View the step-by-step solution to:

At the beginning of January of the current year, Thomas Law Center's ledger reflected a normal balance of $52,000 for accounts receivable. During...

Hello, I need help with 10 problems from Accounting 510. Thank you.
1. At the beginning of January of the current year, Thomas Law Center's ledger reflected a normal balance of $52,000 for accounts receivable. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be: $2,300. $49,700. $49,300. $54,300. $54,700. 2. An accountant has debited an account for $3,600 and credited a liability account for $2,200. Which of the following would be an incorrect way to complete the recording of this transaction? Credit another liability account for $1,400. Credit another asset account for $1,400. Credit an expense account for $1,400. Credit the owner's capital account for $1,400. Debit another asset account for $1,400. 3. At the beginning of the current year, Taunton Company's total assets were $263,000 and its total liabilities were $182,500. During the year, the company reported total revenues of $108,000, total expenses of $83,500 and owner withdrawals of $6,500. There were no other changes in owner's capital during the year and total assets at the end of the year were $275,000. Taunton Company's debt ratio at the end of the current year is: 69.4%. 64.2%. 35.8%. 55.8%. Cannot be determined from the information provided. 4. During the month of February, Hoffer Company had cash receipts of $8,100 and cash disbursements of $9,200. The February 28 cash balance was $2,400. What was the January 31 beginning cash balance? $1,100.
Background image of page 1
$4,600. $0. $1,300. $3,500. 5. Andrea Conaway opened Wonderland Photography on January 1 of the current year. During January, the following transactions occurred and were recorded in the company's books: 1. Conaway invested $16,500 cash in the business. 2. Conaway contributed $23,000 of photography equipment to the business. 3. The company paid $2,700 cash for an insurance policy covering the next 24 months. 4. The company received $6,900 cash for services provided during January. 5. The company purchased $6,800 of office equipment on credit. 6. The company provided $3,050 of services to customers on account. 7. The company paid cash of $1,800 for monthly rent. 8. The company paid $3,400 on the office equipment purchased in transaction #5 above. 9. Paid $305 cash for January utilities. Based on this information, the balance in the cash account at the end of January would be: $48,350. $15,195. $22,300. $18,550. $16,500. 6. On March 31, Phoenix, Inc. paid Melanie Publishing Company $17,280 for a 3-year subscription for five different magazines. The subscriptions started immediately. What is the adjusting entry that should be recorded by Melanie Publishing Company on December 31 of the first year if the credit to record the collection was made to Unearned Fees? Debit Unearned Fees, $17,280; credit Fees Earned, $17,280. Debit Unearned Fees, $5,760; credit Fees Earned, $5,760. Debit Unearned Fees, $12,960; credit Fees Earned, $12,960. Debit Unearned Fees, $1,440; credit Fees Earned, $1,440. Debit Unearned Fees, $4,320; credit Fees Earned, $4,320. 7. On January 1 a company purchased a five-year insurance policy for $2,100 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance
Background image of page 2
Show entire document

This question was asked on Jan 23, 2013.

Recently Asked Questions

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors and customizable flashcards—available anywhere, anytime.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access or to earn money with our Marketplace.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
  • -

    Flashcards

    Browse existing sets or create your own using our digital flashcard system. A simple yet effective studying tool to help you earn the grade that you want!

    Browse Flashcards