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Rubin Enterprises had the following sales-related transactions on a recent day: a. Billed customer $28,600 on account for services already provided. b. Collected $5,715 in cash for services to be provided in the future. c. The customer complained about aspects of the services provided in Transaction a. To maintain a good relationship with this customer, Rubin granted an allowance of $1,500 off the list price. The customer had not yet paid for the services. d. Rubin provided the services for the customer in Transaction b. Additionally, Rubin granted an allowance of $480 because the services were provided after the promised date. Because the customer had already paid, Rubin paid the $480 allowance in cash. Required: Prepare the necessary journal entry (or entries) for each of these transactions.

for each of the financial statement items, identify the estimate(s) from the following (1-11) list that are required in the measurement of that item on the financial statements. For each select 3 of them. Account Receivable A. b, C, • Inventory A. b, C, Equipment A. b, C, Warranty Liability A. b, C, Sales revenue А, b, C, Revenue from long term contract b, A. Cost of good sold. C, A. C, 1. Cost to repair or replace product. 2. Cost of each item sold/held. 3. Customer default rate 4. Degree of progress fulfilling contract. 5. Pattern of benefit obtained. 6. Prices of inventory items 7. Profitability of contract 8. Rate of defect 9. Residual value at end of useful life 10. Speed of collection 11. Useful lives

Classifying Balance Sheet Accounts Use the letters a to k from the balance sheet classifications provided below to indicate the usual classification for each of the 22 balance sheet items listed below. Also indicate whether an account is a contra account.  If the item is not a contra account, select "N/A" as your answer..   Balance Sheet Classification a. Current assets. g. Long-term liabilities. b. Investments. h. Paid-in capital. c. Property, plant, and equipment. i. Retained earnings. d. Intangible assets. j. Accumulated other comprehensive income. e. Other assets. k. Noncontrolling interests. f. Current liabilities.     Balance Sheet Item Classification Contra account 1. Accumulated depreciation. Answer Answer 2. Bonds payable (due in 10 years). Answer Answer 3. Accounts payable (trade). Answer Answer 4. Investment in stock of another company (long-term holding). Answer Answer 5. Land (in use). Answer Answer 6.…

takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3Dfalse ☆ 国 The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each balance should be extended to an Income Statement column or a Balance Sheet column. 1. Retained Earnings 2. Common Stock 3. Depreciation Expense 4. Accumulated Depreciation 5. Fees Earned 6. Unearned Fees 7. Supplies 8. Supplies Expense

Identify how each of the following separate transactions through 10 affects financial statements. For increases, place a "+" and the dollar amount in the column or columns. For decreases, place a "-" and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total cq- A1 P1 uity. For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating ac- tivities, cash flows from investing activities, and cash flows from financing activities. 2 3 4 5 6 7 8 9 10 Transaction Owner invests $800 cash in business in exchange for stock Purchases $100 of supplies on credit Buys equipment for $400 cash Provides services for $900 cash Pays $400 cash for rent…

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Question Content Area After all of the account balances have been extended to the Income Statement columns of the end-of-period spreadsheet, the totals of the Debit and Credit columns are $22,000 and $28,437, respectively. What is the amount of the net income or net loss for the period? a.$22,000 net income b.$28,437 net loss c.$6,437 net income d.$6,437 net loss

10. Match the account headings to the relevant headings of the balance sheet where they will be reflected. 1. tax payable 2. inventory 3. goodwill 4. retained earnings P Type here to search N

Use the list of concepts given to match the description of the concept to the concept.

Identify how each of the following separate transactions through 10 affects financial statements. For increases, place a "+" and the dollar amount in the column or columns. For decreases, place a "-" and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required: a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity. For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities. Transaction 1. Owner invests $750 cash in business in exchange for stock 2. Receives $550 cash for services provided 3. Pays $350 cash for employee wages 4. Buys $480 of equipment on credit 5. Purchases $580 of supplies…

Identify the financial statement on which each of the following accounts would appear: the income statement (IS), the owner's equity statement (OES), or the Balance Sheet (BS). Insurance Expense [ Select] [ Select ] OES Accounts Receivabl BS IS Notes Payable [ Select] >

Financial statement account identification Mark each of the accounts listed in the following table as follows: a. In column (1), indicate in which statement-income statement (IS) or balance sheet (BS)-the account belongs. b. In column (2), indicate whether the account is a current asset (CA), current liability (CL), expense (E), fixed asset (FA), long-term debt (LTD), revenue (R), or stockholders' equity (SE). (Select from the drop-down menus.) Account Name Accounts payable (1) Statement (2) Type of Account C