Homework Answers
Answer: Debit COGS
Explanation
An expense is incurred for the cost of goods sold (COGS), since goods or services have been transferred to the customer. Hence, COGS is increased to record the sale. Therefore, correct journal entry for sales transaction is 'debit COGS'.
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Question 2 3 pts Which of the following is the correct journal entry for a sales...
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
21. Which of the following is not a special journal? A) Sales journal B) Purchases journal...
21. Which of the following is not a special journal? A) Sales journal B) Purchases journal C) General journal D) Cash receipts journal 22. All of the column totals in the cash receipts journal are posted to general ledger accounts except the A) Accounts Receivable column total. B) Cash column total. C) Sales column total. D) Other Accounts column total. 23. The entries in a sales journal will show A) all sales of merchandise. B) the cash sales of the...
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 3 1 pts Which of the following statements is correct? The normal balance of revenue...
Question 3 1 pts Which of the following statements is correct? The normal balance of revenue is a debit. The normal balance of dividends is a credit. The normal balance of cash is a credit. The normal balance of liabilities is a credit. 1 pts Question 4 The importance of journalizing/recording a transaction is that it 19
Correct the errors by reversing the incorrect entry and preparing the correct entry. Question 2 View...
Correct the errors by reversing the incorrect entry
and preparing the correct entry.
Question 2 View Policies Current Attempt in Progress Wildhorse Company discovered the following errors made in January 2020. 1. Apayment of Salaries and Wages Expense of $300 was debited to Equipment and credited to Cash, both for $300. 2. A collection of $5,400 from a client on account was debited to Cash $540 and credited to Service Revenue $540. 3. The purchase of equipment on account for...
Journal Entry 2 and 3: Record the sales revenue. Record the cost of goods sold. On...
Journal Entry 2 and 3:
Record the sales revenue.
Record the cost of goods sold.
On July 8, Compusoft recelves $200,000 from a customer toward a cash sale of $0.90 million for customized computer equipment to be completed on August 1. The remaining $700,000 payment is recelved upon delivery of the product on August 1. The equipment had a total production cost of $690,000. What Journal entries should Compusoft record on July 8 and August 1? Assume Compusoft uses the...
Which of the following shows the correct journal entry to record the sale under the gross...
Which of the following shows the correct journal entry to record the sale under the gross method if Beryl Brothers made a $15,000 sale with credit terms of 1/15, n/30? A : Debit Accounts Receivable for $14,850 and credit Sales Revenue for $14,850 B : Debit Accounts Receivable for $15,000 and credit Sales Revenue for $15,000 C : Debit Accounts Receivable for $14,850 and Sales Discounts for $150 and credit Sales Revenue for $15,000 D : Debit Accounts Receivable for...
General journal entry options: No Journal Entry Required Accounts Payable Accounts Receivable Ac...
General journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation—Buildings
Accumulated Depreciation—Equipment
Accumulated Depreciation—Vehicles
Accumulated Other Comprehensive Income
Additional Paid-In Capital, Common Stock
Additional Paid-In Capital, Preferred Stock
Additional Paid-In Capital, Treasury Stock
Advertising Expense
Allowance for Doubtful Accounts
Amortization Expense
Bad Debt Expense
Bonds Payable
Building
Cash
Cash Equivalents
Cash Overage
Cash Shortage
Charitable Contributions Payable
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Discount on Bonds Payable...
Journal Entry please Circle the best answer to each of the following questions. 1. When a...
Journal Entry please
Circle the best answer to each of the following questions. 1. When a company has performed services for a client but has not yet received payment, it: a. makes no entry until the cash is received. b. debits Accounts Receivable and credits Revenue. c. debits Accounts Payable and credits Revenue. d. debits Cash and credits Accounts Receivable. 2. Brewer Company's controller accidentally erased the 8/1/20 balance for the Cash account. However, she can see that the 8/31/20...
Which one of the Entries below will be included in the Journal Entry to record the...
Which one of the Entries below will be included in the Journal Entry to record the following transaction; Our Business paid $3,000 cash for Insurance for the next 3 months. Debit to Prepaid Insurance $3,000 Credit to Insurance Expense $3,000, Credit to Insurance Liability $3,000 Debit to Insurance Expense $3.000 Debit to Cash $3,000 The Basic Definition of "Closing" an Account is; To Reset the Balance to Zero To Delete the Account To Record the Account in the Trial Balance...
21. Which of the following is not a special journal? A) Sales journal B) Purchases journal C) General journal D) Cash receipts journal 22. All of the column totals in the cash receipts journal are posted to general ledger accounts except the A) Accounts Receivable column total. B) Cash column total. C) Sales column total. D) Other Accounts column total. 23. The entries in a sales journal will show A) all sales of merchandise. B) the cash sales of the...
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 3 1 pts Which of the following statements is correct? The normal balance of revenue is a debit. The normal balance of dividends is a credit. The normal balance of cash is a credit. The normal balance of liabilities is a credit. 1 pts Question 4 The importance of journalizing/recording a transaction is that it 19
Correct the errors by reversing the incorrect entry
and preparing the correct entry.
Question 2 View Policies Current Attempt in Progress Wildhorse Company discovered the following errors made in January 2020. 1. Apayment of Salaries and Wages Expense of $300 was debited to Equipment and credited to Cash, both for $300. 2. A collection of $5,400 from a client on account was debited to Cash $540 and credited to Service Revenue $540. 3. The purchase of equipment on account for...
Journal Entry 2 and 3:
Record the sales revenue.
Record the cost of goods sold.
On July 8, Compusoft recelves $200,000 from a customer toward a cash sale of $0.90 million for customized computer equipment to be completed on August 1. The remaining $700,000 payment is recelved upon delivery of the product on August 1. The equipment had a total production cost of $690,000. What Journal entries should Compusoft record on July 8 and August 1? Assume Compusoft uses the...
General journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation—Buildings
Accumulated Depreciation—Equipment
Accumulated Depreciation—Vehicles
Accumulated Other Comprehensive Income
Additional Paid-In Capital, Common Stock
Additional Paid-In Capital, Preferred Stock
Additional Paid-In Capital, Treasury Stock
Advertising Expense
Allowance for Doubtful Accounts
Amortization Expense
Bad Debt Expense
Bonds Payable
Building
Cash
Cash Equivalents
Cash Overage
Cash Shortage
Charitable Contributions Payable
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Discount on Bonds Payable...
Journal Entry please
Circle the best answer to each of the following questions. 1. When a company has performed services for a client but has not yet received payment, it: a. makes no entry until the cash is received. b. debits Accounts Receivable and credits Revenue. c. debits Accounts Payable and credits Revenue. d. debits Cash and credits Accounts Receivable. 2. Brewer Company's controller accidentally erased the 8/1/20 balance for the Cash account. However, she can see that the 8/31/20...
Which one of the Entries below will be included in the Journal Entry to record the following transaction; Our Business paid $3,000 cash for Insurance for the next 3 months. Debit to Prepaid Insurance $3,000 Credit to Insurance Expense $3,000, Credit to Insurance Liability $3,000 Debit to Insurance Expense $3.000 Debit to Cash $3,000 The Basic Definition of "Closing" an Account is; To Reset the Balance to Zero To Delete the Account To Record the Account in the Trial Balance...
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