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can i get answer in hour? it's about accounting i hope answer all of them or Please answer at least half of the questions. it's
can i get answer in hour?
it's about accounting
i hope answer all of them or Please answer at least half of the questions.
it's ok not answer all.
If the liabilities of a company increased by $55,000 during a month and the shareholders' equity decreased by $21,000 during that same month, did assets increase or decrease and by how much? a $34,000 increase 6 $55,000 increase $34,000 decrease d $76,000 increase Which of the accounts are decreased on the debit side and increased on the credit side? @ Liabilities, shareholders' equity, and revenues 6 Dividends, liabilities, and assets Expenses, dividends, and shareholders' equity Assets, dividends, and expenses Which of the following accounts would normally have a credit balance? @ Accounts Payable, Service Revenue, Ordinary share 6 Salaries Payable, Unearned Revenue, Delivery Expense Income Tax Payable, Service Revenue, Dividends a Cash, Repairs and Maintenance Expense, Dividends Which of the following is not a possible journal entry? Credit assets, Debit expenses 6 Debit assets, Debit shareholders' equity Credit revenues, Debit assets d Debit expenses, Credit liabilities Manatee Service Company provides services to customers totaling $3,000, for which it billed the customers. How would the transaction be recorded? Debit Cash $3,000, Credit Service Revenue $3,000 Debit Accounts Receivable $3,000, Credit Service Revenue $3,000 Debit Accounts Receivable $3,000, Credit Cash $3,000 a Debit Service Revenue $3,000, Credit Accounts Receivable $3,000 33. Milkweed Company received a bill for newspaper advertising services received, $400. The bill will be paid in 10 days. How would the transaction be recorded today? Debit Advertising Expense $400, Credit Accounts Payable $400 Debit Accounts Payable $400, Credit Advertising Expense $400 Debit Accounts Payable $400, Credit Cash $400 O Debit Advertising Expense $400, Credit Cash $400 34. When a company pays utilities of $1,800 in cash, the transaction is recorded as: Debit Utilities Expense $1,800, Credit Utilities Payable $1,800. 6 Debit Utilities Payable $1,800, Credit Cash $1,800. Debit Cash $1,800, Credit Utilities Expense $1,800. Debit Utilities Expense $1,800, Credit Cash $1,800. Answer in the spaces provided whether each of the following represents a recordable transaction. Yes or No a Collected cash for services 6 Paid salaries Paid a note payable plus interest a Hired an employee who will start working next month e Used up some supplies O Purchased a delivery truck, payment to be made next year Withdrawal of cash by owner for personal use 6 Agreed to supply a company with products over the next few years 36. The following transactions occur for the Hedgehog Company. Provide services to customers on account for $5,000. 6 Purchase equipment by signing a note with the bank for $10,000. Pay advertising of $2,000 for the current month. Required: Analyze each transaction and indicate the amount of increases and decreases in the accounting equation. Suppose a company has the following statement of financial position accounts: Accounts Cash Balances $5,000 3,500 9,000 ? Supplies Land Buildings Equipment Accounts payable Salaries payable Share Capital - Ordinary Retained earnings 4,500 3,600 2,700 ? 11,600 Required: Calculate the missing amounts assuming the company has total assets of $40,000. 38. For T accounts listed below, state which side represents an increase and which represents a decrease. Assets and Expenses Dr. Cr. Liabilities, Equity, and Revenues Dr. Cr. For the accounts listed below, indicate if the normal balance of the account is a debit or credit. A normal balance is the side of the account where increases are recorded. Normal Balance Debit or Credit Accounts a Service Revenue b Rent Expense C Accounts Receivable d Accounts Payable e Share Capital Office Supplies 9 Insurance Expense h Trademark Office Building Notes Payable 40. For each transaction noted below, write in the appropriate column the titles of the accounts to be debited and credited. Debit Credit a Issued ordinary shares for cash b Paid salaries expense C Purchased a truck on credit Received cash for professional services rendered @ Paid accounts payable 6 Borrowed money from a bank by issuing a note Journalize the following business transactions in general journal form. Identify each transaction by number. a Shareholders invest $25,000 in cash for starting a business as a corporation. 6 Purchased $500 of office supplies on credit. Purchased office equipment for $6,000, paying $3,500 in cash and issuing a 30 day, $2,500, note payable. Billed clients for $4,000 service revenue(not received yet). e Paid $700 in cash for the current month's rent. Paid $250 cash for office supplies purchased on account in transaction 6. 9 Received a bill for $500 for advertising for the current month(not paid yet). Paid $2,500 cash for office salaries. Transactions for the Peony Company for the month of July are presented below. @ Shareholders invested an additional $36,000 cash in the business. 6 Purchased land costing $18,000 for cash. Purchased equipment costing $9,000 for $4,000 cash and the remainder on credit. Purchased supplies on account for $800. e Paid $3,000 for a one year insurance policy. Received $2,000 for services performed. 9 Received $4,000 for services previously performed on account. 6 Paid wages to employees for $2,500. Required: Journalize each transaction and identify each transaction by number. Record the following transactions for the Magnolia Music Store: @ Provide music lessons to students for $10,000 on account. b Purchase music supplies on account, $1,000. Pay rent for the current month, $2,000. d Receive $10,000 cash from students in a above. Required: Journalize each transaction and identify each transaction by number. 44. Journalize the following business transactions in general journal form. A company purchases a building for $100,000, paying $50,000 cash and signing a three-month note payable for the remainder. Record the transaction. 45. Record the following transactions in the 'T' accounts listed below. a Received $2,500 for professional services rendered. Purchased equipment for $1,000, making a down payment of 30%. Incurred utilities expense of $100(not paid yet). d Paid $400 to creditors. Cash Accounts Payable Equipment Service Revenue Utilities Expense 46. Consider the following transactions for Lemming Corporation: @ Sell ordinary share for $10,000. 6 Purchase equipment for $11,000 cash. Pay employee salaries of $3,500. d Provide services to customers for $6,000 cash. Required: 1. Post these transactions to the Cash T-account. Assume the balance of Cash before these transactions is $4,000. 2. Calculate the ending balance of the Cash account. e 47. Consider the following transactions for a company: @ Sell ordinary shares for $10,000. b Purchase equipment for $8,500 cash. Provide services to customers for $6,000. d Pay employee salaries of $3,500. ume the balance of Cash Required: 1. Post these transactions to the Cash T-account before these transactions is $3,000. 2. How much is ending balance of cashStep by Step Solution
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