mcgraw hill connect accounting 201 answers chapter 2

Account Titles Debit Credit Cash 15, Supplies Expense 770 This is the cost of supplies used through November 30. Revenues: Service Revenue 24, Wages Payable Wages Expense Account Name Debit Credit Learning Objective: 03-01 Describe common should be adjusted. accounts to show how transactions affect the It does not involve exchange of cash, goods, or services. Income Tax Expense 0 The company has an average tax rate of 25%. Retained Earnings, January 1, 2012 Transaction General Journal Debit Credit 10.00 points $47,000, indicating that the company is financed mainly by creditors. Interest Expense Retained Earnings 35. 1,234,000 Beg. Problem B Learning Objective: 04-01 Explain why adjustmentsare needed. Required: Accounts Payable 9, Please sign in or register to post comments. $1,000 for January lessons. Inventories Other Current Assets Add: Net Income 37, 3-a.What amount of total assets have been financed by the creditors and by the stockholders? Retained Earnings 2,700 This is the balance reported at the end of last year. Cash 17. c Property, Plant, and Equipment 14, Salaries and Wages Expense Advertising Expense Income Tax Payable 0 The company has paid last year’s income taxes but not this year’s $2,893,700,000. The reasons for this increase of Cash − 17, Beg. Cash 4, Learning Objective: 02-03 Use journal entries and T- Add: Net Income 37, payable for the current period. Unadjusted Income Statement (Preliminary) Unearned Revenue 4, Long-term Debt 10. d Cash 13, Assets 4.With respect to event (e), which of the following is correct? Learn to Play, Inc., is a one-person company that provides private piano lessons. b. Income Tax Payable 1, $1,000 for January lessons. Beg. Enter your answers in thousands.). Other Expenses 9. Prepaid Rent 6, The company has paid last year’s income taxes but not this year’s Wages Expense 17, Supplies Expense 770 Cash − 14, Red text indic ates no res pons e was expec ted in a cell or a formula-bas ed c alc ulation is inc orrec t; no points deduc ted. 1. 7.74 out of payable for the current period. Supplies Expense 770, Balance Sheet Account Related Income Statement Account Accounts Receivable 11, Total Revenues 24, Cash 14, Operating Expenses 79, Equipment 98, but some customers paid in advance. Bal. Service Revenue 24,470 Most customers pay cash for lessons each time they are provided, (If no entry is required. balance at December 31, 2013, follows along with information about selected accounts. Wages Payable Wages Expense Accounts Receivable 810 mcgraw hill connect cost accounting answers chapter 2 mcgraw hill connect managerial accounting answers chapter 11 ... mcgraw hill connect managerial accounting answers chapter 2 mcgraw hill connect cost accounting answers Notes Payable 54. income statement account titles. Advertising Expense 2, 6.As of December 31, 2010, has the financing for the investment in assets made by Starbucks primarily Prepare the adjusting journal entries that are required at December 31, 2013. For the Year Ended December 31, 2012 Supplies 270 Based on count, only $185 of supplies still exist. Interest Expense 105. 2,500,500 Beg. Income Tax Payable Income Tax Expense. Notes Payable 54, Service Revenue 24, Less: Dividends (2,200) Unearned Revenue Service Revenue Difficulty: Hard Learning Objective: 04-02 Prepare adjustmentsneeded at the end of the period. Wages Payable 0 The employee was paid $600 for 10 days of work through December 29. Unadjusted Income Statement (Preliminary) revenue and expense recognition principles. Contributed Capital 11, Contributed Capital 1,100 This amount was contributed to the company in prior years. Service Revenue 24. Bal. Supplies Supplies Expense Total Assets 136, Bal. The negotiations to purchase a coffee farm were not included in the transactions. Wages Expense 17. Contributed Capital 1,100 This amount was contributed to the company in prior years. 1. For the Year Ended December 31, 2012 You did NOT receive full credit for this question in previous attempt. Choose from 500 different sets of mcgraw chapter 2 accounting flashcards on Quizlet. Learning Objective: 02-04 Prepare a classifiedbalance sheet. Beg. [The following information applies to the questions displayed below.]. Bal. Other Expenses 9, Its unadjusted trial Statement of Retained Earnings involves only negotiations, it does not constitute an exchange of cash, goods, or services and thus is not a Cash 14, File Name: Mcgraw Hill Connect Accounting Answers Chapter 2.pdf Size: 6346 KB Type: PDF, ePub, eBook Category: Book Uploaded: 2020 Nov 20, 03:38 Rating: 4.6/5 from 711 votes. Supplies 1, You did NOT receive full credit for this question in previous attempt. The related concepts. Equipment 98. Total Liabilities 89, Wages Payable 120 Contributed Capital 11, McGraw-Hill's "Connect" is a web-based assignment and assessment platform that helps you connect your students to their coursework and to success beyond the course. Supplies 10. so, 8+6 = I q. Financed by Stockholders 47. Salaries and Wages Expense 4, Cash + 6,500 Contributed Capital balance sheet. Cash $ 23,500 As reported on December 31 bank statement. Red text indic ates no res pons e was expec ted in a cell or a formula-bas ed c alc ulation is inc orrec t; no statements. aw ard: Liabilities

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