Prepaid expense - Study guides, Class notes & Summaries

1. Question: Green Wave Company plans to own and operate a storage rental facility. Required: For the first month of operations, the company had the following transactions. For each transaction, des cribe the dual effect on the accounting equation. For example, in the first transaction, (1) assets increase and (2) stockholders’ equity increases. 2. Question: Terrapin Company engages in the following external transactions for November. 1. Purchase equipment in exchange for cash of $22,900. 2. P...

Accounting 211 exam 1What is the proper closing entry for dividends? - correct answer *Debit retained earnings, credit dividends* Ken just started a business and made the following 3 inventory purchases in November: -Nov 1- 150 units @ $780 -Nov 8- 200 units @ $1170 -Nov 22- 200 units @ $1260 A physical count of merchandise inventory on Nov 30 reveals that there are 150 units on hand. Using the average cost method, the amount allocated to ending inventory for November is: - correct answer...

Accounting 211 exam 1 questions well answered graded A+What is the proper closing entry for dividends? - correct answer *Debit retained earnings, credit dividends* Ken just started a business and made the following 3 inventory purchases in November: -Nov 1- 150 units @ $780 -Nov 8- 200 units @ $1170 -Nov 22- 200 units @ $1260 A physical count of merchandise inventory on Nov 30 reveals that there are 150 units on hand. Using the average cost method, the amount allocated to ending inventory...

FAC1601-Exam-Pack - Exam pack Financial Accounting and Reporting (University of South Africa) lOMoARcPSD| Financial Accounting 1B Study & Exam Pack for FAC1601 © 2014 This is prepared for UNISA undergraduate students undertaking the module FAC1601. The past exam papers used as a way of practicing the concept emphasized in the study guide for this module Compiled by Levison Kamanga (check his profile on ), for and on behalf of “Inspired to impact with a difference” All the que...

Closing Entries correct answers Dr. Revenue Cr. Expenses (Dr. RE if net loss, Cr. RE if net income) Dr. R.E Cr. Dividends debit correct answers "what you get" credit correct answers "how you get it/ what was used up" Adjusting Entries correct answers Revenue or Expense Dr. unearned revenue cr. sales revenue or dr. asset cr. sales revenue Dr. expense cr. assets, prepaid, supplies or dr. expense cr. liability Balance Sheet correct answers are permanent account or real acc...

The accounting equation states: correct answersAssets = Liabilities + Owners Equity Owner's Equity has two components: correct answersOwner's Equity = Contributed Capital + Retained Earnings Contributed Capital correct answersThe amount of payments in cash or assets that the owners have made to the company The accounting equation can be expanded to: correct answersAssets = Liabilties + Contributed Capital + Retained Earnings The 5 different accounts of a typical for-profit organiza...

Account - ACCURATE ANSWERS An accounting record in which the results of transactions are accumulated; shows increases, decreases, and a balance Accounts Receivable - ACCURATE ANSWERS A current asset representing money due for services performed or merchandise sold on credit On August 1 of Year 1, a company paid $7,200 for two years' rent. The rental period starts on August 1 of Year 1. Which debit or credit is correctly included in the adjusting journal entry necessary on December 31 of ...

ACG Exam 1 USF, Questions and answers, 100% Accurate. Rated A All but which of the following are on a balance sheet? A: Expenses B: Assets C: Payables D: Retained earnings - -A All but which of the following accounts are liabilities on the balance sheet? A: Notes payable B: Unearned Revenues C: Accrued liabilities D: Dividends - -D Which of the following statements is FALSE? A: A trial balance is prepared at the end of the month, after items have been posted to th...

The accounting equation states: - Correct Answer Assets = Liabilities + Owners Equity Owner's Equity has two components: - Correct Answer Owner's Equity = Contributed Capital + Retained Earnings Contributed Capital - Correct Answer The amount of payments in cash or assets that the owners have made to the company The accounting equation can be expanded to: - Correct Answer Assets = Liabilties + Contributed Capital + Retained Earnings The 5 different accounts of a typical for-profit ...

Assets Cash, inventory, equipment, prepaid assets, invoices Liabilities Accounts payables, salaries, sales taxes payable, unredeemed gift certificates, long term debt Owner's Equity Contributed capital, retained earnings Module 4 Explicit transactions triggered by some sort of activity, event, or transfer of resources (usually cash) from one party to another; often accompanied by invoices, receipts, or other paper documentation that initiate the recording of the transaction...