University of Maryland ACCT ACCT 220 q1. Equipment with an estimated market value of $30,000 is offered… q14. Use the adjusted trial balance for Stockton Company below to answer the questions that follow. Stockton Company Adjusted Trial Balance 12/31/21 Cash 7,530 Accounts Receivable 2,100 Prepaid Expenses 700 Equipment 13,700 Accumulated Depreciation 1,100 Accounts Payable 1,900 Notes Payable   4,300 Common Stock 1,000 Retained Earnings   12,940 […]

University of Maryland ACCT ACCT 220 q1. Equipment with an estimated market value of $30,000 is offered… q13. A business pays biweekly salaries of $20,000 every other Friday for a ten-day period ending on that day.  The last payday of December is Friday, December 27.  Assume the next pay period begins on Monday, December 30, and the proper adjusting entry is journalized at the end of the […]

University of Maryland ACCT ACCT 220 q1. Equipment with an estimated market value of $30,000 is offered… . The balance in the supplies account before adjustment at the end of the year is $6,250.  The proper adjusting entry if the amount of supplies on hand at the end of the year is $1,500 would be debit Supplies, $1,500; credit Supplies Expense, $1,500 debit Supplies Expense, $4,750; […]

University of Maryland ACCT ACCT 220 q1. Equipment with an estimated market value of $30,000 is offered… q11. The unearned rent account has a balance of $78,000.  If $22,000 of the balance is unearned at the end of the accounting period, the amount of the adjusting entry is What effect will the following adjusting journal entry have on the accounting records? Depreciation Expense 2,150 Accumulated Depreciation […]

University of Maryland ACCT ACCT 220 q1. Equipment with an estimated market value of $30,000 is offered… q10. Buster Industries pays weekly salaries of $30,000 on Friday for a five-day week ending on that day.  The adjusting entry necessary at the end of the fiscal period ending on Tuesday is debit Salaries Payable, $12,000; credit Cash, $12,000 debit Salary Expense, $12,000; credit Dividends, $12,000 debit Salary […]

University of Maryland ACCT ACCT 220 q1. Equipment with an estimated market value of $30,000 is offered… q9. Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $14,000 and unexpired insurance of $3,000, for the fiscal year ending on April 30? debit Insurance Expense, $3,000; credit Prepaid Insurance, $3,000 debit Insurance Expense, $14,000; credit Prepaid […]

University of Maryland ACCT ACCT 220 q1. Equipment with an estimated market value of $30,000 is offered… q8. The information provided in a table for Bravo Company. Balance 12/31/15 Assets ????? Liabilities 117000 Equity 155000 Balance 12/31/16 Assets 295000 Liabilities 125000 Equity 170000 During the Year: Additional Stock Issued 10000 Dividends paid to shareholders 5000 Revenue ???? Expenses 175000 What is the amount for Bravo […]

University of Maryland ACCT ACCT 220 q1. Equipment with an estimated market value of $30,000 is offered… q7. Baltimore Company’s complete assets and liabilities are Accounts Receivable $3,250, Equipment $11,000, Accounts Payable $6,100, Prepaid Rent $2,400, Supplies $825, Bank Loan $2,950, and Tools $635. Baltimore’s total equity is: (All account balances are normal.) Baltimore Company experienced a total increase in stockholders’ equity of $120,000 during the […]

University of Maryland ACCT ACCT220 q1. Equipment with an estimated market value of $30,000 is offered… q6. Match each of the following accounts with its proper account group from groups listed below: Unearned Rent Patents Prepaid Insurance Fees Earned Dividends (Choices for above): Assets Liabilities Stockholders’ Equity Revenue Expenses

University of Maryland ACCT ACCT 220 q1. Equipment with an estimated market value of $30,000 is offered… q5, April 14 Equipment 15,000 Cash 5,000 Note Payable 10.000 Which is the best explanation for this journal entry? Purchased equipment; paid cash of $5,000, with the remainder to be paid in the future. Purchased equipment; paid cash of $10,000, with the remainder to be received in the […]