When you are creating a journal and a t-account: you have a refund from a book...
When you are creating a journal and a t-account: you have a refund from a book return that lowers the balance of the notes payable. I have cash as a debit, and notes payable as a credit. is this correct?
Homework Answers
No it is not correct. if you are returning a book to the seller, it is a case of purchase return because in this case,you are returning a book, this will lower the amount of notes payable and will reduce the amount of purchase by reducing the purchase return
Journal entry
Debit notes payable ---------------------------
credit purchase return ..........................................
Add Answer to:
When you are creating a journal and a t-account: you have a
refund from a book...
Selected transactions from the journal of Concord Corporation, are presented below. Date Account Titles and Explanation...
Selected transactions from the journal of Concord Corporation,
are presented below.
Date
Account Titles and Explanation
Debit
Credit
Aug. 1
Cash
59,400
Common Stock
59,400
(Investment of
cash for stock)
10
Cash
26,730
Service Revenue
26,730
(Received cash
for services performed)
12
Equipment
49,500
Cash
7,920
Notes Payable
41,580
(Purchased
office equipment for cash and notes payable)
25
Account Receivable
15,840
Service Revenue
15,840
(Billed clients
for services performed)
31
Cash
8,712
Accounts Receivable
8,712
(Receipt of cash
on account)...
Selected transactions from the journal of Concord Corporation, are presented below. Date Account Titles and Explanation...
Selected transactions from the journal of Concord Corporation,
are presented below.
Date
Account Titles and Explanation
Debit
Credit
Aug. 1
Cash
59,400
Common Stock
59,400
(Investment of
cash for stock)
10
Cash
26,730
Service Revenue
26,730
(Received cash
for services performed)
12
Equipment
49,500
Cash
7,920
Notes Payable
41,580
(Purchased
office equipment for cash and notes payable)
25
Account Receivable
15,840
Service Revenue
15,840
(Billed clients
for services performed)
31
Cash
8,712
Accounts Receivable
8,712
(Receipt of cash
on account)...
Catherine, Inc. borrowed $62,000 from a bank, depositing those funds in its bank account and signing...
Catherine, Inc. borrowed $62,000 from a bank, depositing those funds in its bank account and signing a formal agreement to repay the loan in two years. What is the correct journal entry for this transaction? Multiple Choice O Debit notes payable and credit cash for $62,000 Credit notes payable and credit cash for $62,000 Debit cash and credit notes payable for $62,000 O Debit notes payable and debit cash for $62,000
and its related accum e d There between the b T - oros in the cost of the wished on its book value When the market...
and its related accum e d There between the b T - oros in the cost of the wished on its book value When the market or replacement value of an assis content below the book value 4. The her the rate of freed assets to long term b ies, the greater the margin of safety for the shareholder All of the following below are needed for the calculation of depreciation except residual value estimated life a book value 47....
Requirement 1. Record each transaction in the journal, using the following account titles: Cash; Accounts Receivable;...
Requirement 1. Record each transaction in the journal, using
the following account titles: Cash; Accounts Receivable; Office
Supplies; Prepaid Insurance; Land; Building; Furniture; Accounts
Payable; Utilities Payable; Notes Payable; Common Stock;
Dividends; Service Revenue; Salaries Expense; Rent Expense; and
Utilities Expense. Explanations are not required. (Record debits
first, then credits. Exclude explanations from journal
entries.)
Requirement 2. The following four-column accounts have been
opened: Cash, 101; Accounts Receivable, 111; Office Supplies,
121; Prepaid Insurance, 131; Land, 141; Building, 151;
Furniture,...
Sorry for the long problem, but I have done this problem twice and I get different...
Sorry for the long problem,
but I have done this problem twice and I get different totals for
assets and liabilities...Thanks.
Sparty Corporation has been operating for two years. The December 31, 2018 account balances are: Cash Accounts Receivable Inventory $250.000 65.000 29,000 20.000 180.000 210.000 Accounts Payable Salaries Payable Notes Payable - long term Contributed Capital Retained Earnings $190,000 45,000 175,000 220,000 124,000 Short-term Investments Equipment Land During the year 2019, the company had the below activities. Note that...
Activity 1.a - Post Transactions to T-accounts Use the information provided in the journal entry to...
Activity 1.a - Post Transactions to T-accounts
Use the information provided in the journal entry to post the
transaction to the t-account. Post in DR/CR order.
Use the information provided in the journal entry to post the transaction to the t-account. Post in DR/CR order Date Accounts and Explanation Debit Credit Nov. 2 Utilities Expense 43,600 Utilities Payable 43,600 Accrued liability for utilities. Date Accounts and Explanation Debit Credit Nov. 4 Cash 47,200 Service Revenue 47,200 Collected cash for services...
How do you create the journal entries and T-accounts for this problem HWK #2 Instrirtinns [1]...
How do you create the journal entries and T-accounts for this
problem
HWK #2 Instrirtinns [1] Swrd tn this PC john sullivan File Home Insert Draw Design Layout References Mailings Review View Help Tell me what you want to do Share Comments Rplar Select Copy Pastr Dictate tyles Spa Corporation has been operating tor two years. The December 31, 2017 account balances are: S132,000 Accounts Payable Salaries Payable Notes Payable long term $102,340 Accounts Receivable Inventory Short-tenm Investments 42,610Sala 46.500...
Selected transactions from the journal of Sage Hill Inc. during its first month of operations are...
Selected transactions from the journal of Sage Hill Inc. during its first month of operations are presented here. Date Account Titles Debit Credit Aug. Cash 8,500 1 Common Stock 8,500 Cash 1,800 Service Revenue 1,800 Equipment 6,950 Cash 1,600 Notes Payable 5,350 Accounts Receivable 3,420 Service Revenue 3,420 31 Cash 700 Accounts Receivable 700 Post the transactions to T-accounts. (Post entries in the order of journal entries presented in the question.) Cash Accounts Receivable Equipment Notes Payable Common Stock 1...
Selected transactions from the journal of Skysong, Inc. during its first month of operations are presented...
Selected transactions from the journal of Skysong, Inc. during
its first month of operations are presented here.
Selected transactions from the journal of Skysong, Inc. during its first month of operations are presented here. Date Account Titles Debit Credit Aug. Cash 6,700 1 Common Stock 6,700 Cash 1,900 Service Revenue 1,900 - 12 Equipment 6,200 Cash 2,020 Notes Payable 4,180 25 Accounts Receivable 2,910 Service Revenue 2,910 31 Cash 590 Accounts Receivable 590 Post the transactions to T-accounts.(Post entries in...
Selected transactions from the journal of Concord Corporation,
are presented below.
Date
Account Titles and Explanation
Debit
Credit
Aug. 1
Cash
59,400
Common Stock
59,400
(Investment of
cash for stock)
10
Cash
26,730
Service Revenue
26,730
(Received cash
for services performed)
12
Equipment
49,500
Cash
7,920
Notes Payable
41,580
(Purchased
office equipment for cash and notes payable)
25
Account Receivable
15,840
Service Revenue
15,840
(Billed clients
for services performed)
31
Cash
8,712
Accounts Receivable
8,712
(Receipt of cash
on account)...
Selected transactions from the journal of Concord Corporation,
are presented below.
Date
Account Titles and Explanation
Debit
Credit
Aug. 1
Cash
59,400
Common Stock
59,400
(Investment of
cash for stock)
10
Cash
26,730
Service Revenue
26,730
(Received cash
for services performed)
12
Equipment
49,500
Cash
7,920
Notes Payable
41,580
(Purchased
office equipment for cash and notes payable)
25
Account Receivable
15,840
Service Revenue
15,840
(Billed clients
for services performed)
31
Cash
8,712
Accounts Receivable
8,712
(Receipt of cash
on account)...
Catherine, Inc. borrowed $62,000 from a bank, depositing those funds in its bank account and signing a formal agreement to repay the loan in two years. What is the correct journal entry for this transaction? Multiple Choice O Debit notes payable and credit cash for $62,000 Credit notes payable and credit cash for $62,000 Debit cash and credit notes payable for $62,000 O Debit notes payable and debit cash for $62,000
and its related accum e d There between the b T - oros in the cost of the wished on its book value When the market or replacement value of an assis content below the book value 4. The her the rate of freed assets to long term b ies, the greater the margin of safety for the shareholder All of the following below are needed for the calculation of depreciation except residual value estimated life a book value 47....
Requirement 1. Record each transaction in the journal, using
the following account titles: Cash; Accounts Receivable; Office
Supplies; Prepaid Insurance; Land; Building; Furniture; Accounts
Payable; Utilities Payable; Notes Payable; Common Stock;
Dividends; Service Revenue; Salaries Expense; Rent Expense; and
Utilities Expense. Explanations are not required. (Record debits
first, then credits. Exclude explanations from journal
entries.)
Requirement 2. The following four-column accounts have been
opened: Cash, 101; Accounts Receivable, 111; Office Supplies,
121; Prepaid Insurance, 131; Land, 141; Building, 151;
Furniture,...
Sorry for the long problem,
but I have done this problem twice and I get different totals for
assets and liabilities...Thanks.
Sparty Corporation has been operating for two years. The December 31, 2018 account balances are: Cash Accounts Receivable Inventory $250.000 65.000 29,000 20.000 180.000 210.000 Accounts Payable Salaries Payable Notes Payable - long term Contributed Capital Retained Earnings $190,000 45,000 175,000 220,000 124,000 Short-term Investments Equipment Land During the year 2019, the company had the below activities. Note that...
Activity 1.a - Post Transactions to T-accounts
Use the information provided in the journal entry to post the
transaction to the t-account. Post in DR/CR order.
Use the information provided in the journal entry to post the transaction to the t-account. Post in DR/CR order Date Accounts and Explanation Debit Credit Nov. 2 Utilities Expense 43,600 Utilities Payable 43,600 Accrued liability for utilities. Date Accounts and Explanation Debit Credit Nov. 4 Cash 47,200 Service Revenue 47,200 Collected cash for services...
How do you create the journal entries and T-accounts for this
problem
HWK #2 Instrirtinns [1] Swrd tn this PC john sullivan File Home Insert Draw Design Layout References Mailings Review View Help Tell me what you want to do Share Comments Rplar Select Copy Pastr Dictate tyles Spa Corporation has been operating tor two years. The December 31, 2017 account balances are: S132,000 Accounts Payable Salaries Payable Notes Payable long term $102,340 Accounts Receivable Inventory Short-tenm Investments 42,610Sala 46.500...
Selected transactions from the journal of Sage Hill Inc. during its first month of operations are presented here. Date Account Titles Debit Credit Aug. Cash 8,500 1 Common Stock 8,500 Cash 1,800 Service Revenue 1,800 Equipment 6,950 Cash 1,600 Notes Payable 5,350 Accounts Receivable 3,420 Service Revenue 3,420 31 Cash 700 Accounts Receivable 700 Post the transactions to T-accounts. (Post entries in the order of journal entries presented in the question.) Cash Accounts Receivable Equipment Notes Payable Common Stock 1...
Selected transactions from the journal of Skysong, Inc. during
its first month of operations are presented here.
Selected transactions from the journal of Skysong, Inc. during its first month of operations are presented here. Date Account Titles Debit Credit Aug. Cash 6,700 1 Common Stock 6,700 Cash 1,900 Service Revenue 1,900 - 12 Equipment 6,200 Cash 2,020 Notes Payable 4,180 25 Accounts Receivable 2,910 Service Revenue 2,910 31 Cash 590 Accounts Receivable 590 Post the transactions to T-accounts.(Post entries in...
Most questions answered within 3 hours.
-
Given P(Ec ) = 0.43, P(F) = 0.52, and P(EF) = 0.18.
Find P( E |...
asked 33 minutes ago -
Consider two empty containers A and B whose volumes are
10mL and 20mL respectively. 1mL of...
asked 36 minutes ago -
QUESTION 6
Determine the linear momentum of a 2,800 kg houseboat going 3
m/s.
9,100 kg.m/s...
asked 50 minutes ago -
Jor-el throws a ball upward from the top of a 728 foot building
on the planet...
asked 54 minutes ago -
Which of the following will most likely to happen if Federal
Reserve Bank decreases the money...
asked 37 minutes ago -
You’ve just joined the investment banking firm of Dewey,
Cheatum, and Howe. They’ve offered you two...
asked 31 minutes ago -
An air conditioner cools 226 m^3/min of humid air at 36 oC and
98% relative humidity...
asked 30 minutes ago -
Vaughn Manufacturing acquires a coal mine at a cost of $1870000.
Intangible development costs total $354000....
asked 39 minutes ago -
Question 5
What effect would a decrease in
temperature have on pressure, assuming that volume
(T)...
asked 52 minutes ago -
Draw the Lewis dot structures for the following molecules. None
of the atoms have a formal...
asked 56 minutes ago -
What does it mean when an element is radioactive?
a.
It means the element is changing...
asked 57 minutes ago -
A company deposits $6,000 in a bank at the end of every year for
10 years....
asked 56 minutes ago