Which of the following is the correct journal entry for a sales transaction? A.Credit Cash B.Debit...
Which of the following is the correct journal entry for a sales transaction?
A.Credit Cash
B.Debit COGS
C.Debit Revenue
D.Debit Account Payabl
Homework Answers
The correct journal entry for a sales transaction is B. Debit COGS
Because at the time of sale, inventory will be credited and cost of goods sold will be debited.
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Which of the following is the correct journal entry for a sales
transaction?
A.Credit Cash
B.Debit...
Question 2 3 pts Which of the following is the correct journal entry for a sales...
Question 2 3 pts Which of the following is the correct journal entry for a sales transaction? Debit Account Payable Credit Cash Debit COGS Debit Revenue
Which of the following is TRUE regarding the accounts prepaid rent and rent expense? A.Prepaid rent...
Which of the following is TRUE regarding the accounts prepaid rent and rent expense? A.Prepaid rent represents the cost of rent not yet paid for, while rent expense represents the cost of rent which has been paid for. B.TThese account titles both mean the same thing and are used interchangeably. C.Prepaid rent represents the cost of rent paid for but not yet used, while rent expense represents the cost of rent used to deliver goods or services to customers. D.Rent...
A business received the current month's utility bill for $2,125, and immediately paid it. Which journal...
A business received the current month's utility bill for $2,125, and immediately paid it. Which journal entry is prepared? A.Debit Utilities Payable for $2,125 and credit Cash for $2,125. B.Debit Utilities Expense for $2,125 and credit Cash for $2,125. C.Debit Operating Expense for $2,125 and credit Accounts Payable for $2,125. D.Debit Accounts Payable for $2,125 and credit Cash for $2,125.
BBC Company purchased a piece of land with a fair value of $120,000 for $100,000 cash....
BBC Company purchased a piece of land with a fair value of $120,000 for $100,000 cash. What is the journal entry to record the land purchase? a.Debit Land and credit Cash for $100,000 b.Debit Land for $120,000, credit Gain for $20,000, and credit Cash for $100,000 c.Debit Land and credit Cash for $120,000 d.Debit Land for $100,000, debit Gain for $20,000, and credit Cash for $120,000
The following income and expense items were on the adjusted trial balance of Barker Company: Fees...
The following income and expense items were on the adjusted trial balance of Barker Company: Fees Earned $19,091 Rent Expense 4,300 Wages Expense 5,378 Miscellaneous Expense 400 Which of the following will be included in the entry to close revenue and expenses? a.Credit to Owner's Capital for $4,300 b.Debit to Owner's Capital for $400 c.Credit to Owner's Capital for $9,013 d.Debit to Owner's Capital for $9,013
Prepare journal entry for each transaction
Cash account dr crPrepare journal entry for each transactionCash account dr crPrepare journal entry for each transaction
If a natural resource is extracted and then immediately sold, which of the following accounts are...
If a natural resource is extracted and then immediately sold, which of the following accounts are debited and credited? A.debit Depletion Expense and credit Accumulated Depletion B.debit Depreciation Expense and credit Accumulated Depreciation C.debit Natural Resource and credit Accumulated Depletion D.debit Cost of Goods Sold and credit Inventory
The following transaction has been recorded in the general Journal entry:? 1,200 Accounts payable Cash 1,200...
The following transaction has been recorded in the general Journal entry:? 1,200 Accounts payable Cash 1,200 Which of the following could be an explanation for this transaction? Multiple Choice Provided services on account Pald cash to settle accounts payable Collected cash from customers Which of the following could be an explanation for this transaction? Multiple Choice Ο Provided services on account Ο Paid cash to settle accounts payable Ο Collected cash from customers Ο Borrowed money to support operating activities
Record the journal entry for Sales and for Cash Over and Short for each of the...
Record the journal entry for Sales and for Cash Over and Short for each of the following separate situations. a. The cash register's record shows $540 of cash sales, but the count of cash in the register is $574. b. The cash register's record shows $1124 of cash sales, but the count of cash in the register is $1,092 View transaction list Journal entry worksheet 1 2 > The cash register's record shows 5540 of cash sales, but the count...
Which of the following statements is correct? O The entry to record the payment of an...
Which of the following statements is correct? O The entry to record the payment of an invoice within the cash discount period would include a debit to the Purchases Discounts account. O To record a cash purchase of merchandise, the accountant would debit Purchases and credit Cash O A transaction that is properly recorded in the cash payments journal will always include the recording of an amount in the Cash Debit column. O Purchase discounts is a contra revenue account.
Question 2 3 pts Which of the following is the correct journal entry for a sales transaction? Debit Account Payable Credit Cash Debit COGS Debit Revenue
The following transaction has been recorded in the general Journal entry:? 1,200 Accounts payable Cash 1,200 Which of the following could be an explanation for this transaction? Multiple Choice Provided services on account Pald cash to settle accounts payable Collected cash from customers Which of the following could be an explanation for this transaction? Multiple Choice Ο Provided services on account Ο Paid cash to settle accounts payable Ο Collected cash from customers Ο Borrowed money to support operating activities
Record the journal entry for Sales and for Cash Over and Short for each of the following separate situations. a. The cash register's record shows $540 of cash sales, but the count of cash in the register is $574. b. The cash register's record shows $1124 of cash sales, but the count of cash in the register is $1,092 View transaction list Journal entry worksheet 1 2 > The cash register's record shows 5540 of cash sales, but the count...
Which of the following statements is correct? O The entry to record the payment of an invoice within the cash discount period would include a debit to the Purchases Discounts account. O To record a cash purchase of merchandise, the accountant would debit Purchases and credit Cash O A transaction that is properly recorded in the cash payments journal will always include the recording of an amount in the Cash Debit column. O Purchase discounts is a contra revenue account.
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