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Sir, I need help with the following questions. You told me to get back with you if I needed anymore help Question 2 The Trial
Sir, I need help with the following questions. You told me to get back with you if I needed anymore help
Question 2 The Trial Balance of the Hope, Faith and Charity Company had accounts with the following normal balances: Cash $5,000, Service Revenue $85,000, Salaries and Wages Payable$4,000, Salaries and Wages Expense $40,000, Rent Expense $10,000, Owner's Capital $42,000, Owner's Drawings (Withdraws or Dividends) $15,000, Equipment $61,000. The total in the Trial Balance debit column should be: A. B. $131,000. $216,000. C. $91,000. D. $116,000. Question 3 Webber earned $600 for the last week of September. He will be paid on October 2. The adjusting entry for Webber's employer is: A. No entry is required. B. Debit Salary and Wages Expense; Credit Salaries and Wages Payable. C. Debit Salaries and Wages Expense; Credit Cash. D. Debit Salaries and Wages Payable; Credit Cash. 1 Question 4 In the unadjusted trial balance of its worksheet for the year ended December 31, 2016, Gellatin Corporation reported equipment of $120,000. The year-end adjusting entries require an adjustment of $12,000 for depreciation expense for the equipment. After the adjustment, the following adjusted amount should be reported. A. A debit of $12,000 for Equipment in the balance sheet column. B. A credit of $12,000 for Deprecation Expense-Equipment for the Income Statement Column. C. A debit of $120,000 for Equipment in the balance sheet column. D. A debit of $12,000 for Accumulated Depreciation-Equipment in the Balance Sheet Column. Question 5 When Wild Bill Hickock Company purchased supplies worth $500, it incorrectly recorded a credit to Supplies for $5,000 and a debit to Cash for $5,000. Before correcting this error: A. Cash is overstated and Supplies is overstated. B. Cash is understated and Supplies is understated. C. Cash is understated and Supplies is overstated. 2 D. Cash is overstated and Supplies is understated. Question 8 The Dividends account A. must show transactions every accounting period. B. is increased with debits and decreased with credits. C. is not a proper subdivision of retained earnings. D. appears on the income statement along with the expenses of the business. Question 23 Accrued revenues are A earned and recorded as liabilities before they are received. B earned but not yet received or recorded. C received and recorded as liabilities before they are earned. D earned and already received and recorded. 3 Problem #1 Prepare a trial balance. The accounts in the ledger of Talbot Delivery Service contain the following balances on July 31, 2014. Accounts Receivable Accounts Payable Cash Equipment $10,642 Prepaid Insurance 8,396 Maintenance and Repairs Expense ? Service Revenue 49,360 Dividends $1,968 961 10,610 700 Gasoline Expense 758 Common Stock Utilities Expense 523 Salaries and Wages Expense 4,428 26,450 Salaries and Wages Payable 815 Notes Payable Retained Earnings Instructions Prepare a proper trial balance and fill in the missing amount for Cash. Problem #2 Otis Company accumulates the following adjustment data at December 31. 1. Services provided but not recorded total $1,420. 2. Supplies of $300 have been used. 3. Utility expenses of $225 are unpaid. 4. Unearned service revenue of $260 is recognized for services performed. 5. Salaries of $800 are unpaid. 6. Prepaid insurance totaling $380 has expired. Instructions For each of the above items indicate the following. Journalize the adjusting entries. Problem #3 4 40,000 4,636 The following accounts were taken from the financial statements of Orville Company. ________ Interest revenue ________ Utilities payable ________ Accounts payable ________ Supplies ________ Bonds payable ________ Trademarks ________ Common stock ________ Accumulated depreciationequipment ________ Equipment ________ Salaries and wages expense ________ Investment in real estate ________ Unearned rent revenue Match each of the accounts to its proper balance sheet classification, as shown below. If the item would not appear on a balance sheet, use \"NA.\" Current assets (CA) Longterm investments (LTI) Property, plant, and equipment (PPE) Intangible assets (IA) Current liabilities (CL) Longterm liabilities (LTL) Stockholders' equity (SE) Problem #4 Latina Company had the following adjusted trial balance. Latina Company Adjusted Trial Balance For the Month Ended June 30, 2014 Adjusted Trial Balance Account Titles Debits Cash Credits $3,712 3,904 480 Accounts Payable $1,556 Unearned Service Revenue 160 Common Stock 4,000 Retained Earnings 1,760 600 4,300 Accounts Receivable Supplies Dividends Service Revenue 5 Latina Company Adjusted Trial Balance For the Month Ended June 30, 2014 Adjusted Trial Balance Account Titles Debits Salaries and Wages Expense Credits Instructions (a) Prepare a classified balance sheet at June 30, 2014. Hint: find net income and update retained earnings 6 344 $12,120 Salaries and Wages Payable 1,900 Supplies Expense 180 Miscellaneous Expense 1,344 $12,120Step by Step Solution
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