Financial Accounting
On March 3, Complete Computer Service made a $300 payment on the Accounts Payable for a pervious purchase on account.
-Debit Accounts Payable 300 -Credit cash 300
On March 3, Complete Computer Service made a $300 payment on the Accounts Payable for a pervious purchase on account.
-Debit accounts payable 300 -Credit cash 300
On February 1, Complete Computer Service earned $2,200 of service revenue on account.
-Debit accounts receivable -Credit service revenue
On March 15, Complete Computer Service purchased a $25,000 building in exchange for a notes payable.
-Debit building 25,000 -Credit notes payable 25,000
On March 16, Complete Computer Service received a building with a fair market value of $3,000 in exchange for common stock.
-Debit building 3,000 -Credit common stock 3,000
On January 25, Complete Computer Services received cash of $1,500 for service revenue earned.
-Debit cash -Credit service revenue
On January 25, Complete Computer Services received cash of $1,500 for service revenue earned.
-Debit cash 1,500 -Credit service revenue 1,500
On January 1, Complete Computer Service received $10,000 in cash and the business issued Common Stock to the investor.
-Debit cash 10,000 -Credit common stock 10,000
On March 17, Complete Computer Service paid $1,000 cash for dividends.
-Debit dividends 1,000 -Credit cash 1,000
On January 15, Complete Computer Service paid $2,000 cash for land.
-Debit land 2,000 -Credit cash 2,000
On January 20, Complete Computer Service purchases $200 of office supplies on account.
-Debit office supplies -Credit Accounts Payable
On January 20, Complete Computer Service purchases $200 of office supplies on account.
-Debit office supplies -Credit accounts payable
On January 20, Complete Computer Service purchases $200 of office supplies on account.
-Debit office supplies 200 -Credit accounts payable 200
On March 14, Complete Computer Service prepays 4 month of office rent of $2,000.
-Debit prepaid rent -Credit cash
On March 14, Complete Computer Service prepays 4 month of office rent of $2,000.
-Debit prepaid rent 2,000 -Credit cash 2,000
Complete Computer Services reports Total Assets of $1,000, Total Liabilities of $200, and Total Equity of $800. What is Complete Computer Services debt ratio?
20% (The debt ratio can be expressed as Total Liabilities / Total Assets. Therefore, the debt ratio is $200/$1,000 = 20%.)
Which account is a liability?
Accounts Payable
Which of the following accounts is a liability?
Accounts Payable
Which of the following accounts is a liability?
Accounts payable
What is an asset account?
Accounts receivable
Which of the following accounts is an asset?
Accounts receivable
Assuming normal account balances, the following statement is true when balancing a T-account or Ledger?
Assets normally have debit balances
Accounts payable increases with what type of entry?
Credit
Which of the following accounts is part of equity?
Dividends
Assuming normal account balances, the following statement is true when balancing a T-account or Ledger?
Liabilities normally have credit balances
Which of the following accounts is an asset?
accounts receivable
