Accounting Final Questions and Graded Answers.
The following transactions occur for Badger Biking Company during the month of June:
a. Provide services to customers on account for $46,000.
b. Receive cash of $38,000 from customers in (a) above.
c. Purchase bike equipment by signing a note with the bank for $31,000.
d. Pay utilities of $4,600 for the current month. - a) asset & stockholder's equity $46,000
b) increase asset $38,000
b)decrease asset (38,000)
c) asset & liabilities 31,000
d) asset & stockholders' equity (4,600)
Eagle Corp. operates Magnetic Resonance Imaging (MRI) clinics throughout the Northeast. At
the end of the current period, the company reports the following amounts: Assets = $31,000;
Liabilities = $17,500; Dividends = $1,100; Revenues = $10,200; Expenses = $7,100.
Net income - Revenues $10,200 - Expenses $7,100 = Net Income 3,100
Eagle Corp. operates Magnetic Resonance Imaging (MRI) clinics throughout the Northeast. At
the end of the current period, the company reports the following amounts: Assets = $31,000;
Liabilities = $17,500; Dividends = $1,100; Revenues = $10,200; Expenses = $7,100.
Stock holders' equity - $31,000=$17,500+X
$31,000-$17,500=$13,500
Utilities Payable - liability
, cash - asset
Salaries Expense - An expense account often used to record employee's earnings
common stock - stockholders equity
Service Revenue - revenue
The following information also is known:
a. Purchases of supplies in December total $3,800.
b. No insurance payments are made in December.
c. $10,300 is paid to employees during December for November salaries.
d. On November 1, a tenant pays Golden Eagle $3,450 in advance rent for the period November
through January. Deferred Revenue is credited. - 1.
a. Supplies Expense DB $3,800
Supplies CR $3,800
2.
b. Insurance expense DB $1,650
Prepaid Insurance CR $1,650
3.
c. Salaries Expense DB $15,300
salaries payable CR $15,300
4.
d. Deferred Revenue $1,150
Service Revenue Cr $1,150
a. On November 28, 2018, Shocker receives a $1,950 payment from a customer for services to be
rendered evenly over the next three months. Deferred Revenue is credited.
The following transactions occur for Badger Biking Company during the month of June:
a. Provide services to customers on account for $46,000.
b. Receive cash of $38,000 from customers in (a) above.
c. Purchase bike equipment by signing a note with the bank for $31,000.
d. Pay utilities of $4,600 for the current month. - a) asset & stockholder's equity $46,000
b) increase asset $38,000
b)decrease asset (38,000)
c) asset & liabilities 31,000
d) asset & stockholders' equity (4,600)
Eagle Corp. operates Magnetic Resonance Imaging (MRI) clinics throughout the Northeast. At
the end of the current period, the company reports the following amounts: Assets = $31,000;
Liabilities = $17,500; Dividends = $1,100; Revenues = $10,200; Expenses = $7,100.
Net income - Revenues $10,200 - Expenses $7,100 = Net Income 3,100
Eagle Corp. operates Magnetic Resonance Imaging (MRI) clinics throughout the Northeast. At
the end of the current period, the company reports the following amounts: Assets = $31,000;
Liabilities = $17,500; Dividends = $1,100; Revenues = $10,200; Expenses = $7,100.
Stock holders' equity - $31,000=$17,500+X
$31,000-$17,500=$13,500
Utilities Payable - liability
, cash - asset
Salaries Expense - An expense account often used to record employee's earnings
common stock - stockholders equity
Service Revenue - revenue
The following information also is known:
a. Purchases of supplies in December total $3,800.
b. No insurance payments are made in December.
c. $10,300 is paid to employees during December for November salaries.
d. On November 1, a tenant pays Golden Eagle $3,450 in advance rent for the period November
through January. Deferred Revenue is credited. - 1.
a. Supplies Expense DB $3,800
Supplies CR $3,800
2.
b. Insurance expense DB $1,650
Prepaid Insurance CR $1,650
3.
c. Salaries Expense DB $15,300
salaries payable CR $15,300
4.
d. Deferred Revenue $1,150
Service Revenue Cr $1,150
a. On November 28, 2018, Shocker receives a $1,950 payment from a customer for services to be
rendered evenly over the next three months. Deferred Revenue is credited.
