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- To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. paid balance due for accounts payable $6,900 B. charged clients for legal services provided $5,200 C. purchased supplies on account $1,750 D. collected legal service fees from clients for current month $3,700 E. issued stock in exchange for a note payable $10,000On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700When the cash short and over account has a debit balance at the end of the month, it is considered (a) an expense. (b) an asset. (c) revenue. (d) a liability.
- For the following accounts please indicate whether the normal balance is a debit or a credit. A. Sales B. Dividends C. Office Supplies D. Retained Earnings E. Accounts Receivable F. Prepaid Rent G. Prepaid Insurance H. Wages Payable I. Building J. Wages ExpenseA 250 payment for salaries expense was incorrectly journalized and posted as a debit to Salaries Expense for 2,500 and a credit to Cash for 2,500. Using the one-step method, how would the entry be corrected? a. Cash2,500 Salaries Expense2,500 b. Salaries Expense250 Cash250 c. Cash2,250 Salaries Expense2,250 d. Salaries Expense2,250 Cash2,250Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
- Prepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash beginning balance of $16,333. A. February 2, issued stock to shareholders, for cash, $25,000 B. March 10, paid cash to purchase equipment, $16,000A payment of a cash withdrawal of $19,000 was journalized and posted as a debit of $1,900 to Salary Expense and a credit of $19,000 to Cash. Is this correct?A payment of a cash withdrawal of $19,000 was journalized and posted as a debit of $1,900 to Salary Expense and a credit of $19,000 to Cash. Is this the correct way?
- Choose the right journal entry, when cash OMR 11,500 is paid for salary. a. Debit revenue account and credit cash account b. Debit salary account and credit sales account c. Debit cash account and credit salary account d. Debit salary account and credit cash accountA company receives a $50,000 cash deposit from a customer on October 15 but will not deliver the goods until November 20. Which of the following statements is true? Group of answer choices a)Cash will be reported on the statement of cash flows for the month of November b)Revenue will be recorded and reported on the income statement for October c)A liability will be reported on the balance sheet at the end of October d)A prepaid asset will be reported on the balance sheet at the end of October None of the above is correctThe accountant for Franklin Company prepared the followinglist of account balances from the company’s records for the year ended December 31, 2021:Fees Earned ₱165,000 Cash ₱30,000Accounts Receivable 14,000 Selling Expenses 44,000Equipment 64,000 Franklin, Capital 27,000Accounts Payable 12,000 Interest Income 3,000Salaries & Wages Expense 40,000 Prepaid Rent 2,000Income Taxes Payable 5,000 Income Taxes Expens18,000 Notes Payable 20,000 Rent Expense 20,000 3. Determine the total assets at the end of 2021 for Franklin Company. 4. Determine the total liabilities at the end of 2021 for Franklin Company. 5. Based on this information, is Franklin Company profitable? Explain your answer.