Talbridge Ltd. had the following account balances at December 31, 2021: Account Name Repairs expense Wages expense Prepaid expenses Dividends Purchase of intangibles Cash (end of year) Deferred revenue Owners' capital Accounts payable Prepaid insurance Collections from customers Rent expense Contributions by owners Accounts receivable Payment of dividends Website design Service revenue Cash received from debt Income tax expense Office supplies Office supplies expense Payments to suppliers Amount $1,125 21,350 2,500 17,155 Cash (beginning of year) 16,890 Retained earnings (beginning of year) 8,575 Interest expense 900 Business licence 60 Bank loan payable, due in 2025 Website expense Income tax payable 1,400 3,500 1,360 36,385 1,500 12,000 12,810 900 28,350 2,100 3,500 1,300 47,560 12,500 4,450 2,550 1,845 18,995 12,500 500 575
How much does Bedrock Wholesale pay Fred on October 10?
How would Bedrock Wholesale record the October 12 transaction?
a. Increase both Purchases and Inventory Expense
b. Increase both Accounts Payable and Purchases
c. Increase both Purchases and Inventory
d. Increase both Accounts Payable and Inventory
e. Increase both Accounts Payable and Inventory Expense
Enter the letter that corresponds to your choice. (A B C D E)
How would Bedrock Wholesale record the October 13 transaction?
a. Increase Inventory and decrease Cash
b. Increase Freight Expense and decrease Cash
c. Increase both Inventory and Accounts Payable
d. Increase both Freight Expense and Inventory
e. No entry is required.
Enter the letter that corresponds to your choice. (A B C D E)
How would Bedrock Wholesale record the October 17 transaction?
a. Increase Cost of Goods Sold and decrease Inventory $7,500 each
b. Increase Sales and
c. Increase Sales and Accounts Receivable $7,500 each, and increase Cost of Goods Sold and decrease Inventory $10,000 each
d. Increase Sales and Accounts Receivable $10,000 each, and increase Cost of Goods Sold and decrease Inventory $7,500 each
e. Increase Sales and Accounts Receivable $7,500 each, and increase Cost of Goods Sold and decrease Inventory $7,500 each
Enter the letter that corresponds to your choice. (A B C D E)
How would Bedrock Wholesale record the October 18 transaction?
a. Decrease Cash and increase Inventory
b. Decrease Cash and increase Freight Expense
c. Increase both Accounts Payable and Freight Expense
d. Decrease both Cash and Inventory
e. No entry is required.
Enter the letter that corresponds to your choice. (A B C D E)
How would Bedrock Wholesale record the October 22 transaction?
a. Increase Inventory and decrease Cost of Goods Sold $3,000 each, and decrease Accounts Receivable and increase Sales Returns $2,250 each
b. Increase Inventory and decrease Cost of Goods Sold $2,250 each, and decrease Accounts Receivable and increase Sales Returns $3,000 each
c. Increase Inventory and decrease Cost of Goods Sold $2,250 each, and decrease Accounts Receivable and increase Sales Returns $2,250 each
d. Increase Inventory and decrease Cost of Goods Sold $2,250 each
e. Decrease Accounts Receivable and increase Sales Returns $3,000 each
Enter the letter that corresponds to your choice. (A B C D E)
How would Bedrock Wholesale record the October 25 transaction?
a. Increase Cash and decrease Accounts Receivable only
b. Increase Cash and decrease Sales Discounts (increasing net sales), and decrease Accounts Receivable
c. Increase Cash and Sales Discounts (reducing net sales), and decrease Accounts Receivable
d. Increase Cash and decrease both Sales and Accounts Receivable
e. Increase both Cash and Sales, and decrease Accounts Receivable
Enter the letter that corresponds to your choice. (A B C D E)
How much does Betty pay Bedrock Wholesale on October 25?
How would Bedrock Wholesale record the October 30 transaction?
a. Increase Cash and decrease Accounts Receivable only
b. Increase Cash and decrease both Sales and Accounts Receivable
c. Increase both Cash and Sales, and decrease Accounts Receivable
d. Increase Cash and increase Sales only
e. Increase both Cash, Sales, and Accounts Receivable
Enter the letter that corresponds to your choice. (A B C D E)
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