Reference no: EM131287049
1. Golddigger Services Inc. provides services to clients. On May 1, a client prepaid Golddigger Services $71,000 for 6-months services in advance. Golddigger Services' general journal entry to record this transaction will include a:
2. The credit purchase of a new oven for $6,600 was posted to Kitchen Equipment as a $6,600 debit and to Accounts Payable as a $6,600 debit. What effect would this error have on the trial balance?
3. The purchase of land and buildings will generally be recorded in the same ledger account.
4. On July 1 of the current calendar year, Plum Co. paid $8,500 cash for management services to be performed over a two-year period. Plum follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. The adjusting entry on December 31 of the current year for Plum would include:
5. On May 1, a two-year insurance policy was purchased for $19,200 with coverage to begin immediately. What is the amount of insurance expense that would appear on the company's income statement for the first year ended December 31?
6. Fragmental Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $850. Fragmental collected the entire $6,800 cash on October 1 and recorded it as unearned revenue. The journal entry made by Fragmental Co. at year-end on December 31 would be:
7. A company's Office Supplies account shows a beginning balance of $720 and an ending balance of $640. If office supplies expense for the year is $3,700, what amount of office supplies was purchased during the period?
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What effect would this error have on the trial balance
: olddigger Services Inc. provides services to clients. On May 1, a client prepaid Golddigger Services $71,000 for 6-months services in advance. Golddigger Services' general journal entry to record this transaction will include a: The credit purchase o..
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