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maksim [4K]
3 years ago
14

Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue

, and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Refer to the Chart of Accounts for account titles. Collected cash for services Account
Purchased office furniture on account Account #1 Account Type ncrease/Decrease Debit/Credit Account #2 Account Type ncrease/Decrease Debit/Credit Provided services on account Account #1 Account Type ncrease/Decrease Debit/Credit Account #2 Account Type ncrease/DecreaseDebit/Credit Prepaid for rent. Account #1 Account Type ncrease/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit
Business
1 answer:
wariber [46]3 years ago
7 0

Answer:

Accounting treatment (debit credit rules) of given entries

Explanation:

  • Purchased office furniture on account Account

Furniture ie Asset increase - Debit , Creditor (Furniture Supplier) ie Liability increase - Credit

  • Provided services on account

Debtor ie Asset increase - Debit , Sale ie Income increase - Credit

  • Prepaid Rent

Prepaid Expense (Rent) ie Asset Increase - Debit. Rent paid now implies later rent ie (Expense) decrease - Credit

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Skidmore Music Company had the following transactions in March:
finlep [7]

Answer: Check attachment

Explanation:

A cash basis income statement is simply referred to as an income statement which contains revenues and expenditures for the company whereby cash has either being received or paid by the company.

For accrual basis income statement, revenue and expenditures are recorded when they're either earned or made.

Check the attachment for more analysis.

5 0
3 years ago
Who would be a member of the American Dental Assocoiciation
mario62 [17]

Answer:

The American Dental Association (ADA) is the professional association of dentists dedicated to serving both the public and the profession of dentistry. This association was founded by William Henry Atkinson. A retired dentist would be a member of the American dental association because he/she is still a dentist and can contribute to promoting public's health by providing quality oral health care. Correct answer: B

Explanation:

edge2020

6 0
2 years ago
From before the financial crisis began in September of 2007 to when the crisis was over at the end of 2009, amount of Federal Re
alexandr402 [8]

Answer: The correct answer is choice A - a huge increase in the monetary base.

Explanation: From before the financial crisis began in September of 2007 to when the crisis was over at the end of 2008, the amount of Federal Reserve assets rose, leading to a huge increase in the monetary base.

4 0
3 years ago
When evaluating a new project, firms should include in the projected cash flows all of the following EXCEPT:
saveliy_v [14]

Answer and Explanation:

b. Previous expenditures associated with a market test to determine the feasibility of the project, provided those costs have been expensed for tax purposes.

3 0
3 years ago
If you borrow $25,000 from a local finance company and you are required to pay $4,424.50 per year for 10 years, what is the annu
djyliett [7]

Use this formula:

A= P(1+rt),

A is the final investment amount (4424.50x10)

P is the principal amount (25,000)

r is the rate of interest (annual)

t is the time period (10)

If A= P(1+rt),

then (1+rt) = A/P.

(1+r(10)=( 44,245)/25,000

10r=1.7698-1

r=.7698/10

<span>r=.07698 or 7.698%</span>

3 0
3 years ago
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