...
[The following information applies to the questions displayed below.] At the beginning of Year 2, Oak...
[The following information applies to the questions
displayed below.]
At the beginning of Year 2, Oak Consulting had the following normal
balances in its accounts:
Account
Balance
Cash
$
31,800
Accounts receivable
20,900
Accounts payable
14,900
Common stock
23,900
Retained earnings
13,900
The following events apply to Oak Consulting for Year 2:
Provided $65,500 of services on account.
Incurred $3,500 of operating expenses on account.
Collected $46,800 of accounts receivable.
Paid $39,100 cash for salaries expense.
Paid $16,560 cash as...
[The following information applies to the questions displayed below.) The following transactions apply to Jova Company...
[The following information applies to the questions displayed below.) The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $17,000 of common stock for cash. 2. Recognized $217,000 of service revenue earned on account. 3. Collected $169,700 from accounts receivable. 4. Paid $132,000 cash for operating expenses. 5. Adjusted the accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will...
Required information Exercise 7-2A Accounting for uncollectible accounts: allowance method LO 7-1 [The following information applies...
Required information Exercise 7-2A Accounting for uncollectible accounts: allowance method LO 7-1 [The following information applies to the questions displayed below.] Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations: Events Affecting Year 1: Provided $210,000 of cleaning services on account. Collected $157,500 cash from accounts receivable. Paid salaries of $38,000 for the year. Adjusted the accounts to reflect management’s expectations that uncollectible accounts expense would...
ортес е чест - с 10 Req A Req B1 Req B2 Req B3 Prepare a...
ортес е чест - с 10 Req A Req B1 Req B2 Req B3 Prepare a balance sheet for 2018. HOLMES CLEANING SERVICE Balance Sheet As of December 31, 2018 Assets $ Total assets Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ < Req B1 Holmes Cleaning Service began operation on January 1, 2018. The company experienced the following events for its first year of operations: Events Affecting 2018: 1. Provided $180,000 of cleaning services on...
Please try make it clear (The following information applies to the questions displayed below. The following...
Please try make it clear
(The following information applies to the questions displayed below. The following events apply to Gulf Seafood for the 2016 fiscal year: 1. The company started when it acquired $60,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $40,000 cash. 3. Earned $72,000 in cash revenue. 4. Paid $25,000 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, 2016, the cooktop has...
(The following information applies to the questions displayed below.] At the beginning of Year 2, Oak...
(The following information applies to the questions displayed below.] At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Part 1 of 4 Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 26,900 18,600 10,800 23,400 11,300 Skipped The following events apply to Oak Consulting for Year 2: eBook Hint 1. Provided $68,000 of services on account. 2. Incurred $3,100 of operating expenses on account. 3. Collected $49,500 of accounts receivable....
Required information [The following information applies to the questions displayed below.] The December 31, 2021, adjusted...
Required information [The following information applies to the questions displayed below.] The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Debit Credit Accounts $ 10,500 Cash Accounts Receivable 135,000 Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) 4,500 22,500 250,000 $120,000 10,500 9,500 3,500 25,000 150,000 45,000 350,000 Common Stock Retained Earnings Service Revenue Salaries Expense 250,000 12,500 25,000 Rent Expense Depreciation Expense Interest...
Required information [The following information applies to the questions displayed below.) The following transactions pertain to...
Required information [The following information applies to the questions displayed below.) The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $53,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $17,500 cash. Apr. 10 Purchased $830 of supplies on account. July 1 Received $23,500 cash in advance for services to be provided over the next year. 20 Paid $623 of the accounts...
fill in the table A (1) (2)
B (1) (2) (3) (4)
The following information is available for Quality Book Sales' sales on account and accounts receivable: Accounts receivable balance, January 1, Year 2 Allowance for doubtful accounts, January 1, Year 2 Sales on account, Year 2 Collection on accounts receivable, Year 2 $ 78,500 4,710 550,000 556,000 After several collection attempts, Quality Book Sales wrote off $2.850 of accounts that could not be collected. Quality Book Sales estimates that...
Holmes Cleaning Service began operation on January 1, 2018. The company experienced the following events for its first year of operations: Events Affecting 2018: 1. Provided $180,000 of cleaning services on account. 2. Collected $135,000 cash from accounts receivable. 3. Paid salaries of $34,000 for the year. 4. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $2,100. The expense was determined using the percent of revenue method. Required a. Organize the transaction data in accounts...
[The following information applies to the questions
displayed below.]
At the beginning of Year 2, Oak Consulting had the following normal
balances in its accounts:
Account
Balance
Cash
$
31,800
Accounts receivable
20,900
Accounts payable
14,900
Common stock
23,900
Retained earnings
13,900
The following events apply to Oak Consulting for Year 2:
Provided $65,500 of services on account.
Incurred $3,500 of operating expenses on account.
Collected $46,800 of accounts receivable.
Paid $39,100 cash for salaries expense.
Paid $16,560 cash as...
[The following information applies to the questions displayed below.) The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $17,000 of common stock for cash. 2. Recognized $217,000 of service revenue earned on account. 3. Collected $169,700 from accounts receivable. 4. Paid $132,000 cash for operating expenses. 5. Adjusted the accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will...
ортес е чест - с 10 Req A Req B1 Req B2 Req B3 Prepare a balance sheet for 2018. HOLMES CLEANING SERVICE Balance Sheet As of December 31, 2018 Assets $ Total assets Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ < Req B1 Holmes Cleaning Service began operation on January 1, 2018. The company experienced the following events for its first year of operations: Events Affecting 2018: 1. Provided $180,000 of cleaning services on...
Please try make it clear
(The following information applies to the questions displayed below. The following events apply to Gulf Seafood for the 2016 fiscal year: 1. The company started when it acquired $60,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $40,000 cash. 3. Earned $72,000 in cash revenue. 4. Paid $25,000 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, 2016, the cooktop has...
(The following information applies to the questions displayed below.] At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Part 1 of 4 Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 26,900 18,600 10,800 23,400 11,300 Skipped The following events apply to Oak Consulting for Year 2: eBook Hint 1. Provided $68,000 of services on account. 2. Incurred $3,100 of operating expenses on account. 3. Collected $49,500 of accounts receivable....
Required information [The following information applies to the questions displayed below.] The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Debit Credit Accounts $ 10,500 Cash Accounts Receivable 135,000 Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) 4,500 22,500 250,000 $120,000 10,500 9,500 3,500 25,000 150,000 45,000 350,000 Common Stock Retained Earnings Service Revenue Salaries Expense 250,000 12,500 25,000 Rent Expense Depreciation Expense Interest...
Required information [The following information applies to the questions displayed below.) The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $53,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $17,500 cash. Apr. 10 Purchased $830 of supplies on account. July 1 Received $23,500 cash in advance for services to be provided over the next year. 20 Paid $623 of the accounts...
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