Question & Answer: Use the following information to answer questions 9 and 10. Vicaro Co., a retail company journal entries for each transaction. sweater company incurred the following tra…..

Use the following information to answer questions 9 and 10. Vicaro Co., a retail company journal entries for each transaction. sweater company incurred the following transactions in February 2012. Prepare the 9 Vicaro Co. purchased inventory costing $62,000 on credit. A. Accounts Receivable B. Inventory C. Accounts Payable D. Inventory 62,000 Maintenance Expense 62,000 62,000 Cash 62,000 Accounts Payable 10. Vicaro Co. paid $22,000 to rent a sales office for the remainder of 2012. 22,000 22,000 22,000 22,000 A. Prepaid Rent B. Prepaid Rent C. Prepaid Rent D. Cash Cash Accounts Receivable Rent Expense Accounts Payable 22,000 22,000 22,000 22,000 taxes on income earned from the business? 11. Which one of the following organizational forms pays A. A Corporation. B. A Sole Proprietorship. C. A Limited Partnership. D. A Partnership. 12. Visto Co. paid maintenance expenses for its building. The effects of the transaction on the accounting equation would be Owners Equity iabilities No Change No Change Decrease Decrease No Change Decrease Increase Decrease A. C. Increase Increase

Use the following information to answer questions 9 and 10. Vicaro Co., a retail company journal entries for each transaction. sweater company incurred the following transactions in February 2012. Prepare the 9 Vicaro Co. purchased inventory costing $62,000 on credit. A. Accounts Receivable B. Inventory C. Accounts Payable D. Inventory 62,000 Maintenance Expense 62,000 62,000 Cash 62,000 Accounts Payable 10. Vicaro Co. paid $22,000 to rent a sales office for the remainder of 2012. 22,000 22,000 22,000 22,000 A. Prepaid Rent B. Prepaid Rent C. Prepaid Rent D. Cash Cash Accounts Receivable Rent Expense Accounts Payable 22,000 22,000 22,000 22,000 taxes on income earned from the business? 11. Which one of the following organizational forms pays A. A Corporation. B. A Sole Proprietorship. C. A Limited Partnership. D. A Partnership. 12. Visto Co. paid maintenance expenses for its building. The effects of the transaction on the accounting equation would be Owner’s Equity iabilities No Change No Change Decrease Decrease No Change Decrease Increase Decrease A. C. Increase Increase

Expert Answer

 

9.Option D.

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D.Inventory a/c…………Dr…..$62,000…….

…………To Accounts payable a/c…………$62,000.

(inventory is purchased on credit, so the liability ‘accounts payable is credited’).

10.Option A.

A.Prepaid Rent a/c…….Dr….$22,000.

……………..To Cash a/c……………..$22,000…

(since rent for the whole of 2012 is paid upfront, prepaid is to be debited).

11.A .A corporation

(rest of the business forms’ taxes are paid by owners).

12.B. Decrease……No Change ……….Decrease

(cash is the asset which decreases)

(since maintenance expense is charged to income owner’s equity decreases)

(there will be no change in the liabiliites)

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