The amount of each asset in an opening entry is recorded in a journal in the General Debit column General Credit column both a and b neither a nor b
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General Debit column
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General Credit column
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both a and b
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neither a nor b
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- Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $80 par (100,000 shares authorized, 60,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 87,500 shares of treasury common for $8 per share. b. Sold 55,000 shares of treasury common for $11 per share. c. Issued 20,000 shares of preferred 2% stock at $84. d. Issued 400,000 shares of common stock at $13, receiving cash. e. Sold 18,000 shares of treasury common for $7.50 per share. f. Declared cash dividends of $1.60 per share on preferred…Select the item that best completes each of the descriptions below. a. A collection of accounts and account balances is referred to as a(n) b. A(n). such as a bank statement, is objective evidence of transactions and their amounts. c. Increases and decreases in a specific asset, liability, equity, revenue, or expense are recorded in a(n) d. A(n) _ асcount has a complete record of every transactions recorded. journal e. A list of all ledger accounts and identification numbers, not including account balances, is called a(n). of accounts.Instructions Adele Corp., a wholesaler of music equipment, issued $31,400,000 of 20-year, 5% callable bonds on March 1, 20Y1, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions Refer to the Chart of Accounts for exact wording of account fifles 20Y1 Mar. Sept. 20Y5 Sept. Chart of Accounts Journal 1 Issued the bonds for cash at their face amount. Paid the interest on the bonds 1 1 Called the bond issue at 103, the rate provided in the bond indenture. (Omit entry for payment of interest.) X
- Advances from customers are classified as a(n) a. b. C. d. Select one: a. current asset. b. current liability. С. expense. d. revenue.Explain the phrase “debits equal credits” with regard to journal entries.Increases in asset accounts are recorded on the debit side the right side the dark side the credit side
- Complete the statement: closing entries ________ A. Reflect the net income for the accounting period B. Are also posted in the subsidiary ledgers C. Involve all ledger accounts D. Are recorded in the special journals The process wherein transactions are recorded in the journal are transferred to the appropriate accounts in the general ledger and subsildiary ledgers, if appropriate, is called ___________ A. Ledgering B. Analyzing C. Posting D. JournalizingWhich of the following accounts could be part of a regular journal entry, an adjusting entry, a closing entry, and a reversing entry? interest revenue account receivable depreciation expense unearned revenue prepaid insuranceRiverbed Cole Inc. acquired the following assets in January of 2018. Equipment, estimated service life, 5 years; salvage value, $14,500 Building, estimated service life, 30 years; no salvage value $536,500 $669,000 The equipment has been depreciated using the sum-of-the-years digits method for the first 3 years for financial reporting purposes. In 2021, the company decided to change the method of computing depreciation to the straight-line method for the equipment, but no change was made in the estimated service life or salvage value. It was also decided to change the total estimated service life of the building from 30 years to 40 years, with no change in the estimated salvage value. The building is depreciated on the straight-line method. (a) Prepare the general journal entry to record depreciation expense for the equipment in 2021. (b) Prepare the journal entry to record depreciation expense for the building in 2021. (Round answers to O decimal places, e.g. 125. Credit account…
- Date General Account Titles and Explanations Ref. Debit CreditFor each account, identify whether the normal balance is a debit or credit a.Notes Payable b.Dividends c.Service Revenue How do i figure this out?The type of account with a normal credit balance is: Group of answer choices an asset drawing a revenue an expense
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