acc

Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following transactions occurred and were recorded in the company's books: Andrea invested $14,200 cash in the business in exchange for common stock. Andrea contributed $27,000 of photography equipment to the business. The company paid $2,800 cash for an insurance policy covering the next 24 months. The company received $6,400 cash for services provided during January. The company purchased $6,900 of office equipment on credit. The company provided $3,450 of services to customers on account. The company paid cash of $2,200 for monthly rent. The company paid $3,800 on the office equipment purchased in transaction #5 above. Paid $345 cash for January utilities. Based on this information, the balance in the cash account at the end of January would be:

11,455

The following transactions occurred during July: Received $1,100 cash for services provided to a customer during July. Issued common stock for $6,000 cash. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Provided services to a customer on credit, $575. Borrowed $8,000 from the bank by signing a promissory note. Received $1,450 cash from a customer for services to be performed next year. What was the amount of revenue for July?

1675

Wiley Hill opened Hill's Repairs on March 1 of the current year. During March, the following transactions occurred: Wiley invested $39,000 cash in the business in exchange for common stock. Wiley contributed $114,000 of equipment to the business in exchange for common stock. The company paid $3,400 cash to rent office space for the month of March. The company received $30,000 cash for repair services provided during March. The company paid $7,600 for salaries for the month of March. The company provided $4,400 of services to customers on account. The company paid cash of $1,900 for utilities for the month of March. The company received $4,500 cash in advance from a customer for repair services to be provided in April. The company paid $6,400 in cash dividends. Based on this information, the total amount of stockholders' equity reported on the balance sheet at the end of March would be:

168,100

On January 1 of the current year, Jimmy's Sandwich Company reported total stockholders' equity of $128,000. During the current year, total revenues were $106,000 while total expenses were $95,500. Also, during the current year the company paid $30,000 in dividends. No other changes in equity occurred during the year. The change in total equity during the year was:

19,500

Jeff Jackson opened Jackson's Repairs on March 1 of the current year. During March, the following transactions occurred: Jackson invested $37,000 cash in the business in exchange for common stock. Jackson contributed $112,000 of equipment to the business. The company paid $3,200 cash to rent office space for the month of March. The company received $28,000 cash for repair services provided during March. The company paid $7,400 for salaries for the month of March. The company provided $4,200 of services to customers on account. The company paid cash of $1,700 for utilities for the month of March. The company received $4,300 cash in advance from a customer for repair services to be provided in April. The company paid $6,200 in cash dividends. Based on this information, net income for March would be:

19,900

Sanders Co. has total assets of $403.0 million. Its total liabilities are $109.1 million and its equity is $294 million. Calculate its debt ratio. (Round your answer to 1 decimal place.)

27.1%

Jennings Co. has total assets of $447.0 million. Its total liabilities are $121.5 million. Its equity is $326 million. Calculate the debt ratio. (Round your answer to 1 decimal place.)

27.2%

A $32 credit to Sales was posted as a $320 credit. By what amount is the Sales account in error?

288 overstated

During the month of February, Rubio Services had cash receipts of $7,600 and cash disbursements of $8,800. The February 28 cash balance was $2,000. What was the February 1 beginning cash balance?

3200

At the end of its first month of operations, JMP Consulting reported net income of $30,100. They also had account balances of: Cash, $21,400; Office Supplies, $2,850; and Accounts Receivable, $11,700. Stockholders' total investments for this first month was $5,850. There were no dividends in the first month.Calculate the amount of total stockholders' equity reported on the balance sheet at month-end.

35,950

On May 31, the Cash account of Tesla had a normal balance of $5,400. During May, the account was debited for a total of $12,600 and credited for a total of $11,900. What was the balance in the Cash account at the beginning of May?

4,700 debit balance

Marco Nelson opened a frame shop and completed these transactions: Marco started the shop by investing $41,900 cash and equipment valued at $19,900 in exchange for common stock. Purchased $260 of office supplies on credit. Paid $3,100 cash for the receptionist's salary. Sold a custom frame service and collected $6,400 cash on the sale. Completed framing services and billed the client $390. What was the balance of the cash account after these transactions were posted?

45200

On April 30, Gomez Services had an Accounts Receivable balance of $22,400. During the month of May, total credits to Accounts Receivable were $56,800 from customer payments. The May 31 Accounts Receivable balance was $17,000. What was the amount of credit sales during May?

51,400

Centurion Co. had the following accounts and balances at December 31: AccountDebit CreditCash$11,800 Accounts Receivable 2,360 Prepaid Insurance 3,120 Supplies 1,360 Accounts Payable $5,900 Common Stock 5,980 Service Revenue 8,800 Salaries Expense 680 Utilities Expense 1,360 Totals$20,680 $20,680 Using the information in the table, calculate the company's reported net income for the period.

6,760

Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following transactions occurred and were recorded in the company's books: Andrea invested $15,300 cash in the business in exchange for common stock. Andrea contributed $38,000 of photography equipment to the business in exchange for common stock. The company paid $3,900 cash for office furniture. The company received $7,500 cash for services provided during January. The company purchased $8,000 of office equipment on credit. The company provided $4,550 of services to customers on account. The company paid cash of $3,300 for monthly rent. The company paid $4,900 on the office equipment purchased in transaction #5 above. Paid $455 cash for January utilities. Based on this information, the amount reported as total stockholders' equity on the balance sheet at month-end would be:

61,595

At the beginning of the current year, Snell Co. total assets were $282,000 and its total liabilities were $191,200. During the year, the company reported total revenues of $127,000, total expenses of $93,000 and dividends of $22,000. There were no other changes in equity during the year and total assets at the end of the year were $294,000. The company's debt ratio at the end of the current year is:

65%

At the beginning of January of the current year, Sorrel Co.'s ledger reflected a normal balance of $70,000 for accounts receivable. During January, the company collected $18,400 from customers on account and provided additional services to customers on account totaling $14,300. Additionally, during January one customer paid Mikey $6,800 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be:

65,900

At the end of the current year, James Co. reported total liabilities of $317,000 and total equity of $117,000. The company's debt ratio was:

73.0%

During the month of March, Harley's Computer Services made purchases on account totaling $47,100. Also during the month of March, Harley was paid $13,400 by a customer for services to be provided in the future and paid $38,700 of cash on its accounts payable balance. If the balance in the accounts payable account at the beginning of March was $79,100, what is the balance in accounts payable at the end of March?

87,500

Identify which error will cause the trial balance to be out of balance.

A $190 cash receipt from a customer in payment of her account posted as a $190 debit to Cash and a $19 credit to Accounts Receivable.

GreenLawn Co. provides landscaping services to clients. On May 1, a customer paid GreenLawn $79,000 for 6-months services in advance. GreenLawn's general journal entry to record this transaction will include a:

C unearned revenue 79k

Alicia Tax Services paid $680 to settle an account payable. Which of the following general journal entries will Alicia Tax Services make to record this transaction?

D accounts payable, C cash

A law firm billed a client $3,800 for work performed in the current month. Which of the following general journal entries will the firm make to record this transaction?

D accounts receivable, C legals fees revenue

A law firm collected $2,200 on account for work performed in the previous month. Which of the following general journal entries will the firm make to record this collection of cash?

D cash, C accounts receivable

Matthew Martin, the sole stockholder of Innovation Consulting, started the business by investing $54,000 cash in exchange for common stock. Identify the general journal entry below that Innovation Consulting will make to record the transaction.

D cash, C common stock

Silvia's Studio provided $190 of dance instruction and rented out its dance studio to the same client for another $120. The client paid cash immediately. Identify the general journal entry below that Silvia's Studio will make to record the transaction.

D cash, C rental revenue, C instruction revenue

Ted Catering received $980 cash in advance from a customer for catering services to be provided in three months. Determine the general journal entry that Ted Catering will make to record the cash receipt. Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts.

D cash, C unearned catering revenue

A law firm collected $3,200 in advance for work to be performed in three months. Which of the following general journal entries will the firm make to record this transaction?

D cash, C unearned legal. fees revenue

Adriana Graphic Design receives $1,900 from a client billed in a previous month for services provided. Which of the following general journal entries will Adriana Graphic Design make to record this transaction?

D cash, C. accounts receivable

Victor Cruz contributed $78,000 in cash and land worth $146,000 to open a new business, VC Consulting, in exchange for common stock. Which of the following general journal entries will VC Consulting make to record this transaction?

D cash, D land, C common stock

Green Cleaning purchased $530 of office supplies on credit. The company's policy is to initially record prepaid and unearned items in balance sheet accounts. Which of the following general journal entries will Green Cleaning make to record this transaction?

D office supplies, C accounts payable

Specter Consulting purchased $8,400 of supplies and paid cash immediately. Which of the following general journal entries will Specter Consulting make to record this transaction? Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts.

D supplies, C cash

Russell Co. received a $580 utility bill for the current month's electricity. It is not due until the end of the next month which is when they intend to pay it. Which of the following general journal entries will Russell Co. make to record the receipt of the bill?

D utilities expense, C accounts payable

Jose Consulting paid $600 cash for utilities for the current month. Determine the general journal entry that Jose Consulting will make to record this transaction.

D utilities expense, C cash

A bookkeeper has debited an asset account for $5,900 and credited a liability account for $3,200. Which of the following would be an incorrect way to complete the recording of this transaction:

Debit another asset account for $2,700.

A $220 credit to Supplies was credited to Fees Earned by mistake. By what amounts are the accounts under- or overstated as a result of this error?

Supplies, overstated $220; Fees Earned, overstated $220.

At year-end, a trial balance showed total credits exceeding total debits by $5,100. This difference could have been caused by:

The balance of 5,680 in the office equipment account being entered on the trial balance as a debit of 580

Identify the item below that would cause the trial balance to notbalance?

The cash payment of a $1,230 account payable was posted as a debit to Accounts Payable and a debit to Cash for $1,230.

The credit purchase of a new oven for $6,500 was posted to Kitchen Equipment as a $6,500 debit and to Accounts Payable as a $6,500 debit. What effect would this error have on the trial balance?

The total of the Debit column of the trial balance will exceed the total of the Credit column by $13,000.

Edison Consulting received a $520 utilities bill and immediately paid it. Edison's general journal entry to record this transaction will include a:

debit utilities expense 520