During June, Bravo Magazine sold for cash six advertising spaces for $400 each to be run in the July through December issues. On that date, Bravo properly recognized Unearned Revenue. The adjusting entry to record on July 31 includes: Question 7 options: a credit to Revenue for $2,000 a debit to Unearned Revenue for $400 a credit […]
On January 7, Bravo purchased supplies on account for $1,000, and recorded this purchase to the Supplies account. At the end of January, Bravo had $600 of these supplies still on hand. The proper adjusting journal entry at January 31 would: Question 8 options: include a debit to Supplies for $1,000 include a debit to Supplies Expense […]
During 2018, Towson Company had credit sales of $42,000 and cash sales of $18,000. In 2018 Towson collected $31,000 of accounts receivable resulting from sales on credit. Towson incurred operating expenses of $65,000; of this amount, $42,900 was paid in 2018, and the remaining balance represented a liability at year-end. In addition to these operating expenses, Towson also […]
A partial list shows that Charles Corporation’s adjusted trial balance included the following items (all account balances are normal): Accounts payable $50,000, Accounts receivable $52,500, Capital stock $100,000, Cash $42,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $3,200, Inventory $32,000, Note payable $30,000, Prepaid expenses $4,200, Property, plant & equipment $123,000, Retained earnings $46,000, […]
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