Homework Answers
Answer
--This is the case of revenue earned BUT not received.
--The two accounts that will increase are:
#1 Service revenue, because revenue has been earned, and
#2 Accounts receivables, because revenue is not yet received in
cash and is on account.
--Correct Answer = Option 'C' Accounts receivables.
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Green Lawns Corporation carned $500 for landscaping services rendered. The customer promised to pay at a...
Nick's Landscaping Services incurred $500 as a repair expense and promised to pay the repair company...
Nick's Landscaping Services incurred $500 as a repair expense and promised to pay the repair company within 30 days. Which of the following accounts will increase as a result of this transaction? a. Accounts receivable B. cash C.accounts payable D. nick, capital
a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $90,000...
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a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $75,000...
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8. Precision Camera Services started the year with total assets of $110,000 and total liabilities of $45,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $120,000 and $90,000, respectively. During the year, there were no new capital contributions and the owner withdrew $50,000. What is the amount of owner's equity at the end of the year? A) $90,000 B) $120.000 C) $45.000 D) $50.000 9. Metropolitan Casting Services started the year with...
a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $82,000...
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Kincaid Company provided consulting services of $2.500 to a customer who paid $1,300 and promised to...
Kincaid Company provided consulting services of $2.500 to a customer who paid $1,300 and promised to pay the remainder next month. Which of the following journal entries correctly records this transaction? Cash Accounts receivable Consulting revenue 1,300 1,200 2,500 Cash Accounts payable Consulting revenue 1,300 1. 2001 2,500 1.300 Cash Consulting revenue 1,300 1,300 1,300 Consulting revenue Cash Accounts receivable 1,300 1,200 Kincaid Company provided consulting services of $2.500 to a customer who paid $1,300 and promised to pay the...
ntity G rendered $1,400 of services to a customer on account. The journal entry to record...
ntity G rendered $1,400 of services to a customer on account. The journal entry to record this transaction will include a debit to Cash of $1,400. a debit to Service Revenue of $1,400. a debit to Accounts Receivable of $1,400. a credit to Accounts Payable of $1,400.
1) Entity G rendered $1,400 of services to a customer on account. The journal entry to...
1) Entity G rendered $1,400 of services to a customer on account. The journal entry to record this transaction will include a credit to Accounts Payable of $1,400. a debit to Service Revenue of $1,400. a debit to Cash of $1,400. a debit to Accounts Receivable of $1,400. 2)
For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in...
For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Use the following (partial) chart of accounts—account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); Common Stock (307); Dividends (319); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696). On May 15, DeShawn Tyler opens...
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a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $90,000 in cash along with equipment having a $50,000 value. b. On May 21, Elegant Lawns purchases office supplies on credit for $680. c. On May 25, Elegant Lawns receives $9,800 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $3,000 cash in advance of providing landscaping services to a customer. For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction...
a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $75,000 in cash along with equipment having a $35,000 value. b. On May 21, Elegant Lawns purchases office supplies on credit for $380. c. On May 25, Elegant Lawns recelves $8,300 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $1,500 cash in advance of providing landscaping services to a customer For each transaction,(1) analyze the transaction using the accounting equation, (2)...
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