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XYZ Catering received $800 cash from a customer for catering services to be provided next month. Given the choices below, determine the general journal entry that XYZ Catering will make to record the cash receipt. Assume the company’s policy is to initially record prepaid and unearned items in balance sheet accounts.

Murphy, Inc. purchases a machine at the beginning of the year at a cost of $60,000. The machine is depreciated using the double-declining-balance method. The machine’s useful life is estimated to be 4 years with a $5,000 salvage value. The machine’s book value at the end of year 3 is:

At the beginning of the year, a company’s balance sheet reported the following balances: Total Assets = $225,000; Total Liabilities = $25,000; Total Paid-in capital of $100,000; and Retained earnings = $100,000. During the year, the company reported revenues of $46,000 and expenses of $30,000. In addition, dividends for the year totaled $20,000. Assuming no other changes to Retained earnings, the balance in the Retained earnings account at the end of the year would be:

Based on the following information from Sicard Company’s balance sheet, calculate the current ratio.        Current assets $ 87,000 Investments   50,000 Plant assets   220,000 Current liabilities   39,000 Long-term liabilities   90,000 Retained earnings   228,000

Technology:

Cash investments by stockholders are listed on which of the following statement(s)?

On December 15 of the current year, Cooper Bookkeeping Services signed a $40,000 contract with a client to provide bookkeeping services to the client in the following year. Which accounting principle would require Cooper Bookkeeping Services to record the bookkeeping revenue in the following year and not the year the cash was received?

Identify the item below that would cause the trial balance to not balance.

A company reported total equity of $145,000 at the beginning of the year. The company reported $210,000 in revenues and $165,000 in expenses for the year. There were no stockholder investments or dividends during the year. Liabilities at the end of the year totaled $92,000. What are the total assets of the company at the end of the year?

Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following transactions occurred and were recorded in the company’s books: Andrea invested $13,500 cash in the business in exchange for common stock. Andrea contributed $20,000 of photography equipment to the business. The company paid $2,100 cash for an insurance policy covering the next 24 months. The company received $5,700 cash for services provided during January. The company purchased $6,200 of office equipment on credit. The company provided $2,750 of services to customers on account. The company paid cash of $1,500 for monthly rent. The company paid $3,100 on the office equipment purchased in transaction #5 above. Paid $275 cash for January utilities. Based on this information, the balance in the cash account at the end of January would be: