Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Copley Company was paid $2,800 in December of Year 1 for services to be performed in Year 2 Copley Company has a 12/31 year end.

image text in transcribed
image text in transcribed
image text in transcribed
Copley Company was paid $2,800 in December of Year 1 for services to be performed in Year 2 Copley Company has a 12/31 year end. Which of the following correctly shows the effects of the appropriate Year 2 entry after peforming the services? Assets 5000) Euty Rey Netine Cash Flow S2 EXD na no A ERD Net Cashow EL SARIO tip GLAS MALVINAR HAI H GIA 5200 52100 Nethe 32 Cash Flow 52800 husets Hev 200 Netine 01100 Cash Flow 52,800FA Exp na Cashow Multiple Choice = Rev Net Inc Cash Flow Assets $12.800) Liab S(2.800) Equity nla Exp n'a na Na n/a Exp Assets n/a Liab S[2.800) Equity $2,800 Rey $2,800 Net Inc $2800 Cash Flow n/a Liab + - Assets $2.800 Equity $2,800 Rev $2.800 Exp nia Net Inc $2,800 Cash Flow $2.800 OA nia - Assets $12.800) Liab $(2.800) Equity nia Rev n/a Exp $2.800 Net Inc $(2.800) Cash Flow $12.800) FA Assets 52,800 Liab na Equity $2,800 Hev $2,800 Exp nia Net ind $2,800 Cash Flow n/a Rev Net Inc Cash Flow Assets $12.800) Liab $(2.800) Equity nia Exp n/a nia n/a no Assets n/a Lab $12.800) Equity $2.800 Rev $2.800 Exp nia Net Inc $2,800 Cash Flow n/a Lab + Rey Exp Assets $2,800 Equity $2800 Net Inc $2,800 Cash Flow $2.800 OA n/a $2800 nia o + Assets 512,8001 Lab 512,8001 Equity n/a Rev nia Exp $2800 Net Inc $12,800) Cash Flow 562,800) FA + - Exp Net in Cash Flow Assets 5200 Liab wa Equity $2,800 Rev $2.800 nia $2.800 nia

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

How To Audit The Process Based QMS

Authors: Dennis R. Arter, Charles A. Cianfrani, Jack West

1st Edition

ISBN: 0873895770, 978-0873895774

More Books

Students also viewed these Accounting questions