At September 1, 2017, Bonita Industries reported a cash balance of $123200. During the month, Bonita collected cash of $52800 and made disbursements of $88000. At September 30, 2017, the cash balance is
Vaughn Manufacturing showed the following balances at the end of its first year:
Prepaid insurance 710
Accounts receivable 3570
Accounts payable 2860
Notes payable 4280
Common stock 5510
What amount did Vaughn Manufacturing show as total credits?
Sheffield Corp. began the year with $133600 in its Common Stock account and a debit balance in Retained Earnings of $57200. During the year, the company earned net income of $28600 and declared and paid $9500 of dividends. In addition, the company sold additional common stock amounting to $35000. Based on this information, what should the transaction analysis show for the ending total of all stockholders' equity accounts?
The Dividends account
is not a proper subdivision of stockholders' equity.
appears on the income statement along with the expenses of the business.
must show transactions every accounting period.
***is increased with debits and decreased with credits.
A company that receives money in advance of performing a service
debits unearned fees and credits accounts payable.
***debits cash and credits unearned service revenue.
debits cash and credits accounts receivable.
debits cash and credits prepaid services.
When a company has performed a service but has not yet received payment, it
debits revenue from services and credits accounts payable.
**debits accounts receivable and credits service revenue.
debits revenue from services and credits accounts receivable.
makes no entry until the cash is received.
When a service has been performed, but no cash has been received, which of the following statements is true?
**The entry includes a debit to accounts receivable.
No journal entry is made.
The entry includes a debit to accounts payable.
The entry includes a credit to unearned revenue.
When a company receives a utility bill but will not pay it right away, it should
debit Utilities Expense and credit Accounts Receivable.
make no entry until the bill is paid.
***debit Utilities Expense and credit Accounts Payable.
debit Accounts Payable and credit Utilities Expense.
An accountant has debited an asset account for $920 and credited a liability account for $460. What can be done to complete the recording of the transaction?
Debit a stockholders' equity account for $460.
***Credit a different asset account for $460.
Debit another asset account for $460.
Nothing further must be done.
Which one of the following represents the expanded basic accounting equation?
Equipment costing $24800 is purchased by paying $6200 cash and signing a note payable for the remainder. The journal entry should include a
credit to Notes Receivable.
credit to Equipment.
***credit to Notes Payable.
debit to Cash.
Nash's Trading Post, LLC showed the following balances at the end of its first year:
Prepaid insurance 370
Accounts receivable 1850
Accounts payable 1480
Notes payable 2220
Common stock 3700
What amount did Nash's Trading Post, LLC show as total credits?
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