Homework #2 | Quizerry

Homework #2 >> Introduction to Financial Accounting

BOC collected a $10,000 deposit in December for goods it will ship in January.

BOC delivered $10,000 of goods in December to a customer that paid a $10,000 cash deposit in November.

BOC collected $10,000 of cash in December from customers who received goods in November.

BOC delivered $10,000 of goods in December to customers that ordered them and have 30 days to pay for them.

BOC signed a contract to deliver $10,000 of goods to a customer in January.

BOC pays $10,000 in cash dividends in December.

BOC hires a new COO in December to start work in January. The COO will be paid $10,000 per month.

BOC pays its auditor $12,000 in December for all of the work the auditor performed during the year.

BOC receives a $10,000 invoice from its lawyers for services performed in December. The bill is due in January.

BOC pays its advertising agency $10,000 in December for ads that ran in December.

Dr. Cash 2,000

Cr. Inventory 2,000

Dr. Advances from Customers 2,000

Cr. Cash 2,000

Dr. Deposits 2,000

Cr. Future Revenue 2,000

Dr. Cash 2,000

Cr. Revenue 2,000

Dr. Cash 2,000

Cr. Advances from Customers 2,000

Dr. Cash 10,000

Cr. Revenue 10,000

Dr. Accounts Payable 8,000

Cr. Inventory 8,000

Dr. Cash 10,000

Cr. Revenue 10,000

Dr. Cash 10,000

Cr. Inventory 8,000

Cr. Revenue 2,000

Dr. Cash 10,000

Cr. Revenue 10,000

Dr. Cost of Goods Sold 8,000

Cr. Inventory 8,000

Dr. Cash 10,000

Cr. Inventory 10,000

No entry needed.

Dr. Rent Expense 10,000

Cr. Cash 10,000

Dr. Rent Expense 10,000

Cr. Prepaid Rent 10,000

Dr. Rent Expense 30,000

Cr. Prepaid Rent 30,000

Dr. Rent Expense 30,000

Cr. Cash 30,000

Dr. Software Amortization Expense 5,000

Cr. Cash 5,000

Dr. Software Amortization Expense 5,000

Cr. Software Revenue 5,000

Dr. Software Amortization Expense 5,000

Cr. Software 5,000

Dr. Software Amortization Expense 5,000

Cr. PP&E 5,000

No entry needed.

Dr. Order Backlog 500,000

Cr Revenue 500,000

Dr. Advances from Customers 500,000

Cr Revenue 500,000

Dr. Accounts Receivable 500,000

Cr Revenue 500,000

Dr. Accounts Receivable 500,000

Cr Unearned Revenue 500,000

Homework #2 >> Introduction to Financial Accounting

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