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please help with accounting 1 question with 5 parts, please answer all parts :) On October 1 , The Legal Co. received a $2,500 cash
please help with accounting 1 question with 5 parts, please answer all parts :)
On October 1 , The Legal Co. received a $2,500 cash advance for legal services. At the end of October, one-third of the services had been provided. When Legal Co. received the cash advance on October 1, which of the following options is true? Cash was credited Unearned Revenue was credited Service Revenue was debited Service Revenue was credited The Pastry Co. recently purchased new equipment with a $30,000 loan. Payments of $10,000 will be made every year toward the loan starting next year. Given this information, which of the following options is true? $10,000 is classified as short-term, and $20,000 is classified as long-term. All $30,000 is classified as short-term debt. All $30,000 is classified as long-term debt. Assume a company has the following information: Note Payable: $200,000 Interest Rate: 6% Issue Date: May 1, Year 1 Year-end: December 31, Year 1 Assume the note does not mature until Year 2. If adjustments are made at year-end, which of the following statements is true at year-end for Year 1? Cash is credited for $8,000. Interest Expense is debited for $12,000. Interest Payable is debited for $1,000. Interest Expense is debited for $8,000. Interest Expense is debited for $1,000. Which of the following options will the journal entry on the note's maturity date include? A debit to Interest Expense for $12,000 A credit to Notes Payable for $200,000 A credit to Cash for $209,000 A credit to Cash for $212,000 Fortune Tea Co. estimates warranty costs to be 5% of sales. The sales for the period was $450,000. What does the journal entry to record warranty expense for the period include? Credit to Estimated Warranty Payable $22,500 Debit to Estimated Warranty Payable $22,500 Credit to Warranty Expense $22,500 Debit to Cash for $22,500
1 question with 5 parts, please answer all parts :)
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