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Determine the excess of revenues over expenses for November?   Can you think of any reason why the amount determined in (4) might not be the net income for November? A. Because the closing inventory balance is missing.   B. Because the dividends are declared but not paid.   C. Because necessary adjustment to expenses, like depreciation has not been made.   D. Because the cash b

Determine the excess of revenues over expenses for November?   Can you think of any reason why the amount determined in (4) might not be the net income for November? A. Because the closing inventory balance is missing.   B. Because the dividends are declared but not paid.   C. Because necessary adjustment to expenses, like depreciation has not been made.   D. Because the cash b

FINANCIAL ACCOUNTING
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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Determine the excess of revenues over expenses for November?
 
Can you think of any reason why the amount determined in (4) might not be the net income for November?
A. Because the closing inventory balance is missing.
 
B. Because the dividends are declared but not paid.
 
C. Because necessary adjustment to expenses, like depreciation has not been made.
 
D. Because the cash balance is incorrect.
23 Recorded jobs completed on account and sent invoices to customers, $12,000. 24 Received an invoice for truck expenses, to be paid in November, $1,190. Enter the following transactions on Page 2 of the two-column journal: Nov. 29 29 30 30 30 30 Paid utilities expense, $3,560. Paid miscellaneous expenses, $1,800. Received cash from customers on account, $7,500. Paid wages of employees, $4,750. Paid creditor a portion of the amount owed for equipment purchased on November 6, $6,230. Paid dividends, $2,000.
Transcribed Image Text:23 Recorded jobs completed on account and sent invoices to customers, $12,000. 24 Received an invoice for truck expenses, to be paid in November, $1,190. Enter the following transactions on Page 2 of the two-column journal: Nov. 29 29 30 30 30 30 Paid utilities expense, $3,560. Paid miscellaneous expenses, $1,800. Received cash from customers on account, $7,500. Paid wages of employees, $4,750. Paid creditor a portion of the amount owed for equipment purchased on November 6, $6,230. Paid dividends, $2,000.
On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi completed the following transactions related to the business: Nov. 1 Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $27,200. Paid rent for period of November 1 to end of month, $4,000. Purchased office equipment on account, $12,820. 8 Purchased a truck for $30,800 paying $6,900 cash and giving a note payable for the remainder. Purchased supplies for cash, $1,650. Received cash for job completed, $8,000. Paid annual premiums on property and casualty insurance, $2,300. Recorded jobs completed on account and sent invoices to customers, $12,000. Received an invoice for truck expenses, to be paid in November, $1,190. Nov. 1 6 10 12 15 23 24 Enter the following transactions on Page 2 of the two-column journal: 29 29 Paid utilities expense, $3,560. Paid miscellaneous expenses, $1,800.
Transcribed Image Text:On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi completed the following transactions related to the business: Nov. 1 Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $27,200. Paid rent for period of November 1 to end of month, $4,000. Purchased office equipment on account, $12,820. 8 Purchased a truck for $30,800 paying $6,900 cash and giving a note payable for the remainder. Purchased supplies for cash, $1,650. Received cash for job completed, $8,000. Paid annual premiums on property and casualty insurance, $2,300. Recorded jobs completed on account and sent invoices to customers, $12,000. Received an invoice for truck expenses, to be paid in November, $1,190. Nov. 1 6 10 12 15 23 24 Enter the following transactions on Page 2 of the two-column journal: 29 29 Paid utilities expense, $3,560. Paid miscellaneous expenses, $1,800.
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