Exercise – Business Paid on Account
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Given the amount a business paid on account… determine what would be included in the journal entry.
Given the amount a business paid on account… determine what would be included in the journal entry.
Given a list of transactions including the purchase of supplies, services for cash, services on account, and monthly rent… calculate total revenue, net income, and the net cash inflow or outflow.
Given credit sales, cash sales, wages, utilities, payments received, and beginning cash balance… determine the ending cash balance.
Given a chart showing account balances for two months along with additional information… prepare a T-account for cash, accounts receivable, and notes payable.
Given cash, accounts receivable, inventory, prepaid insurance, accounts payable, salary payable, notes payable, and short-term investment… determine the quick ratio.
Given uncollectible accounts, accounts receivable, allowance accounts, service revenue, and cash collections … determine the net realizable value of the accounts receivable.
Given the cash, purchased supplies, and purchased equipment of the company… determine the total assets and liabilities.
Given the amount supplies were purchased for along with cash paid… determine the journal entry that would be recorded.
Given the gross percent along with a table of service revenue and write-offs… make journal entries regarding the information.
Given the beginning unearned revenue balance, the ending balance, and the credited amount… determine how much revenue was earned during the year.