2.9%.
29%.
290%.
345%.
$13,490.
Debit Office Supplies $110 and credit Office Supplies Expense $110.
Debit Office Supplies Expense $110 and credit Office Supplies $110.
Debit Office Supplies Expense $244 and credit Office Supplies $244.
Debit Office Supplies $244 and credit Office Supplies Expense $244.
Debit Office Supplies $110 and credit Supplies Expense $244.
An increase of $8,600.
An decrease of $33,200.
A increase of $33,200.
A decrease of $8,600.
Impossible to determine from the information provided.
Debit Insurance Expense, $3,050; credit Prepaid Insurance, $3,050.
Debit Prepaid Insurance, $3,050; credit Insurance Expense, $3,050.
Debit Insurance Expense, $1,525; credit Prepaid Insurance, $1,525.
Debit Prepaid Insurance, $1,525; credit Insurance Expense, $1,525.
Debit Cash, $6,100; Credit Prepaid Insurance, $6,100.
A.Salaries Expense7,000
Cash7,000
B.Salaries Payable7,000
Cash7,000
C.Salaries Payable3,200
Cash3,200
D.Salaries Expense3,200
Salaries Payable3,200
E.Salaries Payable3,200
Salaries Expense3,800
Cash 7,000
Choice A
Choice B
Choice C
Choice D
Choice E
Office Equipment, overstated $340; Fees Earned, understated $170.
Office Equipment, overstated $170; Fees Earned, overstated $170.
Office Equipment, overstated $170; Fees Earned, understated $170.
Office Equipment, understated $340; Fees Earned, overstated $170.
Office Equipment, understated $170; Fees Earned, overstated $170.
1.Smith invested $31,500 cash in the business.
2.Smith contributed $113,000 of equipment to the business.
3.The company paid $3,300 cash to rent office space for the month.
4.The company received $22,500 cash for repair services provided during March.
5.The company paid $7,500 for salaries for the month.
6.The company provided $4,300 of services to customers on account.
7.The company paid cash of $630 for monthly utilities.
8.The company received $4,400 cash in advance of providing repair services to a customer.
9.Smith withdrew $6,300 for his personal use from the company.
Based on this information, the balance in Hal Smith, Capital reported on the Statement of Owner’s Equity at the end of March would be:
$157,970.
$153,570.
$147,270.
$13,470.
$19,870.
$53,100.
$58,500.
$51,600.
$4,200.
$60,000.
$900.
$0.
$4,400.
$1,100.
$3,100.
$575.
$4,600.
$6,900.
$16,100.
$20,700.
$384,000.
$240,900.
$527,100.
$143,100.
$(240,900).
Account Title Dr.Cr.
Cash 23,900
Accounts receivable16,900
Prepaid insurance 7,500
Equipment 109,000
Accumulated Depreciation – Equipment54,500
Land 104,000
Accounts payable 17,900
Interest payable 2,850
Unearned revenue 5,900
Long-term notes payable39,000
J. Jones, Capital 141,150
_ ____ ____________
Totals 261,300 261,300
$21,650.
$48,300.
$26,650.
$102,800.
$43,900.
$4,583.00.
$4590.00.
$4,250.00.
$4,675.00.
$4,508.00.
$751,570; $193,370
$193,370; $212,800
$538,770; $232,230
$232,230; $538,770
$212,800; $193,370
J.Bones, Capital 121,500
J.Bones, Withdrawals 33,900
Fees earned 196,500
Depreciation Expense-Equipment13,900
Wages expense 73,300
Interest expense4,250
Insurance expense 13,600
Rent expense 26,100
$87,600.
$65,350.
$50,600.
$31,450.
$41,450.
Year 1 Year 2
Beginning inventory$ 127,000 $ 131,400
Cost of goods purchased251,400 282,000
Cost of goods available for sale 378,400 413,400
Ending inventory 131,400 136,400
Cost of goods sold$ 247,000 $ 277,000
Thelma Company made two errors: 1) ending inventory at the end of Year 1 was understated by $16,400 and 2) ending inventory at the end of Year 2 was overstated by $7,400. Given this information, the correct cost of goods sold figure for Year 2 would be:
$269,600
$300,800
$293,400
$256,000
$284,400
80.9 days.
0.2 days.
76.1 days.
4.5 days.
4.8 days.
Cash 7,800
Accounts receivable7,800
Cash 5,000
Accounts receivable5,000
Cash 6,111
Sales discounts 189
Accounts receivable6,300
Cash 7,566
Accounts receivable7,566
Cash 7,566
Sales discounts 234
Accounts receivable7,800
$1,400.
$4,116.
$2,744.
$2,800.
$4,200.
$21,420.
$30,600.
$18,200.
$27,600.
$19,000.
Accounts receivable$ 441,000 Debit
Allowance for Doubtful Accounts1,310 Debit
Net Sales2,160,000 Credit
All sales are made on credit. Based on past experience, the company estimates 1.0% its outstanding receivables are uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?
Debit Bad Debts Expense $22,910; credit Allowance for Doubtful Accounts $22,910.
Debit Bad Debts Expense $21,600; credit Allowance for Doubtful Accounts $21,600.
Debit Bad Debts Expense $20,290; credit Allowance for Doubtful Accounts $20,290.
Debit Bad Debts Expense $4,410; credit Allowance for Doubtful Accounts $4,410.
Debit Bad Debts Expense $5,720; credit Allowance for Doubtful Accounts $5,720.
A credit to Cash for $1,746.
A debit to Discounts Lost for $54.
A debit to Cash for $1,746.
A debit to Merchandise Inventory for $1,746.
A credit to Discounts Lost for $54.
Debit Interest Revenue $315; credit Interest Receivable $315.
Debit Interest Revenue $450; credit Interest Receivable $450.
Debit Interest Receivable $315; credit Interest Revenue $315.
Debit Interest Receivable $135; credit Interest Revenue $135.
Debit Interest Receivable $450; credit Interest Revenue $450.
Debit Cash $33; credit Notes Receivable $33.
Debit Cash $165; credit Notes Receivable $165.
Debit Interest Receivable $33; credit Interest Revenue $33.
Debit Interest Receivable $165; credit Interest Revenue $165.
Debit Cash $198; credit Interest Revenue $165; credit Interest Receivable $33.
Debit to Cash of $48,000 and a credit to Accounts Receivable of $48,000.
Debit to Cash of $48,000 and a credit to Notes Payable of $48,000.
Debit to Cash of $49,440 and a credit to Accounts Receivable of $49,440.
Debit to Cash of $46,560, a debit to Factoring Fee Expense of $1,440, and a credit to Accounts Receivable of $48,000.
Debit to Cash of $48,000, a credit to Factoring Fee Expense of $1,440, and credit to Accounts Receivable of $46,560
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