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  1. Question: Windows 10

    by pready
    Answers
    12
    Views
    686

    I downloaded it a few days ago and I have had a...

    I downloaded it a few days ago and I have had a few problems with it. One is that my internet start-up page was changed, but I was able to change it back to the one I like. Also the Favorites folder...
  2. Answers
    2
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    290

    Cash should have a debit balance. This will be...

    Cash should have a debit balance. This will be your starting point.
  3. Your accounts will be Notes Receivable and...

    Your accounts will be Notes Receivable and Accounts Receivable. The credit customer exchanged an account receivable to a note receivable.
  4. Answers
    6
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    313

    How would you journalize it. That is the question.

    How would you journalize it. That is the question.
  5. Answers
    2
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    301

    How would you do the journal entry to purchase...

    How would you do the journal entry to purchase the 2 items. Since both items have a useful life you would be purchasing an asset.
  6. Answers
    2
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    347

    The difference between an unadjusted and adjusted...

    The difference between an unadjusted and adjusted trial balances will be adjusting entries. Each adjusting entry will affect one balance sheet account and one income statement account. For an...
  7. Answers
    2
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    468

    You have to do an adjusting entry to move the...

    You have to do an adjusting entry to move the unearned client revenue to earned client revenue the amount of revenues that was prepaid that was earned in December. There is not enough information...
  8. Answers
    5
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    784

    For situation a, you have to add the beginning...

    For situation a, you have to add the beginning amount and the amount of premiums purchased during the year to get your prepaid account balance. Your adjusting entry will be the difference between the...
  9. Question: Adjusting Entry

    by pready
    Answers
    2
    Views
    246

    Not enough information provided to solve the...

    Not enough information provided to solve the problem. When is the adjusting entry being made? Is it at the end of July, end of August, or the end of September. Divide the advance payment by 3 to get...
  10. Answers
    2
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    282

    First you have to know what accounts are being...

    First you have to know what accounts are being affected, then you have to know how they are being affected either an increase or a decrease to the account. Then you have to know if the increase is a...
  11. Question: Accounting

    by pready
    Answers
    3
    Views
    295

    Looks like a journal entry. There will be 3...

    Looks like a journal entry. There will be 3 accounts with your debits and credits equaling $5,000
  12. You need to analyze the transactions to figure...

    You need to analyze the transactions to figure out what accounts are affected and how are they being affected. For a. you need to know the account balance of inventory. For f. you need to know the...
  13. Start with your revenues, then subtract your...

    Start with your revenues, then subtract your expenses to get income.
  14. Interest is equal to Principle times Rate times...

    Interest is equal to Principle times Rate times Time. You have your principle and rate, which is the monthly rate, so your time will be 1/12 for one month out of 12 months in a year. For more than...
  15. Your account will be Dividends Payable

    Your account will be Dividends Payable
  16. Question: Accouting

    by pready
    Answers
    3
    Views
    281

    You have to know 2 formulas to solve these types...

    You have to know 2 formulas to solve these types of problems.

    1. The basic accounting equation: Assets = Liabilities + Owners Equity

    2. The changes in equity formula: Beginning Owners Equity +...
  17. Answers
    1
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    280

    You have to think about the event. Are you...

    You have to think about the event. Are you receiving money for selling a product, are you spending money for an expense , are you receiving products that you ordered. You need to think about the...
  18. Answers
    1
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    314

    Yes, depreciation is recorded during the year of...

    Yes, depreciation is recorded during the year of sale. The depreciation may be for a partial year, so you would have to calculate the amount of time expired during the year.
  19. Answers
    1
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    307

    You will have two journal entries (one for the...

    You will have two journal entries (one for the sale and one for the cost of merchandise) or one compound journal entry.

    For the sale you will Debit Cash for the amount received and Credit Sales...
  20. You need to get a copy of a company's financial...

    You need to get a copy of a company's financial statements to answer your questions. You need to go to a site like Yahoo finance and go to a publicly traded company to download their financials. Or...
  21. Question: Aipb

    by pready
    Answers
    2
    Views
    614

    B will produce a prepaid amount by a customer,...

    B will produce a prepaid amount by a customer, which will be a credit amount in accounts receivable. The other transactions will still produce a normal looking balance in the accounts.
  22. You have to know 2 formulas to solve this type of...

    You have to know 2 formulas to solve this type of problem.

    No 1: The basic accounting equation, which is Assets = Liabilities + Owners Equity
    This can be rewritten as: Owners Equity = Assets -...
  23. Question: Accounting I

    by pready
    Answers
    2
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    414

    You have to know how many months you used the...

    You have to know how many months you used the insurance to calculate the amount of insurance expense. Your problem should tell you or you will have to figure the number of months before you can...
  24. Answers
    1
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    259

    Cash will be Debited because you are receiving...

    Cash will be Debited because you are receiving cash. The amount will be 4,000 shares times $50 a share.

    For the stock you should know the par value. If there is no par value, then you will...
  25. Answers
    2
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    245

    The answer will depend on what accounts your...

    The answer will depend on what accounts your company uses and how they record purchases of office supplies.
    The most common method is: Debit Office Supplies (or similarly named account) and Credit...
  26. Question: Correcting errors

    by pready
    Answers
    1
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    262

    First you should cancel out the $76 Credit by...

    First you should cancel out the $76 Credit by Debiting Supplies for $76

    Next you should Credit Supplies for $67
  27. Answers
    1
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    386

    First you have to calculate the Owners Equity at...

    First you have to calculate the Owners Equity at Dec 2015 (Ending), which is the basic accounting equation rewritten to: Assets - Liabilities = Owners Equity. So take your 2015 assets minus 2015...
  28. Do you have beginning amounts in your accounts...

    Do you have beginning amounts in your accounts and you will need to know when the transactions are being posted in order to post the transactions correctly.

    For an example you are writing a check...
  29. To solve your problem you first have to solve for...

    To solve your problem you first have to solve for owners equity, then use the basic accounting equation to solve for liabilities, or you will need a percentage number to solve for liabilities or...
  30. Answers
    3
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    1,630

    Change 804 to 806. 916-806-99=11

    Change 804 to 806. 916-806-99=11
  31. You need to know the changes is equity formula,...

    You need to know the changes is equity formula, which is:
    Beginning Owners Equity + Owners Investments - Owners Drawings + Net Income (Revenues - Expenses) = Ending Owners Equity

    So if you have...
  32. Is the framing cost for the tapestry for the...

    Is the framing cost for the tapestry for the owners benefit or the hotels benefit. If the cost is strictly for the owners benefit then the owner should pay the cost herself or you could treat the...
  33. Answers
    2
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    242

    I do not know what a Legacy is, but it appears to...

    I do not know what a Legacy is, but it appears to be anowner contribution.

    First thing before you get started that you need to know are two formulas, one is the basic accounting equation and the...
  34. Answers
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    305

    Your journal entry is correct. You first figured...

    Your journal entry is correct. You first figured out the number of shares issued and outstanding then multiplied it by the dividend per share amount to get your total dividends.

    Your closing...
  35. Question: Money worry

    by pready
    Answers
    3
    Views
    702

    You need to call whoever is supposed to be...

    You need to call whoever is supposed to be putting money in your bank account, as they are the only one you can tell you when the money will be sent your bank account. Next you can call your bank...
  36. Answers
    1
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    746

    First thing you have to do is journalize the...

    First thing you have to do is journalize the transactions, then post them to your accounts. Next you have to get the account balances and do a trial balance. After that you have to do your adjusting...
  37. Patents are an asset.

    Patents are an asset.
  38. Answers
    1
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    384

    Your question is requiring you to do an income...

    Your question is requiring you to do an income statement, so you need to determine which accounts on the trial balance are income statement accounts.

    For gross profit you take your sales minus...
  39. Answers
    2
    Views
    258

    You first have to know the basic accounting...

    You first have to know the basic accounting equation, which is: Assets = Liabilities + Owners equity

    Now you need to analyze the problem. So you are purchasing a building paying part of it by...
  40. Question: Basic accounting

    by pready
    Answers
    1
    Views
    1,575

    Amounts in accounts payable are not directly...

    Amounts in accounts payable are not directly shown in an income statement, otherwise known as a profit and loss statement.


    You need to think of the different journal entries involving accounts...
  41. Answers
    2
    Views
    448

    Simply take your purchase price less your...

    Simply take your purchase price less your residual value to get your depreciable base. Now take your depreciable base and divide it by the useful life to get your depreciation per year. Finally take...
  42. Answers
    1
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    304

    Sounds like design work would be a revenue, so: ...

    Sounds like design work would be a revenue, so:

    Service Revenue or Design Work preformed Revenue.
  43. Answers
    9
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    845

    If you are talking about a physical location a...

    If you are talking about a physical location a new casino would provide lots of jobs to a community, provide entertainment and increase spending by residents at other businesses.
  44. The answer is yes, also you will have to increase...

    The answer is yes, also you will have to increase your merchandise inventory for the cost of the merchandise (purchase price paid by the company) and decrease your cost of goods sold accounts for the...
  45. Answers
    1
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    275

    Capital stock has a normal credit balance.

    Capital stock has a normal credit balance.
  46. Cash does not affect the profit of a company. ...

    Cash does not affect the profit of a company. Profit is Revenues minus Expenses. Also cash is a balance sheet account and profit is known as Net Income and it comes from the Income Statement or...
  47. Question: Interest paid

    by pready
    Answers
    2
    Views
    359

    First you have to know the interest formula,...

    First you have to know the interest formula, which is: Principal * Rate * Time = Interest. Since you already know 3 amounts simply rearrange your formula to solve for the unknown amount.

    So Rate...
  48. To reduce your cash account you just simply spend...

    To reduce your cash account you just simply spend money on things like equipment, supplies, expenses, or just withdraw the money for personal use.

    To reduce your profits simply reduce your...
  49. Question: Journal entry

    by pready
    Answers
    1
    Views
    351

    Debit Cash and Credit Accounts Receivable for the...

    Debit Cash and Credit Accounts Receivable for the amount received.
  50. Question: Adjusting Entries

    by pready
    Answers
    1
    Views
    441

    Most of your answers and amounts are correct,...

    Most of your answers and amounts are correct, with the following exceptions:
    a. Debit Interest Expense for $262.50 and Credit Interest Payable for $262.50

    d. Debit Store Supplies for $1,800 and...
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