Question
here's me journal entry options: Cash A ccounts Receivable Notes Receivable Interest Receivable Inventory Supplies Prepaid Rent Prepaid Insurance Prepaid Advertising Investments Land Buildings Equipments
here's me journal entry options:
Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Supplies Prepaid Rent Prepaid Insurance Prepaid Advertising Investments Land Buildings Equipments Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable Interest Payable Deferred Revenue Notes Payable Common Stock Retained Earnings Dividends Service Revenue Sales Revenue Interest Revenue Advertising Revenue Depreciation Expenses Supplies Expenses Salaries Expenses Utilities Expenses Interest Expenses Rent Expenses Property Tax Expenses Income Tax Expenses Legal Fees Expenses Service Fee Expenses deleviry expenses insurance expenses repair and maintenance expenses. I want you to define each of them and tell me where does it fall under dividends, expenses, asset, liability, equit, or revenue
Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances vill appear for each account, based on your selection. The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $144,100, and on account, $57,200. 2. February 12 Collect on accounts receivable, $52,500. 3. April 25 Receive cash in advance from customers, $13,900. 4. May 6 Purchase supplies on account, $11,200. 5. July 15 Pay property taxes, $9,500. 6. September 10 Pay on accounts payable, $12,400. 7. October 31 Pay salaries, $133,600. 8. November 20 Issue shares of common stock in exchange for $37,000 cash. 9. December 30 Pay $3,800 cash dividends to stockholders. Insurance expired during the year is $8,000. Supplies remaining on hand at the end of the year equal $3,900. Provide services of $12,800 related to cash paid in advance by customers
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started