accounting solved problems

Document Content and Description Below

A company completed the following transactions during the month of​ October: I. Purchased office supplies on​ account, $ 5600. II. Provided services for​ cash, $ 20000. III. Provided se ... rvices on​ account, $ 35000. IV. Collected cash from a customer on​ account, $ 27 comma 000. V. Paid the monthly rent of $ 4000. What was the​ company's total revenue for the​ month? A company completed the following transactions during the month of​ October: I. Purchased office supplies on​ account, $ 5000. II. Provided services for​ cash, $ 20000. III. Provided services on​ account, $ 17000. IV. Collected cash from a customer on​ account, $ 7000. V. Paid the monthly rent of $ 13000. What was the​ company's net income for the​ month? A company had credit sales of $ 30,000 and cash sales of $ 23,000 during the month of May. Also during​ May, the company paid wages of $ 22,000 and utilities of $ 10,000. It also received payments from customers on account totaling $5,000. What was the​ company's net income for the​ month? A company received $ 34000 cash and issued common stock in exchange. How does this transaction affect the accounting​ equation? A. Add $ 34000 to Cash and add $ 34000 to Common Stock. B.Add $ 34000 to Cash and add $ 34000 to Retained Earnings. C.Add $ 34000 to Dividends and subtract $ 34000 from Retained Earnings. D.Add $ 34000 to Cash and add $ 34000 to Revenue. A business paid $ 3400 on account. The journal entry​ would: A. debit Accounts Receivable for $ 3400 and credit Revenue for $ 3400. B. debit Accounts Payable for $ 3400 and credit Cash for $ 3400. C. debit Cash for $ 3400 and credit Accounts Payable for $ 3400. D. debit Cash for $ 3400 and credit Retained Earnings for $ 3400. On May​ 1, a business provided legal services to a client and billed the client $ 3 comma 600. The client promised to pay the business in one month. Which journal entry should the business record on May​ 1? A. Debit Cash for $ 3600 and credit Retained Earnings for $ 3600. B. Debit Accounts Receivable for $ 3600 and credit Service Revenue for $ 3600. C. Debit Cash for $ 3600 and credit Service Revenue for $ 3600. D. Debit Accounts Payable for $ 3600 and credit Service Revenue for $ 3600. The Accounts Receivable account for​ Johnny's Mechanic Shop had a beginning balance of $ 36000. During the​ month, Johnny made sales on account of $ 46000. The ending balance in the Accounts Receivable account is $ 31000. What are cash collections for the​ month? A. $ 82000 B. $ 51000 C. $ 36000 D.$ 46000 The accounts of Yardy Company are as follows on November​ 30, 2019: Accounts Payable.............................$26,500 Accounts Receivable........................$16,600 Cash..................................................$73,000 Common Stock..................................$37,000 Dividends ..............................................$8,000 Insurance Expense................................$4,100 Retained Earnings ................................$28,800 Salary Expense.......................................$14,000 Sales Revenue........................................$11,000 Supplies ..................................................$1,500 What is the total of the debit column in the trial balance at November​ 30, 2019? A. $117,200 B. $109,200 C.$100,300 D. $220,500 [Show More]

Last updated: 3 years ago

Preview 1 out of 2 pages