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Recorded cash received for services rendered during the week 1. In the journal provided, prepare journal entries (in good form) for the following transactions. If no entry is required, write “no entry.” Omit explanations. May 1 Lew Parker opened a dry cleaning service, called Junction Cleaners, by depositing $100,000 into a business bank account. 3 Paid two years' rent in advance, $11,200. 6 Purchased dry cleaning equipm ...

Other / Other 30 May 2016

Given the following ledger account and postings 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 ...

Other / Other 30 May 2016

Briefly explain the difference between Unearned Art Fees and Art Fees Earned 1. Briefly explain the difference between Unearned Art Fees and Art Fees Earned. 2. In the journal provided, prepare journal entries (in good form) for the following transactions. If no entry is required, write “no entry.” Omit explanations. Apr. 1 Stuart Franz opened a dry cleaning service, called Same Day Cleaners, by depositing $60,000 into a bu ...

Other / Other 30 May 2016

A contract is an example of a source document. True or false: 1. Generally, before Accounts Payable is debited, it is credited. 2. When payment is received for services not yet rendered, no entry is recorded until that service has been rendered. 3. When revenue has been earned, no entry is recorded until the related cash has been collected. 4. A contract is an example of a source document. 5. A basic storage unit ...

Other / Other 30 May 2016

Dollar signs are not used in journals and ledgers True or false: 1. Unearned revenues are classified as liabilities on the balance sheet. 2. Another word for expense is debt. 3. The account Office Supplies is classified as an expense. 4. Land and buildings may be combined into one account. 5. Dollar signs are not used in journals and ledgers. Business Management Assignment Help, Business Management Homework ...

Other / Other 30 May 2016

Explain why the dollar amount of total owner's equity probably will not equal the dollar amount 1. Explain why the dollar amount of total owner's equity probably will not equal the dollar amount that would remain if all the assets were sold and all the liabilities were then settled. 2. 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 Unearn ...

Other / Other 30 May 2016

The ledger account form has a Balance column. True or false: 1. In a journal entry, credits are always indented. 2. In a journal entry, the Post. Ref. column is left blank until the entry has been posted. 3. It is sometimes correct for a compound entry's debit totals and credit totals to be unequal. 4. The ledger account form has a Balance column. 5. One might see “J5” correctly placed in the Post. Re ...

Other / Other 30 May 2016

Which of the following accounts should be credited in a journal entry 1. To find an explanation of a transaction, one should look at the a. ledger. b. trial balance. c. journal. d. chart of accounts. 2. Which of the following accounts might be placed first in a journal entry? a. Bonds Payable, when it has been decreased b. Cash, when it has been decreased c. Unearned Revenue, when it has been increased d. Interest Income, ...

Other / Other 30 May 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 documen ...

Other / Other 30 May 2016

Liabilities are established with debits and eliminated with credits. True or false: 1. Accounts Payable has a normal credit balance. 2. When the owner makes an investment, his or her Capital account is debited. 3. When a withdrawal is made, the Owner's Withdrawals account is debited and Cash is credited. 4. Liabilities are established with debits and eliminated with credits. 5. Generally, before Accounts Receivabl ...

Other / Other 30 May 2016