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:
Cash $14280
Prepaid insurance 710
Accounts receivable 3570
Accounts payable 2860
Notes payable 4280
Common stock 5510
Dividends 710
Revenues 29580
Expenses 17850
What amount did Vaughn Manufacturing show as total credits?
answer
$41510
***$42230
$42940
$43660
question
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?
answer
$174900
$263900
**$130500
$244900
question
The Dividends account
answer
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.
question
A company that receives money in advance of performing a service
answer
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.
question
When a company has performed a service but has not yet received payment, it
answer
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.
question
When a service has been performed, but no cash has been received, which of the following statements is true?
answer
**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.
question
When a company receives a utility bill but will not pay it right away, it should
answer
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.
question
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?
answer
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.
question
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
answer
credit to Notes Receivable.
credit to Equipment.
***credit to Notes Payable.
debit to Cash.
question
Nash's Trading Post, LLC showed the following balances at the end of its first year:
Cash $8140
Prepaid insurance 370
Accounts receivable 1850
Accounts payable 1480
Notes payable 2220
Common stock 3700
Dividends 370
Revenues 16280
Expenses 9250
What amount did Nash's Trading Post, LLC show as total credits?
answer
$23680
$23310
**$24050
$24420
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