Greenway CorporationTrial BalanceDecember 31, 2022$ 30052282CashAccounts ReceivablePrepaid InsuranceSuppliesEquipmentAccumulated Depreciation, EquipmentAccounts PayableCommon StockRetained EarningsService RevenueSalaries and Wages ExpenseRent Expense1804,000$ 6003841,2001,4003,0001,000500$6.584$6,584If service for $175 had been performed but not billed, the adjusting entry to recordthis would include a:a. debit to Service Revenue for $175.b. credit to Unearned Service Revenue for $175.C. credit to Service Revenue for $175.d. debit to Unearned Revenue for $175.45Oakville Inc. purchased a 12-month insurance policy on March 1 , 2022 for $2,400.At March 31, 2022, the adjusting journal entry to record expiration of this asset willinclude:a. a debit to Prepaid Insurance and a credit to Cash for $2.400.b. a debit to Prepaid Insurance and a credit to Insurance Expense for $240.C a debit to Insurance Expense and a credit to Prepaid Insurance for $200.d. a debit to Insurance Expense and a credit to Cash for $200.46.An expensea. decreases assets and liabilities,b. decreases stockholders' equity.C. leaves stockholders' equity unchanged.d. is basically the same as a liability88

Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…

Greenway Corporation Tral Balance December 31.2022 $ 300 522 82 180 4,000 Cash Accounts Receivable Prepaid Insurance Supples Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earmnings Service Revenue Salaries and Wages Expense Rent Expense $ 600 384 1,200 1,400 3,000 1,000 500 0.504 $6.584 If service for $175 had been performed but not billed, the adjusting entry to record this would include a a debit to Service Revenue for $175 b credit to Unearned Service Revenue for $175 c credit to Service Revenue for $175 d. debit to Uneamed Revenue for $175

Greenway Corporation Tral Balance December 31.2022 $ 300 522 82 180 4,000 Cash Accounts Receivable Prepaid Insurance Supples Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earmnings Service Revenue Salaries and Wages Expense Rent Expense $ 600 384 1,200 1,400 3,000 1,000 500 0.504 $6.584 If service for $175 had been performed but not billed, the adjusting entry to record this would include a a debit to Service Revenue for $175 b credit to Unearned Service Revenue for $175 c credit to Service Revenue for $175 d. debit to Uneamed Revenue for $175

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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Subject/Course: Financial Accounting.
X Company reports these account balances on December 31, 2021 Accounts Payable Accounts Receivable Accumulated depreciation $450,000 150.000 180,000 600,000 80.000 300,000 Cash Drawings Operating Expenses Goodwill 90,000 000 080 Service Revenne Owner's capital Unearmed Service Reventie S00,000 720.000 50,000
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EB11. O 4.3 Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. Unadjusted Trial Balance Account Title Debit Credit 66,000 Equipment Accumulated depreciation Supplies Salaries payable 22,000 6,000 3,500 A amount due for employee salaries, $4,800 B. actual count of supplies inventory, $ 2,300 C. depreciation on equipment, $3,000
Cash Accounts receivable Allowance for doubtful accounts Supplies Land Buildings Accumulated depreciation-buildings 1. 2. 3. 4. 5. During 2025, the following transactions occurred. 6. 7. 8. 9. 10. 11. 1. 2. MARIGOLD CORP. Balance Sheet December 31, 2024 $31,980 Adjustment data: 3. 4. 5. 59,150 (1,950) 5,720 52,000 184,600 (28,600) $302,900 Accounts payable Common stock ($10 par) Retained earnings $33,280 104,000 165,620 $302,900 On January 1, Marigold issued 1,560 shares of $40 par, 7% preferred stock for $63,960. On January 1, Marigold also issued 1,170 shares of the $10 par value common stock for $27,300. Marigold performed services for $416,000 on account. On April 1, 2025, Marigold collected fees of $46,800 in advance for services to be performed from April 1, 2025, to March 31, 2026. Marigold collected $358,800 from customers on account. Marigold bought $45,630 of supplies on account. Marigold paid $41,860 on accounts payable. Marigold reacquired 520 shares of its common stock on…
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eceivables in the Balance Sheet The following partial balance sheet contains errors. ZABEL COMPANYBalance SheetDecember 31, 20Y4 Assets Current assets: Cash $76,000 Notes receivable $117,500 Less interest receivable 9,300 108,200 Account receivable $477,000 Plus allowance for doubtful accounts 21,750 498,750 Prepare a corrected partial balance sheet for Zabel Company.
38 es Maps On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals Saved Help