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Provide explanations for the following related journal entries 1. Provide explanations for the following related journal entries: a. Cash 6,000 Mike Bradley, Capital 6,000 b. Law Library 3,400 Accounts Payable 3,400 c. Cash 600 Accounts Receivable 1,000 Legal Fees Earned 1,600 d. Cash 500 Accounts Receivable 500 e. Accounts Payable 3,400 Cash 3,400 ...

Other / Other 29 Apr 2016

For each item below, indicate whether a debit or a credit applies 1. For each item below, indicate whether a debit or a credit applies. a. Increase in Art Fees Earned b. Decrease in Prepaid Rent c. Decrease in Unearned Fees d. Increase in Owner's Capital e. Increase in Depreciation Expense, Buildings f. Increase in Interest Receivable g. Decrease in Accounts Payable h. Increase in Owner's Withdrawals i. Increase in Notes P ...

Other / Other 29 Apr 2016

Which of the following accounts probably would be listed after the others in a chart of accounts 1. Typically, the chart of accounts begins with a. revenue accounts. b. asset accounts. c. liability accounts. d. expense accounts. 2. The purpose of the ledger is to a. keep a record of documentation to support each transaction. b. make sure that all assets, liabilities, etc., have credit balances at all times. c. record c ...

Other / Other 29 Apr 2016

1. The Unearned Fees account is classified as a(n) a. liability. b. revenue. c. asset. d. expense. 2. Which of the following accounts is an asset? a. Jack Rossi, Capital b. Notes Payable c. Prepaid Rent d. Supplies Expense 3. Unearned revenues are recorded by companies that a. receive money in advance of the performance of a service. b. pay money at the time the performance of a service is complete. c. receive money at ...

Other / Other 29 Apr 2016

Given the following ledger account and postings, complete the Balance column 1. Given the following ledger account and postings, complete the Balance column. Assume no previous postings in the account. Accounts Payable Account No. 212 Date Item Post. Ref. Debit Credit Balance Debit Credit 2010 Dec. 1 J1 8,200 7 J1 2,800 8 J2 600 12 J2 800 Business Management Assignment Help, Business Management ...

Other / Other 29 Apr 2016

Indicate whether each account below has a normal debit or a normal credit balance 1. Indicate whether each account below has a normal debit or a normal credit balance. a. Cash g. Interest Receivable b. Wages Payable h. Store Equipment c. Wages Expense i. Legal Fees Earned d. Unearned Fees j. Owner's Capital e. Prepaid Insurance k. Depreciation Expense, Buildings f. Notes Payable Business Management Assignment Help, B ...

Other / Other 29 Apr 2016

Explain how the above journal entry relates to the measurement issues 1. Use this journal entry to answer the following question. Nov. 16 Accounts Payable 685 Cash 685 Recorded payment of a liability Explain how the above journal entry relates to the measurement issues of (a) recognition, (b) valuation, and (c) classification. 2. Explain why the dollar amount of total owner's equity probably will not equal the dollar a ...

Other / Other 29 Apr 2016

1. The Unearned Fees account is classified as a(n) a. liability. b. revenue. c. asset. d. expense. 2. Which of the following accounts is an asset? a. Jack Rossi, Capital b. Notes Payable c. Prepaid Rent d. Supplies Expense 3. Unearned revenues are recorded by companies that a. receive money in advance of the performance of a service. b. pay money at the time the performance of a service is complete. c. receive money at ...

Other / Other 29 Apr 2016

Which of the following bookkeeping techniques generally is not acceptable 1. The account most recently posted is determined most efficiently by referring to the a. Post. Ref. column of the ledger. b. balance column of the ledger. c. date column of the general journal. d. Post. Ref. column of the general journal. 2. Posting is performed by transferring information from the a. source documents to the journal. b. source document ...

Other / Other 29 Apr 2016

Which of the following accounts will not affect owner's equity 1. All of the following are examples of source documents except a. checks. b. invoices. c. journals. d. receipts. 2. Which of the following transactions increases both assets and owner's equity? a. Receipt of payment from a credit customer b. Receipt of a bank loan c. Rendering of a service, payment not yet received d. Withdrawal of cash by the owner 3. ...

Other / Other 29 Apr 2016