On June 30, Sugar Co. received a bill for $1,050 for running a newspaper ad in June. The bill will be paid in July Which of the following statements is correct for June? Multiple Choice Revenues are decreased by $1,050. Liabilities are decreased by $1,050 Expenses are increased by $1,050 The following transactions occurred during July 1. Received $1,350 cash for services performed during July 2. Received $6,950 cash from the issuance of common stock to owners. 3. Received $675 from a customer as payment for services performed during June. 4. Billed $4,400 to customers for services performed on account in July. 5. Borrowed $3,000 from the bank and signed a promissory note. 6. Received $1,825 from a customer for services to be performed during August. As a result of these transactions, what is the amount of the increase to the Cash account? During 2019. Ocean Consulting had the following transactions with it clients (customers) # On February 1, 2019, the company received cash of $6,900 from clients in payment of their account balances as of December 31, 2018 On November 1, 2019, the company received $3,900 cash as payments in advance for services to be performed in 2020 The company received a total of $22.500 in cash for services that were performed during 2019 The company sent bills totaling $5.900 to clients for services performed during 2019, this amount was unpaid as December 31, 2019 What is the amount of Service Revenue that will be reported on the income statement for the year 2019? This month, a company performed $518,000 of services and incurred total expenses of $438100. The company was paid in cash for all its services and paid cash for all its expenses. These transactions would cause Multiple Choice revenues to increase by $79.900, expenses to increase by S438,100, and cash to increase by $518,000 revenues to increase by $518,000, expenses to increase by $438,100, and retained earnings to decrease by 579900 revenues to increase by S518,000 26 to increase by S438.100, and cash to increase by $79,900 Melody's Piano School operations for the month of May were limited to the following transactions: Provided $550 of piano lessons to students who paid in cash. Provided $420 of piano lessons on account. . Collected $315 from students who took piano lessons during April Paid April's piano rental bill of $200. Received May's piano rental bill of $250 and set it aside for payment in June. . Assuming the company uses accrual basis accounting, what is net income for May? Melody's Piano School operations for the month of May were limited to the following transactions: . . Provided $550 of piano lessons to students who paid in cash, Provided $420 of plano lessons on account. Collected $315 from students who took piano lessons during April. Paid April's piano rental bill of $200. Received May's piano rental bill of $250 and set it aside for payment in June. . . Assuming that the company uses cash basis accounting, what is net income for May? Help Save & Exit Sub The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 58,596 45,030 7,697 2,378 5,170 40,983 1,280 19,732 2,530 The following activities occurred in 2019 1. Performed advertising services on account, $59.850. 2. Received cash payments on account $11.400 3. Received deposits from customers for advertising services to be performed in 2020, 53 200 4. Made payments to suppliers on account $5.170. 5. Incurred $49.000 of operating expenses: $42,500 was paid in cash and $6,500 was on account and unpaid as of the end of the year What is the amount of revenue that will be reported on the income statement for the year ended December 31, 20197
