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elena55 [62]
3 years ago
13

The following transactions are February activities of Swing Hard Incorporated, which offers indoor golfing lessons in the northe

astern United States.(A) Swing Hard collected $15,000 from customers for lesson services given in February.(B) Swing Hard sold a gift card for golf lessons for $150 cash in February.(C) Swing Hard received $4,000 from services provided on account to customers in January.(D) Swing Hard collected $2,250 in advance payments for services to start in June.(E) Swing Hard bills a customer $125 for services provided between February 25 and February 28. The bill is to be paid in March.Prepare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
Greeley [361]3 years ago
3 0

Answer:

A

cash        15,000 debit

accounts receivable 15,000 credit

B

cash            150 debit

   gift card liaiblity     150 credit

C

accounts receivable     4,000 debit

         services revenue           4,000 credit

D

cash           2,250 debit

       unearned revenue    2,250 credit

E

accounts receivable 125 debit

     service revenues            125 credit

Explanation:

A

we increase cash and decrease the customers accounts

B

we record the cash proceeds and use a liability for the obligation in the near future to provide services to a customer

C

we recognize the revenue and increase our accounts receivable

D

as the colleciton is in advance the revenue is not earned. this is a liability as we now have the obligation to perform services in the near future

E

we must match the revenue whn the time it occurs and that time was february not march.

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Answer:

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We do shares outstanding times issued per share to get the total paid-in capital. Then subtract the retained earnigns negative balance to get the Drewson total stockholders equity

16,000 \times 15 = 240,000 \\Retained \: Earnings \: (83,000) \\Stockholders \: Equity \: 157,000

7 0
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Explanation:

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mariarad [96]

Answer:

TRUE

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8 0
3 years ago
Several months after the reorganization, Jim Umpleby checks in with department managers to see how their employees are handling
Nat2105 [25]

Answer:

The correct answer would be options A and B.

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In this question, Jim wants to know how employees of the company think of the new structure after the reorganization. So the best method to talk to employees directly is to give them a surprise visit and talk to them about the reorganization. Also town hall meetings should be arranged to meet the employees one on one in an informal gathering and talk to them about the reorganization.

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On January 1, 2018, Red Flash Photography had the following balances: Cash, $21,000; Supplies, $8,900; Land, $69,000; Deferred R
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Answer:

See explanation

Explanation:

Red Flash Photography

Journal Entries

1. Debit     Cash                 $29,000

Credit       Common Stock               $29,000

(issuing common stock for cash that will increase the cash)

2. Debit    Cash                               $44,000

   Debit    Accounts Receivable    $39,000

 Credit           Service Revenue                   $83,000

(Provided services on account and cash)

3. Debit    Salaries expense            $32,000

Credit               Cash                                     $32,000

(Paid salaries to workers)

4. Debit    Prepaid Rent                   $21,000

Credit               Cash                                     $21,000

(Paid rent in advance for cash)

5. Debit    Supplies                          $31,000

Credit                  Accounts payable            $31,000

(Purchase supplies on account means liability will increase)

6. Debit    Dividends                        $2,900

Credit                   Cash                                 $2,900

(Paid cash dividends to the shareholders)

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