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  1. Answer is C. You list all the accounts...

    Answer is C.

    You list all the accounts (unadjusted trial balance)
    Then adjusting entries

    Closing entries are not shown on worksheet
  2. You always debit the depreciation expense, and...

    You always debit the depreciation expense, and credit accum depreciation

    Therefore, answer B
  3. Answers
    1
    Views
    1,134

    You are correct, B

    You are correct, B
  4. Answers
    2
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    527

    It would be an increae in the revenue accounts.

    It would be an increae in the revenue accounts.
  5. Assets = Liabilities + Equity

    Assets = Liabilities + Equity
  6. Answers
    2
    Views
    4,116

    So your books say you should have 880, and yet...

    So your books say you should have 880, and yet you only have 325 left.

    Therefore you used up 880-325 = 555

    Therefore, the adjusting JE would be:
    Dr. Supplies Expense 555
    Cr. Supplies 555
  7. Answers
    2
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    1,013

    If you are investing Cash into the shares of a...

    If you are investing Cash into the shares of a company, Able...

    THen your cash will go down, and your capital stock will go up.

    Therefore, answer A
  8. Answers
    2
    Views
    2,278

    True is the correct answer. One example could...

    True is the correct answer.

    One example could be, you debit Accounts Receivable for 200 instead of a debit to Cash
  9. Answers
    1
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    398

    Sure, why would it not be ethical? The...

    Sure, why would it not be ethical? The transaction is being recorded.
  10. Answers
    4
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    6,246

    So from your question, it sounds like you are...

    So from your question, it sounds like you are specifically referring to just employee stock options. In that case, there is no reason not to. Do you know of some employees who aren’t taking...
  11. Answers
    1
    Views
    1,724

    Best way to show it to you would be an example. ...

    Best way to show it to you would be an example.

    Example 1. Costs are declining.

    The first 100 units purchases on Jan 1 were at $5 per unit. So a total value of $500.
    The next 100 units were...
  12. 2007 EPS: Net Income 762,500 – Preferred...

    2007 EPS:
    Net Income 762,500 – Preferred Dividends 65,000 = 697,500 (which is available to common shareholders). Divide that by how many shares you have which is 100,000, and you have how much...
  13. Answers
    2
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    454

    2005 Amortization: 250,000 / 25 = 10,000 ...

    2005 Amortization:
    250,000 / 25 = 10,000

    Therefore, it will also be 10,000 for the 2006 amortization expense.

    2007 Amortization:
    Value of the Machine to be amortized = 250,000 – 10,000 –...
  14. Answers
    3
    Views
    3,549

    I agree with Gem_22205. SOL relates to how...

    I agree with Gem_22205.

    SOL relates to how long they can wait until they charge you with a crime. They have already charged you.

    A bench warrant will NEVER expire. You could get arrested for...
  15. Answers
    1
    Views
    518

    You will NOT go to jail for not paying your...

    You will NOT go to jail for not paying your debts. Well, maybe you will go to jail if you do not pay your taxes, but as for the debts you described, you won't go to jail.

    I also see no reason...
  16. So let's say the house was worth 23,000 at the...

    So let's say the house was worth 23,000 at the time of your wife's mother's death.

    You sold it for 25,000.

    Therefore, there is a capital gain of 2,000. Capital gains are taxed at 50%, so the...
  17. Answers
    1
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    3,443

    Yes, the sales are $8 million

    Yes, the sales are $8 million
  18. You would… Dr. Cash 1,000 Cr. A/R – Client...

    You would…

    Dr. Cash 1,000
    Cr. A/R – Client 1,000

    Dr. Legal Fees/Expense 300
    Cr. Cash 300

    You can write the above 2 JE as just 1 entry, netting the cash amount. I just broke it out so you...
  19. Answers
    3
    Views
    684

    What happened to the vehicle? Did you sell it? ...

    What happened to the vehicle? Did you sell it? Just take it to a garbage lot?

    There is most likely accumulated amortization on it.

    So, the JE is:

    Dr. Accumulated Amortization...
  20. Answers
    3
    Views
    784

    Yes, it is correct. Well done!

    Yes, it is correct.

    Well done!
  21. Answers
    1
    Views
    402

    Yes, you are correct.

    Yes, you are correct.
  22. Answers
    2
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    1,087

    First, you do have a contract with the collection...

    First, you do have a contract with the collection agency (most likely).

    For example, you owe money on a credit card. You have a contract with the credit card company. The credit card company...
  23. Let us assume Rent is $100 a month. On Dec....

    Let us assume Rent is $100 a month.


    On Dec. 1, the JE is
    Dr. Prepaid Rent 200
    Cr. Cash 200

    This JE is made because you have prepaid 2 months rent, for the MONTH of Dec and Jan.
  24. Unearned Revenue most likely, assuming the cash...

    Unearned Revenue most likely, assuming the cash received has not yet been earned.
  25. J 2oz – sell .05 R 1oz - .15 Did you get the...

    J 2oz – sell .05
    R 1oz - .15

    Did you get the numbers wrong? You make more money per R biscuit….. and it takes LESS oz. of flour to use. So make 200 of the R biscuits.
  26. Answers
    6
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    8,814

    The calculation is GM / Sales Dividends you...

    The calculation is GM / Sales

    Dividends you pay out have no barring on your Gross Margin.

    So, 39.9% is the correct answer….GM / Sales
  27. Answers
    3
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    651

    So according to your chart…the outstanding shares...

    So according to your chart…the outstanding shares would be:

    6,000 shares from the $2 pref

    47,000 shares from Common Stock (53,000 total, - 6,000 that you have bought back)

    So that would be...
  28. Answers
    3
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    687

    1) Dr. Sales Returns and Allowances 800 Cr....

    1)
    Dr. Sales Returns and Allowances 800
    Cr. Accounts Payable – Credit Note to customer 800

    2)
    Dr. Accounts Receivable
    Cr. Purchase Returns and Allowances

    3)
    Since have received NO Cash,...
  29. We know that the break even point is: Sales...

    We know that the break even point is:

    Sales 1,000,000
    VC something (12 per unit)
    FC 400,000
    Net Income 0

    Therefore, VC must be 600,000

    Therefore, how many units were sold?
  30. Answers
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    970

    The “indeterminate lives” refers to the actual...

    The “indeterminate lives” refers to the actual asset.

    So, a cost related to Goodwill for example. Goodwill has no specific end life. It could remain on the books forever.
  31. Dr. New Car Dr. Accumulated Amortization Old Car...

    Dr. New Car
    Dr. Accumulated Amortization Old Car
    Cr. Old Car

    And whatever other journal entries are needed based on the facts of the case...

    So you will probably have a Cr. To Cash

    And...
  32. Answers
    1
    Views
    1,037

    July 1, 1991 Bought Patent for 114,000 July 1...

    July 1, 1991 Bought Patent for 114,000
    July 1 ,1991 Legal Fees 6,000

    Total July 1, 1991 120,000

    Patent Life is 17 years.

    Therefore, amortization expense per full year is: 120,000 / 17 =...
  33. Since you have signed no such non-compete clause,...

    Since you have signed no such non-compete clause, then you have no legal obligation once you leave. You may then compete against your former employer.
  34. Answers
    16
    Views
    1,189

    So let me see if I understand this correctly. ...

    So let me see if I understand this correctly.

    A man representing a charity comes to your friends house. Your friend donates 2 parrots to the charity, in exchange that the man not disclose the...
  35. Answers
    16
    Views
    1,498

    Wait a second….you found this our right after you...

    Wait a second….you found this our right after you married her, 16 years ago?

    Then you should have left her then…not stuck around for 16 years and had not one, byt two children.

    Sorry dude, you...
  36. Answers
    1
    Views
    535

    On March 31 you prepaid for 1 year. Therefore,...

    On March 31 you prepaid for 1 year.

    Therefore, on December 31, 9 months have passed, so 9 months out of 12 months have been used up of the insurance.

    Therefore... insurance expense is 9/12 of...
  37. Answers
    10
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    3,705

    Scott, The age difference clause of 5 years...

    Scott,

    The age difference clause of 5 years pertains ONLY to 14 and 15 year old. The base age which was 14 is now 16. Therefore once a person turns 16, they can have sex with anyone they want...
  38. Answers
    10
    Views
    3,705

    Let me clear up the Canadian law for you. The...

    Let me clear up the Canadian law for you.

    The age of consent is 16 (or soon to be 16). That means, if you are 16 or older, you can have sex with anyone. So a 57 year old can have sex with a 16...
  39. Answers
    18
    Views
    1,658

    They appeared to have done nothing wrong to me. ...

    They appeared to have done nothing wrong to me.

    Had you refused to go back in…they could have either only a) let you go or b) forcibly detained you.

    If you stole from them, they can detain you....
  40. Question: Term life

    by CaptainForest
    Answers
    3
    Views
    469

    No it will not. Here is why… If you die,...

    No it will not.

    Here is why…

    If you die, and have not kept up on your premiums, then they don't have to pay out an insurance policy.

    Therefore, they don't care about your financial history...
  41. Answers
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    418

    Please see the identical problem (and answer)...

    Please see the identical problem (and answer) posted by user dora1223 at the following link:

    https://www.askmehelpdesk.com/accounting/how-do-you-get-beggining-owners-equity-212783.html
  42. Opening + Investments - Withdrawals - Net Loss...

    Opening
    + Investments
    - Withdrawals
    - Net Loss
    = Closing

    Therefore, Opening is 5,435
  43. Answers
    1
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    871

    Cash Collections in September: July = 10% x...

    Cash Collections in September:
    July = 10% x 100,000
    August = 25% x 80,000
    September = 65% of 110,000

    Total = 101,500
  44. 1) Maybe, consult with an attorney 2) lawyer and...

    1) Maybe, consult with an attorney
    2) lawyer and attorney is the same thing... yes, get one. Try legal aid. You said you are a student... most universities in canada (well here in ontario anyways)...
  45. Answers
    3
    Views
    466

    So some random, unassociated person gave your...

    So some random, unassociated person gave your company some asset for free?

    Dr. Asset (at its fair market value)
    Cr. Shareholder's Equity
  46. Answers
    1
    Views
    17,785

    Dr. Cash Cr. Dividend Revenue

    Dr. Cash
    Cr. Dividend Revenue
  47. Answers
    5
    Views
    24,181

    Yeah, that is unearned revenue. (regarding the...

    Yeah, that is unearned revenue. (regarding the income treated as a liability)

    When someone pays you in advance, and you have not earned the revenue yet, but have received the cash upfront.
  48. Answers
    1
    Views
    742

    The first part is to determine what it currently...

    The first part is to determine what it currently costs to manufacture this product.

    They told us that the costs are:
    (1) circuit boards and other components $30,000
    (2) wages for assembly line...
  49. Answers
    2
    Views
    651

    Current Assets: Cash $179,500 Accounts...

    Current Assets:
    Cash $179,500
    Accounts receivable $123,000
    Supplies $3,750

    Fixed Assets:
    Buildings $418,500
    Land $130,000
  50. Answers
    16
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    978

    I thought a judgment could only last for a...

    I thought a judgment could only last for a maximum of 20 years in Ontario.
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