Homework Answers
Answer:
Credit to Accounts payable
Explanation:
As for provided information,we have, Borrowings by the company from bank of cash will increase the cash for company, along will increase in liability of Borrowings to be paid in future.
As for increase in cash
Cash account will be debited
For increase in borrowings to be paid in future, Accounts payable will increase,for this,
Accounts Payable Account Credit.
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1 of 4 Knowledge Check 01 A company borrows cash from a local bank. The company...
Knowledge Check 01 On September 1, Vicario, Inc., borrows $100,000 from First National Bank at 6...
Knowledge Check 01 On September 1, Vicario, Inc., borrows $100,000 from First National Bank at 6 percent annual interest. This note is due in 90 days. Prepare the September 1 journal entry for Vicario by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet On September 1, Vicario, Inc., borrows $100,000 from First National Bank at 6 percent annual interest. This note is due...
Knowledge Check 01 On September 1, Vicario, Inc., borrows $100,000 from First National Bank at 6...
Knowledge Check 01 On September 1, Vicario, Inc., borrows $100,000 from First National Bank at 6 percent annual interest. This note is due in 90 days. Prepare the September 1 journal entry for Vicario by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet On September 1, Vicario, Inc., borrows $100,000 from First National Bank at 6 percent annual interest. This note is due...
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Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is its balance at the end of the accounting period--the balance after all revenue, expense, and dividend transactions. True or False True False Knowledge Check 01 The is the average time between purchasing inventory and receiving cash proceeds from its sale. Multiple Choice operating cycle reporting period Inventory turnover days in inventory Knowledge Check 01 Which of the following is an example of a current...
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Knowledge Check 01 A company prepares the following Journal entry. In posting this transaction to T-accounts, which of the following will be required? Credit Debit 2,000 Date Account Title July 1 Supplies Cash (Purchase supplies for cash) 2,000 Multiple Choice Post $2,000 on the left side of the Cash T-account C ) Post $2,000 on the left side of the Supplies T-account O Post $2,000 on the right side of the Supplies T-account O O None of these
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Knowledge Check 01 A company is in its first month of operations. The company pays total salaries to its employees of $600 per day. For the first four weeks of January (28 days), the company paid its employees $16,800 cash. For the final three days in January, employees earn $1,800 in additional salaries that will not be paid until February 4. What adjusting entry would be made at the end of January? Post the adjusting entry for the scenario provided....
Knowledge Check 01 A company sells goods to a customer on account for $800, terms 3/10,n/30....
Knowledge Check 01 A company sells goods to a customer on account for $800, terms 3/10,n/30. The customer pays within the discount period. On the date of payment, the company will debit: Multiple Choice O Accounts Receivable for $776 O Cash for $800 O Sales Discounts for $24 O Sales Revenue for $800
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Knowledge Check 01 On September 1, Vicario, Inc., borrows $100,000 from First National Bank at 6 percent annual interest. This note is due in 90 days. Prepare the September 1 journal entry for Vicario by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet On September 1, Vicario, Inc., borrows $100,000 from First National Bank at 6 percent annual interest. This note is due...
Knowledge Check 01 On September 1, Vicario, Inc., borrows $100,000 from First National Bank at 6 percent annual interest. This note is due in 90 days. Prepare the September 1 journal entry for Vicario by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet On September 1, Vicario, Inc., borrows $100,000 from First National Bank at 6 percent annual interest. This note is due...
Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is its balance at the end of the accounting period--the balance after all revenue, expense, and dividend transactions. True or False True False Knowledge Check 01 The is the average time between purchasing inventory and receiving cash proceeds from its sale. Multiple Choice operating cycle reporting period Inventory turnover days in inventory Knowledge Check 01 Which of the following is an example of a current...
Knowledge Check 01 On April 7, Carlton Company purchases supplies for $600 cash. Provide the journal entry for this transaction. View transaction list Journal entry worksheet On April 7, Carlton Company purchases supplies for $600 cash. Note: Enter debits before credits. Date Account Title Debit Credit April 07 Cash Accounts Payable Cash Inventory Record View general Journal Supplies
Knowledge Check 01 A company prepares the following Journal entry. In posting this transaction to T-accounts, which of the following will be required? Credit Debit 2,000 Date Account Title July 1 Supplies Cash (Purchase supplies for cash) 2,000 Multiple Choice Post $2,000 on the left side of the Cash T-account C ) Post $2,000 on the left side of the Supplies T-account O Post $2,000 on the right side of the Supplies T-account O O None of these
Knowledge Check 01 A company is in its first month of operations. The company pays total salaries to its employees of $600 per day. For the first four weeks of January (28 days), the company paid its employees $16,800 cash. For the final three days in January, employees earn $1,800 in additional salaries that will not be paid until February 4. What adjusting entry would be made at the end of January? Post the adjusting entry for the scenario provided....
Knowledge Check 01 A company sells goods to a customer on account for $800, terms 3/10,n/30. The customer pays within the discount period. On the date of payment, the company will debit: Multiple Choice O Accounts Receivable for $776 O Cash for $800 O Sales Discounts for $24 O Sales Revenue for $800
References Knowledge Check 01 The adjusted trial balance is used to verify that total de Bts equal total credits after account balances have been updated to reflect adjusting entries. True or False True False Financial statements are typically prepared before completing the adjusted trial balance. True or False True False Knowledge Check 01 The adjusted trial balance for Willow Company as of December 31 is presented below. Credit Debit $ 15,000 22,000 165,000 Cash Accounts Receivable Land Accounts Payable Common...
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