A company received a bill of $2,110 for utilities used in the current month. The journal...

A company received a bill of $2,110 for utilities used in the current month. The journal entry to record this event: Multiple Choice will include a debit to Accounts Receivable for $2,110. will include a credit to Accounts Payable for $2,110. will include a credit to Utilities Expense. is not required; no journal entry should be prepared until the utilities bill is paid.

Expert Solution

Solution:

The journal entry to record Utilities bill for current month:

Debit Utilities expense...........................$2110

Credit Accounts Payable.....................................$2110

Hence second option "will include a credit to Accounts Payable for $2,110" is correct.

ekkarill92 answered 2 years ago

Received a telephone bill of $110 for the current month. The journal entry to record the...

Received a telephone bill of $110 for the current month. The journal entry to record the transaction is: Select one: a. debit, telephone payable $110 and credit, telephone expense $110. b. debit, telephone expense $110 and credit, telephone payable $110. c. debit, telephone expense $110and credit, cash $110. d. debit, telephone payable $110 and credit, cash $110.

Able Graphics received a $400 utility bill for the current month's electricity. It is not due...

Able Graphics received a $400 utility bill for the current month's electricity. It is not due until the end of the next month which is when they intend to pay it. Which of the following general journal entries will Able Graphics make to record this transaction? Multiple Choice Utilities Expense 400 Cash 400 Cash 400 Utilities Expense 400 Utilities Expense 400 Accounts Payable 400 Accounts Payable 400 Utilities Expense 400 No journal entry is required

You see the current 3-month T-bill quoted on a discount basis at1.9325-1.9250. The T-bill has...

You see the current 3-month T-bill quoted on a discount basis at 1.9325-1.9250. The T-bill has a $10,000 face value. The T-bill has 90 days until maturity. What price would you receive for selling one of these T-bills (disregarding transaction charges)? Enter the price you would receive rounded to the nearest cent.

You see the current 3-month T-bill quoted on a discount basis at 1.9325-1.9250. The T-bill has...

You see the current 3-month T-bill quoted on a discount basis at 1.9325-1.9250. The T-bill has a $10,000 face value. The T-bill has 86 days until maturity. What is the bid-ask spread on this quote on a price basis rounded to the nearest cent?

1 Ready Company received a bill for advertising. The accountant would record a a.credit to cash....

1 Ready Company received a bill for advertising. The accountant would record a a.credit to cash. b.credit to accounts payable. c.credit to accounts receivable. d.credit to advertising expense. 2 Which of the following is not true? a.The capital account would be increased with a debit. b.A liability account would be increased with a credit. c.An asset account would be decreased with a credit. d.The drawing account would be increased with a debit. 3 Accounts Payable is reported on which financial...

1. a. You see the current 3-month T-bill quoted on a discount basis at 1.9425-1.9350. The...

1. a. You see the current 3-month T-bill quoted on a discount basis at 1.9425-1.9350. The T-bill has a $10,000 face value. The T-bill has 86 days until maturity. What price would you pay for one of these T-bills (disregarding transaction charges)? Enter the price you would pay rounded to the nearest cent. b. You see the current 3-month T-bill quoted on a discount basis at 1.9325-1.9250. The T-bill has a $10,000 face value. The T-bill has 86 days until...

The transactions listed below occurred during the current month. Prepare the journal entries for each transaction...

The transactions listed below occurred during the current month. Prepare the journal entries for each transaction and match the correct amount, account, debit or credit that follows. Total materials issued to production, $145,000 of which $115,000 was traceable to specific jobs. Labor costs incurred during the period totaled $280,000, of which $80,000 related to factory supervisors and factory custodians. Depreciation recorded on equipment was $52,000. $45,000 of this amount was on equipment used in factory operations, and the remaining $7,000...

What journal entry would be recorded if a company received a $12,000 payment from a customer...

What journal entry would be recorded if a company received a $12,000 payment from a customer for maintenance services to be provided over the next two months: Debit Cash, credit Unearned Revenue Debit Unearned Revenue, credit Cash. Debit Unearned Revenue, credit Sales Debit Cash, credit Revenue Payable. Debit Sales, credit Unearned Sales

The number of complaints received by a company each month follows a Poisson distribution with mean...

The number of complaints received by a company each month follows a Poisson distribution with mean 6. (a) Calculate the probability the company receives no complaint in a certain week. (b) Calculate the probability the company receives more than 4 complaints in a 2-week period. (c) Over a certain month, calculate the probability the company receives fewer complaints than it usually does with respect to its monthly average.

Suppose the current interest rate is 6%. What price should we expect to pay for a three-month Treasury bill with face value $10,000 that is a month old?

- Suppose the current interest rate is 6%. What price should we expect to pay for a three-month Treasury bill with face value $10,000 that is a month old? - Suppose the US dollar is depreciating against the Canadian dollar by 5% per year. If the US nominal interest rate is 10%, and the risk premium is 1%, then Canad's nominal interest rate is: - Suppose Canada and the US are in an equilibrium with a flexible exchange rate...

Question