ACC 300 GLQ || All Answers are Flawless.
Receive cash from customers for services to be provided next January, $4,000. correct answers
Debit cash
Credit deferred revenue
One of Thunder Cat's trainers takes a part-time job at the zoo and earns a salary of $2,900. The
zoo and Thunder Cat Services are separate companies. correct answers No journal entry required
Pay dividends to stockholders, $4,700. correct answers Debit dividends (expense)
Credit cash
Does the income statement have deferred revenue? correct answers No
Record the adjusting entry for salaries on December 31. correct answers Debit salaries expense
Credit salaries payable
Record the adjusting entry for rent on December 31. correct answers Debit rent expense
Credit prepaid rent
Record the adjusting entry for deferred revenue on December 31. correct answers Debit deferred
revenue
Credit service revenue
Record the entry to close the revenue accounts. correct answers Debit service revenue
Credit retained earnings
Record the entry to close the expense accounts. correct answers Debit retained earnings
, Credit supplies expense, salaries expense, and rent expense
Record the entry to close the dividends accounts. correct answers Debit retained earnings
Credit dividends
How do you title the income statement? correct answers For the year ended December 31, 2021
How do you title the statement of stockholders' equity? correct answers For the period ended
December 31, 2021
How do you title the balance sheet? correct answers As of December 31, 2021
Record the adjusting entry for interest. Accrued interest on the notes payable at year-end
amounted to $3,000 and will be paid January 1, 2022. correct answers Debit interest expense
Credit interest payable
where does notes payable go? correct answers long-term liability
Purchase a one-year insurance policy for $4,440 ($370 per month) to cover injuries to
participants during outdoor clinics. correct answers Debit prepaid insurance
Credit cash
Pay legal fees of $1,900 associated with incorporation. correct answers Debit legal fees expense
Credit cash
Pay for advertising of $370 to a local newspaper for an upcoming mountain biking clinic to be
held on July 15. Attendees will be charged $40 on the day of the clinic. correct answers Debit
advertising expense
Credit cash
Receive cash from customers for services to be provided next January, $4,000. correct answers
Debit cash
Credit deferred revenue
One of Thunder Cat's trainers takes a part-time job at the zoo and earns a salary of $2,900. The
zoo and Thunder Cat Services are separate companies. correct answers No journal entry required
Pay dividends to stockholders, $4,700. correct answers Debit dividends (expense)
Credit cash
Does the income statement have deferred revenue? correct answers No
Record the adjusting entry for salaries on December 31. correct answers Debit salaries expense
Credit salaries payable
Record the adjusting entry for rent on December 31. correct answers Debit rent expense
Credit prepaid rent
Record the adjusting entry for deferred revenue on December 31. correct answers Debit deferred
revenue
Credit service revenue
Record the entry to close the revenue accounts. correct answers Debit service revenue
Credit retained earnings
Record the entry to close the expense accounts. correct answers Debit retained earnings
, Credit supplies expense, salaries expense, and rent expense
Record the entry to close the dividends accounts. correct answers Debit retained earnings
Credit dividends
How do you title the income statement? correct answers For the year ended December 31, 2021
How do you title the statement of stockholders' equity? correct answers For the period ended
December 31, 2021
How do you title the balance sheet? correct answers As of December 31, 2021
Record the adjusting entry for interest. Accrued interest on the notes payable at year-end
amounted to $3,000 and will be paid January 1, 2022. correct answers Debit interest expense
Credit interest payable
where does notes payable go? correct answers long-term liability
Purchase a one-year insurance policy for $4,440 ($370 per month) to cover injuries to
participants during outdoor clinics. correct answers Debit prepaid insurance
Credit cash
Pay legal fees of $1,900 associated with incorporation. correct answers Debit legal fees expense
Credit cash
Pay for advertising of $370 to a local newspaper for an upcoming mountain biking clinic to be
held on July 15. Attendees will be charged $40 on the day of the clinic. correct answers Debit
advertising expense
Credit cash
