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3 years ago

Boilermaker House Painting Company incurs the following transactions for September:

Business

1 answer:

mr Goodwill [35]3 years ago

7 0

Answer:

1) Dr Accounts receivable 11,000

Cr Service revenue 11,000

2) Dr Equipment 12,000

Cr Cash 12,000

3) Dr Supplies 1,700

Cr Accounts payable 1,700

4) Dr Wages expense 2,400

Cr Cash 2,400

5) Dr Advertising expense 1,200

Cr Cash 1,200

6) Dr Rent expense 3,600

Cr Cash 3,600

7) Dr Cash 6,000

Cr Accounts receivable 6,000

8) Dr cash 4,200

Cr Deferred revenue 4,200

Cash Accounts receivable

debit credit debit credit

17,100 800

12,000 11,000

2,400 6,000

1,200 5,800

3,600

6,000

4,200

8,100

Supplies Equipment

debit credit debit credit

320 5,600

1,700 12,000

2,020 17,600

Accounts payable Deferred revenue

debit credit debit credit

700 4,200

1,700

2,400

Common stock Retained earnings

debit credit debit credit

16,000 7,120

Service revenue Rent expense

debit credit debit credit

11,000 3,600

Wages expense Advertising expense

debit credit debit credit

2,400 1,200

Boilermaker House Painting Company

Trial Balance

For the month ended September 30, 202x

debit credit

Cash $8,100

Accounts Receivable $5,800

Supplies $2,020

Equipment $17,600

Accounts Payable $2,400

Deferred revenue $4,200

Common Stock $16,000

Retained Earnings $7,120

Service revenue $11,000

Rent expense $3,600

Wages expense $2,400

Advertising expense $1,200

Totals $40,720 $40,720

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. Use the following adjustment information to complete the Adjustments columns of the work sheet. Depreciation on equipment, $18

Dennis_Churaev [7]

Question Completion:

Since the Trial Balance was not provided, we assume that the Supplies account had a beginning balance of $120 for the purpose of this exercise. Any other figure can be substituted for this balance.

Answer:

Adjusted Trial Balance as of December 31: Income Statement Balance

Debit Credit Expense Revenue Sheet

a. Depreciation expense $18 $18

Accumulated Depreciation $18 -$18 assets

b. Accrued Salaries $21 $21

Salaries Payable $21 $21 liabilities

c. Unearned Revenue $27 -$27 Liab.

Earned Revenue $27 $27

d. Supplies Expense $30 $30

Supplies $30 -$30 assets

e. Insurance Expense $30 $30

Prepaid Insurance $30 -$30 assets

Explanation:

Company B with the adjusting events above, usually recorded through the adjusting journal, can also be adjusted directly in the trial balance with their effects on the financial statements clearly demonstrated. Expenses have debit accounts while liabilities have credit accounts. Expenses reduce the net income, revenues increase the net income, while liabilities and assets can be reduced or increased as the case may be.

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3 years ago

Ivanhoe Company purchased $1600000 of 10% bonds of Scott Company on January 1, 2021, paying $1506375. The bonds mature January 1

zlopas [31]

Answer:

The increase in debt investments is $2,850.63

Explanation:

The company would increase its debt investment by the difference between the interest revenue and the coupon payment made by Scott Company.

The interest revenue is calculated by multiplying the semi-annual effective yield by the carrying value of the investments which is $1,506,375.

The face value of the bond of $1600,000 is multiplied by the semi-annual coupon rate

Increase in investment=($1506375*11%/2)-($1,600,000*10%/2)=$2,850.63

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4 years ago

g Brief Exercise 186 For the items listed below, indicate whether the item is an asset, liability, or stockholders' equity item.

morpeh [17]

Answer:

For the items listed below, indicate whether the item is an asset, liability, income statement or stockholders' equity item

1) Rent expense - Expense (Income statement)

2) Equipment - Asset

3) Account payable - Liability

4) Common stock - Stockholder's equity

5) Insurance Expense - Expense (Income statement)

6) Cash - Asset

7) Account receivable - Asset

8) Retained earnings - Stockholder's equity

9) Service revenue - Income (Income Statement)

10) Notes payable - Liability

Explanation:

Items in the financial statement can be classified as Income, Expense, Asset, Liability or Equity

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4 years ago

Walberg Associates, antique dealers, purchased the contents of an estate for 575,000. Terms of the purchase were FOBshipping poi

spin [16.1K]

Answer:$583,680

Explanation:

FOB shipping, means the goods are free to the buyer up to the shipping point at this point the risks and rewards of ownership has been transferred to the buyer . He takes care of transportation, insurance and other costs incurred from that point till the goods gets to it's warehouse.

In the above scenario the cost to be beared by Walberg associates includes cost of goods of $575,000 plus cost of transportation of $2400, plus insurance cost of $5300, and the refurbishing cost of $980 all total $583,680.

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4 years ago

Ann Ellis is a systems analyst at CyberStuff, a large company that sells computer hardware and software via telephone, mail orde

Klio2033 [76]

Answer:

A) The use of both techniques ( i.e. questionnaire and Interview )

B) The sampling method should include an equal number of workers from each shift, this is to ensure that every shift's opinion is broadly covered.

Explanation:

A) The best approach in resolving this problem is the application of both questionnaires and interviews, this is because the questions will be covered in both the questionnaire and interview therefore a more detailed/accurate answer can be gotten by combining both processes

B) The sampling method should include an equal number of workers from each shift, this is to ensure that every shift's opinion is broadly covered.

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3 years ago