Prepare the necessary
correcting entry for each of the following. (Credit account titles
are automatically indented when the amount is entered. Do not
indent manually.) a. A payment on account of $840 was debited to
Accounts Payable $480 and credited to Cash $480. b. The collection
of Accounts Receivable of $680 was recorded as a debit to Cash $680
and a credit to Service Revenue $680.
Homework Answers
| Account Titles and Explanation | Debit | Credit | ||
| a | Accounts Payable | 360 | =840-480 | |
| Cash | 360 | |||
| b | Service Revenue | 680 | ||
| Accounts Receivable | 680 |
Add Answer to:
Prepare the necessary
correcting entry for each of the following. (Credit account titles
are automatically indented...
Prepare the necessary correcting entry for each of the following A payment on account of $840...
Prepare the necessary correcting entry for each of the following A payment on account of $840 was debited to Accounts Payable $480 and credited to Cash b. The collection of Accounts Receivable of $680 was recorded as a debit to Cash $680 and a credit to Service Revenue $680. $480.
Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent...
Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Ivanhoe Company accepted a Visa card in payment of a $200 lunch bill. The bank charges a 3% fee. What entry should Ivanhoe make? (b) Metlock, Inc. sold its accounts receivable of $61,700. What entry should Metlock make, given a service charge of 3% on the amount of receivables sold? No. Account Titles and Explanation Debit Credit (a) (b)
Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent ma...
Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Crane Company accepted a Visa card in payment of a $300 lunch bill. The bank charges a 4% fee. What entry should Crane make? (b) Larkspur, Inc. sold its accounts receivable of $59,400. What entry should Larkspur make, given a service charge of 4% on the amount of receivables sold? No. Account Titles and Explanation Debit Credit (a) (b)
Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent ma...
Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Crane Company accepted a Visa card in payment of a $400 lunch bill. The bank charges a 3% fee. What entry should Crane make? (b) Larkspur, Inc. sold its accounts receivable of $64,500. What entry should Larkspur make, given a service charge of 3% on the amount of receivables sold? No. Account Titles and Explanation Debit Credit (b)
Problem 4-BA The following accounting items were found in the journal of Wildhorse Company: 1. 2....
Problem 4-BA The following accounting items were found in the journal of Wildhorse Company: 1. 2. 3. 4. S. 6. 7. 8. The payment of the current month's rent for $590 was recorded as a debit to Interest Payable and a credit to Cash, both for $590. (Note: This had not been previously accrued.) The collection of an account receivable for $480 was debited to Cash and credited to Service Revenue, both for $480. A payment for Utilities Expense of...
Brief Exercise 8-6 Consider these transactions: (Credit account titles are automatically indented when amount is entered....
Brief Exercise 8-6 Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Shamrock, Inc. accepted a Visa card in payment of a $200 lunch bill. The bank charges a 396 fee, what entry should Shamrock, Inc. make? Nash's Trading Post, LLC sold its accounts receivable of $61,600, what entry should Nash's Trading Post, LLC make, given a service charge of 3% on the amount of receivables sold? No. Account Titles and...
Presented below are two independent transactions. (Credit account titles are automatically indented when amount is entered....
Presented below are two independent transactions.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
a.
Tony’s Restaurant accepted a
Visa card in payment of a $200 lunch bill. The bank charges a 2%
fee. What entry should Tony’s make?
b.
Marigold Company sold its
accounts receivable of $75,000. What entry should Marigold make,
given a service charge of 1% on the amount of receivables
sold?
Account Titles and Explanation
Debit
Credit
a.
b.
CALCULATOR Brief Exercise 8-6 Consider these transactions: (Credit account titles are automatically indented whe...
CALCULATOR Brief Exercise 8-6 Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Grouper Corp. accepted a Visa card in payment of a $2,200 lunch bill. The bank charges a 3% fee. What entry should Grouper Corp. make? (b) Blue Spruce Corp. sold its accounts receivable of $66,900. What entry should Blue Spruce Corp. make, given a service charge of 3% on the amount of receivables sold? No. Account Titles and...
Record the transactions on the books of Grouper Corporation. (Credit account titles are automatically indented when...
Record the transactions on the books of Grouper Corporation.
(Credit account titles are automatically indented when
the amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter 0 for
the amounts.
How do I answer question b?
learn.wileyplus.com WP Purchase Returns and Allowances 680 eTextbook and Media Account List of Accounts Dashboard Attempts: 2 of 2 used Courses Calendar Record the transactions on the books of Grouper Corporation. (Credit...
Brief Exercise 8-07 Consider these transactions: (Credit account titles are automatically indented when amount is entered....
Brief Exercise 8-07 Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Sheridan Company accepted a Visa card in payment of a $225 lunch bill. The bank charges a 4% fee. What entry should Sheridan make? (b) Skysong, Inc. sold its accounts receivable of $69,700. What entry should Skysong make, given a service charge of 4% on the amount of receivables sold? Debit Credit No. Account Titles and Explanation (a) (b)...
Prepare the necessary correcting entry for each of the following A payment on account of $840 was debited to Accounts Payable $480 and credited to Cash b. The collection of Accounts Receivable of $680 was recorded as a debit to Cash $680 and a credit to Service Revenue $680. $480.
Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Ivanhoe Company accepted a Visa card in payment of a $200 lunch bill. The bank charges a 3% fee. What entry should Ivanhoe make? (b) Metlock, Inc. sold its accounts receivable of $61,700. What entry should Metlock make, given a service charge of 3% on the amount of receivables sold? No. Account Titles and Explanation Debit Credit (a) (b)
Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Crane Company accepted a Visa card in payment of a $300 lunch bill. The bank charges a 4% fee. What entry should Crane make? (b) Larkspur, Inc. sold its accounts receivable of $59,400. What entry should Larkspur make, given a service charge of 4% on the amount of receivables sold? No. Account Titles and Explanation Debit Credit (a) (b)
Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Crane Company accepted a Visa card in payment of a $400 lunch bill. The bank charges a 3% fee. What entry should Crane make? (b) Larkspur, Inc. sold its accounts receivable of $64,500. What entry should Larkspur make, given a service charge of 3% on the amount of receivables sold? No. Account Titles and Explanation Debit Credit (b)
Problem 4-BA The following accounting items were found in the journal of Wildhorse Company: 1. 2. 3. 4. S. 6. 7. 8. The payment of the current month's rent for $590 was recorded as a debit to Interest Payable and a credit to Cash, both for $590. (Note: This had not been previously accrued.) The collection of an account receivable for $480 was debited to Cash and credited to Service Revenue, both for $480. A payment for Utilities Expense of...
Brief Exercise 8-6 Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Shamrock, Inc. accepted a Visa card in payment of a $200 lunch bill. The bank charges a 396 fee, what entry should Shamrock, Inc. make? Nash's Trading Post, LLC sold its accounts receivable of $61,600, what entry should Nash's Trading Post, LLC make, given a service charge of 3% on the amount of receivables sold? No. Account Titles and...
Presented below are two independent transactions.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
a.
Tony’s Restaurant accepted a
Visa card in payment of a $200 lunch bill. The bank charges a 2%
fee. What entry should Tony’s make?
b.
Marigold Company sold its
accounts receivable of $75,000. What entry should Marigold make,
given a service charge of 1% on the amount of receivables
sold?
Account Titles and Explanation
Debit
Credit
a.
b.
CALCULATOR Brief Exercise 8-6 Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Grouper Corp. accepted a Visa card in payment of a $2,200 lunch bill. The bank charges a 3% fee. What entry should Grouper Corp. make? (b) Blue Spruce Corp. sold its accounts receivable of $66,900. What entry should Blue Spruce Corp. make, given a service charge of 3% on the amount of receivables sold? No. Account Titles and...
Record the transactions on the books of Grouper Corporation.
(Credit account titles are automatically indented when
the amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter 0 for
the amounts.
How do I answer question b?
learn.wileyplus.com WP Purchase Returns and Allowances 680 eTextbook and Media Account List of Accounts Dashboard Attempts: 2 of 2 used Courses Calendar Record the transactions on the books of Grouper Corporation. (Credit...
Brief Exercise 8-07 Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) Sheridan Company accepted a Visa card in payment of a $225 lunch bill. The bank charges a 4% fee. What entry should Sheridan make? (b) Skysong, Inc. sold its accounts receivable of $69,700. What entry should Skysong make, given a service charge of 4% on the amount of receivables sold? Debit Credit No. Account Titles and Explanation (a) (b)...
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