2. View the Transaction Journal for the Expense.a. From the bottom of the Phoenix Insurance Expense, select More > Transaction Journalb. What are the Account and Amount Debited?Note: Answer this question in the table shown below. Round your answer 2 decimal places.c. What are the Account and Amount Credited?Note: Answer this question in the table shown below. Round your answer 2 decimal places.b. Debitc. CreditAnswer is not complete.AccountInsurance: Liability Insurance ExpenseVISA Credit Card>>Amount DMookie The Beagle Concierge obtained liability insurance from Phoenix Insurance at a cost of $300 for 3 months of insurancecoverage. The liability insurance protects Mookie The Beagle Concierge from the risk of legal liability for injury or damages of itsbusiness operations in providing pet care and pet wellness services.Required:1. Create an Expense.a. Select (+) New icon > Expenseb. Add Vendor Payee: Phoenix Insurancec. Select Payment Account: 2100 VISA Credit Cardd. Select Payment Date: 01/07/2023e. Select Payment Method: Credit Cardf. Select Category: 5010 Insurance: 5012 Liability Insurance Expenseg. Enter Amount: 300.00h. What is the Total Amount paid to Phoenix Insurance?Note: Answer this question in the table shown below. Round your answer to the nearest dollar amount.i. Select Save. Leave the Expense window open.h. Total amount paid

2. View the Transaction Journal for the Expense. a. From the bottom of the Phoenix Insurance Expense, select More > Transaction Journal b. What are the Account and Amount Debited? Note: Answer this question in the table shown below. Round your answer 2 decimal places. c. What are the Account and Amount Credited? Note: Answer this question in the table shown below. Round your answer 2 decimal places. b. Debit c. Credit Answer is not complete. Account Insurance: Liability Insurance Expense VISA Credit Card Amount

2. View the Transaction Journal for the Expense. a. From the bottom of the Phoenix Insurance Expense, select More > Transaction Journal b. What are the Account and Amount Debited? Note: Answer this question in the table shown below. Round your answer 2 decimal places. c. What are the Account and Amount Credited? Note: Answer this question in the table shown below. Round your answer 2 decimal places. b. Debit c. Credit Answer is not complete. Account Insurance: Liability Insurance Expense VISA Credit Card Amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Indicate whether the statement is true or false.
Which of the following groups of accounts increase with credits? O a. Accounts Receivable, Prepaid Insurance, Unearned Rent O b. Accounts Payable, Accounts Receivable, Fees Earned O c. Accounts Payable, Unearned Rent, Fees Earned O d. Prepaid Insurance, Unearned Rent, Fees Earned
Three different lease transactions are presented below for Sandhill Enterprises. Assume that all lease transactions start on January 1, 2024. Sandhill does not receive title to the properties, either during the lease term or at the end of it. The yearly rental for each of the leases is paid at the beginning of each year. Sandhill Enterprises prepares its financial statements using ASPE. Lease term Estimated economic life Yearly rental payment Fair market value of leased asset Present value of lease rental payments Interest rate Manufacturing Equipment 5 years 15 years $18,000 $126,000 $81,270 3.5% Vehicles 6 years 7 years $19,260 $109,200 $100,962 4% Office Equipment 3 years 5 years $5,010 $22,500 $12,912 8% Ass me that Sandhill Enterprises has purchased the vehicle for $109,200 instead of leasing it and that the amount borrowed was $109,200 at 8% interest, with interest payable at the end of each year. Prepare the entries for 2024. (List all debit entries before credit entries. Credit…
short answer for these pls? Hide Transcribed Text 1. What is a normal balance? 2. Which accounts increase with a debit? How are these accounts decreased? 3. Which accounts increase with a credit? How are these accounts decreased? 4. What is recorded in a journal entry? 5. Which is listed first in a journal entry, debits or credits?
T-Accounts (All Formulas/Equations) Would you please provide me with the formula/equation used to find the missing amount in a T-Account. Please look at the example below and provide me the answers in that same type of format so that it is easy to understand. Beginning Balance is missing Transaction on debit side is missing Transaction on credit side is missing FINDING BEGINNING BALANCE EXAMPLEBeginning balance = Ending balance + right side of T-Account - Left side of T-AccountBeginning balance = $9,800 + ($4,500 +$2,200 +$3,500) - ($2,500 +$4,000 +$3,400)Beginning balance = $9,800 + $10,200 - $9,900Begining balance = $10,100
TOPIC: Rules of Debit and Credit Instruction: Identify the normal balance of accounts. Choose the letter of the correct answer. Choices: A. Debit B. Credit Questions: 1. Machinery 2. Estimated Uncollectible Account 3. Inventories 4. Amora, Drawing 5. Vehicle 6. Office Supplies Expense 7. Allowance for Doubtful Accounts 8. Service Revenue 9. Communication Expense 10. Miscellaneous Expense 11. Bad Debts 12. Mortgage Payable 13. Notes Payable 14. Prepaid Insurance 15. Unused Supplies 16. Allowance for Bad Debts 17. VAT Payable 18. Accumulated Depreciation 19. Taxes and Licenses 20. Retained Earnings
D Return to question Mookie The Beagle Concierge hired Carole Design Media to promote Mookie The Beagle Concierge's launch using social media marketing. Mookie The Beagle Concierge paid the bill in full when received. The bill was for 10 hours of service at $100 per hour. Required: Enter the Expense Transaction as follows. 1. Create an Expense. a. Select (+) New icon > Expense b. Add Payee: +Add New > Carole Design Media > Vendor Type > Save c. Select Payment Account: 1001 Checking d. Select Payment Date: 01/05/2023 e. Select Payment Method: Check f. Enter Category: 5001 Advertising and Marketing g. Enter Amount for 10 hours @ $100.00 per hour h. What is the Total Amount paid to Carole Design Media? Note: Answer this question in the table shown below. Round your answer to the nearest dollar amount. i. Select Save. Leave the Expense window open. h. Total amount paid S
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2. Add two new expense accounts to the chart of accounts you prepared. Assign each account numbers based on where they would be placed in the chart of accounts. Miscellaneous Expense Utilities Expense Answer: Type answer here. 3. Prepare a T account for each transaction. Label the account title for each account affected. Use the chart for accounts you created in question 1. Write the debit and credit amounts for each T account to show how the accounts are affected. The first one is done. c. Received cash from owner, Roger Fisher, as an investment, $10,000.00 d. Paid cash for insurance, $ 2, 400.00 e. Bought supplies on a account to Salmon Slayers, $600.00 Paid cash for fuel, $500.00 Paid cash to owner, Roger Fisher, for personal use, $1,250.00
Which of the following is incorrect? Group of answer choices A. In a double-entry accounting system every transaction will affect at least two accounts. B. Across all accounts, the total amount of debits must always equal the total amount of credits. C. A debit can be recorded on either side of the t-account depending on the type of account. D. The difference between the total debit and credit amounts for an account is called the account balance.
ABC Company has the following T Account at the end of the year: Post to T-Acct (aka Ledger) Asset Cash Liability + C/ stock - Dividend + Acct Payable Commonstah Dividend Revenue 30,000 1,000 500 Common stah Dividend Service Revenue 30,000 480 Expense Rent expense 41000 500 15,000 4,000 5,000 15,000 480 Travel expense 1,000 Insurance expense 5,000
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