Please let me know how soon you can have this back to me i

Please let me know how soon you can have this back to me if you are requesting to shake hands. I need this back within 1 hour and 30 minutes it is timed. Respond quickly. Needs to be a perfect 100! assets increase; owner’s equity decreases assets increase; liabilities increase assets increase; liabilities decrease liabilities increase; owner’s equity decreases The accounting equation is Assets = Liabilities – Owners’ Equity. Assets are the resources a business possesses. Liabilities represent debts of a business. Examples of assets are cash land buildings and equipment. Owners’ equity are the rights of the owners. a corporation a proprietorship a partnership all of the above I and II. II and III. I and III. I II and III. Debit Cash and Debit Rent Expense Credit Cash and Credit Rent Expense Debit Rent Expense and Credit Cash Credit Rent Expense and Debit Cash (3) (2) (4) (1) (2) (3) (4) (1) (3) (2) (1) (4) (4) (3) (2) (1) Equipment 1275 Cash 1275 Cash 1275 Accounts Payable 2725 Equipment 4000 Equipment Expense 4000 Accounts Payable 1275 Cash 2725 Equipment 4000 Accounts Payable 2725 Cash 1275 Fees Earned Salary Expense Janet James Capital Accounts Payable Revenues and expenses are reported in the period in which cash is received or paid Revenues are reported in the income statement in the period in which they are earned Supports the matching concept All are correct. $84200 $85000 $82800 $82000 addresses the relationship between the journal and the balance sheet determines whether the normal balance of an account is a debit or credit requires that the dollar amount of debits equal the dollar amount of credits on a trial balance determines that expenses related to revenue be reported at the same time the revenue is reported Supplies Expense debit; Supplies credit James Smith Capital debit; Supplies credit Accounts Payable debit; Supplies credit Supplies debit; credit James Smith Capital Unearned Revenue Fees Earned Josh Morton Drawing Rent Expense The Adjusted Trial Balance will show the net income (loss) as an additional account. Both will need to be in balance in order to continue with the end-of-period processing The Adjusted Trial Balance includes the postings of the adjustments for the period in the balance of the accounts. The Unadjusted Trial Balance will be used to record the adjustments for the period. before the income statement and after the balance sheet before the income statement and balance sheet after the income statement and balanace sheet after the income statement and before the balance sheet Alberto Capital 31-Dec DEBIT8500 1-Jan CREDIT 6500 31-Dec CREDIT 18500 Alberto Drawing 30-Jun DEBIT 3500 31-Dec CREDIT 8500 30-Nov DEBIT 5000 Income Summary 31-Dec DEBIT 15000 31-Dec CREDIT 33500 31-Dec DEBIT 18500 Net income for the period is (Points : 3) $16500 $33500 $18500 $15000 $7800 net income $7800 net loss $85300 net income $77500 net loss Closing entries are journalized and posted to the ledger. Transactions are posted to the ledger. Adjusting entries are journalized and posted to the ledger. Financial statements are prepared. adjusting entries closing entries reversing entries adjusting and closing entries debit column of the Balance Sheet columns debit column of the Adjustments columns debit column of the Income Statement columns credit column of the Income Statement columns $970 $650 $300 $620 Merchandise Inventory Purchases Returns and Allowances Accounts Payable depending on the inventory system used. gross profit but not income from operations neither gross profit nor income from operations both gross profit and income from operations income from operations but not gross profit periodic system determines the inventory on hand only at the end of the accounting period periodic system keeps a record showing the inventory on hand at all times periodic system provides an easy means to determine inventory shrinkage periodic system records the cost of the sale on the date the sale is made Apr 3 Inventory 12 units @ $45 11 Purchase 13 units @ $47 14 Sale 18 units 21 Purchase 9 units @ $60 25 Sale 10 units Assuming the business maintains a perpetual inventory system calculate the cost of merchandise sold and ending inventory under First-in first-out: (Points : 3) cost of merchandise sold $1151; ending inventory $180 cost of merchandise sold $180; ending inventory $1151 cost of merchandise sold $1331; ending inventory $360 cost of merchandise sold $360; ending inventory $1331 Assuming that the company uses the perpetual inventory system determine the ending inventory for the month of May using the FIFO inventory cost method. (Points : 3) $264 $502 $400 $790 Retail Periodic Physical Perpetual first-in last-out last-in first-out first-in first-out average cost The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of the inventory at the end of the year according to the average cost method? (Points : 3) $1380 $1375 $1510 $1220 (Points : 3) $250000 $360000 $172500 $187500 is computed by dividing average inventory by cost of merchandise sold measures the relationship between the volume of goods sold and amount of inventory carried increases the risk of loss from damaged merchandise is computed by dividing the beginning inventory plus the ending inventory by two $160000 $80000 $40000 No change to net income. Net income will be overstated Net income will be understated. Only gross profit will be affected. reduces solvency increases the cost to safeguard the assets increases the losses due to price declines all of the above accounting records continuously disclose the amount of inventory a separate account for each type of merchandise is maintained in a subsidiary ledger a physical inventory is taken at the end of the period merchandise inventory is debited when goods are returned to vendors

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