Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please answer the three questions, thanks Which of the following journal entries represents an increase in liabilities correctly? A) Rent Expense XXX Cash XXX The
Please answer the three questions, thanks
Which of the following journal entries represents an increase in liabilities" correctly? A) Rent Expense XXX Cash XXX The following end-of-year account balance information is from the accounting records of Tyler Company: B) Accounts Receivable xxx Cash 1,400 Revenue XXX C) Accounts Payable xxx Sales Revenue 22,000 Dividends 1,800 Retained Earnings (beginning) 2,300 Cash XXX D) Wages Expense Wages Payable Inventory 9,000 XXX Interest Expense 2.200 Cost of Goods Sold 16.000 OD Accounts Payable 3,000 Accounts Receivable 9,500 OA Prepaid Rent Expense 6,600 Which ONE of the following would appear in the closing entries for the year? O A CREDIT to COST OF GOODS SOLD for $16,000 Question 2 1 pts O A CREDIT to SALES REVENUE for $22.000 O O A CREDIT to PREPAID RENT EXPENSE for $6,600. A machine originally purchased by Scott Company for $50,000 on January 1 with a 20 year life and $10,000 residual value was sold at the end of year 13. The sale price for the machine was $28,000 O A CREDIT to CASH for $1,400 Which of the following journal entries would be a part of the sale of the machine? O A DEBIT to ACCOUNTS PAYABLE for $3,000. O A CREDIT to INVENTORY for $9.000. CREDIT to GAIN ON SALE for $4,000 O CREDIT to ACCUMULATED DEPRECIATION for $26,000 DEBIT to LOSS ON SALE for $4,000 CREDIT to CASH for $28.000Step 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