Instructions: Write “true" if the statement is true and "false" if otherwise. 4. $The$ $data$ Son$ $real$ $property$, Sgross$ $receipts$ $fromS $business$ Sand/or$ $salary$ $used$ $in$ $computing$ $the$ Sadditional$ $community$ $tax$ $are$ $the$ $data$ $of$ $the$ Spreceding$ $year$.

Instructions: Write “true" if the statement is true and "false" if otherwise. 4. $The$ $data$ Son$ $real$ $property$, Sgross$ $receipts$ $fromS $business$ Sand/or$ $salary$ $used$ $in$ $computing$ $the$ Sadditional$ $community$ $tax$ $are$ $the$ $data$ $of$ $the$ Spreceding$ $year$.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter4: Journalizing And Posting Transactions

Section: Chapter Questions

Problem 1SEA

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For a statement to be true, each part must be true. One detail can make an entire statement false. Write T if the statement is true. If the statement is false, write F. 1) A list of all account names used to record transactions of a company is referred to as a T-Account.2) After recording each transaction, total assets must equal total liabilities plus stockholders’ equity.
Hi! Could you verife what I did. Could you take into accout the comment that are written. Please. For the second comment on the picture a) it's between; cash, income summary, sue capital, madga capital and sur drawing.
pleas answer the ff: Cash Supplies Building Accounts Payable Notes Payable Darrell Palusky, Capital Withdrawals Service Revenue Salary Expense Rent Expense Property Tax Expense Current Assets Total Liabilities Total Proprietorship Total debit amount of the Unadjusted Trial Balance
Directions: Choose the letter corresponding to the correct answer for each of the questionsprovided below.1. Accounts receivable or the amount to be received when a customer orders on accountis an example of what account?a. Asset c. Equityb. Liability d. All of the above2. Expenses incurred on paying utilities belong to what type of account?a. Asset c. Equityb. Liability d. All of the above3. If Company A borrows money from company B, the transaction results toa. Increase in asset of A and increase in asset in Bb. Increase in asset of A and decrease in equity of Bc. Increase in asset of A and no effect on assets of Bd. Both B and C4. Equity means assets minus liabilities. Other terms that can be used synonymously withequity are the following except :a. Capital c. Net worthb. Net assets d. Profit5. Sources of legal obligation are the following excepta. The law c. Debtsb. Contracts d. Other operation by law
Directions: Read the following sentences. Write the letter “T” if the statement is True and “F” if the statement is False. Write your answer on the space before the number. You may view this test at our google class. __________1. An excess of equity over current assets is equal to liabilities. __________2. The asset is cash or cash equivalent restricted to settle a liability for more than twelve months after the reporting period is classify as current assets. __________3. Assets are classified as noncurrent if the assets are reasonably expected to be realize in cash or consume beyond the normal operating cycle. __________4. LCNRV should always be equal to net realizable value. __________5. Lower of cost and net realizable value gives the lowest valuation if applied to individual item of inventory. __________6. The amount of any writedown of inventory to net realizable value and all losses of inventory should be recognized as operating expense in the period the…
For a statement to be true, each part must be true. One detail can make an entire statement false. Write T if the statement is true. If the statement is false, write F 1.) Receiving cash in advance from a customer for services to be provided in the future causes assets to increase to increase and stockholders’ equity to increase. 2.) Expenses have the effect of decreasing retained earnings.
SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Paid employees salaries1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid business permits3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb. Accounts Receivablec. Unused…
NOTE: These are MCQS:MCQS 21Adjusting entries are prepared:a)Before financial statements and after a trial balance has been prepared.b)After a trial balance has been prepared and after financial statements are prepared.c)After posting but before a trial balance is prepared.d)Anytime an accountant sees fit to prepare the entries.MCQS 22Which of the following statements is incorrect?(a) Liabilities + Assets = Capital(b) Assets – Liabilities = Capital(c) Liabilities + Capital = Assets(d) Assets - Capital = LiabilitiesMCQS 23Each of the following are particularly interested in the statement of cash flows excepta)creditors.b)employees.c)shareholders.d)government agencies.MCQS 24The amount calculated by subtracting total liabilities from total assets is called ___a)Equityb)Revenuec)Expenses d)None of above MCQS 25 Which of the following forms of business does not protect owners from business creditors?(a) Partnership(b) Sole proprietorship(c) Limited liability company(d) Both a and bMCQS…
S1-6. (Learning Objective 3: Identify assets, liabilities, and stockholders’ equity accounts)Classify the following items as an asset (A), a liability (L), or stockholders’ equity (S) forTarget Corporation, a large retailer:a. Landb. Accrued expenses payablec. Suppliesd. Equipmente. Notes payablef. Long-term debtg. Retained earningsh. Prepaid expensesi. Accounts payablej. Accounts receivablek. Merchandise inventoryl. Common stock
QA)Choose the correct answer: 2. Which is a shareholders' equity account in the statement of financial position? Select one: a. Dividends payable. b. Marketable securities c. Issued capital. d. Accumulated depreciation. 3. Making insurance payments in advance is an example of: Select one: A. An accrued receivable transaction. B. An accrued liability transaction. C. An unearned revenue transaction. D. A prepaid expense transaction 4. Cost of goods sold is: Select one: a. An asset account. b. A permanent equity account. c. An expense account. d. A revenue account.
please answer with working please answer with everything like explanation , computation , formulation with steps no copy paste please answer in text not image thanks need complete and correct answer Part 1 Create a Tabular Analysis Chart to record transactions and complete the following Business Transactions: 1. August 3rd, Bruce's Original T's issued $25,000 of common stock in exchange for cash. 2. August 7th, Bruce's Original T's paid $10,000 to purchase land. 3. August 8th, Bruce's Original T's prepaid rent for 3 months in the amount of $2,400. 4. August 10th, Bruce's Original T's purchased $5,000 in supplies from Lola's Shirt supply on account. 5. August 12th, Bruce's Original T's paid for a new advertising campaign, $1000 per month. 6. August 15th, Bruce's Original T's sold $5,000 worth of merchandise to another store on account. 7. August 17th, Bruce's Original T's received a $4,000 payment in advance from Coastal T's for consulting work to be completed in September. 8.…
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