Question 15 5 PC Cash $ 2,000 Equipment $5,000 Salaries Expense $ 1,000 Supplies $300 Rental service revenue $ 2000 Rent Expense $2,000 Insurance Expense $ 500 Withdrawals $ 100 Consulting Service Revenue $5,000 Capital $20,000 From the above information, prepare the Income Statement for ZY Company as of the month ended December 31, 2020 Use the editor to format your answer Question 14 1 Point Mohamed Ali is a UOB graduate with a Bachelor degree in Accounting, has decided to open a new company called Be White to provide cleaning services to customers. On October 20th, the company collected BD230 cash for a service which was provided few days ago to a client on credit A "Dr. Cash BD230 "Cr. Cleaning service revenue BD230 B "Dr. Cash BD230 "Cr. Accounts receivable BD230 "Dr. Cash BD230 "Cr. Accounts payable BD230 "Dr. Accounts receivables BD230 "Cr. Cash BD230 1 Point Question 13 Mohamed Ali is a UOB graduate with a Bachelor degree in Accounting, has decided to open a new company called Be White to provide cleaning services to customers. On October 15, the company provided cleaning services of BD 3,000 to a client on credit "Dr. Accounts receivables BD3,000 "Cr. Cleaning service revenue BD3,000 B "Dr. Cash BD3,000 "Cr. Accounts payable BD3,000 "Dr. Accounts payable BD3,000 "Cr. Cleaning service revenue BD3,000 "Dr. Cash BD3,000 "Cr. Cleaning service revenue BD3,000 Question 12 1 Point Mohamed Al is a UOB graduate with a Bachelor degree in Accounting, has decided to open a new company called Be White to provide cleaning services to customers. Prepare journal entry for the following transaction: On September 31st, Mohamed withdrew BD300 for personal use. A "Dr - Equity BD300" "Cr-Cash BD300 B "Dr. Cash BD300" "Cr - Withdrawals BD300" "Dr. Withdrawals BD300" "Cr-Cash BD300" "Dr. Cash BD300" "Cr. Equity BD300 1 Point Question 11 Mohamed Ali is a UOB graduate with a Bachelor degree in Accounting, has decided to open a new company called Be White to provide cleaning services to customers. Prepare journal entry for the following transaction: On September 15th, Be White provided cleaning services to a client and received an amount of BD200 cash for the work "Dr. Cash BD200" "Cr. Unearned services revenue BD200" B "Dr. Cleaning services revenue BD200" "Cr-Cash BD300" "Dr. Cash BD200" "Cr. Cleaning services revenue BD200" "Dr. Unearned services revenue BD200" "Cr-Cash BD200" Question 10 1 Point Mohamed Ali is a UOB graduate with a Bachelor degree in Accounting, has decided to open a new company called Be White to provide cleaning services to customers Prepare journal entry for the following transaction: On September 10, Be White paid wages of BD5,000 to employees in cash "Dr. Cash BD5,000" "Cr - Wages Expense BD 5,000" "Dr. wages expense BD5,000 "Cr- wages payable BD5,000" "Dr. Wages Expense BD5,000" "Cr-Cash BD5,000" "Dr-Wages payable BD5,000" "Cr-Cash BD5,000" Question 9 1 Point Mohamed Ali is a UOB graduate with a Bachelor degree in Accounting, has decided to open a new company called Be White to provide cleaning services to customers. Prepare journal entry for the following transaction: E On September 3rd, Be White has purchased BD1000 worth of supplies on credit. "Dr. Cash BD1000" "Cr - Supplies BD1000" B "Dr - Supplies BD1000" "Cr-Accounts payable BD2000" "Dr - Supplies BD1000" "Cr- Accounts payable BD1000" "Dr - Supplies BD1000" "Cr Cash BD1000" Question 8 1 Point Mohamed All is a UOB graduate with a Bachelor degree in Accounting, has decided to open a new company called Be White to provide cleaning services to customers. Prepare journal entry for the following transaction: On September 1st 2021, Mohamed have invested BDS, 200 Cash and BD4,000 of Machinery in Be White. "Dr. Cash BD 5,200 & Machinery BD 4,000 "Cr - Capital BD 9,200 B "Dr. Equity BD 5,200" "Cr-Cash BD5,200 & Machinery BD4,000) "Dr - Machinery 4,000" "Cr - Cash 5,200" "Dr - Cash 9,200" "Cr. Capital 9,200" Question 6 1 Point The reports all the information that would impact a user's decision Expense recognition principle B Full disclosure principle Revenue recognition principle D Cost principle 1 Point Question 5 The accounting equation is can be calculated as follows: 8 A Assets - Liabilities - Equity B Assets - Liabilities / Equity Assets - Liabilities - Equity Assets - Liabilities - Equity Question 4 occurs when Salaries expenses are larger than Rental revenue. (A) Net Income B Withdrawals Net Loss D Gross Profit Question 3 Revenues are the Costs that companies should pay in order to generate revenues. A True B False Question 2 1 Point Income Statement usually reports the revenues earned less expenses incurred by the business over a period of time, net income or net loss reported at the bottom of the statement. A True B False
