X Company was created on September 1 and prepares monthly
financial statements. During September, X Company...
X Company was created on September 1 and prepares monthly
financial statements. During September, X Company
issued stock to investors for $86,000,
borrowed $100,000 from a bank,
bought merchandise that it planned to sell, paying $3,557 and
promising to pay $4,926 in October,
bought equipment, paying $5,900 and promising to pay $4,300 in
December,
paid $3,606 that it had promised to pay to suppliers for
previous purchases on account,
sold merchandise, receiving cash of $17,047 and promises to pay
from...
X Company prepares monthly financial statements. On September 6,
its accountant made an entry that resulted...
X Company prepares monthly financial statements. On September 6,
its accountant made an entry that resulted in a $45,000 increase in
Cash and a $45,000 decrease in Accounts Receivable. Which of the
following transactions is consistent with this entry? X
Company
sold merchandise to customers on account for $45,000.
received $45,000 from a customer who had previously bought
merchandise on account.
paid $45,000 to a supplier from whom the firm had previously bought
merchandise on account.
received $45,000 from a...
X Company prepares monthly financial statements. On September 6,
its accountant made an entry that resulted...
X Company prepares monthly financial statements. On September 6,
its accountant made an entry that resulted in a $51,000 increase in
Cash and a $51,000 decrease in Accounts Receivable. Which of the
following transactions is consistent with this entry? X
Company
received $51,000 from a new investor.
borrowed $51,000 from a bank and signed a note.
received $51,000 from a customer who had previously bought
merchandise on account.
sold merchandise to customers on account for $51,000.
received $51,000 from a...
X Company prepares monthly financial statements. On September 6,
its accountant made an entry that resulted...
X Company prepares monthly financial statements. On September 6,
its accountant made an entry that resulted in a $42,000 increase in
Cash and a $42,000 decrease in Accounts Receivable. Which of the
following transactions is consistent with this entry? X
Company
borrowed $42,000 from a bank and signed a note.
received $42,000 from a customer who bought merchandise with
cash.
paid $42,000 to a supplier from whom the firm had previously bought
merchandise on account.
received $42,000 from a customer...
X Company prepares monthly financial statements. On September 6,
its accountant made an entry that resulted...
X Company prepares monthly financial statements. On September 6,
its accountant made an entry that resulted in a $42,000 increase in
Cash and a $42,000 decrease in Accounts Receivable. Which of the
following transactions is consistent with this entry? X
Company
A. received $42,000 from a customer who bought merchandise with
cash.
B. received $42,000 from a customer who had previously bought
merchandise on account.
C. sold merchandise to customers on account for $42,000.
D. paid $42,000 to a supplier...
X Company prepares monthly financial statements. On September 6,
its accountant made an entry that resulted...
X Company prepares monthly financial statements. On September 6,
its accountant made an entry that resulted in a $42,000 increase in
Cash and a $42,000 decrease in Accounts Receivable. Which of the
following transactions is consistent with this entry? X
Company
a. received $42,000 from a new investor.
b. paid $42,000 to a supplier from whom the firm had previously
bought merchandise on account.
c. borrowed $42,000 from a bank and signed a note.
d. sold merchandise to customers on...
X Company started business on June 1 and prepares monthly
financial statements.
The following were June...
X Company started business on June 1 and prepares monthly
financial statements.
The following were June transactions: received $49,000 from a
group of investors bought $8,339 of merchandise, $3,466 for cash
and $4,873 on account sales were $42,000, of which $37,965 were for
cash and $4,035 were on account; Cost of Goods Sold was $23,100
paid $3,374 to suppliers for merchandise previously bought on
account collected $2,590 from customers on account paid expenses
totalling $9,792
4. What were total assets...
Dawson Company uses accrual accounting and issues monthly
financial statements. On September 25, 2020, Dawson Company...
Dawson Company uses accrual accounting and issues monthly
financial statements. On September 25, 2020, Dawson Company bills
customers for services provided in September. As a result of this
event, Dawson Company’s
a. required accounting entry on September 25 results in an increase
in stockholders’ equity.
b. required adjusting entry on September 30 results in an increase
in stockholders’ equity.
c. required accounting entry on September 25 results in an increase
in liabilities.
d. Dawson...
X Company prepares annual financial statements. On September 1,
2019, the Company paid $63,000 in advance...
X Company prepares annual financial statements. On September 1,
2019, the Company paid $63,000 in advance for a two-year insurance
policy. After the adjusting entry on December 31, 2019, what will X
Company's 2019 financial statements show?
Prepaid Insurance, $63,000; Insurance expense, $0
Prepaid Insurance, $10,500; Insurance expense, $52,500
Prepaid Insurance, $52,500; Insurance expense, $10,500
Prepaid Insurance, $0; Insurance expense, $63,000
Prepaid Insurance, $47,250; Insurance expense,
$15,750
Prepaid Insurance, $15,750; Insurance expense,
$47,250
X Company prepares monthly financial statements. Its
accountant recorded the following October 1 transactions and the...
X Company prepares monthly financial statements. Its
accountant recorded the following October 1 transactions and the
appropriate adjusting entries on October 31:
On October 1, the company paid rent for the final three months
of the year. Rent was $1,225 per month.
On October 1, the company purchased equipment that cost
$10,000, borrowing the full amount from a bank. The equipment has a
life of three years and a salvage value at that time of $1,000. The
company will repay...