This is the debit and credit side of my income statement and balance sheet. Since it's a loss, should i also put parenthesis on credit total 395,000 to add it to 205,500 and will then balance the debit side?
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- Problem #1: State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate its normal balance. Accounts Receivable2. Commissions Earned3. Notes Payable4. Patricia Mayer, Capital5. Rent Revenue6. Wages Expense In addition, explain what each of these categories means for the financial statements by explaining their impactClassify each account below using the following alternatives: Asset, Liabilities, Equity, Revenue, Expenses. Also inform where each account has its normal balance: Debit or Credit. 1. Cash 2. Account Receivable 3. Supplies 4. Prepaid Insurance 5. Truck 6. Notes Payables 7. Rent Revenue 8. Sales Revenue 9. MR Capital 10. MR Drawings 11. Truck expenses 12. Depreciation expenses 13. Wages Expenses 14. Accrual Payable 15. Accounts Payables 16. Long Term Debt 17. InventoryKim Yi has prepared the following list of statements about accounts. 1. An account is an accounting record of either a specific asset or a specific liability.2. An account shows only increases, not decreases, in the item it relates to.3.Some items, such as Cash and Accounts Receivable, are combined into one account.4.An account has a left, or credit side, and a right, or debit side.5.A simple form of an account consisting of just the account title, the left side, and the right side, is called a T-account. Instructions: Part A. Identify each statement as true or false. If false, indicate how to correct the statement. Part B. Identify debits, credits, and normal balances.
- 2. ABC Cleaning Company paid rent of $900, check #102. Which accounts are affected? Is it an increase or decrease to the account? Where will the debit and credit be reported? OkayDO THIS ONLY TYPEWRITTEN FOR UPVOTE. DOWNVOTE FOR HANDWRITTEN. THANK YOU. SKIP IF YOU ALREADY DID THIS.Q#17: Continue with Zeal Company above. Consider the $12 of interest income reported on the June bank statement as well as the following categories discussed in class for adjusting journal entries. Select the true statement below. (i) Accrued Revenue (ii) Adjustment of an existing deferred revenue (iii) Error Correcting. A. Zeal would make a June AJE: debit Cash $12 and credit Interest Income $12. Classification: (i) above. B. Zeal would make a June AJE: debit Interest Receivable $12 and credit Interest Income $12. Classification: (i) above. C. Zeal would make a June AJE: debit Cash $12 and credit Interest Income $12. Classification: (iii) above. D. Zeal would make a June AJE: debit Cash $12 and credit Interest Income $12. Classification: (ii) above. E. Zeal would make a June AJE: debit Interest Receivable $12 and credit Interest Income $12. Classification: (iii) above.
- This is a T-Account for SERVICE REVENUE FEEHere are the transactions and amounts provided. I need to find out what Transaction C is.On the Credit SideBeginning Balance $6,000Transaction A $3,00Transaction B $3,500Transaction C? is on the Debit side. How do I figure out the amount of Transaction C. Please show me how to figure that out but also provide the answer. Thanks!1. When posting all transactions to the ledgers, the cash account will show a total amount in the credit side of A. 118,200 B. 362,000 C. 243,800 D. 100,000 2. What is the final balance of the cash account after posting all related transactions to the ledger and after taking the difference between the total debits and credits? A. 243,800 credit balance B. 243,800 debit balance C. 362,000 debit balance D. 362,000 credit balance 3. After posting all related transactions to the ledger, the service revenue account will show a total balance of A. 82,000 debit B. 58,000 debit C. 82,000 credit D. 58,000 creditHow would I answer these questions correctly?
- Carter Paint Company has plants in four provinces. Sales last year were $100 million, and the balance sheet at year-end is similar in percent of sales to that of previous years (and this will continue in the future). All assets and current liabilities will vary directly with sales. Assume the firm is already using capital assets at full capacity. Cash Accounts receivable. Inventory Current assets Capital assets Assets Total assets $9 15 10 34 34 $68 Balance Sheet (in $ millions) Liabilities and Shareholders' Equity Accounts payable Accrued vages Accrued taxes Current liabilities. Long-term debt Common stock Retained earnings Total liabilities and shareholders' equity $9 8 7 24 10 15 19 $68 The firm has an aftertax profit margin of 8 percent and a dividend payout ratio of 40 percent. a. If sales grow by 20 percent next year, determine how many dollars of new funds are needed to finance the expansion. (Do not round intermediate calculations. Enter the answer in millions. Round the final…For each of the following accounts, indicate whether we use a debit or a credit to decrease the balance of the account. a. Cash. b. Salaries Payable. c. Utilities Expense. d. Service Revenue.Please help me. Thankyou.
