n. Which of the tolowing trasactions b. Interest Payable c. Equipment d. Accumul
ID: 2566957 • Letter: N
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n. Which of the tolowing trasactions b. Interest Payable c. Equipment d. Accumulated Depreciation t. Land g Service Revenue h. Wages Expense 10 Happy Foods records an allowance for doubtful accounts, but they have not had a controller for thhe ew months, so these entries have not been done. At year-end this is the information $1,200,000 3% $30,000 cred Record the adjustment to the allowance based on the above estimate of uncolectible accounts Which of the following transactions produces a. Sales of land at cost for cash b. Sales of a service on credit c. Collection of cash on account d. Receipt of cash from a bank loarn 11. an increase in revenues? Give an example of a procedure that would provide a good internal control for cash. There are many correct answers to this question. You should give me just one and be specific 12. 13. Mark those accounts that would still have a balance after the closing entries had been made with an X. Commission Revenue Cash Retained Earnings Dividends Salaries Payable Insurance Expense Accumulated Depreciation 14. Prepare the following adjusting entries in proper form with explanations for August 2015. If there is no entry to be made write NO ENTRY a. Depreciation on office equipment is $350.00 for the month of August. Record the depreciation. b. There were $1,500.00 of office supplies at the end of July. Purchases of office supplies during August were $750.00. At the end of August, there were $840.00 of supplies left. Record what was used. Prepaid rent had a balance of $8,000 at the end of July. Twenty-five percent of this was used in August. Record the rent that expired/ was used in August.. c.Explanation / Answer
8. Payment of wages increases expense, because this is recurring in nature.
Answer: b
9. Accounts receivable: This is an asset; its normal balance is debit.
Interest payable: This is a liability, since the amount is not yet paid; its normal balance is credit.
Equipment: This is an asset; its normal balance is debit.
Accumulated depreciation: This is a liability; its normal balance is credit.
Unearned revenue: This is a liability; its normal balance is credit.
Land: This is an asset; its normal balance is debit.
Service revenue: This is revenue; its normal balance is credit.
Wages expense: This is expense; its normal balance is debit.
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