1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
AlexFokin [52]
3 years ago
6

For each of the following independent events, identify the account that would be debited and the account that would be credited.

The accounts for the first event are identified as an example.
(a) Received cash by issuing common stock
(b) Received cash for services to be performed in the future.
(c) Paid salaries payable.
(d) Provided services on account.
(e) Paid cash for operating expenses.
Business
1 answer:
My name is Ann [436]3 years ago
6 0

Answer:

A. Received cash by issuing common stock

Debit: Cash

Credit: common stock

B. Received cash for services to be performed in the future.

Debit: Cash

Credit: unearned revenue.

C. Paid salaries payable

Debit: salaries payable

Credit: cash

D. Provided services on account.

Debit: accounts receivable

Credit: service revenue

E. Paid cash for operating expenses

Debit: operating expenses

Credit: cash

Explanation:

A. Received cash by issuing common stock

Debit: Cash

Credit: common stock

B. Received cash for services to be performed in the future.

Debit: Cash

Credit: unearned revenue.

C. Paid salaries payable

Debit: salaries payable

Credit: cash

D. Provided services on account.

Debit: accounts receivable

Credit: service revenue

E. Paid cash for operating expenses

Debit: operating expenses

Credit: cash

You might be interested in
According to COSO, a system of internal controls is designed to provide reasonable assurance about the achievement of entity obj
kondor19780726 [428]

Answer:

The correct answer is: b, c and d.

Explanation:

Internal controls are are policies or processes put in place by the management arm of a company to ensure that the goals set by the firm are achieved both in the long term and short-term. These processes ensure safe custody of assets, reliability in financial information provided or used by the firm, compliance with regulations as well as  effectiveness and efficiency in the day to day operations. With this in mind, maximisation of management compensation is not a goal of internal controls. According to COSO, there are 3 main goals of internal controls: to ensure effectiveness and efficiency of operations, reliability of financial reporting and compliance with laws and regulations.

4 0
3 years ago
App Holdings is expected to pay dividends of $1.50 every six months for the next three years. If the current price of App Holdin
Y_Kistochka [10]

Answer:

The answer is $34.36

Explanation:

FV = PV x (1 + R x ((1 + r))^T =  $22.6 x (1 + {($1.5 / $22.60) x [1 + (18% / 2)]}^6 = $34.36

8 0
3 years ago
The CPA Practice Advisor reports that the mean preparation fee for 2017 federal income tax returns was $273. Use this price as t
larisa [96]

Answer:

The CPA Practice Advisor

The probability that the mean price for a sample of 30 federal income tax returns is within $16 of the population mean is:

= 56%

Explanation:

a) Data and Calculations:

Population mean (preparation fee for 2017 federal income tax returns) = $273

Population standard deviation of preparation fees = $100

Mean price for a sample of 30 federal income tax returns = $257 (which is within $16 of the population mean)

z = (x-μ)/σ

z = standard score

x = observed value

μ = mean of the sample

σ = standard deviation of the sample

Z = ($273 - $257)/$100

= 0.16

Using the z-table

P = 0.5636

6 0
3 years ago
When a company does not have any convertible securities or options or warrants outstanding, the company has:
WITCHER [35]

Answer: Simple capital structure

Explanation: A company that does not have potentially dilutive or convertible securities in its capital structure, is said to have a simple capital structure. In a simple capital structure, the corporation finance its operation with common stock or non convertible preferred stock.

Hence , from the above we can conclude the right option is C.

6 0
3 years ago
The partnership of Brandon and Ryan is being liquidated. All gains and losses are shared in a 3:1 ratio, respectively. Before li
ICE Princess25 [194]
The answers are the following:
a. 
Brandon:
$7,000 + [($10,000/4)×3¿= $8,500
Ryan:
$7,000 + [($10,000/4)×1¿= $7,500

b.
Brandon $7,000
Ryan <span>$7,000</span>
6 0
3 years ago
Read 2 more answers
Other questions:
  • When an economy operates at its long-run potential output level,?
    12·1 answer
  • At the beginning of 2020, Earth Co purchased a machine at a cost of $40,000. Earth Co expects the machine to remain useful for e
    6·1 answer
  • Your friend fills out their first tax form and is confused between adjusted and gross income. How can you explain the difference
    6·1 answer
  • An industrial union is characterized by which one of the following?
    8·1 answer
  • Wildhorse Corporation enters into a 6-year lease of equipment on December 31, 2019, which requires 6 annual payments of $40,100
    5·1 answer
  • A borrower had a loan of $ 30 comma 000.00 at 6 % compounded annually comma with 8 annual payments. Suppose the borrower paid of
    7·1 answer
  • Paying attention to trends that might impact your future career is called
    15·2 answers
  • The most common occupational frauds in small businesses involve employees doing all of the following EXCEPT______________.a. ski
    5·1 answer
  • The market value balance sheet for Scotty Inc. shows cash of $42,000, fixed assets of $319,000, and equity of $237,000. There ar
    10·1 answer
  • Bridgeport Company buys and sells securities expecting to make money on short-term price movements. Bridgeport purchased 150,000
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!