ACCT WCJC

fees earned
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Terms in this set (41)
fees earned
revenue, credit
Accounts Receivable
asset, debit
Insurance Expense
expense, debit
cash
asset, debit
common stock
equity, credit
Wages Payable
liability, credit
Fees Revenue
revenue, credit
Prepaid Insurance
asset, debit
Dividends
equity, debit
accounts payable
liability, credit
supplies expenseexpense, debitlandasset, debitsales commission revenuerevenue, creditprepaid expensesasset, debitNotes Receivableasset, debitSalaries Expenseexpense, debitSalaries Payableliability, creditRent Expenseexpense, debitequipmentasset, debitsuppliesasset, debitauto expenseexpense, debitNotes Payableliability, creditassets accountscash land buildings equipment supplies accounts received notes received prepaid accountsliability accountsnotes payable unearned revenue accused liabilities accounts payableequity accountscommon stock + dividends - revenues + expenses -revenue and common stock do what?increase equityexpenses and dividends do what?decrease equityIf Houston Company billed a client for $10,000 of consulting work completed, the accounts receivable asset increases by $10,000 and:Revenue increases $10,000Alpha Company has assets of $600,000, liabilities of $250,000, and equity of $350,000. It buys office equipment on credit for $75,000. What would be the effects of this transaction on the accounting equation?Assets increase by $75,000 and liabilities increase by $75,000.A balance sheet lists:The types and amounts of assets, liabilities, and equity of a business as of a specific date.Use the following information as of December 31 to determine equity. CASH - 57,000 BUILDINGS - 175,000 EQUIPMENT - 206,000 LIABILITIES - 141,000$297,000A company's balance sheet shows: cash $22,000, accounts receivable $16,000, office equipment $50,000, and accounts payable $17,000. What is the amount of stockholders' equity?$71,000.Accounts payable appear on which of the following statements?Balance sheet.Charlie's Chocolates Inc.'s stockholders made investments of $50,000 and dividends of $20,000. The company has revenues of $83,000 and expenses of $64,000. Calculate its net income.$19,000.Determine the net income of a company for which of the following information is available for the month of July. EPLOYE SALARIES EXPENSE - 180,000 INTEREST EXPENSE- 10,000 RENT EXPENSE - 20,000 CONSULTING REVENUE - 400,000190,000Marsha Bogswell is the owner of Bogswell Legal Services, Inc. Which accounting principle requires Marsha to keep her personal financial information separate from the financial information of Bogswell Legal Services, Inc.?Business entity assumption.Select the account below that normally has a credit balance.Wages PayableIdentify the account below that is classified as an asset in a company's chart of accounts:Accounts ReceivableIdentify the accounts that would normally have balances in the debit column of a business's trial balance.Assets and expenses.All of the following are asset accounts except:Supplies expense.A debit:Is the left-hand side of a T-account.