On September 25th, Red & White provided accounting work for a total of $1,500 and internal audit services for a total of $2,000. On that day, Red & White received cash payment for the accounting work, but the internal audit services were provided on account. What journal entry should Red & White record on September 25th?

On September 10th, Red & White paid employees wages of $650. Of the amount paid, $150 was for time worked in August. What journal entry should be recorded on August 31st?   What journal entry should be recorded on September 10th?

Scott’s Construction received a $1,200,000 check from Bowie Corp. on August 1, 2025, for the construction of an office building that Scott’s Construction will complete evenly over the next twelve months. Scott’s Construction begins building on August 1, 2025. Scott prepares financial statements monthly. What will be the balance of the unearned revenue account as of March 1, 2026?

Scott’s Construction received a $1,200,000 check from Bowie Corp. on August 1, 2025, for the construction of an office building that Scott’s Construction will complete evenly over the next twelve months. Scott’s Construction begins building on August 1, 2025. Scott prepares financial statements monthly. What will be the balance of the unearned revenue account as of March 1, 2026?

Suppose that Home Depot developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value (LCNRV) basis in valuing inventories:       Product                    Cost                 NRV                         A                    $114,000           $120,000             B                        80,000               76,000             C                      160,000             162,000   After Home Depot applies the LCNRV rule, the value of the inventory reported on the balance sheet will be

All else equal, which of the following will increase Working Capital?

For a merchandising company, which of the following business activities are considered investing activities? I. Purchasing equipment used in the business. II. Purchasing 400 shares of stock in a competitor, Badgers “R” Us. III. Collecting $600 from a customer for goods sold. IV. Collecting money from the sale of a long-term asset.

Use the following information for Questions 47 to 49 Consider the following financial information for Red & White as of December 31, 2025. (Assume normal account balances, where applicable).  Unearned Revenue $7,500 Salaries Payable $4,500 Equipment, net 15,260 Bonds Payable (due in 2 years) 3,255 Common Stock 13,300 Accounts Receivable 5,100 Cost of Goods Sold 14,850 Prepaid Rent 7,500 Accounts Payable $6,750 Sales Revenue 49,250 Cash 9,500 Sales Discounts 9,400 Notes Payable (due in 6 months) 1,500 Copyrights 17,200 Retained Earnings- 12/31 17,755 Operating Expenses 6,100 What is Total Assets for Red and White?

Bucky Badger is trying to answer questions from the CFO of the WSB Corporation.  Bucky has the following information. Beginning Retained Earnings for 2025 is $35,000. During 2025, WSB  sold merchandise to customers for $40,000 cash.  Additionally WSB sold merchandise to customers for $50,000  on account (all of which will be received by WSB in 2026).    Dividends were $12,000.  Retained Earnings at the end of 2025 are $50,000. What was the amount of expenses incurred during 2025?

Use the following information for Questions 47 to 49 Consider the following financial information for Red & White as of December 31, 2025. (Assume normal account balances, where applicable).  Unearned Revenue $7,500 Salaries Payable $4,500 Equipment, net 15,260 Bonds Payable (due in 2 years) 3,255 Common Stock 13,300 Accounts Receivable 5,100 Cost of Goods Sold 14,850 Prepaid Rent 7,500 Accounts Payable $6,750 Sales Revenue 49,250 Cash 9,500 Sales Discounts 9,400 Notes Payable (due in 6 months) 1,500 Copyrights 17,200 Retained Earnings- 12/31 17,755 Operating Expenses 6,100 What is Total Assets for Red and White?