Assume that the chart of accounts for Roth Co. includes the following accounts:  Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense. On July 1, Sam Roth transferred additional cash from a personal bank account for the business, $5,000.  Using the chart of accounts above, indicate the account that should be recorded in the Description column of the Journal item (2) as the credit account for the $5,000 amount.  Date Description P.Ref. Debit Credit July 1 (1)   $5,000          (2)     $5,000

The balance in the equipment account before adjustment on December 31 of the current year is $60,000 and the balance of accumulated depreciation on December 31, 2007 is $24,000. The adjustment amount for depreciation for the year is $10,000. What account should be credited in the journal (2) and for what amount to record the adjusting entry to record this depreciation based on this information? Date Description P.Ref. Debit Credit   Adjusting Entries       Dec. 31 (1)   ?          (2)     ?  

Assume that the chart of accounts for Roth Co. includes the following accounts:  Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense. On July 1, the company paid creditors on account $9,000.  Using the chart of accounts above, indicate the account that should be recorded in the Description column of the Journal item (2) as the credit account for the $9,000 amount.  Date Description P.Ref. Debit Credit July 10 (1)   $9,000          (2)     $9,000  

On September 30, 2005, Dart Co.’s bank statement showed a balance of $8,510, and the checkbook showed a balance of $7,540.  When preparing the bank reconciliation it was determined that a deposit of $1,900 had been mailed to the bank by Dart Co. on September 29 and was not included in the September 30 bank statement.  Which of the following statement correctly details what should be done with this outstanding deposit when preparing the reconciliation?

Assume that the chart of accounts for Roth Co. includes the following accounts:  Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense. On July 7, the company recorded jobs completed and billed to the customers for the week $12,000.  Using the chart of accounts above, indicate the account that should be recorded in the Description column of the Journal item (2) as the credit account for the $12,000 amount.  Date Description P.Ref. Debit Credit July 7 (1)   $12,000          (2)     $12,000  

The balance in the salaries expense account before adjustment on December 31 of the current year is $52,000. The amount of accrued salaries for December 30 and 31 are $2,500. What account should be debited in the journal (1) and for what amount to record the adjusting entry for accrued salaries based on this information? Date Description P.Ref. Debit Credit   Adjusting Entries       Dec. 31 (1)   ?          (2)     ?  

When preparing a report form of a Balance Sheet for a merchandising business, assume that the following accounts had the following balances on the Adjusted Trial Balance: Cash, $50,000; Accounts Receivable, $60,000; Merchandise Inventory, $100,000; Land, $30,000; Equipment, $140,000; Accumulated Depreciation-Equipment, $40,000. What would be the book value of the Equipment for this Balance Sheet?

When preparing a report form of a Balance Sheet for a merchandising business, assume that the following accounts had the following balances on the Adjusted Trial Balance:  Accounts Payable, $25,000; Wages Payable, $2,000; Mortgage Notes Payable (due in 10 years), $123,000 (current portion of the note, $3,000).  What would be the Total Long-Term Liabilities for this Balance Sheet? LIABILITIES       Current liabilities:                     ______   Total current liabilities     Long-term liabilities:         ______ Total liabilities      

In the closing entries to close the expense accounts, what entry would be made to each expense account?

Assume that the chart of accounts for Roth Co. includes the following accounts:  Cash, Accounts Receivable, Equipment, Accounts Payable, Sam Roth, Capital, Sam Roth, Drawing, Fees Earned, Salary Expenses, and Utilities Expense. On July 1, Sam Roth transferred additional cash from a personal bank account for the business, $5,000.  Using the chart of accounts above, indicate the account that should be recorded in the Description column of the Journal item (1) as the debit account for the $5,000 amount.  Date Description P.Ref. Debit Credit July 1 (1)   $5,000          (2)     $5,000