Question

18. Which of the following journal entries is recorded correctly and in the standard format? a....

18. Which of the following journal entries is recorded correctly and in the standard format?

a. Salaries and Wages Expense   500
  Cash    1,500
Advertising Expense .  1,000

b. Salaries and Wages Expense   500
Advertising Expense   1,000
  Cash .   1,500

c. Salaries and Wages Expense .   500
Advertising Expense .   1,000
  Cash   1,500

d. Cash   1,500
  Salaries and Wages Expense    500
  Advertising Expense    1,000


16. At December 1, 2017, Stanford Company’s accounts receivable balance was $2,500. During December, Stanford had credit revenues of $7,000 and collected accounts receivable of $3,500. At December 31, 2017, the accounts receivable balance is
a. $6,000 debit.
b. $6,600 debit.
c. $6,000 credit.
d. $6,600 credit.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

18. Both the b and c journal entries are recorded correctly and in stadard format.

i.e ( Debit all expenses and losses, credit what goes out )

b. Salaries and Wages Expense 500
Advertising Expense 1,000
Cash . 1,500

c. Salaries and Wages Expense .   500
Advertising Expense . 1,000
Cash 1,500

16. At December 1, 2017, Stanford Company’s accounts receivable balance was $2,500. During December, Stanford had credit revenues of $7,000 and collected accounts receivable of $3,500. At December 31, 2017, the accounts receivable balance is____________?

Answer:- a. $ 6,000 debit

.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
16. At December 1, 2017, Stanford Company’s accounts receivable balance was $2,500. During December, Stanford had...
16. At December 1, 2017, Stanford Company’s accounts receivable balance was $2,500. During December, Stanford had credit revenues of $7,000 and collected accounts receivable of $3,500. At December 31, 2017, the accounts receivable balance is a. $6,000 debit. b. $6,600 debit. c. $6,000 credit. d. $6,600 credit. 18. Which of the following journal entries is recorded correctly and in the standard format? a. Salaries and Wages Expense   500   Cash    1,500 Advertising Expense .  1,000 b. Salaries and Wages Expense   500 Advertising...
  1.     In the first month of operations, the total of the debit entries to the cash...
  1.     In the first month of operations, the total of the debit entries to the cash account amounted to $1900 and the total of the credit entries to the cash account amounted to $800. The cash account has a balance of……………….     2.     Dawson’s Delivery Service purchased equipment for $3,500. Dawson paid $500 in cash and signed a note for the balance. Dawson debited the Equipment account, credited Cash and a.   debited the Dawson, Capital account for $2,000. b.   credited...
On April 30, 2016, Rudolph Inc. purchased a three-year insurance policy with a cash payment of...
On April 30, 2016, Rudolph Inc. purchased a three-year insurance policy with a cash payment of $ 19,800. Coverage began immediately. What is the amount of Insurance Expense relating to this insurance policy that will be reported for the year ended December 31, 2016? $8,800 $2,200 $4,400 $6,600 Three months of rent were prepaid on May 1 for $7,200, but two months have now expired, leaving only one month prepaid at June 30. What is the amount of rent expense...
Prepare the 4 required year-end closing entries, given the following adjusted trial balance. Use Journal Entry...
Prepare the 4 required year-end closing entries, given the following adjusted trial balance. Use Journal Entry format. DEBIT CREDIT Cash $112,000 Accounts Receivable $27,000 Prepaid Rent $15,000 Prepaid Insurance $9,000 Office Supplies $3,300 Equipment $38,000 Accumulated Depreciation - Equipment $3,200 Building $288,000 Accumulated Depreciation - Building $42,000 Land $700,000 Accounts Payable $25,800 Salaries Payable $14,500 Interest Payable $2,500 Notes Payable $72,000 Common Stock $200,000 Retained Earnings $710,000 Dividends $200,500 Service fees earned $430,800 Salaries Expense $90,000 Insurance Expense $5,200 Rent...
Option #1: Preparing Adjusting Entries in a Worksheet Following is the unadjusted trial balance of Baltimore...
Option #1: Preparing Adjusting Entries in a Worksheet Following is the unadjusted trial balance of Baltimore Rentals Corporation at the end of its first year of operations, December 31, 20X5: Account Debit Credit Cash 3,300 Accounts receivable 4,000 Supplies 500 Truck 8,000 Acc. dep. – truck 0 Accounts payable 5,000 Unearned rent revenue 2,400 Income taxes payable 0 Capital Stock 7,000 Dividends 1,000 Rent earned 16,000 Commissions expense 1,000 Depreciation expense-truck 0 Supplies expense 0 Salaries expense 7,000 Telephone expense...
Heads Up Company was started several years ago by two hockey instructors. The company’s comparative balance...
Heads Up Company was started several years ago by two hockey instructors. The company’s comparative balance sheets and income statement follow, along with additional information. Current Year Previous Year Balance Sheet at December 31 Cash $ 6,300 $ 4,500 Accounts Receivable 1,000 1,950 Equipment 6,600 6,000 Accumulated Depreciation—Equipment (1,700 ) (1,350 ) $ 12,200 $ 11,100 Accounts Payable $ 500 $ 1,100 Salaries and Wages Payable 400 750 Note Payable (long-term) 1,500 500 Common Stock 6,000 6,000 Retained Earnings 3,800...
II. Multiple Choice 12. Which of the following entries records the acquisition of equipment on account?...
II. Multiple Choice 12. Which of the following entries records the acquisition of equipment on account? Equipment, debit; Accounts payable, credit Equipment, debit; cash, credit Accounts payable, debit; Equipment, credit Accounts payable, debit; Notes payable, credit 13. Which of the following entries records the payment of rent for the current month? Cash, debit; Rent Expense, credit Rent Expense, debit; Cash, credit Rent expense, debit; Accounts Receivable, credit Accounts Payable, debit; Rent Expense, credit 14. Which of the following entries records...
1. Which of the following statements about the closing process is correct? A Closing entries are...
1. Which of the following statements about the closing process is correct? A Closing entries are recorded at the end of each reporting period which could be monthly, quarterly or annually. B After closing entries are posted, the balances of the income statement accounts will be zero. C Closing entries are made to zero out the balances of the permanent accounts on the balance sheet. D After closing entries are posted, the only temporary account with a balance is the...
33. The income statement for the year 2015 of Fugazi Co. contains the following information: Revenues  $70,000...
33. The income statement for the year 2015 of Fugazi Co. contains the following information: Revenues  $70,000 Expenses: Salaries and Wages Expense $45,000 Rent Expense 12,000 Advertising Expense 10,000 Supplies Expense 6,000 Utilities Expense 2,500 Insurance Expense     2,000   Total expenses     77,500 Net income (loss)  $ (7,500) After all closing entries have been posted, the revenue account will have a balance of a. $0. b. $70,000 credit. c. $70,000 debit. d. $7,500 credit. 34. The following information is for Bright Eyes Auto...
Following is the unadjusted trial balance of Baltimore Rentals Corporation at the end of its first...
Following is the unadjusted trial balance of Baltimore Rentals Corporation at the end of its first year of operations, December 31, 20X5: Account Debit Credit Cash 3,300 Accounts receivable 4,000 Supplies 500 Truck 8,000 Acc. dep. – truck 0 Accounts payable 5,000 Unearned rent revenue 2,400 Income taxes payable 0 Capital Stock 7,000 Dividends 1,000 Rent earned 16,000 Commissions expense 1,000 Depreciation expense-truck 0 Supplies expense 0 Salaries expense 7,000 Telephone expense 0 Income tax expense 0 Rent expense 5,600...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT